Praxis Business School

Assignment No: 1

BAJAJ AUTO LTD

A report

submitted to

Prof. S. Govindrajan

In partial fulfillment of the requirements of the course

Sales & Distribution Management

On 15 November 2009

By

Atul Saboo

Mohit Almal

Tarun Daga

Uma Balakrishnan

1
 EXECUTIVE SUMMARY
In 1945, Jamnalal Bajaj had formed M/s Bachraj Trading Corporation Private Limited, the flagship
company, to sell imported two-wheelers and three-wheelers. The present Chairman of the Bajaj group,
Rahul Bajaj, took charge of the business in 1965. He was the first licensee of the Indian make of the
Italian Vespa scooter. The company has a network of 498 dealers and over 1,500 authorised service
centers and 162 exclusive three-wheeler dealers spread across the country. Bajaj has now identified a
segment of customers called 'Probikers', who are knowledgeable about motorbikes and appreciative of
contemporary technology. They are trendsetters and very choosy about what they ride. Bajaj Auto is in
the process of setting up a chain of retail stores across the country exclusively for high-end,
performance bikes. These stores are called “Bajaj Probiking". Fifty two such stores have been opened
across the India. With such vast global and Indian rural presence, designing an efficient distribution
system becomes a complex task even for a company like Bajaj Auto. Lot of time and effort goes into
designing a strategy based efficient distribution system.

Bajaj Auto continues to be India’s largest exporter of two and three wheelers. During 2008-09, the
company exported 772,519 two and three-wheelers recording a growth of 25 percent over 2007-08. It
has plants in Nigeria, Indonesia and Egypt. It is also looking at Manaus, Columbia and Iran. To expand to
new geographic locations, where Bajaj perceives a strong market potential, they establish a tie up with
one major industrial establishment eager to invest in the project. These investors who form alliances
with Bajaj Auto are termed as “Business Partners”. Bajaj Auto strives for efficiency in all its operations
across the world. To aid in this, it creates partnerships with experts in local markets and multinational
leaders. It has motorbikes in three segments- entry segment (with Platina), Executive segment (with
XCD and Discover) and the premium segment (with Pulsar, Avenger).

For decades, Bajaj Auto was riding high but was late to respond when competitions struck. Then, it
restructured its products, channels and the performance management system. Bajaj Auto announced
the successful “Go Live” of their External Portal Initiative for their sales and service employees, dealers
and suppliers. SAP’s mySAP Enterprise Portal was implemented simultaneously with the current SAP
R/3 ERP implementation. Bajaj has linked 380 out of its 483 dealers through this system. Also connected
are 165 out of a total of 200 suppliers. The dealer portal, in addition to operating information, provides
access to unstructured information like news items, new product releases, new product introduction,
dealer discussion groups and internal marketplace. The supplier gets up-to-date information on
purchase orders and contracts, material schedules, and payment details. Bajaj Auto, in turn, gets
invoicing information from suppliers for its automated material receipt system. This helps in
streamlining the supply chain, optimising inventories and reducing non-value-adding activities at both
ends.

For global delivery of products, Bajaj has tried leveraging the existing distribution network of the
“business partner” in the country where the partner is present. Bajaj Auto has also set up assembling
units in few of the continental hubs, as discussed in above sections. The logistics for this is outsourced
to third party vendors like Maersk Sealand, P&O Nedloyd and APL.

There is a generic channel at the national level. Goods flow from the manufacturing unit to either the
depot or to the C&F agent. It may also go directly to the dealer. The C&F and the depot also supply to
the dealer, who then supplies to the ASC, RSO, Sub Dealer & its own branch. Order tracking, packaging,
invoice generation and despatching goods are key functions of the sales and distribution of a company.

For distribution, Bajaj Auto has extensively used the mix of Depot & CNF Agents. This is completely
dependent upon the distance of the dealer’s location from the manufacturing unit. Depots are set up
for two purposes- catering to sudden spikes in demand, whereby the dealer can order from the depot
reducing the delivery time, and to reach faraway places.

2
As for C&F agents, it is the “Giant dealer” of a particular region who acts a carrying and forwarding
agent for Bajaj Auto. The transport and logistics is completely outsourced to the Transport Corporation
of India (TCI). We have highlighted in this section, the areas where IT has been applied. The company
has a network of 498 dealers and over 1,500 authorised service centres and 162 exclusive three-
wheeler dealers spread across the country. These may be COCO, CODO or DODO showrooms. Bajaj
provides workshop training, new product launch and other promotional activities as services to the
dealers. We have also shown monitoring sheets used to assess dealer performance by various ratios.
There is also a day-wise summary of customer satisfaction feedback. A ‘health card’ is used for
supervising workshops using parameters like customer complaints and repeat visits. A service quality
index (SQI) is also attached, which is used by Bajaj to gauge dealers. Sub-dealers, ASCs and RSOs are
also discussed. In the analytical framework, we saw that the most important variables affecting
distribution were brand loyalty, level of involvement, complexity of decision-making and search costs.
The pro-biking concept introduced by Bajaj was seen to address all these variables.

Channel members are graded and given monetary rewards in the form of company owned showrooms.
Non-monetary incentives include training, product launches and promotions. Mutually agreed upon
targets are set by headquarters and the ASM in a meeting, and the latter then sets targets for dealers in
his region.

As a high involvement product, Bajaj automobiles require a field force which is well-trained in the
product and can provide information to customers at an instant. Bajaj Finance also accelerates the role
of the field force by providing financial assistance to buyers of two- and three-wheelers. Bajaj enjoys
more than 90% of the market share in three-wheelers and is fast gaining a share of the rural market as
well.

There are three key aspects of financials, namely:

 Freight, forwarding and packaging

 Advertising
 Sales promotions

The first expense has been increasing over the past three years. This may be due to the fact that
exports rose and that Bajaj focuses on premium and executive bikes transported in small lots and
sophisticated packaging. Advertising costs have fallen, which may be due to the recession. Sales
promotion expenses have increased due to the foray into premium bikes. The highest cost is seen to be
that of freight and forwarding

We have compared these components with Hero Honda. Here, we saw that freight and forwarding
expenses grew regularly, due to constantly increasing sales. Sales promotions were stagnant and very
low. Hero Honda’s expenditure is comparatively steady and it is a stronger brand, especially in sales
promotions. Hero Honda also spends the maximum share on freight and forwarding. Next, we have
compared the expenses of the two companies under advertising and sales and distribution in a graph.
We also saw that Bajaj relies more on sales and distribution whereas Hero Honda creates a pull demand
for its product. Hence, the brand pull for Hero Honda is stronger, which justifies its position as a market
leader.

