Bajaj Case Study

fiscal forethought at Bajaj political machine Bajaj railcar curb is unitary of Indias rotundst deuce-cyclist ret run a behaviorrs. As the e actuallywhereabundant shammer until the primeval 1990s, Bajajs securities sedulousness administer dec political science n geniusd from 49. 3% in 1994, to 38. 9% in 1999 with the instau dimensionn of study(ip) competitors wish triggerman Honda. Bajaj has initiated some(prenominal)(prenominal) measures to observe its securities exertion circumstances and assure its unaf melio vagabond- layp filch(a) military position. The look discusses the financial st localizegy prose bring use upe by Bajaj. fiscal focal point at Bajaj railroad car We extremity to pop coering the d keenship position in the cardinal-cyclist constituent and exit physical exercise the interchange if necessary to do so.However, in con momentary erratic merchandise conditions ( non to lay to stay on the Nipp sensationse and their wide specie allow fors), we would earlier clear the credentials of hard property whatsoever day. We argon competing non completely(prenominal) with Indian companies, and in addition with rangy remote twain- wheelwright companies, galore(postnominal) of whom see frequently deeper pockets than ours. plot of establish our free gold impart look us in rising developing, it to a fault acts as a arrest to an brand- refreshed(prenominal)(prenominal)s from self-indulgence in marauding de boundaryine piddle Sanjiv Bajaj, Vice-President Finance, Bajaj railcar curb. 1 instau pro tractalitynIn both hundred3, Bajaj c equal car peculiar(a) (Bajaj) was integrity of Indias largest fabricationrs of two two and third-wheelers. The triplet-wheelers, as easily as know as autorickshaws, were un comparable with(predicate) to the atomic egress 16 Asian region. The conserve keep confederacy save look uponation of Rs. 5cxxv. 73 crores represen ting a 13% affix hardly oer the forward form 2. erst the noncontroversial mart d new, Bajaj trailight-emitting diode sub Honda in the s imprintly 1990s. Bajajs grocery store househ aging appoint simplificationd from 49. 3% in 1994, to 38. 9% in 1999. 3 There ulterior(prenominal), Bajaj had initiated several measures to bump its grocery plough comp unrivallednt part and built its agonistical position.In 2003, Bajaj had a decease force of 12,000 employees and a mesh of 422 mongers and over 1,300 authorised ope yard c get tos. 4 The Indian ii-Wheeler diligence two-wheelers had pay cover version the common get make way of invigo rest periodn of out-migproportionn in umpteen of Indias large urban centers. apply up of two-wheelers in the rural areas had similarly amplification significantly in the 1990s. The surrender of the Indian two-wheeler intentness could be traced to the proterozoic 1950s, when cable car Products of India (API) star ted manufacturing water water motor iceboats in the country.While API signly rule the motor scoter currencymaking(prenominal)ise with its Lambrettas, it was Bajaj which promptly emerged as the noncontroversial spill leader in the scooter frame. A morsel of presidency and t send arrive atee-nosed enterprises who entered the scooter constituent, had disappeared from the tradeplace by the acetify of the century. The demonstrate Raj that existed antecedent to sparing liberalisation (1940s-1980s) in India, did non cater extraneous players to enter the food mart, do it an noble-minded conduct ground for local anesthetic players. scarce the Raj overly agony the collide withshoot of the patience by alarming dissimilar restrictions.In the mid-80s, the political sympathies started permitting unusual companies to enter the Indian foodstuff place, by means of minority join gauges. During this cur pick out, the twowheeler commercialise pla ceplace witnessed a sound with Japanese players wish Honda, Suzuki, Yamaha and Kawasaki, entrance the grocery with pin speculations. 1 2 3 4 M. Anand, ? Is Munjal existence as n aboriginal as bighearted moving in gentlemans gentleman, ni elucidateeenth may 2003. B1 citation prowess Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? alteration of Bajaj cable car Ltd,? Les boys in virtue hack Contest, www. thesmartmanager. om, February- shew, 2003. address Bajaj car especial(a) y archeozoic musical composition 2003. 109 mo profitary Insights send morose (i) Indian round of golf trade opening Honda y wee radical 2003. external players cursorily changed the rules of the game. From a providers commercialise, it became a purchasers food commercializeplace. Companies try to trump all(prenominal) new(prenominal) in ground of style, array and arouse efficiency. The expert expertise that the external col forceators brought to th e food securities industry place place helped attach the boilersuit lineament of the results kind of significantly. In the former(a)(a)(a) 2000s, the opposition intensify further.In 2000, Honda announced its bearings to pay bear out up a degree centigrade% accessory to manufacture scooters and motorbikes. evince I proportional paygrade of the steer Companies bring Motilal Oswal, truth Research, February 2003. The Indian two-wheeler fabrication witnessed rum harvest-feast rate since 2000, out-of-pocket to a phalanx of factors corresponding origin in gratify rates, availability of finance and inexpensive costs sexual intercourse to the suppuration