A PROJECT REPORT On

Training undertaken at

Titled

A STUDY OF SALES PERFORMANCE MAHINDRA & MAHINDRA IN THE AUTOMOBILE INDUSTRY AT JAIPUR

Submitted In the partial fulfillment of Master of Business Administration

SUBMITTED TO

SUBMITTED BY: AJAY SINGH

MBA III Sem. .

FMS- MAIET

MAHARISHI ARVIND
INSTITUTE OF ENGINEERING & TECHNOLOGY 2012-13
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PREFACE
The curriculum of MBA is so designed that it besides providing theoretical knowledge gives practical experience to the participants, with an opportunity to deal with real life situation through field visitor or as research project dissertation are enriched and well equipped to face the future challenge and counting excise which are enriched and inseparable and unavoidable in business. The objective of research project is to impart the student with the practical experience and an exposure of the corporate world. The student has to complete research project under the professor of his institute and do a project which he thinks would add to knowledge and he will learn about how we work on market research of any particular topics. I fortunately got an opportunity to do my research project on A study of Sales Performance Mahindra & Mahindra in the

automobile Industry at Jaipur

(AJAY SINGH)

ACKNOWLEDGEMENT
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I was delighted to avail this opportunity to thanks all those who have contributed in our efforts in the development of the project and making it a success, which would have been a difficult, task otherwise. I would like to express my gratitude to my who guided me throughout the project work and special thanks for the care and concern shown by them. I am highly thankful to Head of department of management all M.B.A. faculty members. In last but not a least, I am thankful to shopkeeper, smoker (student employee, teacher) which provide a time for questionnaires.

AJAY SINGH

EXECUTIVE SUMMARY
Few groups can identify as closely with India's destiny and industrial progress as the Mahindra Group. In fact, Mahindra is like a
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microcosm of India. Both were born around the same time, had the same aspirations and both experienced the inevitable troughs and crests in the journey towards their goals. And both continue to march on the path to progress and global. The birth of Mahindra & Mahindra began when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't vehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rural roads? Mr. Keshub Mahindra, Chairman of Mahindra & Mahindra Ltd., is a graduate from Wharton, University of Pennsylvania, USA. After joining the Company in 1947, he became the Chairman in 1963. Over five decades, his continuous involvement has enabled the Mahindra Group to reach where it is today. He is a well-known philanthropist who redefined corporate governance by effectively channelising funds into the social sector. He has contributed immensely to the cause of building ethical corporations in India and is currently a part of numerous prestigious organizations and committees. He was also appointed by the Government of India to serve on a number of Committees including the Sachar Commission on Company Law & MRTP; Central Advisory Council of Industries etc. Today, he is an icon, an inspiring business leader and a distinguished corporate citizen that everyone looks up

CONTENTS
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TOPIC 1. EXECUTIVE SUMMARY INTRODUCTION 2. HISTORY 3. THE COMPANY PROFILE 4. DISTRIBUTUTION NETWORK 5. RESEARCH METHODOLOGY 6. COLLECTION OF DATA 7. FINANCIAL DATA 8. OBJECTIVE OF THE STUDY 9. CONCLUSION 10.SUGGESTION 11.HYPOTHERSIS 12.SCOPE OF THE STUDY 13.BIBLIOGRAPHY

INTRODUCTION
Mahindra group

is one of the largest corporate groups of India. it is a US

$4.5 billion conglomerate with employee strength of over 40000.The group has divers business interests such as automotive, farm equipments
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infrastructure information technology, hospitality, and financial services mahindra group has global presence and it is ranked amongst forbes Top 200 list of The worlds Most reputable companies and in the top 10 list of most requtable Indian companies. The origins of Mahindra group can be traced back to October 2,1945 when Mahindra brothers J.C. Mahindra & K.C. Mahindra joined hands with ghulam Mohammad, and Mahindra & mohammad was set up as a franchise for assembling jeeps from willys, USA After indias independence in 1947 ,mahindra&mohammad changed its name to mahindra & mahindra. ghulam mohammad migrated to Pakistan post partition and became the first finance minister of Pakistan. since then, mahindra group has gone from strength and today it has evolved into a giant group.

BUSINESS INTERESTS OF MAHINDRA GROUP:Automotive sector :- Mahindra group is the market leader in utility vehicles in India since inception. Mahindra also manufactures and markets utility vehicles and light commercial vehicles, including three wheelers. some of the famous automobile branch of Mahindra are Scorpio and bolero :- recently, Mahindra joined hands with French automobile major Renault to enter passenger car segment. it has launched a car callrd Mahindra Renault Logan. Farm equipment Sector: Mahindra is the largest producer of tractors in India and is among the top five tractor brands in the world. It has its won state-ofart plants in India, USA China and Australia, and a capacity to produce 1,50,000 tractors a year.

TRADE & FINANCIAL SERVIES: -Mahindra Inertade limited and its

subsidiaries have specialized domain knowledge in imports and exprts of commodities, domestic trading, marketing and distribution services. Mahindra finance is one of the largest Non Banking Finance Companies in India with and assedt base of about Rs. 5000 crores. Mahindra Insursnce Brokers offer Life and Non-life Insurance plans to retail and corporate customers. Mahindra Steel Service Centre is the first steel service centre in the organized sector in India. Infastructure Development:Mahindra group has interests in real estate

special economic zones, hospitality industry, infrastructure development, project engineering consultancy anddesign. Mahindra Holidays & Resorts is the leader in the lifetime holiday market in India. Mahindra Gesco is fastest
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growing construction Company in India. Mahindra world City is developing and promoting Indias first Integrated Business city. Mahindra Acres Consulting consultancy organization. Information Technology: - Mahindra Mahindra Group entered into IT sector in 1986 when it formed a joint venture with British telecommunincations plc. The company was called Mahindra-British Telecom. The Company has recently changed its name to The Mahindra. Tech Mahindra is a leading provider of telecommunication solution and service industry world-wide. It is Indias 8th larges software exporter. Speciality usinsses:- Mahindra group companies such as Mahindra AshTech,Mahindra Defence, Spares Business Unit and Mahindra Logistics are into Speciality Businesses mahindra ashTech undertakes turnkey contract execution for ash slurry system and Traveling Water Sceens. Mahindra Dfence Systems looks after the requirements of Indias defence and security forces. Mahindra Logistics provide complete logistics solutions to complex transportation needs of clients across the world.