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 TABLE OF CONTENTS

INTRODUCTION ............................................................................................................................................ 5
GLOBAL PRESENCE OF BAJAJ ....................................................................................................................... 6
CHANNEL DESIGN ...................................................................................................................................... 10
ANALYTICAL FRAMEWORK......................................................................................................................... 24
CHANNEL MEMBER MANAGEMENT .......................................................................................................... 26
FIELD FORCE MANAGEMENT ..................................................................................................................... 27
FINANCIAL ASPECTS ................................................................................................................................... 29
ANNEXURE ................................................................................................................................................. 33

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 INTRODUCTION

The Bajaj Group was founded in 1926 by Jamnalal Bajaj and now consists of 27 companies. In 1945,
Jamnalal Bajaj had formed M/s Bachraj Trading Corporation Private Limited, the flagship company, to
sell imported two-wheelers and three-wheelers. The company acquired a license from the government
in 1959 to manufacture these vehicles and went public the next year. By 1977, the company saw its
plant rolling out 100,000 vehicles in a single year. In another nine years, Bajaj Auto could produce
500,000 vehicles in a year. The present Chairman of the Bajaj group, Rahul Bajaj, took charge of the
business in 1965. He was the first licensee of the Indian make of the Italian Vespa scooter.

Japanese and Italian scooter companies began entering the Indian market in the early 1980s. Although
some boasted superior technology and flashier brands, Bajaj Auto had built up several advantages in
the previous decades. Its customers liked the durability of the product and the ready availability of
maintenance; the company's distributors permeated the country. By 1994-95, Bajaj was racing to beat
Honda, Suzuki and Kawasaki in the two-wheeler segment internationally. By 1997, Bajaj faced tough
competition in the domestic market and its market share stood at 40.5%. Under the leadership of Rahul
Bajaj, the turnover of Bajaj Auto has gone up from Rs.72 million to Rs.46.16 billion (USD 936 million), its
product portfolio has expanded from one to many and the brand has found a global market. Bajaj as a
brand is well-known across several countries in Latin America, Africa, Middle East, South and South East
Asia.

The company has a network of 498 dealers and over 1,500 authorised service centers and 162 exclusive
three-wheeler dealers spread across the country. Around 1,400 rural outlets have been created in
towns with populations of 25,000 and below. The current dealer network of Baja is servicing all these
outlets. Bajaj is convinced that the real impetus of future two-wheeler growth will come from
upcountry rural India. Bajaj Auto has defined specialist dealerships for rural markets, called 'Rural
Dealerships'. During the year 2008-09, twenty new rural dealers became operational.

Bajaj has identified a segment of customers called 'Probikers', who are knowledgeable about
motorbikes and appreciative of contemporary technology. They are trendsetters and very choosy about
what they ride. Hence, Probikers need to be addressed in a meaningful way that goes beyond the
product. Bajaj Auto is in the process of setting up a chain of retail stores across the country exclusively
for high-end, performance bikes. These stores are called “Bajaj Probiking". Fifty two such stores have
been opened across the India.

Catering to demand in this sector requires a strong and effective distribution network as consumers are
more demanding and expect delivery on time. Early delivery is a cause of delight for customers. With
such vast global and Indian rural presence, designing an efficient distribution system becomes a
complex task even for a company like Bajaj Auto. Lot of time and effort goes into designing a strategy
based efficient distribution system.

5
 GLOBAL PRESENCE OF BAJAJ

Bajaj Auto continues to be India’s largest exporter of two and three wheelers. During 2008-09, the
company exported 772,519 two and three-wheelers recording a growth of 25 percent over 2007-08.
Exports now constitute 37 percent in terms of volume and 35 percent in value of net sales. The
company currently exports to over 30 countries in Latin America, Africa, the Middle-East, South and
South-East Asia. Bajaj Auto has a dominant presence in the countries of Sri Lanka, Columbia,
Bangladesh, Central America, Peru and Egypt, and is looking to increase its share in the African market.

The company has commissioned an assembly unit in Nigeria with the help of its distributor, to cater to
the growing demand in the African markets. It already has an assembly plant in Indonesia and is looking
at setting up a plant in Manaus, a Free Trade Zone, in Brazil by 2010-11, after delaying the decision for
six years. A distributor of Bajaj Auto has a plant in Egypt. They are also planning to set up plants at
Columbia and Iran.

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Extent of Presence of Bajaj Auto

Management of Global Supply Chain

With operations spanning to such vast geographies, managing a supply chain globally becomes more
and more complex. In countries where Bajaj perceives a strong market potential, they establish a tie up
with one major industrial establishment eager to invest in the project. This investment may include
setting up strategic manufacturing or assembly units, apart from a well-established nation-wide
network for marketing, distribution and after sales services. These investors who form alliances with
Bajaj Auto are termed as “Business Partners”.

Bajaj Auto offers a number of services to its business partners. They include:

 Training in sales, service and spare parts management based on the Bajaj distribution system

 Active support for setting up manufacturing facilities overseas including transfer of technical
know-how

 Assistance in setting up an assembly plant for assembly of vehicles from complete knocked
down (CKD) kits

 Selecting of machinery and equipment and training of technical personnel, all in a phased
manner as required by the regulations in the recipient country

 Active support in setting nation-wide dealer network, also involving identification and
recommending suitable partner who would assist the distributor in Business growth

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Global Efficiency
Bajaj Auto strives for efficiency in all its operations across the world. To aid in this, it creates
partnerships with experts in local markets and multinational leaders. Also, it seeks to avoid all
imperfections in the product due to glitches in delivery. For this, Bajaj is committed to certain
initiatives:

 Partnership with globally trusted shipping lines: Maersk Sealand, P&O Nedloyd, APL ensuring
safe and timely delivery to markets
 Efficiently packed, factory stuffed cargo shipped in completely built up (CBU), semi-knocked
down (SKD) or complete knock down (CKD) modes
 Specially designed export packing procedure
 Full container load (FCL) or less than container load (LCL) dealt with safety and security

Product Segmentation

The company classifies motorcycles into three segments, based on consumer categories and
approximate price points. These are:

 Entry Segment: These are typically 100 cc motorcycles at a price point in the neighbourhood of
Rs.35000. Bajaj Auto has a presence in this segment through the Platina. Here, Bajaj Auto has
been a major player and despite an overall market de-growth, it accounted for 34% of this
segment in India in 2008-09.

