Black Or White To Kill A Mockingbird English Literature Essay

Black Or White To Kill A Mockingbird English Literature Essay Let us all hope that the dark clouds of racial prejudice will soon pass away, and that in some not too distant tomorrow the radiant stars of love and brotherhood will shine over our great nation with all their scintillating beauty   Martin Luther King, Jr. Racism is a strong element that is portrayed in Harper Lee s Pulitzer Prize winning novel To Kill a mocking bird. Harper lee was born in 1926 grew up in Monroeville (Alabama) and graduated from Alabama University. The book was published during the civil rights movement and exposed the dark elements of southern racist society.The story is set in Alabama, in the 1930. To kill a mocking bird deals with the moral teachings of a human being that is whether people are essentially good or evil. The book focuses to a large extent on a childs perspective in understanding the world. It clearly bridges a gap between a childs innocence and experience.Racism is a major theme of the novel. During that era, blacks were still highly dominated members of society. Blacks were not permitted to communicate with whites in public places, and there existed a clearly distinct black and white area of town. This research article deals with the concept, history and the major social issues related to Racism and racism in relation with To Kill a Mockingbird. The term racism is often used in a loose and unreflective way to describe the hostile or negative feeling towards another [1] .Racism has two major components -difference and power. It is not merely an attitude or set of beliefs but it also expresses itself in practices, institution, and structure that sense of deep difference justifies or validates. Racism has existed throughout human history.  It may be defined as the hatred of one person by another. Racism  is a word that can be defined in many different ways to people. To some, racism is a way of life, and to some, it is a repulsive term that represents closed or narrow mindedness. Racism comes from different cultural values, ethnic backgrounds, as well as the physical appearances. The conflict of racism occurs when the majority group of society feels that the different cultures and values of the minority group bring the change to the society. The United States of America, which brought people from all over the world, is stat ed as the land of opportunity and freedom, it is also the country that is famous for the racial discrimination. From the beginning of this country, there were conflicts with the Indians, slavery of blacks, and going against the people who immigrated there hoping to achieve their dream. Racism have been one of the most significant issues that people have been facing and fighting for, and is still occurring around us. Racism has killed and at the same time saved the people. It has killed the people as they have been discriminated in many ways. They have become the victims of the society. But in another point of view racism has saved the people, because through the discrimination, they have become stronger and confirmed about them. They have built the power to overcome the barrier of racism. Historically, almost every group of human beings who managed to cultivate a cultural identity did so partly by defining themselves as better than any other group, setting sharp boundaries to how mu ch they would interact with other groups (including intermarriage) and limits to how much of their resources and power they would share. Groups that were isolated by natural borders like the Klingit (Eskimo), native Caribbean tribes, and Australian aborigines did not have to develop traditions of hostility to strangers to protect their tribal identity. Natural obstacles provided all the hostility to invaders they needed; the people themselves could be generous and hospitable to the survivors, who often ended up absorbed into the tribe. Those with extremely strong cultural identities as, for example, Jews and Roma (gypsies) have been able to exist within other cultures without behaving with hostility, although they have often suffered hostilities. This behaviour has changed, however, in the rare times when such a group has found itself in a position of power. In Moorish Spain and in modern Israel, for example, Jews have demonstrated that they can be as violent as anyone else in defence of cultural identity persecuting heretic Jews as well as non-Jews. Racefirst appeared in the English language around the 17th century. North Americans began to use the term in their scientific writings by the late 18th century. Racism was developed and popularized by scientists in the 19th century, as they were regarded as the propagators of truth. At the time this ideology also explained political and economic conflicts in various parts of the world and legalised the dominant role of British in the world economic system. Racism is universal and is evident in many different racial and social groups. It is not limited to white groups. By the mid-19th century, there was general rule that the worlds population was divided into a variety of races: groups of people who shared similar attributes like skin colour. This process of race categorization is referred to as  racialization[2]  and is necessary for the emergence of racism as an ideology. Racism is a product of capitalism. It grew out of early capitalisms use of slaves for the plantations of the developed World, it was solidified in order to justify western and white domination of the rest of the world and it flourishes today as a means of dividing the working class between white and black, and native and immigrants. Racism is commonly assumed to be as old as society itself. However this does not stand up to historical examination. Racism is a particular form of oppression: discrimination against people on the grounds that some inherited characteristic, for example, skin colour, makes them inferior to their oppressors.According to the  United Nations  conventions, there is no distinction between the term  racial discrimination  and  ethnic  discrimination. PLIGHT OF THE AFRICAN AMERICANS   African Americans, who form a significant part of the American population were, and in some irregular cases, are subjected to tremendous discrimination. The  Civil War  fought in America was partly a movement to stand up to this unfair system but sadly racism continued to cast a gloomy shadow over the development of the American nation. The Europeans, who settled in America in the early 1600s brought along the African black population, whom they had enslaved. Slowly, as the white population settled and flourished in America, slavery rooted itself in the US. The period from 1619 to 1865, especially witnessed a tremendously racist America grossly harassing the African American masses. After the Civil War, one law after the other was drafted by the government which severely discriminated the black community. It was a sort of wicked competition amongst the states to inflicting misery against their own population. Massachusetts state legalized slavery in 1641 and was the first to do so in America[3]. The latter half of the 18th century witnessed a big turmoil in America, against the British. The issues of human rights and independence began to gain position and hampered the British policies, a lot of civil rights for the African Americans were considered. Many were even untied but the status of the blacks never improved, especially once the Americans gained an upper hand in their search for independence. Since the elections of 1868, the Democrats who openly advocated discrimination against the blacks, used violence, corruption and intimidation to stop them from voting. Similarly, the Ku Klux Klan, founded in 1867, as a secret organization terrorized the African Americans and the black population at large. The group indulged in brutally murdering the black community and anyone socially advocating their cause. For every 3 whites killed in the fight, 40-50 blacks were killed. This was the real situation, but one which was suppressed and in fact popularized as atrocities against whites, until the 20th century. TYPES OF RACISM Historical racismis based on inheritance and common decent. It identifies a population with a common origin in history, but not a population with a fixed biological character. It is also used to define nation states in Europe through national symbols, such as Nazi eagle, Aryan cross that believed in superiority of some nations over others. Scientific racismbelieves that we can all be characterized by race with certain physical traits, such as brain size, sloping forehead. There is a hierarchy of races and claims that biology determines intelligence. It states that some races need to civilize others providing a justification