MODELS OF MAHINDRA & MAHINDRA CARS

MODEL Mahindra Boledro Bolero SLX SUV
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TYPE

 Bolero SLE Bolero DEZ Bolero DI Bolero PLUS Mahindra Scorpio 1. Scopio Pctrol Turbo 2.6 Turbo 2.6 DX Turbo 2.6 GLX Turbo 2.6 SLX 2. Scorpio Diesel Turbo 2.6 Turbo 2.6 DX Turbo 2.6 GLX Turbo 2.6 SLX 3. Scorpio Turbo Diesel CRDe Turbo 2.6 Turbo 2.6 DX Turbo 2.6 GLX Turbo 2.6 SLX SUV

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GROUP OVERVIEW:-

The US $6.7 billion Mahindra Group is among the top 10 industrial houses
in India. Mahindra is the market leader in multi-utility vehicles in India It made a milestone entry into the passenger car segment with the Logan. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world. The Group has a leading presence in key sectors of the Indian economy, including the financial services, trade, retail and logistics, automotive components, after-market, information technology and infrastructure development. Mahindra has recently made an entry in the two-wheeler segment which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry. Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08.

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CHAIRMANS MESSAGE:Welcome to the Extra-ordinary General Meeting and I am grateful to many of you who have taken the trouble to be with us this morning. The notice of the Extra-ordinary General Meeting and the Explanatory note has been with you for sometime. May I therefore take these as read. The Indian economy is on an upswing, and I am proud to say that your company is one amongst many growth drivers of the economy. Your company is constantly leveraging opportunities to grow further and consolidate in both the Indian and international markets. In the first three quarters of the last fiscal, your company has performed exceedingly well. Though I am not in a position to give you the financial figures for the whole year as the Accounts are presently under audit, you will not be disappointed to see the performance for the year. Reports about your companys MOU with Automakers Renault and Nissan to set up an automotive production site in Chennai, with an installed capacity of 400,000 units per year are in public domain. One of your companys subsidiaries, Mahindra Renault Pvt. Ltd. has recently launched the Logan, which is slated to redefine the car market in India. To continue its growth, your company needs to incur considerable expenditure for expansion of capacities, investment in Research & Development and product development in the coming years. This will not only enhance your companys market leadership and consolidate its position in various market segments as also create shareholder value at the same

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time. In addition, your company needs to fund its subsidiaries to meet their growth plans. To meet the above objectives, your company needs to borrow funds in the form of long term loans from banks and other financial institutions. This is in excess of Rs. 2500 crores, upto which the Board is empowered to borrow, as per the resolution passed at the Annual General Meeting of the company held on 21st August, 1997. I now seek your consent to pass a resolution to enhance this borrowing limit to Rs. 6000 crores. Your company has been the market leader in the Indian tractor industry for more than two decades now. To further consolidate its leadership position, your company has recently acquired 43.3% stake in Punjab Tractors Limited (PTL), the flagship company of the Swaraj Group of Industries. PTL is also a strategic fit to your company, as it comes with its strength of efficient design (strong R&D abilities) and the Brand Swaraj, which has a reputation of being a reliable product. The Company would be in a unique position to leverage upon these strengths coupled with other advantages such as economies of scale, sourcing benefits and some amount of vendor rationalization. To add to these, PTL has certain products in the above 50 HP range which will significantly add to the portfolio strengths of the Company. Your company has also acquired several companies over the past year. Your company comprises of several subsidiaries that need substantial funds to seize new opportunities, expand, and introduce new products and services, besides continuing with its regular business plans. While some of these fund requirements will be met by internal accruals/debt, they need your Companys financial support to meet the balance requirements.
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Section 372A of the Companies Act, 1956 permits the Board of Directors to invest, grant loans or give guarantees upto 60% of the companys paid up capital and Reserves, or 100% of its Reserves. Your company is currently authorized to invest, grant loans or give guarantees upto Rs. 2597 crores, of which it has already utilized Rs. 1634 crores, as per the audited accounts for the year ended March 31, 2006. However, your company may utilize more than this limit mentioned in Section 372A to meet the financial requirements of the subsidiaries mentioned in the notice, such that it will not exceed Rs. 1,500 crores. I seek your consent to pass a resolution authorizing the Board of Directors to do so. At a meeting held earlier this morning, your board has approved raising of funds: Upto US$ 300 million in the International Markets through issuance of Equity Shares through Depositary Receipts and/or Foreign Currency Convertible Bonds by way of an offering denominated in Foreign Currencies to investors outside India ; and/or Upto Rs.900 crores in the Domestic Market by issue of Shares and/or other Securities under Chapter XIII-A of the SEBI DIP Guidelines, 2000 to Qualified Institutional Buyers in one or more tranches through Mr. Keshub Mahindra, Chairman of Mahindra & Mahindra Ltd., is a graduate from Wharton, University of Pennsylvania, USA. After joining the Company in 1947, he became the Chairman in 1963. Over five decades, his continuous involvement has enabled the Mahindra Group to reach where it is today.

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He is a well-known philanthropist who redefined corporate governance by effectively channelising funds into the social sector. He has contributed immensely to the cause of building ethical corporations in India and is currently a part of numerous prestigious organizations and committees. He was also appointed by the Government of India to serve on a number of Committees including the Sachar Commission on Company Law & MRTP; Central Advisory Council of Industries etc. Today, he is an icon, an inspiring business leader and a distinguished corporate citizen that everyone looks up to. Mr. Anand G. Mahindra, Vice Chairman and Managing Director of Mahindra & Mahindra Ltd. one of Indias largest and most respected business houses graduated from Harvard College, Cambridge, Massachusetts, Magna cum Laude. In 1981 he secured an MBA degree from the Harvard Business School, Boston, Massachusetts. He returned to India that year and joined Mahindra Ugine Steel Company Ltd (MUSCO), the countrys foremost producer of speciality steels, as Executive Assistant to the Finance Director. In 1989 he was appointed President and Deputy Managing Director of the company.