 Executive segment: This largely comprises 100 cc to 135 cc motorcycles, priced between
Rs.40000 to Rs.50000. Bajaj Auto has two brands in this segment, namely XCD and Discover.

 Performance segment: These are sleek, high performance bikes with price points in excess of
Rs.50000. They are present here with their flagship brand, the Pulsar and cruiser, the Avenger.
They dominate this space with a domestic market share of more than 47%.

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Spare Parts

Automobiles need periodic replacement of parts. Not surprisingly therefore, spare parts comprise a
profitable business for major automobile manufacturers. The objectives of the spare parts business of
Bajaj Auto are to perform an effective role in supporting new vehicle sales, maintain ‘vehicle goodwill’
across different geographies, makes and consumer groups, and contribute to the bottom-line.

Challenge: To make the company’s spare parts available in not just the authorised service centres but
also the private garages and spare part shops that dot the country. This is a high volume, credit
intensive business that requires mastery over the supply of heterogeneous products.

Solution: In 2004-05, Bajaj Auto created a separate channel exclusively for distribution of spare parts.
Today, the channel has 73 distributors, who cater directly to over 15,000 retail shops across the
country. This channel now accounts for sales of over 70% of total spare parts of Bajaj Auto Ltd. Other
30% is distributed via the distribution channel of the bike itself.

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 CHANNEL DESIGN

Usage of IT at all Levels

For decades, Bajaj Auto was riding high. The company was enjoying market share the only way it knew
to: by building basic, durable scooters on the platform of ‘value for money.’

But when the marketplace changed, Bajaj was late to respond. It became clear that the company could
no longer derive big market shares from limited brands and products. Then started the restructuring—
of products, channels and the performance management system. Along with that, the company realised
that it had to redesign its IT structure.

Bajaj Auto announced the successful “Go Live” of their External Portal Initiative for their sales and
service employees, dealers and suppliers. SAP’s mySAP Enterprise Portal was implemented
simultaneously with the current SAP R/3 ERP implementation.

Business information is available to the company’s external community in real time. This assists in
improved decision-making, whether it is to meet customer requirements or to maintain efficiency in
supply chain management. The company’s field sales teams get full visibility on all dealer activities while
the dealers get real-time access to relevant information on operational activities. The dealers and sales
employees get information relevant to their respective region and territory by aggregation from the
underlying SAP R/3 ERP database.

Bajaj has linked 380 out of its 483 dealers through this system. Also connected are 165 out of a total of
200 suppliers. The dealer portal, in addition to operating information, provides access to unstructured
information like news items, new product releases, new product introduction, dealer discussion groups
and internal marketplace. The supplier gets up-to-date information on purchase orders and contracts,
material schedules, and payment details. Bajaj Auto, in turn, gets invoicing information from suppliers
for its automated material receipt system. This helps in streamlining the supply chain, optimising
inventories and reducing non-value-adding activities at both ends.

The website to log on to is http://www.channelbajaj.com. Every PC has a hardware lock so that the
correct terminal is established and does not travel out of the dealer’s premises.

Bajaj is also planning to extend the IT system even as it plans to launch a major marketing initiative in
rural areas. “As this project gets implemented, we have to see how IT can support it. There is an issue of
Internet connectivity. But the infrastructure is changing with telecom majors expanding their network.
We are looking at connectivity through WLL,” said Mr Bajaj.

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Before understanding the channel design, we need to know the components that are involved in the
channel network. Various players involved in the channel design are:

 Manufacturing Plants
 Depots
 Carrying & Forward Agent
 Dealers
 Sub Dealers
 Logistics

Each of these players and their key role and deliverable will be dealt in detail later.

Channel Design is dependent on the segmentation that Bajaj have done in the geographic and product
category segments.

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Geographic Segmentation

Geographic

National Global
Level Level

Here the distribution channel design exists at two different levels. The two levels are national and
global level. Both of them are discussed in details in the following pages.

Global Level Partnerships

In order to cater to a widespread network of dealers, distribution is a challenge for Bajaj Auto. Here the
concept of “business partners” comes in. Bajaj has tried leveraging the existing distribution network of
the “business partner” in the country where the partner is present. Bajaj Auto has also set up
assembling units in few of the continental hubs, as discussed in above sections. These continental hubs
act as goods receivers from the manufacturing units of Bajaj in India. The logistics for this is outsourced
to third party vendors like Maersk Sealand, P&O Nedloyd and APL.

Assembling Hub
& “Business
Plant In India Partner

Transport &
Logistics(Third
Party Vendor)

12
National Level Partnerships

There is an exisisting generic channel which is used for segmentation of this category of two-
wheelers and three wheelers.

Generic Channel

The physical flow of goods takes place from the factory to either the depot or to the carrying and
forwarding agent, depending upon the geographic distance and the location of the Depot. The
transport & logistics for this is outsourced to third party vendors which are under Transport Corporation
of India (TCI).
Depending upon the demand these goods have, they flow from Depot or the C&F agent to the dealer
and their network. In case of high profile dealers, the dealer can himself take the physical delivery of
goods directly from the manufacturing plant. The dealer, at the last juncture, caters ASC, RSO, Sub
Dealer & its own branch. The channel members and the key roles for each of these channel members is
detailed below.

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Manufacturing Plant

Bajaj Auto’s vehicle manufacturing capacity currently stands at 3.96 million units — comprising 3.6
million two-wheelers and 360,000 three-wheelers. The newest plant at Pantnagar (Uttarakhand) has a
capacity to produce 900,000 two-wheelers.

Plant Wise Capacity

The company’s first plant at Akurdi which was a vehicle assembly unit was shut down in September
2007. The reason for doing so was the higher cost of manufacturing, which placed this location at a
disadvantageous position compared to the other facilities.

Plant Wise Product Profile

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Key Deliverables in terms of Sales & Distribution Management

 Order Tracking-Taking a daily account of the order received from various dealers and Regional
Offices (RO). Orders from dealers are punched in by dealer themselves. Orders are followed up
in the system only if the credit limit is not crossed. This credit limit is preset into the system
depending upon the dealer and his/her track record.
 Packaging-Packaging in factory is outsourced to third party vendor. These vendors are generally
from the Transport & Logistics partners
 Despatching Goods-Goods need to be despatched via third party vendor TCI. State corporations
and other private players are also part of the vendor list.
 Generating Invoice & Waybill-These documents need to be generated and despatched to the
respective dealer. A sample invoice is attached in Annexure 1

Depot and C&F Agent

The representation below depicts the location of the various member groups of Bajaj Auto in India.