for colonialism Institutional racismaddresses those activities which are intended to protect the advantages of a dominant group and/or maintain or widen the unequal position of a subordinate group and certain structures in society that systematically discriminate against certain groups, such as apartheid in South Africa, Jim Crow laws in southern U.S. New Racismasserts that no longer does any biological notion indicate cultural or other inferiorities. New Racism is not necessarily an assumption of inferiority or superiority; it is the emergence of new expressions such as immigrants, integration, cultural values, hide the racist text in our culture. RACIAL VIOLENCE Racial violence differs from other forms of violence in that the root causes are to do with assumption of superiority and dislike of other people who are deemed to be inferior because of their identity, ethnic origin, nationality, national origins or descent; and because of their appearance and physical characteristics such as colour, language and dress. These are natural and normal attributes, and any attack on them is an attack of the very core of ones essence as a human being and as a member of the human race. Racial violence manifests itself in many ways. In serious cases it involves physical assault, arson, stabbing, rape, murder, attempted murder, and genocide. Throughout the course of time, many a time racism has played an important role in shaping the history of the world. It has been a problem of the pre-modern world and continues to be a problem and a dilemma in the post-modern world. This problem is not something that can be solved by any number of discussions and debates held all around the world. As long as ethnic and individual differences in people exist, racism will continue to exist. It is not something that we can rid ourselves of. But instead what we can do is prevent it from becoming an issue over which the world gets divided to the point of no return. And also an acceptance in people of each others uniqueness is something that will help tone down the great adverse effects of racism. Racial Prejudice Racial prejudice is an insidious moral and social disease affecting peoples and populations all over the world. It is diagnosed by the cataloguing of its various symptoms and manifestations which include fear, intolerance, separation, segregation, discrimination, and hatred. While all of these symptoms of racial prejudice may be manifest, the single underlying cause of racial prejudice is ignorance. Racial prejudice perverts this uniqueness of the races and takes the view that these differences separate individuals further into groups, with one group being inferior to the other. Racial prejudice affects everyone. Inasmuch as racial prejudice manifests itself in that people are pre-judged based on superficial characteristics, we must honestly conclude that all people suffer from this on various levels. These ideas have been formed from society, media, and our own upbringing.  Maybe these ideas have been taught directly or indirectly, acted out by ones parents. Whatever the source, e ven the most enlightened member of a society will find that to some extent, he or she is judging another based on the superficial aspects of race. Racial prejudice has shaped the form of our present day societies; indeed, prejudice has shaped societies since time began. To counteract the disease of racial prejudice, modern-day societies have drafted and enacted legislation to ensure that people treat each other with respect and dignity allowing one another their inalienable right to their pursuit of life and liberty. While mans actions can be legislated, their hearts and fears cannot. Thus, society continues to suffer from the disease. Forums, coalitions, and initiatives continue to be formed to foster unity, understanding, and tolerance. Racism can only be stopped if all human races realized that we are all equal and that colours are only skin deep. Racism can have very simple solution; unfortunately it is complicated because of how one race discriminate others will cause both of the races to discriminate each other. For example, black people were being slaved during the 1800s and because of this, white people think that black people are inferior to them. During the 1900s many white people came to realize that black people are also human being and that they should treat them the same. This might seem like a happy ending but in reality, racism didnt fade because by then black people had hate white people and they think that white people is their enemy because of how they were treated. Therefore, I believed that the only solution to racism is an understanding among races that everybody is equal. In conclusion, racism is a very important issue in United States. Racism is born when a certain people or organization feel that they are superior compared to other races. There are many historic figures that try to stop racism such as Martin Luther King JR and Malcolm X. RACISM in To kill a mocking bird To kill a mocking bird represents a major element of social inequality bringing out one of the most important themes of the novel that is Racism. Differences in social status are expressed through the overcomplicated social hierarchy of Maycomb, the blacks and the whites that continuously baffle the children. Atticuss family stood near the top of Maycombs social hierarchy, with most of the townspeople beneath them. These rigid social divisions that make up so much of the adult world are revealed The title of  To Kill a Mockingbird  has very little literal connection to the plot, but it carries a great deal of symbolic weight in the book. In this story of innocents destroyed by evil, the mockingbird comes to represent the idea of innocence. Thus, to kill a mockingbird is to destroy innocence. Throughout the book, a number of characters (Jem, Tom Robinson, Dill, Boo Radley, Mr. Raymond) can be identified as mockingbirds-innocents who have been injured or destroyed through contact w ith evil. This connection between the novels title and its main theme is made explicit several times in the novel: after Tom Robinson is shot, Mr. Underwood compares his death to the senseless slaughter of songbirds, and at the end of the book Scout thinks that hurting Boo Radley would be like shootin a mockingbird. Most important, Miss Maudie explains to Scout: Mockingbirds dont do one thing but . . . sing their hearts out for us. Thats why its a sin to kill a mockingbird. That Jem and Scouts last name is Finch (another type of small bird) indicates that they are particularly vulnerable in the racist world of Maycomb, which often treats the fragile innocence of childhood harshly. In To Kill a Mockingbird by Harper Lee, racism, evil, prejudice or discrimination are present throughout the whole book. Racism affects many characters in the book and causes dreadful events to happen. Harper Lee illustrates her strong opinion on racism through view of a little girl, Scout (narrator), growing up in a small, southern community, Maycomb. Illustrating the story in a first person point of view, especially in situations like the trial, help one understand a childs point of view in order to understand the feelings of the little girl better. While growing up, Scout learns to take a positive view of the African-Americans in society. This is shown with the relationship with her maid, Calpurnia. However, this view contradicts the views of the other children living in her area. The other children her ages have adopted their ancestors prejudiced views, such as Cecil Jacobs announcing that Scout Finchs daddy defended niggers. Another example is when Aunt Alexandria forbids Scout to play with Walter Cunningham because she sees them as good folks, but not our kind of folks. Unlike most of the other characters in the book, Scout doesnt let things like race or wealth clouds her judgment of people. Tom Robinson losing his case, the prejudice against Atticus, and the church incident concerning Jem Scout are all directly related to racism.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Discrimination appears everywhere inside To Kill a Mockingbird, for example; Tom Robinson lost his case and got sentenced to life in prison, because he was black. The jury was very biased on this matter and so the result was inevitable. Even during the beginning of the trial, everything was a lie. Mr. Ewells face grew scarlet. He stood up and pointed his finger at Tom Robinson. -I seen that black nigger yonder ruttin on my Mayell'[4] Lee uses the word scarlet to show that Mr. Ewell was feeling angry at Atticus for contradicting him, yet was feeling guilty for telling a lie. Following his false accusation, Mr. Ewell exploded towards Tom and Atticus to reinforce his false statement.