Question 602 d : Her Ladyship

Another sitter!

Connect the four images.

Question 601.d: Vonamore of the Punjabi Spirit(s)?

Taken from the group's very own website, ir reads

"The beginnings were humble - classic example of the enterprising Punjabi spirit. The founders Pahwa Brothers dreamt of giving the common man of this country an affordable means of mobility in those early days of our country’s independence. Excellent quality, economical price and ethical business dealings earned them instant acceptability. Holding these values close to their hearts they built the trust brick by brick. 

Starting up a bicycle saddles and brakes manufacturing unit in 1948, the Pahwas set out on a long and arduous journey. __X__ Cycles came into being in 1952 when the first batch of 250 bicycles rolled out of its plant."

The numbers have been going up, ever since. From amongst the pioneers of the Indian bicycle industry, __X__ has remained in the top performers’ position for over half a century. The promoters’ abiding faith in human values and fairness, built enduring business bonds with a vast dealer network in India and abroad. High-class technology, consistent quality and effective after-sales service made up a perfect proposition.

__X__ is the only group anywhere in the world with full backward integration. They have facilities for making almost all the parts, including Steel Balls needed for their Bicycles. This places them a cut above the rest when we talk of quality born of work culture. They did not venture into Tyre and Tubes, these being in a different discipline, altogether. To meet their expanding requirement of raw materials, they added facilities for making Steel Strips, Steel Tubes and Hot Rolled Steel, achieving full backward integration, unmatched and unequalled anywhere else."

Still more humble than most personal endorsements, identify this Indian Conglomerate. (5)
+5 for IDying the lad on the bike.