For distribution Bajaj Auto has extensively used the mix of Depot & CNF Agents. This is completely
dependent upon the distance of the dealer’s location from the manufacturing unit. For example, due to
the extensive distance between the manufacturing plant from West Bengal and the North-East, there
exists a depot at Kharagpur with a capacity for housing 8000 two-wheelers. There are similar depots in
Rajasthan, Punjab and Southern India. In our conversation with the management of the Bajaj Auto
showroom, they declined to divulge further details of the locations of the depots and the total number
of depots in the country.

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Key Role & Deliverables of Depots
Setting up depots is a geographical strategy adopted by Bajaj Auto. But this does not mean that the
company has gone all out to open a large number of depots. It has chosen strategic locations. The key
role played by depots is that they are meant to cater to any sudden rise in demand of vehicles, and to
cover the existing geographic span of India.

When we spoke to the management, they explained to us the reasons behind having a depot in
Kharagpur. There are two reasons for which Kharagpur was chosen to hold a depot for Bajaj Auto. They
are as follows:

 Catering to a sudden shooting up of demand- In Bengal itself, it is common knowledge that

during the festive season which spans from September to November, there is a huge demand
as people spend more on festival extravaganza, and it is considered an auspicious time to buy
household gadgetry. There is a conspicuous rise in the sales of white goods, motor vehicles and
jewellery.

 Reaching the states of the North-East- As per the people at Bajaj, “We take 15 days to reach the
North-East if we go via the carrying and forwarding agent concept. Generally bikes reach West
Bengal in 7-8 days. The bottleneck is the Darjeeling route. Hence, came in the concept of a
depot whereby we can reach the North-East in the same time, instead of experiencing a lag of
almost a week.”

Dimensions for Choosing Depot or Factory Approach

A dealer needs to consider his order requirements and then come up with an order to place to the
regional office. If the demand is immediate, he may approach a Depot for the load. Else, he has to try to
stick to factory load. Both of these loads have their own sets of pros and cons. We have listed them in
the following table.

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Criteria Factory Load Depot Load

Assortment
• Product Mix Available Less
• Colour Available Less

Lead Time 9-10 Days 5 Days

Geographic Dispersion Constrained Highly Available

Ease of access for dealer Less High

Quantity 43-Discover & Pulsar, Avenger 28-Discover & Pulsar,

53-Exceed & Platina Avenger
35-Exceed & Platina
Packaging High Standards Low Standards

Depending upon the criteria that are more important to the dealer, he places his order to either the
factory or the Depot. Generally, orders are placed to the factory but in case of urgent requirement, due
to which the lead time reduces considerably, the order is procured from the depot.

Carrying & Forwarding Agents

Though the agent has a separate set of roles and responsibilities, it is just a semantic difference in the
case of Bajaj Auto. In most cases, it is the “Giant dealer” of a particular region who acts a carrying and
forwarding agent for Bajaj Auto. A giant dealer is one who secures an A+ rating from the company, or
has strong financial muscle in the region in comparison to the other dealers. Their key deliverables will
be dealt in detail when we talk about dealers. This generally happens in states or regions which are near
to the manufacturing unit. This is almost always the case for most Indian States.

Transport & Logistics

This function of distribution is not owned by the company in any form. This is outsourced in toto to the
third party vendors. The third party here is Transport Corporation of India (TCI) and a few other private
vendors. The fleet to be transported is custom-designed for Bajaj Auto by the vendor.

Key Facts

 There are twenty vendors all across India

 OSL
 Jamuna Transport
 Sumit Transport
 A Transit Insurance Compliance Letter(TICL) is signed between the two parties
 The local level sub-dealer sometimes gets to decide the last mile logistics, as he can decide to
pick up the vehicles himself or have it transported to him
 Logistics of the vendor is decided by the company
 Freight charge is built-in in the product price

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This is a sample documentation process that takes place in any order fulfilment chain. The
documentation inside black boxes has been considerably reduced due to the usage of IT at both ends-
client and companies. The main documentation that still remains is waybills and invoices which are
generated from the manufacturing plant of the company.

Example:

28 bikes(Pulsar &
43 bikes(Pulsar &
Discover)
Discover)
7*4
10*4+3
Depot(Depot Load) Dealers
Factory Load(1)

53 bikes(Exceed & 35 bikes(Exceed &

Platina) Platina)
10*5+3 7*5

TCI looks after the packaging of the bike from the manufacturing unit to its delivery upto the warehouse
of the dealer or to the depot, as required. In the above example, one truck or a single factory load can
carry either 43 premium bikes or 53 general bikes. Depending upon the product mix ordered by the
dealer, the truck is loaded. It can then either go to the dealer’s warehouse directly or to the depot, as
depicted in the generic channel. From the depot, these bikes are loaded in smaller fleet and distributed
to the respective dealer. In this case, the fleet size is 28 premium bikes or 35 general bikes. This load is
termed as Depot Load.

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Key role & Deliverables
 Packaging- One of the key deliverables in such a high intensive industry is a quality product.
Hence packaging is the key deliverable
 Logistics-Handling of bikes and catering to the fleet demand is essential for the vendor
 Goods Tracking- Tracking the flow of goods and acting as a business partner for the client is
essential for the third party in this case
 Key Documents Generation- Documenting the waybill and passing it to the required channel
member is an important aspect

Last mile logistics is decided most of the time by sub-dealers. Bikes are driven from the dealer’s
warehouse to the showroom by employees of sub-dealer.

Dealers

Like mentioned above, the company has a network of 498 dealers and over 1,500 authorised service
centres and 162 exclusive three-wheeler dealers spread across the country. Around 1,400 rural outlets
have been created in towns with population of 25,000 and below. The current dealer network is
servicing these outlets. Dealers can be classified under 3 heads. They are as follows:

 COCO-These are Company Owned & Company Operated showrooms. These concepts exist only
for Pro-Biking showrooms. Here Bajaj Auto has tried showcasing their muscle power in high end
biking segment. The concept has evolved very fast and now there are 52 Pro-Biking showrooms
in the country. The company itself does not take any order from the customer in these
showrooms. The giant dealer of the region who is acting as a logistics partner for the pro-biking
concept takes the order on behalf of the company and fulfils the customer requirement.