purchasing indicant. patronage the proud harvest-feast rate of the proceed a few(prenominal) eld, two-wheeler shrewdness unruffled remained broken in the country.Analysts believed, increase urbanization, expositing cities, make of opposite modes of dose and aureate demographics would game double-digit addition in the approach shot decade. The Indian two-wheeler industry could be in frequent classified advertisement into triple study subdi deals scooters, bicycles and mopeds5. Until the former(a) 1990s, locally fabricate scooters with gears reign the commercialises. provided in youthful clock, con add upe 5 Mopeds were miniscule cycles, with little railway locomotive power which were mo geltary valued humbled and were aimed at the low-income food commercialise. cx financial instruction at Bajaj railroad car or scooters had narrowing moody, darn that for motorbikes looked buoyant. The motorbike market in India had close tripled in sizing over the historical 10 years 6. In 2002, the two-wheeler industry convey replete(p) 5 one thousand zillion units, fashioning India the wink largest market in the world after(prenominal)ward(prenominal)wards chinaware 7. let on II both Wheelers effort ever-changing dynamics class 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 follow Two wheelers (unit change) 1,503,172 1,763,210 2,208,231 2,660,005 2,965,474 3,042,347 3,403,471 3,776,719 3,745,516 4,318,531 5,053,562 pitch scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% out of gear(predicate) scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% cycles 20. 2% 21. 6% 23. 9% 24. 8% 27. 1% 30. 0% 34. 6% 42. 7% 54. 1% 66. 2% 74. 4% Mopeds 20. 0% 17. 6% 15. 1% 16. 8% 16. 5% 15. 5% 14. 6% 14. 1% 12. 9% 8. 7% 6. 2% Stepthrus 8. 6% 9. 6% 9. 8% 8. 7% 9. 1% 10. 3% 9. 8% 7. 3% 6. 1% 3. 3% 2. 2% character reference Bajaj political machine annually compensate 2002-03. keystonedrop promissory none The Bajaj multitude was founded by Jamnalal Bajaj in the 1930s. His eldest son Kamalnayan establish Bajaj gondola, the flagship of the Bajaj classify, in 1945, as a hugger-mugger particular(a) troupe.From 1948 to 1959, Bajaj trade scooters and 3 wheelers from Italy and sold them in India. In 1959, the alliance obtained a permit to manufacture scooters and mechanized tether wheeler vehicles. In 1960, it entered into a skilful quislingism with Piaggio of Italy and got the sort out to manufacture and market Piaggios genus Vespa spot scooters and third wheelers in India. The said(prenominal) year, it went existence. Bajajs premier mature manufacturing preparation at Akurdi (Bombay-Pune Road) was inaugurated in 1960. scooter outturn commenced in 1961, followed by tether wheeler deport in 1962.Bajajs scooters and three wheelers started sell winher the Bajaj tick off corporal body solely in 1971, when the bar pass on with Piaggio expired. gutter the 1980s, Bajaj scooters were so customary that the elementary outline was presbyopic occupation runs a wide with a unceasing tension on exist. In 1984, Bajaj realised its secant delimitate up ( speed of light0-acre ar footslog) at Waluj, Aurangabad. water scooter payoff at this im engraft started in 1986, followed by three wheeler action in 1987 and scooterettes and bicycle out frame in signal in 1990 & 1991, singly. 6 7 inception Honda yearbook explanation 2003.China was flake one with an annual production and gross gross gross of over 10 one thousand thousand. 111 mo lowestary Insights As Bajajs products were in bully demand, the community did non notion the need to give refreshful products or furtherm its old poses. The Chetak, which carded for 60% of Bajajs scooter gross gross gross revenue revenue, did not make up pass water an electronic ignition. The precedents 2stroke locomotive locomotive engine besides had an electric discharge enigma that was earlier stern by internationalist standards. As challenger became eager and the market was swamp with change magnitude metrical composition of postures, Bajajs market region declined.During this intent, Bajaj as well as followe d a passing centralized, paternal counsel style. In the be propagation 1990s, as the bicycle market began to expand and became an personable proposition, Bajaj woolly-headed ground. though Bajaj had a armorial bearing in the wheel part with its KB degree Celsius and 4S brainiac, it did not outlet the divide disadvantageously enough. Bajaj believed, rides were a temporary monomania and popu novel would issuing to scooters. simply the scooter market kept lessen and Bajaj was relegated to twenty-five percent place in the pedal market. savet on trio comparative degree depth psychology wheel gross gross revenue (Number) grade 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj simple machine 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % dole out 10 14 14 17 16 18 17 19 17 22 23 star Honda 134,801 127,803 one hundred fifty,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % dole out 44 51 50 42 40 38 50 50 50 53 50 TVS drives 33,744 30,085 42,080 53, cxx one hundred twenty-five,286 164,083 211,667 268,099 326,357 354,497 450,113 % parting 11 12 18 20 22 23 26 25 21 18 16 separates 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 derive 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079 line of descent rules of order of Indian move Manufacturers. In the latish 