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Similarly, Atticus defending Toms innocence earned him continuous discrimination from local townspeople and even from his own family. His battle for justice caused more problems for Scout. She is continued defending him but the racist remarks did not stop. These remarks just showed how cruel children can be to other children. She feels the need to defend her father to Francis, her cousin. He was also taunting her with accusations: At a safe distance her called, `Hes nothin but a nigger-lover. The force of racism had disrupted their lives, especially Scouts, through the old fashioned and discriminative opinions of the younger residents of Maycomb.     Ã‚   When Atticus decides to defend Robinson, he is cursed at by being called a nigger-lover by many people, including his nephew. Francis, what the hell do you mean?/ Just what I said. Grandma says its bad enough he lets you run wild, but now he turned out to be a nigger-lover.'[6] Atticus suffers every deep blow, being told that some of his family members dont support him. This indirect racism comes only from the equality that Atticus treats any enemy person with. Racism is the ultimate injustice to any person. Furthermore, there is another event supporting the idea of racism in To Kill a Mockingbird. It is when Jem and Scout go to Calpurnias church. There, they encounter discrimination with every step they take! I [Lula] want to know why you bringin white chillun to nigger church. [5] When Lula asks this, she says it with contempt. Harper Lee uses racism in both directions, whites to blacks, and blacks to whites. So, it implies that both are to blame for discrimination. Lula was trying to feel a sense of pride in having a black church to go to, and now, for her, it was like Jem and Scout came stampeding over that pride by entering the doors. Jem and Scout obviously felt that they did not belong and wanted to go home.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The most important theme of  Mockingbird  remains the notion of prejudice in all of its forms.   Clearly, with the Tom Robinson case, Lees characters deal with racial prejudice head on.   References to black men as niggers and boys persist throughout the book.   Black people occupy the lowest class level of Maycomb society as Maycombs white population of every class waste no time reinforcing their rigid class rules.   In To Kill a Mockingbird, by Harper Lee, racism permeates every idea and inch of this book from the loss of Robinsons trial, the discrimination against Atticus, and the contempt for Jem and Scout. Racism affected everyone in this book whether they noticed it or not. This book is a warning sign, telling the word to take off its blindfold and to start seeing people for who they are. RELATED BOOK A Tree Grows in Brooklyn  is a novel by Betty Smith published in 1943. It relates the coming-of-age story of its main character, Francie Nolan, and her Austrian/Irish-American family in Williamsburg, New York City. The novel is set in the first and second decades of the 20th century.A Tree Grows in Brooklyn is a defacto novel. Although a dense novel, A Tree Grows in Brooklyn is widely read by adolescents. A Tree Grows in Brooklyn is a naturalist novel and carries social realism of Racism to an extreme in depicting the rough lives of the characters. A Tree Grows in Brooklyn  cannot be separated from class issues. Nearly every anecdote, character, and chapter represents or addresses the problem of poverty in early twentieth-century America. Being poor means that the characters constantly must think of being poor-how they will buy the next loaf of bread, or what ones house or neighbourhood looks like compared to another. Smith shows that poverty does not only imply the absence of food, heat, or comfort. Poverty results in Johnnys worthlessness and death, causes Uncle Flittman to run away, and means that Francie cannot attend high school. Every activity, game, action is planned around a limited pool of resources. In addition to the Nolans life, Smith presents an entire poor community, and shows the close connection between poverty and exploitation. Store proprietors take advantage of childrens innocence to lure money out of them; piano teachers beg for tea from their students. Smiths sympathetic treatment of her characters that p overty itself is the evil-not the people. Like the tree man, people just need to think first of their own families and children. The author often juxtaposes the lower class with people of privilege to further develop this theme. Although having money makes for an easier life, in many cases, the most lovable characters in the book are impoverished, or come from a poor background. The rich doctor reigns as a villain in the book; the charity event is exposed as self-righteous and hurtful. By the end of the book, Neely and Francie pity Laurie for growing up without any hardship, saying that she will never have as much fun as they did. Like the tree, the author seems to be saying, she likes poor people. CONCLUSION Hence Racism is the belief that characteristics and abilities can be attributed to people simply on the basis of their race and that some racial groups are superior to others. Racism and discrimination have been used and will always be a powerful weapons encouraging fear or hatred of others in times of conflict and war, and even during economic downturns. The most important theme of  To Kill a Mockingbird  is the books exploration of the moral nature of human beings-that is, whether people are essentially good or essentially evil. The novel approaches this question by dramatizing Scout and Jems transition from a perspective of childhood innocence, in which they assume that people are good because they have never seen evil, to a more adult perspective, in which they have confronted evil and must incorporate it into their understanding of the world. As a result of this portrayal of the transition from innocence to experience, one of the books important subthemes involves the threat that hatred, prejudice, and ignorance pose to the innocent: people such as Tom Robinson and Boo Radley are not prepared for the evil that they encounter, and, as a result, they are destroyed. Even Jem is victimized to an extent by his discovery of the evil of racism during and after the trial. Whereas Scout is able to maintain her basic faith in human nat ure despite Toms conviction, Jems faith in justice and in humanity is badly damaged, and he retreats into a state of disillusionment. The moral voice of  To Kill a Mockingbird  is embodied by Atticus Finch, who is virtually unique in the novel in that he has experienced and understood evil without losing his faith in the human capacity for goodness. Atticus understands that, rather than being simply creatures of good or creatures of evil, most people have both good and bad qualities. The important thing is to appreciate the good qualities and understand the bad qualities by treating others with sympathy and trying to see life from their perspective. He tries to teach this ultimate moral lesson to Jem and Scout to show them that it is possible to live with conscience without losing hope or becoming cynical. In this way, Atticus is able to admire Mrs. Duboses courage even while deploring her racism. Scouts progress as a character in the novel is defined by her gradual development toward understanding Atticuss lessons, culminating when, in the final chapters, Scout at last sees Boo Radley as a human being. Her new found ability to view the world from his perspective ensures that she will not become jaded as she loses her innocence. Hence through this research article it can be seen how the evil element of our society. Racism has not only affected our society but in an abstract ideological manner but also warped the very mind-frames of the people at large. Racism has been and will always exist in the social strata killing and saving people and in its very nature contradicting itself. [1] Racism in the world by Herbert Cole pg. 5 [2]Change in Racism by Chris Heath pg. 104 [3]Slavery in America-History by John Fricke [4] To kill a mockingbird by Harper Lee pg. 196 [5] To kill a mockingbird by Harper Lee pg. 135 [6] To kill a Mockingbird by Harper Lee pg. 94   HYPERLINK http://www.merriam-webster.com/dictionary/racismRacismHYPERLINK http://www.merriam-webster.com/dictionary/racism. Merriam-Webster Online Dictionary. HYPERLINK http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCEParams=A1ARTA0006636RacismHYPERLINK http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCEParams=A1ARTA0006636.  The Canadian Encyclopaedia. Canadian Encyclopaedia. Retrieved 2010-07-23. Racism was developed and popularized by scientists in the 19th century, as they were regarded as propagators of truth. Wellman, David T. (1993).  Portraits of White Racism.