 CODO-These are Company Owned & Dealer Operated showrooms. In case of this concept,
showrooms are owned by the company but the operations in the showroom are managed by
the dealer. This is generally the case where Bajaj wants to provide the dealer financial benefits
considering the high working capital requirement of the company.

 DODO-These are Dealer Owned & Dealer Operated. These dealers are fewer in number because
they are generally the giant dealers who are the financial muscle for the company. In our talks,
the management indicated that the top management wants to do away with this concept. The
reason behind this is that the bargaining power increases in the hands of the dealer, which puts
the company in an knotty situation.

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Services provided by Bajaj Auto to the dealer
 Workshop Training
 In a month:
 30-40 Mechanics can be trained per dealer
 15-20 Sales personnel can be trained per dealer
 New Product Launch
 Information is percolated around a month before the product is to be launched
 The date of launch can be rescheduled in case the current stocks of the dealer are not
getting cleared.
 Promotional Activities
 The cost of sending the staff to the Pune branch for training is borne by the dealer.

Key Role & Deliverables

The most important loop that is the outcome of the dealer management is the feedback loop. Using this
loop company designs its strategy for different segments. Dealer need to fill in the required form
provided by the company and update it to company on monthly basis.
The three heads under which the feedback is filled are:
 Monitoring Sheet
 Daywise Summary of Customer Satisfaction Feedback
 HealthCard For Monitoring Workshops

Monitoring Sheets

The key entry fields in this sheet are:

No of vehicles ready for Delivery awaiting customer

UNDELIVERED
No of vehicles pending B/F(for work) WIP
No. of vehicles received FRESH(INC QRC)
Total Vehicles in wshop = Rcd(1+2+3)
No of vehicles Ready for the day
Total No. of vehicles ready for delivery(1+4)
No.of vehicles delivered(wrt 4a)
No. of appointments given(wrt 5)
No. of appointments turned up(wrt 6)
No. of vehicles ready on time commitment(wrt 5)
No. of vehicles estimate met.(wrt 5)
Carry forward pending for tomorrow (3a-4)
Ready carried forward for tomorrow today UNDELIVERED(4a-5)
SERVICE VOLUME DETAILS(WRT C10)

NEW BIKES SOLD

NEW BIKE SHOWROOM SALES
NEW BIKE DOOR DELIVERY
SERVICE DATA( WRT C10)
FSC
PAID COUPON SERVICE
UNDER WARRANTY ONLY
PAID SERVICE
PAID JOBS
ACCIDENT
QRC
RV
BREAK DOWN
EARLY FAILURE(WITHIN 30 DAYS)

20
The resultant entry comes up with key ratios which gives a look into the dealer’s operational
performance. The Key ratios are:

Appointment Ratio

Turnup Ratio

% WIP

% Undelivered O.K. Stock

% Ready

% Vehicle delivered

% On Time Delivery (C13/C10)

% COST ESTIMATE MET(C14/C10)

% RV/ RJ (C33/C10)

PSFU SATISFACTION %(C19/C18)

EFR %(C35/C22)
1 HR % (WRT PS) (C42/C41)
% CC REPORTED(MAIL, LETTER,SAP)
% CSI FORMS COLLECTED ( 17/10)

Daywise Summary of Customer Satisfaction Feedback

This is a method to record customer feedback.

Q 1. Rating on service offered Q 2. Rating on availing service Q 3. Rating on recommend CSI Score
Rating 5 4 3 2 1 5 4 3 2 1 5 4 3 2 1 for the Day
No. of No. of
Definitely

Definitely

Definitely

Definitely
Excellent

V. Good

May not

May not

Date
May or

May or

Max Score/
Mostly

Mostly
Some

Some
Good

times

times

F' backs Customers

Poor

CSI
Fair

Not

Not

Acheived
Rated Score
Score
[NoCR]
23 NoCR 1 6 11 5 0 3 9 10 1 0 7 11 5 0 0 345
01-Sep-09
Score 5 24 33 10 0 15 36 30 2 0 35 44 15 0 0 249 72.17%

NoCR: Means Number of customers rated that particular rating.

Score : Score will be multiplication of number of customers & that particular rating
The score for the day will be sum of score of all the 3 Qs divided by product of 3 & no.
of feedbacks collected.

21
Health Card for Monitoring Workshops

Key inputs in this field are stated below:

Dat from
Area Plan / Target
MOP-001

Customer Complaints (BAL /Dealer /Call Centre) % and Nos. 0.25%

Numerator
Denominator ( SER VOL.) = 7L
Overall Internal CSI - 3Q 100%
% PSF & its effectiveness
No of Effective calls
PSFU TARGET (7L)
PSFU satisfaction
SATISFIED
No of Effective calls
Repeat Job % 0.1%
Numerator 15h
Denominator(SERVICE VOLUME)

Repeat visit Reason wise Analysis

Wrong Diagnosis (Nos.)
Non identification of unforeseen problems (Nos.)

Poor workmanship (Nos.)

Technician's negligence (Nos.)
Product Problems ( Nos.)
Spares problems (Nos.)
Operation and maintenance procedure not followed (Nos.)

RV technician and SA wise analysis (Nos.) AVL / NA

Repeat Visit Product wise Analysis

200 pul
220 pul DTSI
Avenger-dtsi 200

On the basis of all the above inputs the Service Quality Index for a particular dealer is calculated. On
the basis of SQI achieved by the retailer over a period of one year the dealer is rated as A+, A, B+, B.
These ratings decide the type of credit that the dealer receives, the type of bargaining power he/she
enjoys with the company.

22
Sample SQI

6 Service Quality Index (SQI) % 0 77

6.1
Infrastructure elements 24.75
6.2
Process Elements 27.20
6.3
Productivity 12.45

6.4
Warranty 12.75
7 SERVICE DETAILS
a FSC 15a 143
b PAID COUPON SER(U/W) 15b 56
c EXCLUSIVE U/W 15c 47
d PAID SERVICE 15d 120
e PAID JOBS 15e 22
f ACCIDENT 15f 3
g QRC 15g 74
h RV. 15h 4
TOTAL SERVICE =7(b+c+d+e+f+g+h+i)
7L 469

Sub Dealers, ASC & RSO

 Sub Dealers- Generally this are the small players in the market who helps breaking the bulk at
the dealers end and providing the dealer necessary rotation of working capital. In turn they get
flexible terms from the dealer and trade on smaller volumes. These channel members exist in
the design because of the company’s objective of increasing the reach to the end consumer.