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HISTORY
Few groups can identify as closely with India's destiny and industrial
progress as the Mahindra Group. In fact, Mahindra is like a microcosm of India. Both were born around the same time, had the same aspirations and both experienced the inevitable troughs and crests in the journey towards their goals. And both continue to march on the path to progress and globalMr. Keshub Mahindra, Chairman of Mahindra & Mahindra Ltd., is a graduate from Wharton, University of Pennsylvania, USA. After joining the Company in 1947, he became the Chairman in 1963. Over five decades, his continuous involvement has enabled the Mahindra Group to reach where it is today.He is a well-known philanthropist who redefined corporate governance by effectively channelising funds into the social sector. He has contributed immensely to the cause of building ethical corporations in India and is currently a part of numerous prestigious organizations and committees. He was also appointed by the Government of India to serve on a number of Committees including the Sachar Commission on Company Law & MRTP; Central Advisory Council of Industries etc. Today, he is an icon, an inspiring business leader and a distinguished corporate citizen that everyone looks up tovehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rural roads? The birth of Mahindra & Mahindra began when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't a Chairman of Mahindra Holdings & Finance Limited, Mahindra Ugine Steel Company Limited
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 Chairman of the Board of Governors of Mahindra United World College of India Vice-Chairman of Housing Development Finance Corp. Ltd. Chairman of Kema Services (International) Private Ltd. Chairman, Tech Mahindra Foundation Chairman, Mahindra Holdings Limited Director in Bombay Burmah Trading Corporation Limited, The Bombay Dyeing & Manufacturing Co. Limited, United World Colleges (International), Ltd., UK, Rodal Investments Private Limited Pratham-India Education Initiative and Tech Mahindra Foundation. He is a member of the following organisations & committees: Prime Minister's Council on Trade & Industry, New Delhi Apex Advisory Council ASSOCHAM Apex Advisory Council - ASSOCHAM Apex Advisory Council ASSOCHAM Founder Member - Indo-Hellenic Friendship League Founder Member of Governing Council, Integrated Research & Action for Development (IRADe) New Delhi President - Centre for Research in Rural & Industrial Development Society, Chandigarh
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 Chairman, Governing Body, Centre for Research in Rural & Industrial Development, Chandigarh President Emeritus - Employers' Federation of India President of the Governing Council - University of Pennsylvania Institute for the Advanced Study of India, New Delhi Hon. Fellow - All India Management Association, New Delhi

Positions held by Mr. Keshub Mahindra: A Timeline

1966-67 President of Bombay Chamber of Commerce & Industry 1969-70 President of ASSOCHAM 1991-92 President of Indo-American Society 1978-95 President of M.V.I.R.D.C. - World Trade Centre 1975-85 Chairman of Indian Institute of Management, Ahmedabad 1971-75 Chairman of Housing & Urban Development Corporation Limited 1984-89 Member of the Foundation Board - International Management Institute, Geneva 1986-96 Hon. Member, Business Advisory Council - International Finance Corporation, Washington 1983-97 Member, International Council - Asia Society, New York

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1998-2005 Chairman, India Nominating Committee 'Single Nation Programme', Eisenhower Exchange Fellowships, USA

Recipient of the following prestigious awards:

1987 Chevalier De La Legion D'honneur 1985 Companion - British Institute of Management 1972-82 Giants International Business Leadership Award 1980 NIF-Mody Enterprises Man of the Year Award 1983 Madras Management Association Business Leadership Award 1989 Business India - Businessman of the Year, India 1990 Honorary Fellowship of All India Management Association 1992 Rotary Award for Vocational Excellence 1992 Shiromani Award 1993 Vikas Jyoti Award for Outstanding Services, Contribution & Achievements 1994 FIE Foundation - Rashtra Bhushan Award 1994 The Sir Jehangir Ghandy Medal for Industrial

Peace - XLRI, Jamshedpur 1996 Rotary Vocational Excellence Award in the field of Industry 1998 IMC Diamond Jubilee Endowment Trust Award
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1998 IMC Diamond Jubilee Endowment Trust Award 1998 IMC Diamond Jubilee Endowment Trust Award 1998 IMC Diamond Jubilee Endowment Trust Award 2000 Motorindia Automan Award 2000 Motorindia Automan Award 2000 Dadabhai Naoroji International Award for Excellence & Lifetime Achievement

2003 All India Management Association Lifetime Achievement Award for Management

2004 Award from Overdrive for Excellence in the Indian Automotive Hall of Pride

2004 Institute of Company Secretaries of India (ICSI) Lifetime Achievement Award for Excellence in Corporate Governance

2005 Qimpro Platinum Standard - Statesman for Quality - Business Award

2006 Lakshya Business Visionary Award NITIE Chairman - Mahindra Foundation 2007 Indian Business School (IBS) Kolkata Lifetime Achievement Award presented by the Institute of Chartered Financial Analysts of India (ICFAI).
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Chairman, Board of Trustees - Population First Member, Governing Board - United Way of Mumbai Member of the International Advisory Board of University of Pennsylvania, Center for the Advanced Study of India, Philadelphia

Vice President - National Society for Clean Cities Chairman and Founder Trustee - Bombay City Policy Research Foundation

2007 Ernst & Young Entrepreneur of the Year Lifetime Achievement Award.

2008 Society of Indian Automobile Manifacturers (SIAM) Award for Lifetime Contribution to the Automotive Industry

Member, Governing Board - Bombay First Chairman - Bombay First, Health & Environment Committee Chairman & Trustee - K.C. Mahindra Education Trust Hon. Member - Rotary Club of Bombay Member of the Governing Body of HelpAge India from 2000-2004

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THE COMPANY PROFILE

CORPORATE GOVERNANCE:-

The goal of any system of governance is to achieve the best performance

within the overall context of the prevalent economic environment, so as to secure maximum benefit for all the stakeholders. For this to be achieved, governance cannot only be systems, processes and metrics. It also has to integrate within itself the beliefs, values, culture and ethics of an organisation, ultimately leading to the cornerstones of transparency and accountability, which is what good governance is all about. In the recent past, corporate India has been flooded with several prescriptive principles of governance, the result of intense deliberations of eminent commissions. Ironically, the corporate failures in developed countries regulated by highly disciplined capital markets have only brought home the stark reality that good governance can never be the result only of legislation. It must have real commitment from the management. Our shareholders are aware that the Mahindra Companies have been associated with good governance even before corporates were faced with legislation and a set of regulations. The Company has formally enunciated its own governance practices

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CORE PURPOSE:We don't have a group-wide mission statement. Our Core Purpose is what makes all of us want to get up and come to work in the morning.' Mahindra Anand G.

Indians are second to none in the world. The Founders of our nation and of our Company passionately believed this. We will prove them right by believing in ourselves and by making Mahindra & Mahindra Limited known world-wide for the quality of its products and services.