Discursive Essay – Size Zero

Discursive Essay Size zero In our society, image is everything. We strive for what is considered to be the â€Å"ideal appearance†. For the modern generation, fashion is uppermost. For some girls our ambition is to become â€Å"size zero†. We want or need to show we are following the latest fashion trends. However, recent news reports indicate that size zero models are obsessed with their size that they become anorexic. Being fascinated by the fashion industry myself, it is important to explore the question: â€Å"Why should or should not size zero models be allowed to walk on the catwalk? † Size zero models should not be allowed on the catwalk. They are a bad influence on teenage girls who ape or desire to look like these size zero â€Å"role† models. Young girls who attempt a â€Å"zero† do not develop as they should. They are more likely to have severe health concerns later on in life. They are less likely to work and will need a great deal of health care assistance, the tax payer’s will end up bearing the financial strain as they will have to pay more taxes because these girls will require nhs when they start to get health problems. A further argument that we frequently encounter, is that size zero puts pressure on young women who are overweight. By comparing themselves to â€Å"zeros† young women only achieve low self-esteem. They are made to think they are unattractive. They go through the stress of unsafe cosmetic surgeries such as tummy tucks, to appear like fashion icons. Celebrity nutritionist Dr Adam Carey says that, â€Å"I think the current vogue is macabre. I think it is obscene and it is very unhealthy. † It is also argued that many girls who are wanting to become models in the future, put themselves through a lot of anxiety to be emaciated and slim, so they get accepted in the fashion industry. These girls attempt to try to be lean by starving themselves which can result in eating disorders. A popular singer celebrity called Rihanna states that, â€Å"You shouldn't be pressured into trying to be thin by the fashion industry, because they only want models that are like human mannequins. † I agree with this statement. I believe you should do what you feel comfortable with, and not do something that will harm yourself and your health. In addition, women that are outsized will stop buying clothes from the shopping malls, as they will sense, that they don’t look tempting when they try on the most recent designer clothes. This implies, that clothing stores will suffer a financial loss because of size zero models when outsized women make up more than fifty percent of the population and can‘t find clothe that fit them. Statistics show that, â€Å"up to 66% of the US population is overweight† Furthermore, size zero may possibly harm our health to a really risky extent. Many size zero models have died of anorexia due to this size zero craze. â€Å"In August 2006, 22-year-old Uruguayan model Luisel Ramsol died after starving herself. She had tried to live on nothing but Diet Coke and lettuce leaves for three months†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦In November of the same year, 21-year-old Brazilian model Ana Carolina Reston died from anorexia. † The obsession with size zero could lead to many more such tragedies. Contrary to this, many people argue that size zero models are in fact a good influence on people who are obese in society. Size zero encourages them to lose excess fat from their body. It is also said that there are many more health problems associated with obesity compared to anorexia. If obese people look on size zero models as role models they will eventually become fit and healthy. Another counter argument is that, most size zero models are naturally skinny, they don’t starve themselves or put stress on themselves to shrink to a size zero. They may look unhealthy at times, but that’s the way their bodies have been made, with a fast metabolism. Models that are naturally size zero should be allowed on the catwalks as they are not damaging their health. Likewise, there are those who say that designer clothes look more striking on really skeletal models. People are more likely to buy designer clothes when they perceive that these models have worn them. This is an advantage for the designer, as he/she will be making a fortune if his or her designer clothes start selling in high volumes in the shopping malls because of their size zero models. Lastly, many people say that size zero leads to anorexia , eating disorders and health problems. This may not be the case for all. There will be some size zero models who are healthy, and eat their regular balanced diets, full of nutrition, but do not have fattening foods such as butter, meat, sweets and oily food. They just eat the right amount of food that they need for each day. After evaluating these arguments, my conclusion seems inevitable. The arguments against size zero models outweigh the arguments for size zero models. My question in the introduction, â€Å"Why should or should not size zero models be allowed to walk on catwalk? † has come to a conclusion. My point of view is that the â€Å"zeros† shouldn’t be allowed to walk the catwalks. This is because there have been many deaths caused by the size zero trend. Size zero does not look healthy. It does not set a good example for younger girls. I only want to see a skeleton in a museum, not wearing my clothes! Zero isn’t even a real number! Give me a 10, 12, 14 any day! oppression Bibliography By Iram Mahmood 5e 947 words

Bajaj Case Study

Financial Management at Bajaj Auto Bajaj Auto Limited is one of India's largest two-wheeler manufacturers. As the dominant player until the early 1990s, Bajaj's market share declined from 49. 3% in 1994, to 38. 9% in 1999 with the entry of major competitors like Hero Honda. Bajaj has initiated several measures to regain its market share and strengthen its competitive position. The case discusses the financial strategy pursued by Bajaj. Financial Management at Bajaj Auto We want to get back the leadership position in the two-wheeler segment and will use the cash if required to do so.However, in current volatile market conditions (not to forget the Japanese and their huge cash reserves), we would rather have the security of cash any day. We are competing not only with Indian companies, but also with large foreign two-wheeler companies, many of whom have much deeper pockets than ours. While our surplus cash will assist us in future growth, it also acts as a deterrent to others from indu lging in predatory pricing tactics – Sanjiv Bajaj, Vice-President Finance, Bajaj Auto Limited. 