 Authorised Service Outlets- These are the authorised outlets of the company which can be
dealer operated or independently run by a new entity. The distribution for these components is
completely independent from the distribution channel of the product itself. Today, the channel
has 73 distributors, who cater directly to over 15,000 retail shops across the country. This
channel now accounts for over 70% of total spare parts sales of Bajaj Auto Ltd.

 Rural Sales Outlets-Around 1,400 rural outlets have been created in towns with population of
25,000 and below. The current dealer network is servicing these outlets. Bajaj is convinced that
the real impetus of future two-wheeler growth will come from up-country rural India. Bajaj
Auto has defined specialist dealerships for rural markets, called 'Rural Dealerships'. During the
year 2008-09, twenty new rural dealers became operational.

23

VARIABLE
No. of Consumers
Geographic Dispersion of
Consumers
Higher Frequency of
Purchase
Tendency to Postpone
Purchase
Level of Familiarity/Product
Knowledge
Degree of Brand Loyalty
Purchase on Impulse
Level of Involvement
Purchased as a Basket of
Goods
ANALYTICAL FRAMEWORK
KEY COMPONENT OF
DISTRIBUTION AFFECTED
Large number of consumers, but
because of product nature, too
many channel members are not
required. Logistics and transport
hold a vital role
Since dispersion is very high,
extensive distribution network &
reach required
Low frequency of purchase. Last
mile logistics are not important as
in India, a bike is delivered within
1-3 days of booking
High, requiring regular
reinforcement from field force
High for lower-end bikes, and low
for higher-end bikes
If low, margins to field
force/channel members, and
point-of-sale merchandising
become very important. If high,
these factors lose importance.
Not at all an impulse purchase.
Availability is not a major factor.
High for both two-wheelers and
three-wheelers. Information
needs to be diffused, as
consumers search for it
Only high-end bikes create a
basket of goods when accessories
are bought along with them
STEPS TAKEN BY BAJAJ
Only intermediary is dealer.
Logistics is outsourced to third
party, making it more efficient.
Country-wide depots in hard-to-
reach regions. Else, C&F agents
are used
Last mile logistics depend on
urgency from dealer’s side
Well-trained field force of dealers.
Also, Bajaj has Auto Finance in all
its showrooms, especially for
three-wheelers
Field force not very important for
lower-end bikes. For higher-end
bikes, Bajaj introduced Pro-Biking
to inform consumers about the
vehicles
High for three-wheelers, but
brand loyalty is not necessarily
high for Bajaj two-wheelers. Pro-
biking addresses point-of-sale
merchandising by displaying parts
of the bike & simulations.
Incentives & sales promotions are
also high.
Takes orders and delivers within 1
day (better than industry
standards)
Pro-biking provides information
about high-end bikes. Trained
field force and regular
advertisements in auto magazines
Accessories are made available at
showrooms, as well as in the Pro-
biking workshops
24
Speed & Complexity of Low speed & complex decision-
Decision-making Process making process for two-wheelers.
For three-wheelers, norms are
set by government, reducing
complexity
Presence of Experts Highly applicable for all product
Influencing the Decision- ranges
making Process
Element of Crisis Purchase Not applicable at all
Exists
Element of risk Aversion Exists in multi-brand showrooms
Exists
Perishability Not a perishable product
Time band Associated with Not applicable, except during
the Purchase of Product festive season when demand
spikes suddenly
Fungibility Cannot be replaced, especially for
physical flow of goods
Importance of Search Cost High LOI product, needs
information from means other
than channel member
Degree of Customization Moderate for two-wheelers but
Possible not applicable for three-wheelers
Negative or Positive Lighting and field force create
Reinforcement ambience required for the
experience
Value/Volume Ratio of Not applicable
Product
Pro-biking encourages quick
decisions. Cannot do much for
three-wheelers except advise
buyers
Highly trained field force. For high
performing bikes, Pro-biking
concept is a solution
Cannot induce crisis purchase in
any way
Dealer cannot unsell a brand, as
company presses him to sell
different products of the mix
along with his order
Not applicable
Need not push the brand within a
time range, except before new
product launches. Depots were
introduced to handle sudden rise
in demand during festive seasons
Channel is not replaced by other
means
Informative website and Pro-
biking workshops provide
extensive information on bikes
Customizes the vehicle in the
workshop, along with accessories,
after making a sale
Bajaj sets pre-conditions for
dealership, in terms of space and
polite field force which interested
parties must follow
Dedicated showrooms of Bajaj
dealers do not require
value/volume ratio as a criterion
25
 CHANNEL MEMBER MANAGEMENT

A few aspects about Channel member management that are not covered in the earlier pages will be
dealt with in specific in this section.

Monetary Methods to Reward Channel Members

If a dealer is rated A+ in a particular region his credit limit is made less stringent and the required
payment terms are made flexible. Above this, they are also provided with a chance to become a partner
of the Pro-biking evolution of Bajaj Auto. They become part of the inclusive growth of the company.

Company owned showrooms are a way in which the company rewards the dealer, by providing the base
capital for the new showroom awarded. For E.g.: In our conversation with Mr. Neotia (Prime Dealer in
Kolkata, Auto centre, AJC Bose Road), he informed us how another dealership Flagstore in Sodepur is a
company owned and dealer operated showroom. It was his reward due to the good performance of the
existing showroom.

Non Monetary Methods to Reward Channel Members

Workshop Training: Training of the staff that dealers have is provided by Bajaj Auto in two ways. Few
trainers from Bajaj come down to various workshops of the dealer to provide training. Even a few
salespersons and mechanics get to go to the Pune Headquarter for training purposes.

New Product Launch: Information of a new product launch is shared with dealers one month before
launch so that they can plan the order and working capital requirement. The company even changes
the launch date if the existing stock of bikes at the dealer’s end is not cleared.

Promotional Activities: A non monetary method of making sure that consumers know about the
product and dealer need not make an effort in this department.

Target Setting Mechanism

The headquarters sets the target for a particular region in their meeting with the respective Area Sales
Manager. In our conversation with ASM Kolkata Mr. Tanuj Mandal, he told us that in his monthly
meeting in the headquarters, he is asked how many bikes he will be able to sell in the coming month.
This target is then negotiated and is decided upon considering the economic scenario, YoY target and
expected growth. The ASM then sets the target for the various dealers in the region considering their
past performance. If a dealer has not met the previous target, that gap is added on in his new target.
Not meeting a target for a period of 6 months has an impact on the dealers SQI.