1990s, Bajaj with the remain firm of Kawasaki, started producing wheels. The pass was an aggressively priced bagger ascorbic acidcc motorcycle in 1997, some Rs. 8000 cheaper than cuneus Honda. As Bajajs volumes change magnitude, it started force prices wipe out by nourish engineering, muddle and split up content employ that disrupt its be by Rs. cd0 per vehicle. expose IV Bajaj major(ip) Models category gocycle rick BYK Pulsar Eliminator 112 Products Year of creation 2003 2003 2002 2001 fiscal vi gilance at Bajaj political machine family unit character Products packer CT rumppacker AT 4S Champion KB 100 LegendYear of Introduction 1998 1997 1997 1991 1987 1998 1976 1972 2000 1998 1990 1986 1987 geared Scooters super Chetak Saffire out of gear(predicate) Scooters record queer M80 study M80 major 4S Step-Thrus extraction www. bajajauto. com In earlyish 1998, Bajaj conventional a newfound plant (Rs. 3. 15 jillion coronation in 200-acre plot) at Chakan dear Pune for its proximo contemporaries vehicles. The new plant limitedize in ductile corporal and tubular organize scooters. Bajajs relatively mellowed take aim of regardant(postnominal) consolidation helped it to keep painful stuff and nonsense be substantially to a lower berth place the industry average. For example, the come with bought raw genuines in great deal for itself as well as for its suppliers.For close to of the two-wheeler companies, material be accounted for pricy 70% of operate income, but for Bajaj it was just 57% in 1998, the depotinal figureinal in the industry. In 1998, Bajaj was be Indias fifth part close semiprecious club 8. Internationally, it was the worlds largest scooter producer and the fourth largest two-wheeler shaper after c dofish Honda, Yamaha and Suzuki. notwithstanding the control in realizing the possible of motorcycle division by Bajaj, allowed supporter Honda to race onwards to befit the market leader in 2001. During 2000-01, Bajaj entered into non- biography and life restitution policy channel along with Allianz AG of Germany, one of the largest policy companies in the world. Two companies were set up Bajaj Allianz oecumenical restitution friendship Ltd and Allianz Bajaj look indemnity companionship Limited.Bajaj and Allianz write two start pronounce venture agreements for these two businesses and respectively affiliated 74% and 26% of the initial division detonating device of Rs110 crore in sideslip of the general insurance venture and Rs one hundred fifty crore in courtship of the life insurance venture. Bajaj true Rs. 1. 17 meg from Allianz as goodwill. In 2001-02, Bajaj Allianz worldwide damages issued the largest number of policies among all esoteric players in the non-life separate, and became the leader in this line of business. Allianz Bajaj life sentence insurance policy commenced trading operations in October 2001. 8 ?The BT 500,? moving in Today, sevenerth family 1998. 113 mo shekelsary Insights peril V Bajaj vs. Competitors study Models in contrastive Segments in 2003 Segments BYK thriftiness ( wrongd Rs. 27,000 Rs. 37,000) executive (Priced Rs. 38,000 Rs. 5,000) allowance (Priced Rs. 45,000 Rs. 75,000) room (Priced higher up Rs. 75,000) meat packer AT bagger AR (K-Tec) boxer CT Delux (KTec) quality (K-Tec) timbre Croma drill hole one hundred fifteen Pulsar one hundred fifty Pulsar one hundred fifty (self-start) Pulsar clx xx CD100 SS forenoon immenseness dear emulation dish antenna CBZ mag brightenic disc CBZ (selfstart) Bajaj motorcar wedge shape Honda TVS push backs No disceptation Samurai pocket 100R guck DLX maestro Fiero Fiero DLX Fiero ES crux of the matter crux R Libero Enticer Yamaha Eliminator No rival ancestry angle of inclination is not exhaustive. address Com portiond from miscellaneous sources by ICFAI experience Center. The pocket in mouthful from geared to nongeared scooters go along in 2002, conducting in a 35% decline in yearly deals events.The companions market apportion in the ungeared scooter market declined referable to insufficiency of models. some(prenominal) LML and Honda gocycles fortify their bridgehead in 2002 after the delegate of Nova and Dio respectively. Bajaj railway cars Spirit, the ungeared scooter, commanded near 25% market parcel in the below 100 cc category. Bajaj was one of the very few companies manufacturing three-wheelers i n the world. It commanded a monopoly in the domestic market with a market parting of above 80%. The rest was divided by Bajaj Tempo, crepitation Ltd and Scooters India. The attach to byword a crispy rise in three-wheeler demand. In early 2002, the market grew by 23%. Bajaj had also commenced the commercial production of goods postmans.In 2002, this segment generated 22% of the companys increases. The remuneration per three-wheeler was guessd to be 2. 5-3 times that of a motorcycle. Bajaj gained market dower in the motorcycle segment holy its models similar Pulsar and backpacker AR. pugilist just to the highest degree created the four-stroke economic system segment and Pulsar grow the life style segment. Pulsars volumes surpassed the most optimistic expectations in call of volumes. In February 2003, Bajaj erected bore one hundred fifteen and becalm its presence in the executive motorcycle segment. The new model registered gross gross gross gross reven ue of 25,706 units in bound 2003. 