CORE VALUES:Our Core Values are influenced by our past, tempered by our present, and will shape our future. They are an amalgam of what we have been, what we are and what we want to be.

GOOD CORPORATE CITIZENSHIP :As in the past, we will continue to seek long term success, which is in alignment with our country's needs. We will do this without compromising ethical business standards.

PROFESSIONALISM :We have always sought the best people for the job and given them the freedom and the opportunity to grow. We will continue to do so. We will support innovation and well reasoned risk taking, but will demand performance.

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CUSTOMER FIRST :We exist and prosper only because of the customer. We will respond to the changing needs and expectations of our customers speedily, courteously and effectively.

QUALITY FOCUS :Quality is the key to delivering value for money to our customers. We will make quality a driving value in our work, in our products and in our interactions with others. We will do it 'First Time Right'

DIGNITY OF THE INDIVIDUAL :We will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, we will nurture fairness, trust and transparency. These values are the compass that will guide our actions, both personal and corporate.

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DISTRIBUTION NETWORK MAHINDRA & MAHINDRA

Production Unit

Distributors

Retailers

Customers

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RESEARCH MATHODOLAGY
TYPE OF RESEARCH: - For the compilation of research project I have used descriptive type of research. It helps to describe each and every thing very well as its name shows. It takes samples very clearly. It is very suitable according to my research project. It helps me in describing the market structure, people attitudes etc. thorough experiment and surveys. SAMPLING:- A sample is a finite part of a population phenomenon which help in research. My sampling attempt on following basesSAMPLESIZE :- It takes large size sample for my study. It will depend on various factors like Mahindra and Mahindra company, people attitude competitors etc. SAMPLING TECHNIQUE :-I have selected simple random sampling technique. In this method and equal probability of selection is assigned to each available unit of the population at the first and each subsequent draw. By using this technique I can ask questions from people face to face. I have collected the data survey or take decision on the basic public opinion. SAMPLING AREA :-I have choosed to take Jaipur city for my research. We believe the current economic slowdown and tight liquidity scenario will continue adversely impacting the automobile industry for the rest of FY09 and most of FY10. Though interest rates are expected to decline in the coming months, credit availability still remain tight as banks are hesitant to provide loans in the current adverse macroeconomic environment.
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Relative Performance:200 350 500 650 800 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 We have valued M&M by using the SOTP method. We have valued the standalone Company by using the DCF methodology, with a WACC calculated at 12.2%. We have explicit forceasts for two years and a longterm growth of 5% from 2016 onwards. M&Ms stake in Tech Mahindra has been valued at the stocks fair value estimate of Rs. 433 per share. We have valued MHRIL based on its PE deal with SBI of Rs. 800 mn for a 2% stake. However, we believe valuations have declined since the deal took place in
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January 2008; hence, we have discounted the PE deal price by 40%. Based on our SOTP valuation, we arrive at a target price of Rs. 316 per share. Hence, we downgrade our rating from Buy to Hold.

RESULT HIGHLIGHTS :- (STANDALONE)

For the quarter ended September 2008, net sales for the Company increased 14.4% yoy to Rs. 30.9 bn on the back of a 13.7% rise in the sales volume coupled with the price hikes undertaken by the Company. However, the results are not comparable due to the merger of Mahindra Holding & Finance Ltd. and the hiving-off of the Companys logistics business into aseparate subsidiary.

AUTOMOTIVE SEGMENT:Revenues from the segment increased 7.8% yoy on the back of an 18.1% increase in the sales volume to 55,738 units, driven by a 57.2% jump in 3-wheeler sales. The average realisation stood at Rs. 349,455 per unit.

FARM EQUIPMENT SEGMENT (FES):Revenues from the segment jumped 28% yoy to Rs. 11.8 bn on the back of a 4.2% increase in the sales volume and higher realisations. The segments average realisation rate increased 22.9% yoy to Rs. 508,984 as the Company undertook price hikes to pass on the increase in raw material costs to the end users.

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Adjusted EBITDA for the quarter declined 30% yoy to Rs. 2.7 bn and EBITDA margin fell 5.1 pts yoy to 8.7%, due to a higher cost of raw
EQUITY RESEARCH November 25, 2008

KEY EVENTS:Materials consumed. Adjusted net profit declined 2.8% yoy to Rs. 2.7 bn; the decline was restricted by an 89% jump in other income. The adjusted net profit margin reduced 140 bps yoy to 8.5%; this decline in the margin was partially contained by a lower effective tax rate.

M&M forms a JV with TMI Pacific:M&M entered into a JV agreement with its existing partner, TMI Pacific, to form a new company called Mahindra Automotive Australia. The new Company will be involved in the marketing, promoting, and selling of M&Ms vehicles in Australia. M&M will hold an 80% stake in the new JV, while TMI Pacific would hold the remaining 20%. M&M to enter into a distribution tie-up with Renault M&M announced that it will sign an MoU with Renault India to distribute the latters products in the country. As per the agreement, M&M will distribute cars that Renault imports into the country as well as the ones that Renault will roll out from its Chennai plant from the first half of 2010.

KEY RISKS :The following factors can pose a threat to our rating: A delay in the launch of the Xylo Slower-than-expected recovery in the domestic economy

OUTLOOK :29

The global auto industry is witnessing a major slowdown because of the downturn in the global economy and tight credit availability. The Indian automotive industry has also been adversely affected by the prevailing macroeconomic factors. As a result, the industry witnessed a 9.1% yoy fall M&Ms total sales volume declined 8.2% in October 2008
EQUITY RESEARCH November 25, 2008

in domestic passenger vehicle sales volume even during the festive month of October.As the advanced countries fall into a recession and the emerging economies slow down, we believe the prevailing adverse macroeconomic conditions will continue to impact the automobile industry for the rest of FY09 and most of FY10. Moreover, even though interest rates are expected to decline in the coming months, credit availability will remain tight as banks have become extremely cautious in their lending policies. We expect Xylos launch (expected in late Q309) to boost M&Ms UV sales volume and help limit the effect of the slowdown. Further, the demand for tractors should get support from the farm loan waiver and the good monsoon during the year. Thus, we believe the Company will be able to sell 290k300k units in FY09 and FY10. We also expect the margins to improve in FY10 as the sharp fall in commodity prices on account of the slowdown in the global economy will lead to lower raw material prices for M&M. The slowdown in the global economy will also have an adverse affect on the Companys major subsidiaries, such as Tech Mahindra, Mahindra Holidays & Resorts India Limited (MHRIL), and Mahindra & Mahindra Financial Services Limited.