Monitoring Mechanism
This has been dealt in detail previously in the section of key Deliverables of Channel members.

26
 FIELD FORCE MANAGEMENT

Field force is not so critical in case of such a high involvement product, except for providing information
at the point of sale. The segmentation that Bajaj has done in this user category makes the field force in
a few segments very critical. In case of high end bikes, the concept of Pro-Biking is very innovative.

In Pro-biking showrooms, the field force consists of highly trained automobile engineers, a lot of them
graduates from IIT. This shows consumers the bikes Bajaj offers in the high end segment and the power
Bajaj possesses in this. Bajaj wants to enjoy the first mover’s advantage in this segment. Hence they
have already made the field force highly active in this segment.

Bajaj Finance: Bajaj Auto Finance Ltd offers attractive loans for purchase of new Bajaj vehicles. Bajaj
Finance executives are available at most of the Bajaj Auto dealerships to offer finance schemes to suit
the requirements of individuals. It also finances Bajaj three wheelers. This is a field force activity as it is
a capital intensive purchase for the consumer.

These field forces are very critical and hence their remuneration becomes equally critical. Their
remuneration is dependent on customer feedback and variable on the basis of the sale that takes place.

Three Wheeler Segment

The company’s domestic sales of three-wheelers in 2008-09 were 12% lower compared to the previous
year, and stood at 135,473 units. Export demand grew at 2% to 139,056 units. However that was not
sufficient to prevent a decline in the company’s total three-wheeler sales — which fell by 5.4% to
274,529 units in 2008-09. Given that total industry sales shrank by 1.6% in 2008-09 over the previous
year, while Bajaj Auto’s fell by 5.4%, the company’s market share dropped by 2.3 percentage points to
55.1%.
The heartening news for this segment is that state governments have increased the permits for plying
energy efficient three-wheelers. Bajaj Auto has a market share in excess of 90% in the permit-driven
markets. The company also intends to introduce a RE Diesel upgrade in 2009-10, which will have a high
mileage, accommodate more passengers with a luggage hold area, and will attempt to capture a larger
share of the rural market.

27
Distribution

Here the physical flow of goods is similar to that of two wheelers. In this case, the most important
variable of distribution is field force management. Most of the three wheeler sales is under finance
schemes, hence the introduction of Bajaj Auto finance and well trained field force.

Resource Designation Address Contact No.

Debashish Manager , 2 Wheeler Sales, East 232B, AJC Bose Road, Kolkata-
Roy India 700020 919433040219
Owner, Bajaj Auto Centre 225C, AJC Bose Road, Kolkata-
Vinay Nevatia Dealership 700020 913322903988
Asst. Showroom Manager,Bajaj 32, Chowringhee Road, Kolkata-
Tanuj Mandal Probiking 700071 919831126563
Workshop Manager, Bajaj 1, Bijoy Bose Road, Kolkata-
Subroto Sinha Probiking 700025 919830565580

28
 FINANCIAL ASPECTS

After looking at the distribution channel and the process flow of vehicles from the factory to the end
consumer, we will now look at the financial aspects. As a part of the financials, we have looked at the
total market spend done by Bajaj Auto Ltd. for advertisements and sales & distribution expenses. Also,
we have compared this with the market leader Hero Honda Ltd.

According to the balance sheet of Bajaj Auto Ltd. and Hero Honda Ltd., we have identified three key
components of advertising and sales & distribution expenses. These three components are:

1. Forwarding, Freight and Packaging- This is the largest component of all. It includes the
transportation charges of the goods from factory to the dealers, packaging of the two wheelers
and three wheelers in container etc.
2. Advertising- The advertising charges include all forms of advertising, i.e. TV ads, print ads,
hoarding and billboards etc.
3. Sales Promotion- The sales promotion expenses includes the discounts which the company
offer from time to time. It also includes other offers and gift vouchers. This component, as per
our understanding, should also include the incentives. However, through our interaction with
the Bajaj dealers, we came to know that the company does not provide any incentives, and the
achievements by the dealers are reflected in the grading system for dealers for each region.
Then again, it may not be the same case for Hero Honda and therefore this component may
include incentives if applicable.

Market Spend of Bajaj Auto Ltd.

All Figures are in Millions

Rs. 1,800.00
Rs. 1,600.00
Rs. 1,400.00
Rs. 1,200.00 Forwarding, Freight and
Packaging
Rs. 1,000.00
Advertisment
Rs. 800.00
Rs. 600.00 Incentive & Sales Promotion
Rs. 400.00
Rs. 200.00
Rs. 0.00
2008-09 2007-08 2006-07

The above graph shows the market spend for Bajaj Auto. We have taken the data for three years to see
the trend in the spending.

As seen from the graph, the expenditure for forwarding, freight and packaging has been increasing
over the years and especially for the year 2008-09. This may be due to the fact that in the last 2 years:

1. Bajaj sales from the export market increased by 31% whereas the domestic sales fell by around
23%. Hence, the transportation costs etc. shoot up due to the exports.
2. Bajaj focused more on executive and premium bikes which are transported in small lot sizes and
the packaging etc are more sophisticated thus resulting in high forwarding, freight and
packaging costs.

29
The advertising costs for the year have sharply fallen in the year 2008-09. It is mainly due to the
recession that the company has cut down on these costs. The major saving was done on the print ads
and hoardings.

The sales promotion expenses have fallen in year 2007-08 and again increased in year 2008-09. The
increase in year 2008-09 is because Bajaj has forayed into premium bikes, which is a new segment in
India, and was backed by heavy sales promotions to boost the sales.

Market Spend
2008-2009
Forwarding, Freight and Packaging Advertisment Incentive & Sales Promotion

23%

51%

26%

The above graph shows the percentage breakup of the three components. The highest cost is the
forwarding, freight and packaging, followed by advertising expenditure and sales promotion
expenditure.

Market Spend Of Hero Honda Ltd.

All figures are in Million

Rs. 3,500.00

Rs. 3,000.00

Rs. 2,500.00
Forwarding, Freight and
Packaging
Rs. 2,000.00
Advertisment
Rs. 1,500.00
Incentive & Sales Promotion
Rs. 1,000.00

Rs. 500.00

Rs. 0.00
2008-09 2007-08 2006-07

The above graph shows the market spend of Hero Honda for three years.

30
The forwarding, freight and packaging expenditure has been growing regularly and can be directly
linked to the increasing sales. The expenditure on advertising is more or less the same for the three
years and also the sales promotion are stagnant and very low.