1 IntroductionIn 2003, Bajaj Auto Limited (Bajaj) was one of India’s largest manufacturers of both two and three-wheelers. The three-wheelers, also known as autorickshaws, were unique to the South Asian region. The company recorded revenue of Rs. 5125. 73 crores representing a 13% increase over the previous year 2. Once the unchallenged market leader, Bajaj trailed Hero Honda in the late 1990s. Bajaj’s market share declined from 49. 3% in 1994, to 38. 9% in 1999. 3 Thereafter, Bajaj had initiated several measures to regain its market share and strengthened its competitive position.In 2003, Bajaj had a workforce of 12,000 employees and a network of 422 dealers and over 1,300 authorised service centers. 4 The Indian Two-Wheeler Industry Two-wheelers had become the standard mode of transportation in many of India’s large urban centers. Use of two-wheelers in the ru ral areas had also increased significantly in the 1990s. The birth of the Indian two-wheeler industry could be traced to the early 1950s, when Automobile Products of India (API) started manufacturing scooters in the country.While API initially dominated the scooter market with its Lambrettas, it was Bajaj which rapidly emerged as the unchallenged leader in the scooter industry. A number of government and private enterprises who entered the scooter segment, had disappeared from the market by the turn of the century. The License Raj that existed prior to economic liberalization (1940s-1980s) in India, did not allow foreign players to enter the market, making it an ideal breeding ground for local players. But the Raj also hurt the growth of the industry by imposing various restrictions.In the mid-80s, the government started permitting foreign companies to enter the Indian market, through minority joint ventures. During this period, the twowheeler market witnessed a boom with Japanese p layers like Honda, Suzuki, Yamaha and Kawasaki, entering the market through joint ventures. 1 2 3 4 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B1 Source: Prowess Database. Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. om, February-March, 2003. Source: Bajaj Auto Limited Annual Report 2003. 109 Financial Insights Figure (i) Indian Motorcycle Market Source: Honda Annual Report 2003. Foreign players quickly changed the rules of the game. From a supplier’s market, it became a buyer’s market. Companies tried to outdo each other in terms of style, price and fuel efficiency. The technological expertise that the foreign collaborators brought to the market place helped increase the overall quality of the products quite significantly. In the early 2000s, the competition intensified further.In 2000, Honda announced its intentions to set up a 100% subsid iary to manufacture scooters and motorcycles. Exhibit I Comparative Valuation of the Leading Companies Source: Motilal Oswal, Equity Research, February 2003. The Indian two-wheeler industry witnessed remarkable growth rates since 2000, due to a host of factors like fall in interest rates, availability of finance and affordable prices relative to the growing purchasing power. Despite the impressive growth rate of the last few years, two-wheeler penetration still remained low in the country.Analysts believed, increasing urbanization, expanding cities, lack of other modes of transportation and favourable demographics would support double-digit growth in the coming decade. The Indian two-wheeler industry could be broadly classified into three major segments— scooters, motorcycles and mopeds5. Until the early 1990s, locally manufactured scooters with gears dominated the markets. But in recent times, demand 5 Mopeds were small motorcycles, with less engine power which were priced l ow and were aimed at the low-income market. 110 Financial Management at Bajaj Auto or scooters had tapered off, while that for motorcycles looked buoyant. The motorcycle market in India had about tripled in size over the past 10 years 6. In 2002, the two-wheeler industry demand totaled 5 million units, making India the second largest market in the world after China 7. Exhibit II Two Wheelers Industry: Changing Dynamics Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Total Two wheelers (unit sold) 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 Geared scooters 41. 8% 43. 3% 42. 6% 40. 6% 38. 4% 35. 4% 32. % 25. 9% 16. 0% 12. 3% 6. 7% Ungeared scooters 9. 4% 7. 9% 8. 6% 9. 1% 8. 9% 8. 8% 8. 3% 10. 0% 10. 9% 9. 5% 10. 5% Motorcycles 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% Source: Bajaj Auto Annual Report 2002-03. Background Note The Bajaj group was founded by Jamnalal Bajaj in the 1930s. His eldest son Kamalnayan established Bajaj Auto, the flagship of the Bajaj group, in 1945, as a private limited company.From 1948 to 1959, Bajaj imported scooters and three wheelers from Italy and sold them in India. In 1959, the company obtained a license to manufacture scooters and motorized three wheeler vehicles. In 1960, it entered into a technical collaboration with Piaggio of Italy and got the right to manufacture and market Piaggio’s Vespa brand scooters and three wheelers in India. The same year, it went public. Bajaj’s first full-fledged manufacturing facility at Akurdi (Bombay-Pune Road) was inaugurated in 1960. Scooter production commenced in 1961, followed by three wheeler production in 1962.Bajaj’s scooters and three wheelers started selling under the Bajaj brand name only in 197 1, when the agreement with Piaggio expired. Till the 1980s, Bajaj scooters were so popular that the basic strategy was long production runs along with a constant focus on costs. In 1984, Bajaj established its second plant (1000-acre plant) at Waluj, Aurangabad. Scooter production at this plant started in 1986, followed by three wheeler production in 1987 and scooterettes and motorcycle production in 1990 & 1991, respectively. 6 7 Source: Honda Annual Report 2003.China was number one with an annual production and sales of over 10 million. 