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We believe that a large number of travellers would be forced to cut on their travel and holiday expenditure because of the prevailing economic conditions, adversely affecting the Indian hospitality industry. However, MHRIL will be able to contain the effect of the slowdown in the hospitality industry due to its unique business model and a wide network of resorts. The Company has around 85,000 members, providing it with recurring revenue source. Despite the slowdown, the management expects to increase its member base to 100,000 by March 2009, and it is rapidly expanding its room capacity to cater to the same. M&M has planned a CAPEX of around Rs. 6070 bn over the next 2-3 years to expand its capacities. The Company is in the process of building a new manufacturing facility at Chakan, which will have an initial production capacity of 300,000 units per annum. Despite the current economic MHRIL has planned a CAPEX of Rs. 4 bn to double its room capacity to 1,500 rooms

EQUITY RESEARCH November 25, 2008

slowdown, M&M does not plan to halt any of its expansion plans. However, the Company is working towards reducing the cost of its CAPEX by around 10%. Thus, M&M will have the ability to significantly increase its production volumes once the demand situation improves.

QUITY RESEARCH November 25, 2008

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under its coverage or to notify you in the event it terminates its coverage. Neither Indiabulls Securities Limited nor any of its affiliates, associates, directors or employees shall in any way be responsible for any loss or damage that may arise to any person from any error in the information contained in this report. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject stock and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Indiabulls Securities Limited prior written consent. The information given herein should be treated as only factor, while making investment decision. The report does not provide individually tailor-made investment advice. Indiabulls Securities Limited recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. Indiabulls Securities Limited shall not be responsible for any transaction conducted based on the information given in this report, which is in violation of rules and regulations of National Stock Exchange or Bombay Stock Exchange.

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COLLECTION OF DATA
PRIMARY DATA :- With the help of simple random sampling techinique, I have collected primary data form survey. SECONDARY DATA :- In secondary data I have included secondary data form various sources like internet, books, news paper, & magazines and Experiments. PRESENTATION OF DATA :-Presentation of data is very important in a research. It means analysis the market situation and present it is a systematic way. In market I collect the man data dor select them few then selected data I will analysis that which is suitable according to my project and add it in my project or other useless data I left. After the selecting of appropriate data in this step I will present my data in systematic way and will present my all calculations which will suitable to my study.

A SUCCESSION plan has been drafted in the $6.7-billion Mahindra & Mahindra group. According to the plan, a professional manager will take over the reins of the family-run group at some point in the future. Patriarch Keshub Mahindra, 84, now heads the group as its non-executive chairman. The day-to-day management is in the hands of his nephew, Anand Mahindra, 54. The change will not happen immediately. The Harvard educated Anand will remain the vice-chairman and managing director for five to seven years more.In five to seven years most current members of the group
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management board would have superannuated. By then a new crop of executives will have ascended to the board, all younger than me, once again providing the board with ample choice for my successor, Anand said in an e-mail message on Tuesday. He said he was preceded by two professional managers and would be be succeeded by one. All the members of our group management board are my potential successors. The options are very clear (to the board), Anand had told Financial Chronicle in an earlier interaction. Anand who, according to Bloomberg data, drew a salary of Rs 6.7 crore in 2008, has a daughter who is studying to be a filmmaker. She is not expected to take over the reins from him. Anand took over as group managing director in 1997 from Raj Kumar Pitamber, a professional manager to whom he reported until the latter retired. Between 1991 and 1997 he was the deputy managing director of the group flagship. Keshub Mahindra resigned as executive chairman in 1979 when the Union government imposed restrictions on remuneration. He too has three daughters. He is on record that none of them were interested in business. One was interested in media communications and another in graphicdesign.He still chairs the board and has been instrumental in bringing Renault and M&M together. Anand often endearingly refers to his uncle as his nuclear weapon. It is not known if Anand will take up the chairmanship of the group after giving up his executive responsibilities. Under Anands leadership M&M has gone from a $2billion to an over $6.5billion conglomerate present in tractors, telecom software, timeshare resorts and utility vehicles. He declined to name the possible successors. Two members of the group management board, Bharat Narotam Doshi, who is the group chief financial officer, and Arun Kumar Nanda, executive director and president for

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infrastructure development, are also on the M&M board. Doshi is almost six years older than Anand. The other members of the group management board are:

Anjanikumar Choudhari, president for farm equipment; Rajeev Dubey, president for HR, after-market & corporate services; Pawan Goenka, president for the automotive business; Hemant Luthra, president for systech; Raghunath Murti, president for trade, retail and logistics; Uday Phadke, president for finance, legal and financial services; and Ulhas N Yargop, president for IT. Luthra, Phadke, Dubey and Yargop too are older than Anand. FC was unable to ascertain the age of Nanda, Goenka and Murti. The group management board provides strategic direction and enterprise leadership. Its role is quite different from that of the M&M board, which is constituted as per the requirements of the listing agreement with the stock exchanges. Anand said the group management board might see younger members.