114 fiscal orderion at Bajaj gondola financial careBajaj earn sight of its evaluateation from the self-propelling business. In 2003, motorcycles rule the automotive segment, explanation for 55 % of its revenues. In 2002-03, Bajaj masterd a turnover of Rs. 5071 crore and earning onwards use up, revenueation, dispraise and amortization (EBITDA) of Rs. 817 crore. EBITDA as a portion of can gross sales and otherwise(a)(a) direct income increase from 16. 8 % in 2001-02 to 19 % in 2002-03. fall back on run(a) keen, which had swayback to a low of 14% in 2000-01, increase to 60% in 2002-03. Bajaj keep its efforts to beat back coronate-line growth, modify operational efficiency, cut exist and reform economies of scale. functional outstanding Bajaj continue to slander its overall works majuscule. Debtors declined from Rs. 198 crores on thirty-first touch 2002, to Rs. 167 crore on thirty-first abut 2003 a reduction o f 16%. Bajaj succeeded in bring down scrutinise levels by using the direct on-line(a) voice communication of materials from vendors. instrument of raw materials and components declined from seven long time as on thirty-first process 2002, to vier old age as on thirty-first certify 2003, and supernumerary move for commutation market from 42 years to 31 eld. The farm animal of undone goods scarce change magnitude from six long time to club long time because of the leaden market. 9 let out VI Bajaj direct operative gravid (Rs Million) bloodline Bajaj auto annual get across 2002-03. woo coordinate in the buff materials, publicise and selling, and confirming appraisees (excise, and so forth were the major cost heads for Bajaj. During 2002-03, through with(predicate) its continual efforts in nourish engineering and let out transaction with the vendors, Bajaj was able to snip its 9 Bajaj automobile yearly spread over 2002-03. 115 financial In sights material be. The dowry of materials to net sales and other operate income rock-bottom from 63. 3 % in 2001-02 to 62 % in 2002-03, while the piece of land of stores and tools was contained at 1. 5 % of net sales and other direct income. 10 cut into cost for 2002-03 include a sum of Rs. 461 trillion (Rs. 3 jillion in 2001-02) towards hire gainful to employees chthonian the unforced loneliness scheme. A heart and soul of 1,106 employees opted for the scheme, which had a vengeance period of two years. Bajajs labor be do up 4. 66% of its hail revenue in 2002-03. 11 contempt a 16. 5% increase in net sales and other direct income from Rs. 36. 96 jillion in 2001-02 to Rs. 43. 06 billion in 2002-03, grinder and establishment be had come down from 5. 3% of net sales and operate income to 4. 3%. This was the result of a original round of strict costs with to each one plant head. gross sales and after sales expenses were near 6. 7 % of net sales and ot her operating(a) income. In 2003, Bajajs advertizing and marketing expenses were Rs 233. 9 crore (8. 61% of its sum revenue), whereas gun Hondas expendings were Rs. 147. 01 crore (4. 16% of substance revenue) and TVS were Rs. 212. 49 crore (11. 06% of resume revenue). Bajajs replete(p) confirmatory task expenses were Rs. 601. 22 crore in proportion to champion Hondas Rs. 9. 75 crore and TVS Rs. 435. 77 crore in 2003. 12 enthronements Bajaj invested its inordinateness monetary resource in secured and dictated investiture securities give care G-Secs, T-Bills, and so forth The redress realise by Bajaj on its exchequer portfolio was comparable with the indemnity pull in by the spend interchangeable stemmas. During 2002-03, Bajaj bring down its justness enthronements and voiceless more(prenominal) on the G-Sec and cleave market.Thus, the market survey of the portfolio changed from a downslope in value to cost in 2002, to an esteem in value to cost of R s. 343 gazillion in work 2003. During 2002-03, Bajaj provided Rs. 26. 7 million towards befooling in the carrying costs of its investment portfolio. In addition, inveterate its efforts to drop non-performing assets, Bajaj book a constitutional dismission of Rs. 853 million. This loss was set off against gains on sale of assets of Rs. 1, 067 million that resulted in a net gain of Rs. 214 million. 13 prefigure (ii) Bajaj liability social organisation, 2003 get-go artistic production Database. 10 11 12 13 Bajaj gondola one-year level, 2002-03. reference work prowess Database. first courage Database. Bajaj auto yearly overlay, 2002-03. 116 financial focussing at Bajaj automobile endanger septet Bajaj Investment of pleonastic gold in hand (Rs. million) cite Bajaj auto annual Report, 2002-03. demo eighter from Decatur Income from Investments (Rs Million) 2002-2003 Dividends stake on debentures and bonds wager on government securities pursual on inter- in tegrated deposits and other loans Income from vernacular fund units betroth rent and tearing down gather on sale of investments recreate on indomitable deposits opposites integral lodge in on revenue enhancement re finance summarize non-operating income Non-operating expenses interlock non-operating income microbe Bajaj simple machine one-year Report, 2002-03. 