111 Financial Insights As Bajaj’s products were in great demand, the company did not feel the need to introduce new products or upgrade its old models. The Chetak, which accounted for 60% of Bajaj’s scooter sales, did not even have an electronic ignition. The model’s 2stroke engine also had an emission problem that was quite serious by international standards. As competition became intense and the market was flooded with increas ing numbers of models, Bajaj’s market share declined.During this period, Bajaj also followed a highly centralized, paternalistic management style. In the early 1990s, as the motorcycle market began to expand and became an attractive proposition, Bajaj lost ground. Though Bajaj had a presence in the motorcycle segment with its KB100 and 4S Champion, it did not take the segment seriously enough. Bajaj believed, motorcycles were a temporary aberration and people would return to scooters. But the scooter market kept shrinking and Bajaj was relegated to fourth place in the motorcycle market. Exhibit III Comparative Analysis: Motorcycle Sales (Number)Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Bajaj Auto 32,028 34,672 42,080 75,067 89,675 129,263 137,717 200,132 255,129 421,966 670,117 % Share 10 14 14 17 16 18 17 19 17 22 23 Hero Honda 134,801 127,803 150,456 183,131 230,194 168,936 407,563 530,607 761,700 1,029,391 1,425,302 % Share 44 51 50 42 40 38 50 50 50 53 5 0 TVS Motors 33,744 30,085 42,080 53,120 125,286 164,083 211,667 268,099 326,357 354,497 450,113 % Share 11 12 18 20 22 23 26 25 21 18 16 Others 108,601 59,066 56,894 89,643 132,922 146,625 60,674 64,529 177,704 123,472 312,547 Total 309,174 251,626 302,550 435,053 578,077 708,907 817,621 1,063,367 1,520,890 1,929,326 2,858,079Source: Society of Indian Automobile Manufacturers. In the late 1990s, Bajaj with the support of Kawasaki, started producing motorcycles. The result was an aggressively priced Boxer 100cc motorcycle in 1997, about Rs. 8000 cheaper than Hero Honda. As Bajaj’s volumes increased, it started pushing prices down by value engineering, localization and better capacity utilization that cut its costs by Rs. 4000 per vehicle. Exhibit IV Bajaj: Major Models Category Motorcycle Wind BYK Pulsar Eliminator 112 Products Year of Introduction 2003 2003 2002 2001 Financial Management at Bajaj Auto Category Caliber Products Boxer CT Boxer 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 Ungeared Scooters Spirit Sunny M80 Major M80 Major 4S Step-Thrus Source: www. bajajauto. com In early 1998, Bajaj established a new plant (Rs. 3. 15 billion investment in 200-acre plot) at Chakan near Pune for its future generation vehicles. The new plant specialized in plastic bodied and tubular structure scooters. Bajaj’s relatively high level of backward integration helped it to keep raw material costs well below the industry average. For example, the company bought raw materials in bulk for itself as well as for its suppliers.For most of the two-wheeler companies, material costs accounted for about 70% of operating income, but for Bajaj it was only 57% in 1998, the lowest in the industry. In 1998, Bajaj was ranked India’s fifth most valuable company 8. Internationally, it was the world’s largest scooter producer and the fourth largest two-whe eler manufacturer after Hero Honda, Yamaha and Suzuki. But the delay in realizing the potential of motorcycle segment by Bajaj, allowed Hero Honda to race ahead to become the market leader in 2001. During 2000-01, Bajaj entered into non-life and life insurance business along with Allianz AG of Germany, one of the largest insurance companies in the world. Two companies were set up: Bajaj Allianz General Insurance Company Ltd and Allianz Bajaj Life Insurance Company Limited.Bajaj and Allianz signed two separate joint venture agreements for these two businesses and respectively committed 74% and 26% of the initial share capital of Rs110 crore in case of the general insurance venture and Rs150 crore in case of the life insurance venture. Bajaj received Rs. 1. 17 billion from Allianz as goodwill. In 2001-02, Bajaj Allianz General Insurance issued the largest number of policies among all private players in the non-life segment, and became the leader in this line of business. Allianz Bajaj Life Insurance commenced operations in October 2001. 8 ?The BT 500,? Business Today, 7th September 1998. 113 Financial Insights Exhibit V Bajaj vs. Competitors: Major Models in Different Segments in 2003 Segments BYK Economy (Priced Rs. 27,000 – Rs. 37,000) Executive (Priced Rs. 38,000 – Rs. 5,000) Premium (Priced Rs. 45,000 – Rs. 75,000) Style (Priced above Rs. 75,000) Boxer AT Boxer AR (K-Tec) Boxer CT Delux (KTec) Caliber (K-Tec) Caliber Croma Caliber 115 Pulsar 150 Pulsar 150 (self-start) Pulsar 180 CD100 SS Dawn Splendor Passion Ambition Disc CBZ Disc CBZ (selfstart) Bajaj Auto Hero Honda TVS Motors No Competition Samurai Max 100R Max DLX Victor Fiero Fiero DLX Fiero ES Crux Crux R Libero Enticer Yamaha Eliminator No Competition Note: List is not exhaustive. Source: Compiled from various sources by ICFAI Knowledge Center. The shift in preference from geared to nongeared scooters continued in 2002, resulting in a 35% decline in yearly sales.The company†™s market share in the ungeared scooter market declined due to lack of models. Both LML and Honda Motorcycles strengthened their foothold in 2002 after the launch of ‘Nova' and ‘Dio' respectively. Bajaj Auto's ‘Spirit', the ungeared scooter, commanded around 25% market share in the below 100 cc category. Bajaj was one of the very few companies manufacturing three-wheelers in the world. It commanded a monopoly in the domestic market with a market share of above 80%. The rest was shared by Bajaj Tempo, Greaves Ltd and Scooters India. The company saw a sharp rise in three-wheeler demand. In early 2002, the market grew by 23%. Bajaj had also commenced the commercial production of goods carriers.In 2002, this segment generated 22% of the company’s profits. The profit per three-wheeler was estimated to be 2. 5-3 times that of a motorcycle. Bajaj gained market share in the motorcycle segment through its models like ‘Pulsar' and ‘Boxer AR'. Boxer virtu ally created the four-stroke economy segment and Pulsar expanded the lifestyle segment. Pulsar’s volumes surpassed the most optimistic expectations in terms of volumes. In February 2003, Bajaj launched ‘Caliber 115' and steadied its presence in the executive motorcycle segment. The new model registered sales of 25,706 units in March 2003. 114 Financial Management at Bajaj Auto Financial ManagementBajaj earned bulk of its revenue from the automotive business. In 2003, motorcycles dominated the automotive segment, accounting for 55 % of its revenues. In 2002-03, Bajaj achieved a turnover of Rs. 5071 crore and earning before interest, taxation, depreciation and amortization (EBITDA) of Rs. 817 crore. EBITDA as a percentage of net sales and other operating income increased from 16. 