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AUTO MAKERS REPORT ENCOURAGING GROWTH IN APRIL

The automobile industry seems to be on the road to a recovery in fiscal 2009-10, with all carmakers except the Renault arm of Mahindra & Mahindra posting a growth in sales in April when compared to the previous year. Leading their respective segments were market leader Maruti Suzuki and biggest two-wheeler maker Hero Honda, which both posted sizeable sales growth. Continuing to benefit from the government's stimulus packages announced in December 2008 and January this year, Hyundai Motor, Honda Siel Cars, Mahindra & Mahindra, TVS and India Yamaha Motor also saw a robust rise in their sales in April. Maruti Suzuki India reported a 15.09 per cent increase in sales in April at 71,748 vehicles against 62,336 units in the same month last year. This is the fourth consecutive month that the company's sales crossed the 70,000 units mark. Domestic sales grew by 8.93 per cent to 64,857 units against 59,539 units in April last year, while exports surged by over two-fold to 6,891 units against 2,797 units last year. The country's second largest carmaker, Hyundai Motor India, also saw its sales going upwards by 10.9 per cent to 44,371 units against 40,000 units in the same month last year. The domestic market accounted for 22,247 units while exports totalled at 22,124 registering almost 20 per cent growth. However, Maruti's total sales slipped from the peak of 77,955 units it clocked in March; while Hyundai sold close to 4,000 additional units in April when compared to March. The A2 segment of Maruti that comprises the Alto, Wagon R, Zen, Swift and A-Star, saw a nine per cent rise in sales to 46,817 units. Hyundai's A2 segment, comprising the i10, Santro, Getz and i20, clocked 41,258 units. Maruti's A3 segment which includes the SX4 and
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D'Zire, showed a sales growth of as much as 69 per cent to 7,066 units, against 3,073 units that Hyundai (Verna and Accent) clocked in this segment. ''As compared to last year we saw a modest growth in April 2009. However, we still feel that the market is far from a complete turnaround and it will be a while before we see healthy double digit growth,'' said Arvind Saxena, senior vice-president, marketing and Sales, Hyundai Motors India Ltd. Home-grown utility vehicle major Mahindra & Mahindra witnessed a 14.85 per cent growth rate in its total automotive sales in April at 23,004 units compared to 20,030 units in the corresponding period last year. Domestic sales during the month stood at 22,617 units against 19,392 units last year, up 16.63 per cent. ''All our products including the Scorpio, Bolero and the Xylo continue to outperform the industry. The Xylo has posted its highest monthly sales of 3,509 units in April,'' said Rajesh Jejurikar, chief of operations, automotive sector, Mahindra & Mahindra Ltd. However, Mahindra Renault's joint venture product Logan showed a 69 per cent decline at 550 units. Premium car maker Honda Siel showed a 7.53 per cent growth at 3,656 units in April, against 3,400 units in the year-ago period. ''We have shown resilience during the slowdown and have entered the new financial year on a positive note. We are very excited about our new premium car, Honda Jazz which will be launched very soon in India,'' said Jnaneswar Sen, vicepresident, marketing, Honda Siel Cars India Ltd. Two-wheelers riding high In the two-wheeler segment, Hero Honda Motors sales in April grew by 29.5 per to 370,575 units against 286,252 in the yearago period. The company sold 17,000 units more in April than in March. TVS Motor Co posted a 2.86 per cent increase in sales to 113,119 units in April, against 109,972 units in the same month last year.
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India Yamaha Motor also reported a 48.25 per cent jump in sales at 15,120 units against 10,199 units sold in the same month last year. Bajaj Auto reported a 26 per cent rise in two-wheeler sales to 203,930 units from the Previous April's 150,252 units. Most of the rise was accounted for by motorcycle rather than scooter sales. The company's three-wheeler sales grew by 24 per cent year-on-year, from 169,119 to 221,843 units. Exports accounted for 30 per cent of the growth, from 51,887 to 73,624 units. According to a company release, the growth continues to be led by the Bajaj XCD, which sold 22,072 units in April 2009. The positive response to the introduction of the new Pulsar 150 DTS-i and Pulsar 180 DTS-i in April 2009 is expected to provide further momentum for sales in May 2009, it says. Flat three-wheeler sales continue to reflect the subdued state of the commercial vehicle industry. Exports are expected to recover from May 2009, according to the release signed by managing director Rajiv Bajaj. Auto sales in the country contracted in the three months to December in line with a slowdown in the economy as a global financial crisis spread and riskaverse banks pulled back on lending. Commercial vehicles, mainly trucks and buses, where financing accounts for two of three units sold, were the worst hit, with sales halving in some months. According to data from industry body Society of Indian Automobile Manufacturers, companies sold a total of 1.3 million passenger vehicles, which includes cars, utility and multi utility vehicles in the financial year up to March, a growth of 21.21 per cent over 2011.

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DATA ANALYSIS & INTERPRETATION

Table No. 1 Satisfaction towards Mahindra Bolero Satisfied 78% Dissatisfied 22%

Source: Questionnaire Figure:1

Interpretation 1: The sample drawn on probability basis shows that 78% of the customers were satisfied with Bolero variant and only 22% were not satisfied with Bolero variant. Observation: Most of the respondents approached were satisfied with Bolero

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Table No: 2 Factors affecting customer satisfaction towards Mahindra Bolero

Factor Features Low Maintenance Comfort Style After Sales Service Source: Questionnaire Figure:2

No. of Respondent 18 51 27 24 30

Percentage 12% 34% 18% 16% 20%

F actor AffectingCustom erS atisfaction

0 34% 12% 16% 18%
Features Style Com fort

20%

After sales service Lowm aintenance cost

Interpretation 2: The sample drawn on the probability basis clearly shows that 34% (51respondents) are the opinion that low maintenance is the satisfaction factor Bolero and 20 %( 30 respondents) of them who view After Sales Service as a vital factor for customer satisfaction. Followed by Comfort which corresponds to 18 %( 27 respondents), Style with 16%(respondents) and only 12%(18 respondents) of them view that feature of Bolero as satisfaction factor. Observation: Majority of the respondent are of the idea that low maintenance of the top most feature contributing to customer satisfaction followed by after sales services comfort style and features As such, Mahindra should focus on the aspects, which will enhance the customer satisfaction and thus the market share

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Table No: 3 Customer opinions towards fuel Marketing. Factor Extremely Satisfied Satisfied Neutral Dissatisfied Total Percentage 27% 49% 17% 7% 100%

Source: Questionnaire Figure: 3

Consum erOpinionstowardF uel Consum ption

7% 17% 49% 27%
More Satisfied Satisfied Not Satisfied & Dissatisfied Dissatisfied

Interpretation 3: 100% of the respondents 49% of the respondents approached were satisfied with the fuel consumption of the Bolero. Followed by 27% was extremely satisfied, 17% are neutral and rest of the 7% is more dissatisfied with fuel consumption of Bolero. Observation: As majority of the respondents are satisfied with the fuel consumption of Mahindra Bolero, the company should maintain the same standard and it is suggested to come up with suitable measure to reduce the negative opinion among the consumer who are of the opinion that the fuel consumption is a dissatisfying factor.

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Table No: 4 Customer opinions toward Safety and Comfort. Factor Extremely Satisfied Satisfied Neither Satisfied & Dissatisfied Dissatisfied Total Source: Questionnaire Figure: 4 Percentage 23% 47% 20% 10% 100%

Custom erOpinionstoward S afetyand Com fort

10% 20% 23%
ExtremelySatisfied Satisfied

47%

Neutral Dissatisfied

Interpretation 4: 100% of the respondents 47% of the respondents approached were satisfied with the safety and comfort feature of the Bolero. Followed by 27% was extremely satisfied, 17% are neutral and rest of the 7% was dissatisfied with safety and comfort feature of Bolero. Observation: As majority of the respondents are satisfied with the safety and comfort feature of Mahindra Bolero, the company should maintain the same standard and it is suggested to come up with suitable measure to reduce the negative opinion among the consumer who are of the opinion that the fuel consumption is a dissatisfying factor.