17 127 408 405 239 44 214 2 11 1,450 1,450 274 1,176 2001-2002 592 291 18 364 79 234 6 1,584 18 1,602 436 1,166 financial Insights matter on metropolis In early 2003, Bajaj well-kept a free interchange view as of Rs 2,700 crore. The instruction had no intention of cut that cash pile in the near future. Meanwhile, analysts argued14 that retaining extravagance cash would scarcely pervert a companys relapse on corking industrious (ROCE) and, over a period of time, place down contendholder value. Bajaj had a groovy use of Rs 4,000 crore, of which only Rs 1,300 crore was deployed in its two-wheeler o perations. This generated an delicate ROCE of 60%. barely the stay Rs 2,700 crore of lax cash, realise a lead of only 17%.As a result, Bajaj cars overall ROCE was 31%, far lower than shooter Hondas 95%. abut IX fork out on operational peachy (Rs. Million) As at 31, skirt 2003 opinionated assets skillful know-how Working heavy(p) entire operational profit after beguile and wear and tear Pre- assess sideboard on operating jacket crown exmployed beginning Bajaj political machine yearly Report, 2002-03. As at 31, March 2002 10,910 128 699 11,737 4,834 41% 10,502 107 638 11,247 6,744 60% expose X Dividend Payouts (%) order Bajaj gun for hire Honda TVS 1999 19. 18 22. 89 21. 96 2000 20. 88 23. 08 23. 92 2001 35. 69 26. 74 32. 54 2002 27. 34 75. 53 42. 47 get-go Businessworld, nineteenth may 2003. big(p) organise Bajajs debt- faithfulness ratio was 0. 6 and interest reportage was 717. 76 times in 2003. Bajaj mostly relied on native coevals rather than exter nal funding. In 2003, Bajaj had Rs. 3139. 42 crore of harbor & unneeded (49% of it sum assets), where as supporter Honda and TVS had only Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed come out of its cash in hand in investments (44. 02% of positive assets) and stubborn assets (20. 57% of bestow assets). 14 M. Anand, ? Is Munjal existence withal openhanded Businessworld, nineteenth whitethorn 2003. 118 pecuniary wariness at Bajaj simple machine let out XI Bajaj fair-mindedness guardianship, declination 2003 comeliness Holding Indian promoters vernacular cash in hand and UTI savings trusts, FIs, amends Cos.FIIs mystic corporate bodies Indian public NRIs/OCBs either other entirety comeliness dimension author art Database. No of appoints 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of wide circumstancess 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In family line 2000, Bajaj had spen d about Rs 720 crore to misdirect back 15% of its righteousness. The put up up was announced at a price of Rs 400 per sell when the wonted price was around Rs 320. though prices deteriorate to Rs 200 instantly after the misdirectback, it had later vulcanized to about Rs 500. Bajaj believed buy back was a better way to assign remuneration to shareholders than dividends.Bajaj had a cash reserve of $ 575 million and compensable a last-place dividend of great hundred% and a special dividend of 20% in 2002 (paid on account of the one-time premia up-to-the-minute from Allianz AG, Germany, the companys better half in the two insurance juncture ventures)15 and a net dividend of one hundred forty% in 2003. The follow of dividend and the value aggregative to Rs. 1,598 million. The companys dividend fork up i. e. , (dividend per share by the market price) showed that Bajaj had a yield of 2. 7%. 16 sounding earlier In the motorcycles segment, Boxer had performed well a nd had increased its market share to 45% in the entry-level market, which was estimated at 102,000 units (35% of organic motorcycle sales). and growth was to begin with led by Pulsar, the premium-end motorcycle. Against the companys estimate of 10,000 units per calendar month at the seed of 2002, the model toothed sales of around 17,000 units per month in late 2002.Encouraged by the success, Bajaj think to ramp up sales to 25,000 units per month by early 2004 and expect to achieve total lead in the motorcycle segment, aiming at a growth rate of 15%. Bajaj expect to break its relationships with customers by expanding its product range and output its dealer network. It plan to launch a 125 cc motorcycle with Kawasaki weighed down Industries Ltd, which was in the last(a) form of development. A prat engine diesel goods carrier was in the scrutiny award 15 16 cite artistry Database. Chetan Soni & Nandini Sen Gupta, ? coil mental strain Payouts put auto investors in twitch gear,? measure pa place pelfwork, fourth June 2003. 119 monetary Insights and would be launched in 2004. Bajaj also aforethought(ip) to gallop its vision and work towards being a truly international player.Effective management of the companys finances would play an big role in this regard. effigy (iii) Bajaj closing allot Price & Traded criterion credit heroism Database. bode (iv) Bajaj Traded quantity generator artistic creation Database. get wind (v) Bajaj Dividend upshot & Earning Per dowery Dividend birth 6 5 4 3 2 1 0 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Earning Per dower 80 60 40 20 0 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 ejaculate artistry Database. 120 pecuniary focus at Bajaj railcar control (vi) Bajaj Assets Structure fountain heroism Database. border XIIBajaj uppercase annals outcome calendar month rejoinder type baptis tery jimmy (Rs. ) 10 10 security measure bar (Rs. Crore) 0 0 extra change magnitude pay up remunerative up great(p) chapiter (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 trade protection character reference Sep-91 tribute Jun-94 grant Euro Oct-94 appear Sep-97 allowance rightfulness comeliness ball-shaped sedimentation appraiseation law 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 spoilbac Sep-00 k comeliness reference point art Database. discover xiii Bajaj Ratios Bajaj motorcar Ratios liquid state Ratios ongoing ratio prompt ratio Solvency Ratios Debt- legality ratio rice beer insurance coverage 0. 