HHMLHero Honda Motors Ltd.
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Hero Honda Motors Ltd (HHML) is slated to get the name identity after Hero Group of India and Honda Motor Co from Japan which has its own independent subsidiary in India decided to part ways in December last year.
ICRA has taken note of the recent development at HHML, wherein the Board of Directors of HHML has approved the memorandum of understanding (MoU) for new licensing arrangement with Honda Motor Company (HMC) along with the Hero Group's proposed acquisition of HMC's 26% stake in HHML.
It can be recalled that Hero Group had agreed to buy out Honda's 26 per cent stake in HHML for Rs 3,841.83 crore.
In CRISIL's opinion, HHML has a capable and experienced management team, with a proven track record in its core businesses, and in managing its daily operations.
HHML with sales of 342,991 units in 2010-11 comes a distant third with market share of 16.5 per cent.
HHML's net sales, led by strong growth in two wheeler volumes, posted a 11.8% growth in H1, 2010- 11 to Rs.
The two- wheeler segment continued to surge with market leader Hero Honda Motors Ltd ( HHML) sales in August scaling a record- high of four lakh units, which represents a 36 per cent leap over the same month last year when it sold 3,05,516 units.
The report quoted Chief Financial Officer, Hero Honda Motor Ltd (HHML) Ravi Sud as saying "We are looking at tie-ups to source technology for aggregates such as engines and transmissions and have initiated talks with a few companies.
The ratings on the bank facilities and debt instruments of Hero Honda Finlease Ltd (HHFL) continue to reflect the strong support HHFL receives from Hero Honda Motors Ltd (HHML, BOM:500182, rated AAA/FAAA/"stable"/P1+ by CRISIL).
It was reported that this move comes on the heels of the appointment in March of London-based Wolff Olins, part of the Omnicom Group, to design a new identity for HHML. Wolff Olins is working on developing the brand architecture, name, logo and positioning of HHML after the split with Honda Motor Corporation.
The rating revision takes into account the status of BML as an established supplier of auto components, mainly precision engine components to Hero Honda Motors Ltd (NSE:HEROHONDA), HHML, besides four-wheeler, tractor and heavy machine equipment manufacturers.