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Table No: 5 Customer opinions toward Design. Factor Extremely Satisfied Satisfied Neutral Dissatisfied Total Source: Questionnaire Figure: 5 Percentage 20% 40% 27% 13% 100%

Custom erOpinionsT owardD esig n

13% 27% 40% 20%
Extrem ely Satisfied Satisfied Neutral Dissatisfied

Interpretation 5: 100% of respondents 40% of the respondents approached were satisfied with the Design of the Bolero. 20% were more satisfied, 27% of them neutral and 13% are dissatisfied with the design of the Bolero. Observation: As majority of the respondents are satisfied with the design of Mahindra Bolero, the company should maintain the same standard and it is suggested to come up with suitable measure to reduce the negative opinion among the consumer who are of the opinion that the fuel consumption is a dissatisfying factor.

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Table No: 6 Customer opinions toward space availability in Mahindra Bolero. Factor More Satisfied Satisfied Neither Satisfied & Dissatisfied Dissatisfied Total Source: Questionnaire Figure: 6 Percentage 27% 53% 17% 3% 100%

Custom erOpinionsT owardS pace Availability

3% 17% 27%
Extrem elySatisfied Satisfied

53%

Neutral Dissatisfied

Interpretation 6: The sample drawn on the probability basis shows that out of 100% of respondents 53% of the respondents approached were satisfied with the space availability of the Bolero. 27% were more satisfied, 17% of neither satisfied and dissatisfied and 3% are dissatisfied with the space availability of the Bolero. Observation: As 80% of the respondents are happy with the space availability of the Mahindra Bolero vehicle, it can be conducted that the company has undertaken proper R&D in this aspect. The 20% of the respondents who have answered negatively may be comparing with the vehicle in the same category launched very recently.

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Table No: 7 Customer satisfactions toward Maintenance of Mahindra Bolero Factor Extremely Satisfied Satisfied Neutral Dissatisfied Total Source: Questionnaire Figure:7 Percentage 23% 51% 21% 5% 100%

Custom erOpinionsT owardMaintenance

5 % 2 1 % 2 3 %
Extrem elySatisfied Satisfied Neutral

5 1 %

Dissatisfied

Interpretation 7: The sample drawn on the probability basis shows that out of 100% of respondents 51% of the respondents approached were satisfied with the maintenance of the Bolero. 23% were extremely satisfied, 21% of neutral and 5% are dissatisfied with the maintenance. Observation: Though majority of the customer are satisfied that the maintenance cost of Mahindra Bolero is less, around 20% are not satisfied which may be because of comparison of Bolero with the newly launched competing brands coming with even lower maintenance cost.

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Table No: 8 Customer awareness about power steering. Option Aware Unaware Total Source: Questionnaire Figure: 8 No. Of Respondent 120 30 150 No. Of Respondents (%) 80% 20% 100%

Custom erAwarenessAboutPower S teering

0 20% 80%
Aware Unaware

Interpretation 8: Out of 100% of respondents, 80% of the respondents approached were aware of the power steering present in some variant of Bolero and 20% were not aware of the power steering present in some variant of Bolero. Observation: Most of the respondents approached were aware of power steering system introduced in some variants of Bolero.

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Table No: 9 Customer perceptions about Bolero Very Good Good 20% 47% Source: Questionnaire Figure: 9 Average 21% Bad 12% Very Bad -

Custom erPerceptionAbout B olero

12% 21% 47% 20%
VeryGood Good Average Bad

Interpretation 9: The sample drawn on the probability basis shows that out of 100% of respondents 47% of the respondents gave Good response to Bolero. 20% gave Very Good response, 21% gave Average response and 12% gave bad response to Bolero. Observation: As 67% of the respondents are satisfied that they are happy with Bolero, 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.

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FINANCIAL DATA

About us:A subsidiary of Mahindra & Mahindra Limited, we are one of Indias leading non-banking finance companies. Focused on the rural and semiurban sector, we provide finance for utility vehicles, tractors and cars and have the largest network of branches covering these areas. Our goal is to be the preferred provider of retail financing services in the rural and semi-urban areas of India, while our strategy is to provide a range of financial products and services to our customers through our nationwide distribution network. Director in Bombay Burmah Trading Corporation Limited, The Bombay Dyeing & Manufacturing Co. Limited, United World Colleges (International), Ltd., UK, Rodal Investments Private Limited Pratham-India Education Initiative and Tech Mahindra Foundation.

He is a member of the following organisations & committees:

Prime Minister's Council on Trade & Industry, New Delhi Apex Advisory Council ASSOCHAM Founder Member - Indo-Hellenic Friendship League Founder Member of Governing Council, Integrated Research & Action for Development (IRADe) New Delhi President - Centre for Research in Rural & Industrial Development Society, Chandigarh

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 Chairman, Governing Body, Centre for Research in Rural & Industrial Development, Chandigarh President Emeritus - Employers' Federation of India President of the Governing Council - University of Pennsylvania Institute for the Advanced Study of India, New Delhi Hon. Fellow - All India Management Association, New Delhi

Positions held by Mr. Keshub Mahindra: A Timeline

1966-67 President of Bombay Chamber of Commerce & Industry 1969-70 President of ASSOCHAM 1991-92 President of Indo-American Society 1991-92 President of Indo-American Society 1978-95 President of M.V.I.R.D.C. - World Trade Centre 1975-85 Chairman of Indian Institute of Management, Ahmedabad 1971-75 Chairman of Housing & Urban Development Corporation Limited 1984-89 Member of the Foundation Board International

Management Institute, Geneva 1986-96 Hon. Member, Business Advisory Council - International Finance Corporation, Washington
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 1983-97 Member, International Council - Asia Society, New York 1998-2005 Chairman, India Nominating Committee 'Single Nation Programme', Eisenhower Exchange Fellowships, USA

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Recipient of the following prestigious awards:

1987 Chevalier De La Legion D'honneur 1985 Companion - British Institute of Management 1972-82 Giants International Business Leadership Award 1980 NIF-Mody Enterprises Man of the Year Award 1983 Madras Management Association Business Leadership Award 1989 Business India - Businessman of the Year, India 1990 Honorary Fellowship of All India Management Association 1992 Rotary Award for Vocational Excellence 1992 Shiromani Award 1993 Vikas Jyoti Award for Outstanding Services, Contribution & Achievements 1994 FIE Foundation - Rashtra Bhushan Award 1994 The Sir Jehangir Ghandy Medal for Industrial

Peace - XLRI, Jamshedpur 1996 Rotary Vocational Excellence Award in the field of Industry 1998 IMC Diamond Jubilee Endowment Trust Award
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 1998 IMC Diamond Jubilee Endowment Trust Award 2000 Motorindia Automan Award 2000 Dadabhai Naoroji International Award for Excellence & Lifetime Achievement 2003 All India Management Association Lifetime Achievement Award for Management 2004 Award from Overdrive for Excellence in the Indian Automotive Hall of Pride Chairman - Mahindra Foundation 2004 Institute of Company Secretaries of India (ICSI) Lifetime Achievement Award for Excellence in Corporate Governance 2005 Qimpro Platinum Standard - Statesman for Quality Business Award 2006 Lakshya Business Visionary Award NITIE Chairman, Board of Trustees - Population First 2007 Indian Business School (IBS) Kolkata Lifetime Achievement Award presented by the Institute of Chartered Financial Analysts of India (ICFAI). 2007 Ernst & Young Entrepreneur of the Year Lifetime Achievement Award.
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 2008 Society of Indian Automobile Manifacturers (SIAM) Award for Lifetime Contribution to the Automotive Industry. Member, Governing Board - United Way of Mumbai Member of the International Advisory Board of University of Pennsylvania, Center for the Advanced Study of India, Philadelphia Vice President - National Society for Clean Cities Chairman and Founder Trustee - Bombay City Policy Research Foundation Member, Governing Board - Bombay First Chairman - Bombay First, Health & Environment Committee Chairman & Trustee - K.C. Mahindra Education Trust Hon. Member - Rotary Club of Bombay

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Member of the Governing Body of HelpAge India from 2000-2004 Member of the Board of Governors of Bharat Shiksha Kosh from 2002-2005

PROBLEM FORMULATION: Change in consumers, financial situation, employment status, & their life style. Introduction of new brand and innovative strategy or innovative products. Dissatisfaction with PROBLEM FORMULATION: Change in consumers, financial situation, employment status, & their life style. Introduction of new brand and innovative strategy or innovative products. Dssatisfaction with current state of affairs &/or the product of service information of Mahindra company. Competition in the market with other players. New and advance technology Sales and promotional activities are not sufficient according to todays market. Improvement in services after sale. Cost problems.

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OBJECTIVE OF STUDY
Increase the company image. Introduce the products of company with the people. Generate need. To find to potential. To persuade customers about the utilities of these products for them and provide right goods according their income level. Make people familiar with companys products. Introduce the cmpans services after sale.

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CONCLUSION :1. The whole analysis shows that there are only two companies dominating. There is neckto-neck competition in between these companies. 2. All the retailers are satisfied with the distribution network of the Mahindra product. 3. Most of the retailers want glow signboard and chilling equipments, which they are asking from long time. 4. In Mahindra segment and in lime segment is the main competitors of Mahindra

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SUGGESTIONS :1 As according to our findings we notice that the awareness level is very low about the factories Act, 1948. So it is suggested that the level of awareness should be increased in the workers. This work may be done by the mgmt as well as union side through the counseling, Charts seminar etc. 2. As we know that most of the workers in the work place are from rural areas or their education level is also very low. So it is necessary to increase their education level. This level may be increased by the government practices and special education programmes governed by the management. 3. When a new thing comes in to existence then the balanced equilibrium of that particular environment got disturbed. So when new amenmend should be applied in an organization then the resistance of it is a normal phenomenon. So mgmt should offer some schemes and benefits to attract the workers towards the new working climate. 4. As we know that the welfare schemes and benefits must be directly related to the work place situation and requirement of the workers. So we may provide then these benefits according to their opinion which is taken before it may be applied. Some of the benefits are creacher for children, convinces facility during the night shift, a leave from the day shift, Security guard Female supervisors etc.

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HYPOTHESIS
It is assume that the company has low sale in car market than its competitors. It is assume that company has a wide range of products and other services. It is assume that company pays not much attention on advertisement. It is assume that Mahindra company is new in car market than its competitors. People are not familiar with its all products. It is also assume that company can lead the market with its new and advance products. It is also assume that companys sale is fastly growing. Company should change its some strategies and promotional activities for growth.

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SCOPE OF STUDY
The research covers a wide range of phenomena. By this research I will take country level data. By the wide scope of study I understand the markets situations. My scope of study is depend on various variables like people living standards their purchasing behaviors, various problems related to sales and promotional activities and their solutions etc. My study will also related with Mahindra and Mahindra its products, its marketing strategies its growth etc. My study will also present the data on sale of various products. My study will also represent the products attributes, usefulness, competitors analysis, and will attempt answer the all question related to mahindra and Mahindra, companys other services etc.

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Annexure 1 QUESTIONNAIRE 1) Customer profile a) Name c) Age e) Address:b) Occupation d) Income

1) Are you a satisfied with Mahindra Bolero? a. Yes b. No 2) If Yes Which factor you consider is satisfies you most? a. Feature b. Low Maintenance c. Looks d. After Sales Service

3) Are you satisfy with the fuel consumption of BOLERO?

a. Extremely Satisfied b. Satisfied c. Neutral d. Dissatisfied

4) Are you satisfied with the Safety and Comfort of BOLERO?

a. Extremely Satisfied b. Satisfied c. Neutral d. Dissatisfied

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5) Are you satisfied with the Design? a. Extremely Satisfied b. Satisfied c. Neutral d. Dissatisfied 6) Are you satisfied with space available in BOLERO? a. Extremely Satisfied b. Satisfied c. Nor Satisfied & Dissatisfied d. Dissatisfied

7) Are you satisfied with Maintenance cost?

a. Extremely Satisfied b. Satisfied c. Neutral d. Dissatisfied 8) Are you aware about power steering present in Bolero? a. Yes b. No

9) Your general perception about Bolero. a. Very Good b. Good c. Average d. Bad

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BIBLIOGRAPHY
Books Marketing Management-Philip Kotler (eleventh Edition) Research Methodology- C.R. Kothari Marketing Research- G.C. Berry Websites

http://www.google.com

http://www.mahindra&mahindra.com

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