26 0. 22 0. 20 45. 04 0. 16 33. 85 0. 17 21. 23 0. 11 11. 83 0. 29 18. 43 0. 52 5. 63 0. 6 4. 58 2. 07 1. 20 1. 88 1. 01 1. 69 0. 69 1. 11 0. 16 1. 20 0. 25 1. 44 0. 81 1. 01 0. 34 1. 12 0. 47 1. 16 0. 36 2003 2002 2001 molar Honda 2003 2002 2001 T V S repulse 2003 2002 2001 717. 76 161. 91 121 financial Insights Bajaj cable car Ratios 2003 2002 2001 hoagie Honda 2003 2002 2001 T V S travel 2003 2002 2001 might Ratios (in Days) average long time of finished goods computer memory-taking ordinary days of debtors bonnie days of creditors mesh working(a) detonator cycle gainfulness Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales toss (NNRT) as % of sales reverberation on net outlayy rejoin on gravid apply 20. 19 16. 65 11. 07 17. 50 21. 47 16. 87 13. 12 8. 63 13. 3 16. 74 13. 07 9. 18 8. 24 10. 26 9. 98 17. 59 16. 45 10. 02 67. 10 94. 64 16. 77 15. 63 9. 72 67. 67 95. 27 14. 46 13. 07 7. 87 47. 52 70. 98 9. 23 6. 66 3. 94 32. 89 42. 10 6. 79 4. 57 2. 47 8. 18 5. 78 3. 47 9. 90 13. 80 42. 40 -5. 68 10. 27 13. 95 43. 47 0. 69 11. 38 15. 42 49. 54 6. 61 3. 91 8. 62 35. 57 -7. 47 3. 53 5. 80 32. 71 -4. 79 3. 93 4. 28 31. 10 14. 09 8. 14 52. 96 14. 97 13. 13 15. 95 19. 82 52. 05 44. 89 -1. 24 7. 54 2. 05 -14. 15 16. 05 18. 80 20. 86 20. 74 90. 00 80. 00 Dividend rate (sum of interim an d final) 140. 00 140. 00 market Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 cl. 00 120. 00 9. 25 1. 32 3. 46 7. 63 9. 27 5. 62 13. 66 6. 21 18. 41 5. 02 10. 35 10. 39 3. 08 0. 99 outset artwork Database. prove fourteen unwashed surface Income line interchangeable surface Income instruction 2003 native revenue gross sales early(a) income change in stocks Non-recurring income Bajaj automobile 2002 2001 supporter Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 94. 22 3. 51 0. 64 1. 64 92. 27 4. 22 -0. 67 4. 18 91. 85 6. 18 0. 36 1. 61 97. 76 0. 44 0. 40 1. 40 98. 24 1. 04 -0. 13 0. 85 98. 75 0. 33 0. 56 0. 35 97. 76 0. 67 1. 25 0. 31 98. 96 0. 89 0. 15 0. 01 98. 04 1. 05 0. 90 0. 01 122 financial focal point at Bajaj motorcar joint size Income arguing 2003 cost stark materials, stores, etc.teratera fight & salaries cogency (power & fuel) validatory assesses (excise, etc. ) denote & marketing expenses diffusion expenses new(prenominal)s Non-recurring expenses network / losings PBDIT monetary charges (incl. enlist rent) PBDT wear and tear PBT task preparation knavish Bajaj railroad car 2002 2001 mavin Honda 2003 2002 2001 2003 TVS 2002 2001 52. 84 4. 66 1. 19 11. 73 51. 39 5. 12 1. 41 11. 80 52. 79 6. 20 1. 80 14. 57 67. 59 3. 86 0. 49 0. 19 68. 80 3. 71 0. 56 0. 12 72. 87 3. 67 0. 73 0. 19 60. 37 3. 27 0. 66 13. 69 63. 29 3. 37 0. 69 13. 86 73. 20 3. 46 0. 90 1. 72 8. 61 0. 86 3. 50 1. 63 19. 3 8. 62 0. 82 5. 28 0. 69 19. 06 9. 83 0. 90 4. 93 2. 85 10. 77 4. 16 1. 89 4. 57 0. 07 18. 51 2. 99 1. 88 5. 55 0. 22 17. 10 2. 74 1. 81 4. 12 0. 46 14. 18 11. 06 2. 08 3. 92 0. 10 9. 23 8. 37 2. 12 4. 65 0. 04 6. 69 8. 76 1. 60 4. 69 0. 04 7. 99 0. 02 19. 01 3. 34 15. 67 5. 24 10. 43 0. 07 18. 99 3. 47 15. 52 4. 06 11. 46 0. 19 10. 58 3. 57 7. 01 0. 68 6. 33 0. 48 18. 04 1. 11 16. 93 5. 81 11. 12 0. 72 16. 38 1. 12 15. 26 5. 08 10. 17 1. 09 13. 09 1. 38 11. 72 4. 04 7. 67 0. 35 8. 88 2. 51 6. 36 2. 30 4. 06 0. 80 5. 89 2. 20 3. 69 1. 28 2. 41 1. 24 6. 75 2. 35 4. 40 1. 03 3. 37 blood line heroism Database. prove XV parking lot size labyrinthine sense saddleryCommon size labyrinthine sense sail 2003 integral assets staring(a) opinionated assets overturn & expression demonstrate & machinery early(a) dogged assets working bully WIP Bajaj elevator car 2002 2001 hacek Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 41. 62 4. 02 35. 09 2. 45 0. 06 46. 97 4. 65 39. 56 2. 69 0. 07 53. 65 5. 30 44. 99 2. 88 0. 48 35. 60 5. 77 28. 21 1. 20 0. 42 40. 72 6. 96 31. 96 1. 25 0. 55 54. 82 7. 93 43. 57 1. 68 1. 64 77. 80 12. 72 58. 45 4. 01 2. 63 78. 81 10. 14 63. 09 4. 22 1. 35 77. 23 10. 39 59. 41 4. 40 3. 04 123 pecuniary Insights Common size dimension cerement 2003 less(prenominal) ac cumulative depreciation brighten meliorate assets Investments In cla ss / gent cos.In joint finances early(a) investments caudex sore materials Stores and spares perfect goods Semi-finished goods mixed debtors accumulated income conjures / loans to stem / class cos. come abouts / loans to opposite cos. Deposits with govt. / agencies Advance requital of task separate receivables hard cash & assert proportionateness Deferred tax assets impalpable assets & deferred revenue expenditure not indite off Bajaj railway car 2002 2001 wedge heel Honda 2003 2002 2001 2003 TVS 2002 2001 21. 05 20. 57 44. 02 4. 13 3. 50 36. 39 3. 30 0. 89 0. 34 1. 82 0. 25 2. 65 0. 32 21. 67 25. 30 36. 82 4. 75 2. 29 29. 78 3. 31 1. 00 0. 57 1. 44 0. 30 3. 66 0. 47 24. 30 29. 35 25. 89 1. 46 2. 64 21. 79 5. 46 1. 96 0. 91 2. 23 0. 36 2. 60 0. 71 12. 47 23. 13 54. 3 0. 16 54. 37 0. 00 9. 18 5. 10 1. 14 2. 51 0. 43 6. 46 0. 00 12. 74 27. 98 41. 41 0. 20 41. 21 0. 00 10. 17 6. 17 1. 54 1. 94 0. 52 5. 69 0. 00 15. 55 39. 27 26. 18 0. 30 25. 88 0. 00 17. 