If we compare the expenditure of both the companies, it can clearly be seen that the expenditure of
Hero Honda is comparatively steady and hence suggests that Hero Honda as a brand is far stronger then
Bajaj. This is clearly reflected by the sales promotion expenditure which is way less than that of Bajaj.
Hence, Hero Honda does not need additional spending to push its products.

Market Spend Of Hero Honda Ltd.

2008-2009
Forwarding, Freight and Packaging Advertisment Incentive & Sales Promotion

3%

43%
54%

The above graph shows the percentage breakup of the three components. The highest cost is the
forwarding, freight and packaging, followed by advertising expenditure and marginal expenditure on
sales promotion.

Advertising and Sales & Distribution Costs as a

Percentage of Sales
Advertisment Sales & Distribution

2.86% 2.73% 2.75%

2.70% 2.68%
2.44%
2.17% 2.15%
2.03%

1.47%
1.31%
1.01%

Bajaj Hero Honda Bajaj Hero Honda Bajaj Hero Honda

2008-09 2007-08 2006-07

In the above graph, we have divided the components of market spend into two heads, i.e.

1. Advertising expenditure

31
 2. Sales & Distribution expenditure (includes sales promotion and the distribution expenditure i.e.
forwarding, freight and packaging)

The graph shows the advertising and sales & expenditure costs as a percentage of sales.

Bajaj Auto Ltd.

Percentage breakup of Advertisement and Sales &
Distribution in the entire market spend

2008-09 2007-08 2006-07

Advertisement Advertisement Advertisement
Sales and Distribution Sales and Distribution Sales and Distribution

21%
25%
33%

67%
75%
79%

From the above graph we can clearly make out that Bajaj Auto relies more on its sales & distribution.
Hence, it can be safely concluded that Bajaj Auto focuses more on the push factor for its sale.

Hero Honda Ltd.

Percentage breakup of Advertisement and Sales &
Distribution in the entire market spend

2008-09 2007-08 2006-07

Advertisement Advertisement Advertisement
Sales and Distribution Sales and Distribution Sales and Distribution

43% 44% 48%

56% 52%
57%

In case of Hero Honda, the gap between the expenditure on advertising and sales & distribution is less
and we can assume that it creates a pull demand for its products. Hence, the brand pull for Hero Honda
is stronger, which justifies its position as a market leader.

32
 ANNEXURE
The annexure is attached in the next page.

33
 EXTRA COpy FOR BUYER
• IlNOIC~
• 'ealel LeJe : }I""", uTa BAJAJ
CEIITPE 
II t
<-. :l~a.c..: 1\c.;HI\J('I!, .it« .I'J :.11 I\(J:.L ItlJ/dJ Road Pe rrm t No : A6244005
v /IJfltftrij <ll(c.I.'

'OLKATTA, 700020, \,ES, BEtlGl,L, t nd i Baja] Auto Limited

a Plot No A·l, Village - ~.~<tr.t ct
LST 110: 1920040~071 INV 110: 900360579 '.;r. MIDC Cnakan. Pun€' ~ 10 SOt
CST 110: CST-42HHBII1C.DT. l7/'J/60. ItJV DT: 26.10.2009 rei .91 2135 25~301 ()..l Il Fax
VAT REGN: .912135259302 03
G.C.NOTE: TRUCK: MH14V5531 www.baJ3Jauto com

OWNER: SHRI VE1IKATESHWARA ROADWAYS

?UNE
VEH CODE UNITS RS / UNIT
VEHICLE DESCRIPTION
00DK044M 17 53, 4~C.::
pulsar 220 DTS-l
00DK044L 1 53,~4:.::
pulsar 220 DTS-l F
0028014Q 2 20637:.::
lIin)a 250 P
00P801:0 208370.:.
llin)a 250 P
00DK044K 53, ';';:.::
Pulsar 220 DTS-l
00DK044L 00PB014Q . 00PB01X3 000K044K
HICLE CODE 00DK044M
..•.
J'.RI FF H21·.D
. L. II. PJ..TE
87112029 10.00
8.00 1. 00 0.125
E71:2029
10.00 8.00 1.
8711202~ ~. 87112029 6-::20:;
.~().OO 10.00 .c.
ASIC DUTY n) 2.00 1. 00 0.125 8.00 8.00 ~.'"".#

.C.C.D (t) UTa 00 2.00 1. 1. 00 : .

CESS (~) OU 2859.00 1. 00 00 CO
0.125 0.125 C. ::S
CESS n) 2.00 2859.00 2.00 2.00
[, H Ecess (t): 0.164 2.00 1. 1. 00
 REIGHT RATE 0.164 00
2200.00 2200.00 2659. ::;
ST/CST (t):
2.00 2.00
NSURANCE (~)
8N 8N 0.164 O. IS'; Q. : E';
AX CODE
170.00 10.00 8N 8N 8N
.L.H. CHARGES :RS
908650.00 53450.00 20.00 10.00
SSESABLE VALUE:PS
(BASIC+F.L.H. )
416760.00 208380.00 53~5C.:2
72692.00 4276.00
.E.D. PAYABLE :RS 535.00 67.00 33341.00 16670.00 427£.02
9087.00
I.C.C.O PAYABLE:RS 1136.00 98.00 4168.00 2084.00 535.22
ESS PAYABLE :RS 1658.00 ~9.00 521. 00 260.00 6- .\...
.DUCATIOtl CESS :RS 829.00 58475.00 7S1. 00 380.00 92. cc
c H Ecess :RS 994052.00 95.90 380.00 190.00 .; S . :' :
UB TOTAL1 : RS 1630.25 58570.90 455931.00 2279S~.00 58';"'5.::
RAIISIT IIlSU? : 995682.25 11:1.42 747.73 373.87 S:.?:
FS 19913.65 2859.0·) 456678.73 226337.8; 5.3:'-:.~:
UB TO'fhL2 : PS 48603.00 62601. 9133.57 4566.76 _ ... _. ,-
ST/CST :RS 1064198.90 32 4400.00 noe.oo 2:5".::
470212.30 235104.63 62601.32
REIGHT :RS
OTAL AMOUNT : RS

SRL CHASSIS NO ENGINE NO ~RL CHASSIS NO ENGINE NO ~RL CHASSIS NO ENGINE NO I

I
I
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Pl-.GE 110: 2 / 2
AUTHORISED SIGNAT~
Reg>Sle<OO 0Il\ce Alwrdo Puna 4 11 035 Indoa

34
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