8 % in 2001-02 to 19 % in 2002-03. Return on operating capital, which had dipped to a low of 14% in 2000-01, increased to 60% in 2002-03. Bajaj continued its efforts to drive top-line growth, imp rove operational efficiency, cut costs and improve economies of scale.Working Capital Bajaj continued to minimize its overall working capital. Debtors declined from Rs. 198 crores on 31st March 2002, to Rs. 167 crore on 31st March 2003 – a reduction of 16%. Bajaj succeeded in reducing inventory levels by using the direct on-line delivery of materials from vendors. Inventory of raw materials and components declined from seven days as on 31st March 2002, to six days as on 31st March 2003, and spare parts for replacement market from 42 days to 31 days. The inventory of finished goods however increased from six days to nine days because of the sluggish market. 9 Exhibit VI Bajaj: Operating Working Capital (Rs Million)Source: Bajaj Auto Annual Report 2002-03. Cost Structure Raw materials, advertising and marketing, and indirect taxes (excise, etc) were the major cost heads for Bajaj. During 2002-03, through its continuous efforts in value engineering and improving relations with t he vendors, Bajaj was able to reduce its 9 Bajaj Auto Annual Report 2002-03. 115 Financial Insights material costs. The share of materials to net sales and other operating income reduced from 63. 3 % in 2001-02 to 62 % in 2002-03, while the share of stores and tools was contained at 1. 5 % of net sales and other operating income. 10 Labor costs for 2002-03 included a sum of Rs. 461 million (Rs. 3 million in 2001-02) towards compensation paid to employees under the voluntary retirement scheme. A total of 1,106 employees opted for the scheme, which had a payback period of two years. Bajaj’s labor costs made up 4. 66% of its total revenue in 2002-03. 11 Despite a 16. 5% increase in net sales and other operating income – from Rs. 36. 96 billion in 2001-02 to Rs. 43. 06 billion in 2002-03, factory and administration costs had come down from 5. 3% of net sales and operating income to 4. 3%. This was the result of a thorough review of fixed costs with each plant head. Sales a nd after sales expenses were around 6. 7 % of net sales and other operating income. In 2003, Bajaj’s advertising and marketing expenditures were Rs 233. 9 crore (8. 61% of its total revenue), whereas Hero Honda’s expenditures were Rs. 147. 01 crore (4. 16% of total revenue) and TVS’ were Rs. 212. 49 crore (11. 06% of total revenue). Bajaj’s total indirect tax expenses were Rs. 601. 22 crore in comparison to Hero Honda’s Rs. 9. 75 crore and TVS’ Rs. 435. 77 crore in 2003. 12 Investments Bajaj invested its surplus funds in secured and fixed investment securities like G-Secs, T-Bills, etc. The return earned by Bajaj on its treasury portfolio was comparable with the return earned by the top mutual funds. During 2002-03, Bajaj reduced its equity investments and concentrated more on the G-Sec and bond market.Thus, the market value of the portfolio changed from a diminution in value to cost in 2002, to an appreciation in value to cost of Rs. 343 mi llion in March 2003. During 2002-03, Bajaj provided Rs. 26. 7 million towards impairment in the carrying costs of its investment portfolio. In addition, continuing its efforts to liquidate non-performing assets, Bajaj booked a total loss 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 Figure (ii) Bajaj: Liability Structure, 2003 Source: Prowess Database. 10 11 12 13 Bajaj Auto Annual Report, 2002-03. Source: Prowess Database.Source: Prowess Database. Bajaj Auto Annual Report, 2002-03. 116 Financial Management at Bajaj Auto Exhibit VII Bajaj: Investment of Surplus Funds (Rs. million) Source: Bajaj Auto Annual Report, 2002-03. Exhibit: VIII Income from Investments (Rs Million) 2002-2003 Dividends Interest on debentures and bonds Interest on government securities Interest on inter-corporate deposits and other loans Income from mutual fund units Lease rent and equalization Profit on sale o f investments Interest on fixed deposits Others Total Interest on tax refunds Total non-operating income Non-operating expenses Net non-operating income Source: Bajaj Auto Annual 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 Return on Capital In early 2003, Bajaj maintained a free cash reserve of Rs 2,700 crore. The management had no intention of reducing that cash pile in the near future. Meanwhile, analysts argued14 that retaining surplus cash would only dilute a company's Return on Capital Employed (ROCE) and, over a period of time, destroy shareholder value. Bajaj had a capital employed of Rs 4,000 crore, of which only Rs 1,300 crore was deployed in its two-wheeler operations. This generated an excellent ROCE of 60%. But the remaining Rs 2,700 crore of idle cash, earned a return of only 17%.As a result, Bajaj Auto's overall ROCE was 31%, far lower than Hero Honda's 95%. Exhibit IX Return on Operating Capital (Rs. Million) As at 31, March 2003 Fixed assets Technical know-how Working capital Total Operating profit after interest and depreciation Pre-tax return on operating capital exmployed Source: Bajaj Auto Annual 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% Exhibit X Dividend Payouts (%) Company Bajaj Hero 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 Source: Businessworld, 19th May 2003. Capital Structure Bajaj’s debt-equity ratio was 0. 6 and interest coverage was 717. 76 times in 2003. Bajaj mostly relied on internal generation rather than external funding. In 2003, Bajaj had Rs. 3139. 42 crore of reserve & surplus (49% of it total assets), where as Hero Honda and TVS had only Rs. 821. 09 crore and Rs. 399. 85 crore respectively. Bajaj deployed bulk of its funds in investments (44. 02% of total assets) and fixed assets (20 . 57% of total assets). 14 M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. 118 Financial Management at Bajaj Auto Exhibit XI Bajaj: Equity Holding, December 2003 Equity Holding Indian promoters Mutual funds and UTI Banks, FI's, Insurance Cos.FIIs Private corporate bodies Indian public NRIs/OCBs Any other Total equity holding Source: Prowess Database. No of Shares 29516461 1612731 3829868 19318255 13264490 29054237 401776 4185692 101183510 % of Total Shares 29. 17 1. 59 3. 79 19. 09 13. 11 28. 71 0. 40 4. 14 100 In September 2000, Bajaj had spent about Rs 720 crore to buy back 15% of its equity. The offer was announced at a price of Rs 400 per share when the prevailing price was around Rs 320. Though prices fell to Rs 200 immediately after the buyback, it had later recovered to about Rs 500. Bajaj believed buy back was a better way to distribute profits to shareholders than dividends.Bajaj had a cash reserve of $ 575 million and paid a final dividend of 120% an d a special dividend of 20% in 2002 (paid on account of the one-time premia received from Allianz AG, Germany, the company's partner in the two insurance joint ventures)15 and a final dividend of 140% in 2003. The amount of dividend and the tax aggregated to Rs. 1,598 million. The company’s dividend yield i. e. , (dividend per share by the market price) showed that Bajaj had a yield of 2. 