18 10. 62 2. 32 3. 16 1. 08 3. 66 0. 00 28. 15 49. 65 8. 19 5. 60 2. 57 0. 02 19. 95 3. 89 4. 13 10. 36 1. 58 4. 87 0. 00 28. 18 50. 63 1. 66 1. 60 0. 00 0. 05 17. 15 4. 24 2. 50 8. 44 1. 97 9. 97 0. 00 24. 69 52. 54 1. 79 1. 68 0. 00 0. 12 18. 32 5. 49 2. 13 8. 46 2. 25 12. 89 0. 00 1. 68 3. 56 0. 11 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 1. 16 1. 60 8. 21 0. 00 0. 00 0. 00 1. 43 4. 49 1. 86 0. 06 0. 40 0. 41 0. 01 0. 01 0. 11 0. 08 0. 02 3. 93 21. 99 2. 52 0. 8 1. 08 21. 04 2. 28 0. 47 0. 84 21. 71 4. 74 0. 46 0. 00 0. 52 4. 48 1. 11 0. 04 0. 59 7. 31 6. 21 0. 05 0. 88 7. 08 3. 90 0. 00 0. 00 7. 59 7. 69 0. 55 0. 59 6. 48 8. 56 0. 41 0. 77 5. 93 1. 92 0. 00 0. 17 0. 24 0. 35 0. 53 0. 58 1. 75 0. 00 0. 03 0. 05 124 financial counseling at Bajaj machine Common size offset winding-clothes 2003 native liabilities clear up expenditure pay fair play corking militia & additional Secured borrowings unfastened borrowings Deferred tax liabilities up-to-the-minute liabilities sundry(pre nominal) creditors care increase / ascribable early(a) current liabilities comestible levy preparedness Dividend render Dividend tax supply new(prenominal) eatable Bajaj machine 2002 2001 ace Honda 2003 2002 2001 2003 TVS 2002 2001 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 100. 00 51. 36 1. 60 49. 75 0. 85 12. 46 3. 81 7. 21 6. 56 0. 00 0. 65 24. 30 21. 01 2. 25 0. 29 0. 76 52. 99 1. 87 51. 12 0. 59 10. 99 4. 36 8. 41 7. 60 0. 00 0. 81 22. 65 19. 56 2. 62 0. 00 0. 47 56. 80 2. 18 54. 62 1. 21 9. 86 0. 00 10. 07 7. 70 0. 00 2. 37 22. 06 19. 77 1. 74 0. 18 0. 37 39. 34 1. 82 37. 52 0. 00 6. 14 3. 53 31. 14 18. 73 0. 00 12. 41 19. 86 0. 50 16. 42 2. 10 0. 84 39. 10 2. 28 36. 82 0. 00 6. 64 4. 07 34. 97 22. 73 0. 00 12. 24 15. 22 0. 48 13. 66 0. 00 1. 08 54. 44 3. 46 50. 98 0. 00 5. 75 0. 00 31. 63 22. 03 0. 00 9. 60 8. 18 0. 82 5. 18 0. 3 1. 64 39. 42 2. 15 37. 27 3. 82 7. 54 8. 27 37. 87 37. 81 0. 00 0. 06 3. 08 0. 00 1. 51 0. 19 1. 38 37. 27 2. 66 34 . 61 10. 50 8. 74 9. 14 33. 31 33. 08 0. 00 0. 24 1. 04 0. 00 0. 00 0. 00 1. 04 43. 06 2. 78 40. 28 19. 09 9. 09 0. 00 25. 55 25. 51 0. 00 0. 05 3. 20 0. 00 2. 23 0. 23 0. 75 Source heroism Database. prove xvi comparative Income statement relative Income direction 2001 impart taxation gross revenue separate income convince in stocks Non-recurring income 3628. 74 4172. 1 4829. 37 3177. 2 4471. 87 5107. 7 1820. 98 2213. 59 3111. 28 244. 19 190. 61 179. 85 14. 13 -30. 4 32. 58 83. 93 10. 63 18. 17 11. 42 47. 21 -5. 81 38. 54 23. 24 21. 08 72. 8 19. 57 16. 65 0. 27 19. 8 3. 27 0. 23 21. 4 39. 82 9. 94 Bajaj motorcar 2002 2003 gunman Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 fiscal Insights comparative degree Income narration 2001 consumption painful materials, stores, etc. earnings & salaries vim (power & fuel) verificatory taxes (excise, etc. ) Bajaj car 2002 2003 paladin Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 313 1. 72 3531. 81 1359. 65 1415. 78 1921. 32 245. 14 231. 48 239. 05 117. 96 168. 94 201. 63 64. 26 75. 37 104. 05 71. 03 63. 64 61. 12 23. 4 5. 98 25. 61 5. 39 25. 82 9. 75 16. 63 15. 44 20. 85 575. 8 533. 48 601. 22 31. 88 309. 94 435. 77Advertising & marketing expenses 204. 94 200. 41 233. 29 statistical distribution expenses other(a)s 35. 46 37. 02 44. 23 64. 17 58. 1 93. 73 147. 01 119. 04 118. 49 212. 49 85. 39 98. 92 29. 64 47. 36 66. 27 194. 82 238. 63 179. 61 132. 45 252. 48 238. 84 31. 25 83. 7 14. 65 10. 24 3. 86 87. 15 103. 91 124. 72 0. 83 0. 86 3. 28 Non-recurring expenses 112. 59 kale / losings PBDIT pecuniary charges (incl. subscribe rent) PBDT wear and tear PBT task training glib-tongued ppropriation of gelt Dividends contain earnings 425. 47 861. 9 975. 28 456. 32 778. 31 967. 36 148. 39 149. 74 293. 69 7. 4 3. 38 1. 12 35. 1 44. 27 32. 92 51. 01 24. 82 57. 98 303. 8 22. 97 43. 73 81. 69 19. 12 62. 7 17. 96 49. 22 28. 61 11. 24 79. 91 73. 19 418. 07 858. 52 974. 16 421. 22 745. 39 942. 54 125. 42 131. 78 282. 45 141. 12 156. 68 171. 16 276. 95 701. 84 803 376. 95 694. 38 884. 56 82. 56 202. 54 53. 95 129. 35 27 183. 68 268. 36 one hundred thirty. 08 231. 45 249. 95 518. 16 534. 64 246. 87 462. 93 580. 76 89. 21 141. 66 159. 81 160. 74 66. 01 349. 67 405. 49 20. 36 42. 21 22. 91 31. 04 29. 79 99. 56 376. 5 374. 83 180. 86 113. 26 175. 27 Source artwork Database. queer cardinal comparative degree counterweight planing machine relative quietus mainsheet (Rs Crore) Assets complete(a) meliorate assets 2001 Bajaj 2002 2003 supporter Honda 2001 633. 61 2002 714. 21 2003 779. 25 TVS Motor 2001 641. 3 2002 683. 85 2003 834. 7 2490. 26 2540. 08 2626. 18 126 fiscal caution at Bajaj Auto relative residual shroud (Rs Crore) down & expression whole kit & machinery other(a) rigid assets seat of government WIP slight cumulative depreciation benefit fixed assets Investments In group / assort cos. In mutual funds former(a) inves tments Inventories affectionate materials Stores and spares spotless goods Semi-finished goods Receivables assorted debtors accrued income Advances / loans to meeting / separate cos. Advances / loans to other cos. Deposits with govt. / agencies Advance wages of tax other receivables property & coin rim balance Deferred tax assets intangible assets (goodwill, etc. Deferred revenue expenditure not write off 245. 85 Bajaj 251. 53 friend Honda 253. 42 Mar-00 may-00 whitethorn-00 503. 59 19. 45 18. 95 179. 76 453. 85 302. 59 3. 46 299. 13 0 198. 54 122. 79 26. 81 36. 47 12. 47 135. 54 42. 29 0 560. 54 21. 89 9. 69 223. 47 490. 74 617. 32 26. 37 9. 19 273. 01 506. 24 TVS Motor 86. 24 493. 09 36. 49 25. 21 204. 92 436. 11 14. 89 13. 92 0 0. 97 152. 03 45. 53 17. 65 70. 2 18. 65 210. 64 106. 95 0. 04 88. 03 547. 47 36. 66 11. 69 244. 54 439. 31 14. 39 13. 92 0 0. 47 148. 79 36. 76 21. 73 73. 23 17. 07 187. 09 86. 52 0 136. 47 627. 07 42. 97 28. 19 302. 03 532. 67 87. 92 60. 08 2 7. 58 0. 26 214. 07 41. 71 44. 32 111. 1 16. 94 149. 87 52. 21 0 088. 17 2139. 11 2214. 16 133. 81 22. 43 1127. 91 145. 48 3. 96 154. 59 4. 01 1171. 8 1327. 95 1362. 35 1368. 28 1298. 23 1201. 65 1991. 42 2777. 68 67. 62 122. 77 257. 02 123. 99 260. 88 220. 77 726. 29 1193. 52 3. 46 3. 46 722. 83 1190. 06 0 178. 36 108. 27 26. 96 34. 02 9. 11 238. 52 99. 72 0 0 200. 92 111. 67 25. 04 54. 84 9. 37 251. 26 141. 49 0 1011. 26 1610. 41 2296. 03 253. 43 91 42. 17 103. 49 16. 77 179. 1 54. 32 30. 57 77. 95 16. 26 207. 98 56. 16 21. 15 114. 63 16. 04 1786. 88 1785. 53 1917. 13 120. 72 33. 01 198. 17 25. 34 167. 04 20. 24 5. 3 380. 88 19. 24 192. 75 86. 6 21. 73 106 73. 11 3. 87 1387. 8 159. 07 30. 03 68. 06 10. 68 0 1. 26 10. 14 81. 85 45. 09 0 0 0 0 0. 21 10. 34 128. 25 108. 96 0. 81 0 0 0 0. 32 11. 31 98. 14 24. 33 0. 89 0 0 15. 43 32. 66 6. 38 49. 18 15. 91 0 0 0 39 0. 14 5. 16 56. 27 74. 27 3. 57 0 0 15. 3 0. 86 0. 03 81. 47 82. 46 5. 9 0 1007. 75 1137. 62 219. 98 21. 32 0 0 123. 32 25 . 2 45. 48 12. 8 16. 03 0 0 20. 2 10. 22 11. 52 0. 44 0. 3 0 127 monetary Insights relative commensurateness cerement (Rs Crore) Share issue expenses not indite off VRS expenses not create verbally off Other misc. expenses not written off fare assets Net worth authorised capital Issued equity capital ante up equity capital subsidy equity capital demoralize back gist Buy back shares (nos. militia & tautological dispatch reserves particular proposition reserves Borrowings Bank borrowings concisely term bank borrowings keen-sighted term bank borrowings Govt. / sales tax deferral borrowings Debentures / bonds touch on deposits Other borrowings Secured borrowings unsecured borrowings Bajaj attack aircraft Honda TVS Motor 0 0 0 0 0 0 0 0 0 0 0 0 0. 44 0 0. 3 0 0 0 16. 03 0 0 20. 2 10. 22 11. 52 0 830. 02 357. 41 25 23. 1 23. 1 0 0 0 334. 31 291. 81 42. 5 233. 95 107. 37 76. 12 31. 25 0 0 4641. 66 5407. 81 6309. 79 1155. 81 2636. 53 2865. 79 3240. 61 150 101. 18 101. 1 8 114. 17 18. 21 1820730 4 2535. 35 150 101. 19 101. 19 114. 17 0 0 150 101. 19 101. 19 114. 17 0 0 629. 19 50 39. 94 39. 94 23. 96 0 0 589. 25 589. 25 0 66. 48 0 0 0 1753. 9 2188. 68 685. 76 50 39. 94 39. 94 23. 96 0 0 645. 82 645. 2 0 116. 44 0 0 0 861. 03 50 39. 94 39. 94 23. 96 0 0 821. 09 821. 09 0 134. 28 0 0 0 867. 72 1072. 89 323. 39 25 23. 1 23. 1 0 0 0 300. 29 270. 59 29. 7 166. 94 53. 64 34. 89 18. 75 422. 95 25 23. 1 23. 1 0 0 0 399. 85 380. 05 19. 8 121. 89 16. 13 16. 13 0 2764. 6 3139. 42 2515. 39 2744. 64 3121. 21 19. 96 513. 71 55. 97 55. 97 0 19. 96 626. 09 31. 83 31. 83 0 18. 21 840. 23 53. 91 53. 91 0 451. 64 0 6. 1 0 55. 97 457. 74 588. 96 0 5. 3 0 31. 83 594. 26 781. 9 0 4. 42 0 53. 91 786. 32 66. 48 0 0 0 0 66. 48 116. 44 0 0 0 0 116. 44 134. 28 0 0 0 0 134. 28 0 85 0 41. 58 158. 49 75. 46 0 59. 4 0 53. 9 91. 11 75. 83 0 39. 6 0 66. 16 41. 03 80. 86 128 financial Management at Bajaj Auto comparative degree rest period Sheet (Rs Crore) genuine portion of long term debt number foreign notes borrowings Deferred tax liabilities circulating(prenominal) liabilities & nutrition flow rate liabilities sundry(prenominal) creditors absorb accrued / collectible Other current liabilities Share screening money feed impose planning Dividend supply Dividend tax provide Other provisions sum total liabilities Bajaj Hero Honda TVS Motor 0 0 0 0 0 0 65. 38 36 11. 48 0 0 0 236. 05 0 240. 47 0 0 0 0 71. 47 77. 16 0 0 0 79. 35 0 88. 72 1491. 42 1679. 88 1988. 48 467. 55 357. 29 0. 11 110. 15 454. 93 411. 13 0. 1 43. 7 454. 9 413. 86 0. 08 40. 96 460. 14 365. 62 254. 61 0 111. 01 880. 3 1116. 21 613. 32 398. 61 0 214. 71 681. 52 409. 94 0 271. 58 238. 66 212. 1 211. 71 0 0. 39 298. 04 289. 05 287 0 2. 05 439. 33 406. 26 405. 65 0 0. 61 0 0 0 0. 02 94. 52 9. 51 59. 9 6. 11 19 0. 02 266. 91 8. 34 239. 64 0 18. 93 0 434. 69 10. 9 359. 44 46. 05 18. 3 0 26. 56 0 18. 48 1. 88 6. 2 830. 02 0 8. 99 0 0 0 8. 99 0 33. 07 0 16. 17 2. 07 14. 83 1023. 87 1 224. 95 1533. 58 917. 58 1057. 94 1325. 98 80. 95 8. 26 17. 08 141. 66 0 25. 35 141. 66 18. 15 47. 79 4641. 66 5407. 81 6309. 79 1155. 81 1753. 9 2188. 68 867. 72 1072. 89 Source nontextual matter Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? Business Today, seventh family 1998.Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? fracture of Bajaj Auto Ltd,? Lessons in rightness possibility Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal being likewise giving Businessworld, nineteenth May 2003. B19th May Chetan Soni & Nandini Sen Gupta, ? scroll stock Payouts put auto investors in top gear,? multiplication newsworthiness Network, quaternary June 2003. Motilal Oswal, legality Research, February 2003. Honda annual Report 2003. Bajaj Auto Limited yearly Report 2003. CMIE artistic production Database. CMIE industry outline Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130