7%. 16 Looking Ahead In the motorcycles segment, ‘Boxer' had performed well and had increased its market share to 45% in the entry-level market, which was estimated at 102,000 units (35% of total motorcycle sales). But growth was primarily led by ‘Pulsar', the premium-end motorcycle. Against the company's estimate of 10,000 units per month at the beginning of 2002, the model notched sales of around 17,000 units per month in late 2002.Encouraged by the success, Bajaj planned to ramp up sales to 25,000 units per month by early 2004 and expected to achieve total leadership in the mo torcycle segment, aiming at a growth rate of 15%. Bajaj expected to improve its relationships with customers by expanding its product range and widening its dealer network. It planned to launch a 125 cc motorcycle with Kawasaki Heavy Industries Ltd, which was in the final stage of development. A rear engine diesel goods carrier was in the testing stage 15 16 Source: Prowess Database. Chetan Soni & Nandini Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. 119 Financial Insights and would be launched in 2004. Bajaj also planned to broaden its vision and work towards being a truly global player.Effective management of the company’s finances would play an important role in this regard. Figure (iii) Bajaj: Closing Share Price & Traded Quantity Source: Prowess Database. Figure (iv) Bajaj: Traded Quantity Source: Prowess Database. Figure (v) Bajaj: Dividend Yield & Earning Per Share Dividend Yield 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 Share 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 Source: Prowess Database. 120 Financial Management at Bajaj Auto Figure (vi) Bajaj: Assets Structure Source: Prowess Database. Exhibit: XIIBajaj: Capital History Issue Month Issue Type Face Value (Rs. ) 10 10 Security Amount (Rs. Crore) 0 0 Additional Increased Paid up Paid up Capital Capital (Rs. Crore) (Rs. Crore) 18. 81 37. 63 37. 63 75. 25 Security Type Sep-91 Bonus Jun-94 Bonus Euro Oct-94 Issue Sep-97 Bonus Equity Equity Global Depository Receipts Equity 10 10 10 345. 07 0 0 4. 34 39. 8 0 79. 59 119. 39 101. 18 Buybac Sep-00 k Equity Source: Prowess Database. Exhibit XIII Bajaj: Ratios Bajaj Auto Ratios Liquidity Ratios Current ratio Quick ratio Solvency Ratios Debt-equity ratio Interest 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 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 717. 76 161. 91 121 Financial Insights Bajaj Auto Ratios 2003 2002 2001 Hero Honda 2003 2002 2001 T V S Motor 2003 2002 2001 Efficiency Ratios (in Days) Average days of finished goods stock Average days of debtors Average days of creditors Net working capital cycle Profitability Ratios PBDIT (NNRT) as % of sales PBIT (NNRT) as % of sales PAT (NNRT) as % of sales Return on net worth Return on capital employed 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 and final) 140. 00 140. 00 Market Ratios P/E P/B 16. 61 3. 19 9. 54 1. 63 80. 00 900. 00 850. 00 150. 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 Source: Prowess Database. Exhibit XIV Common size Income statement Commonsize Income Statement 2003 Total Revenue Sales Other income Change in stocks Non-recurring income Bajaj Auto 2002 2001 Hero 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 Management at Bajaj AutoCommonsize Income Statement 2003 Exp enditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Advertising & marketing expenses Distribution expenses Others Non-recurring expenses Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT Bajaj Auto 2002 2001 Hero 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 Source: Prowess Database. Exhibit XV Common size Balance SheetCommon size Balance Sheet 2003 Total assets Gross fixed assets Land & building Plant & machinery Other fixed assets Capital WIP Bajaj Auto 2002 2001 Hero 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 Financial Insights Common size Balance Sheet 2003 Less: cumulative depreciation Net fixed assets Investments In group / associate cos.In mutual funds Other investments Inventory Raw materials Stores and spares Finished goods Semi-finished goods Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets & deferred revenue expenditure not written off Bajaj Auto 2002 2001 Hero 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 Management at Bajaj Auto Common size Balance Sheet 2003 Total liabilities Net worth Paid-up equity capital Reserves & surplus Secured borrowings Unsecured borrowings Deferred tax liabilities Current liabilities Sundry creditors Interest accrued / due Other current liabilities Provisions Tax provision Dividend provision Dividend tax provision Other provisions Bajaj Auto 2002 2001He ro 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: Prowess Database. Exhibit XVI Comparative Income Statement Comparative Income Statement 2001 Total Revenue Sales Other income Change 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 Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 63. 66 189. 21 125 Financial Insights Comparative Income Statement 2001 Expenditure Raw materials, stores, etc. Wages & salaries Energy (power & fuel) Indirect taxes (excise, etc. ) Bajaj Auto 2002 2003 Hero Honda 2001 2002 2003 2001 TVS 2002 2003 2085. 47 2323. 71 2708. 23 2344. 39 3131. 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 Distribution expenses Others 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 Profits / losses PBDIT Financial charges (incl. lease rent) PBDT Depreciation PBT Tax provision PAT ppropriation of profits Dividends Retained 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. 36 130. 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: Prowess Database. Exhibit XVII Comparative Balance Sheet Comparative Balance Sheet (Rs Crore) Assets Gross fixed assets 2001 Bajaj 2002 2003 Hero 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 Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Land & building Plant & machinery Other fixed assets Capital WIP Less: cumulative depreciation Net fixed assets Investments In group / associate cos. In mutual funds Other investments Inventories Raw materials Stores and spares Finished goods Semi-finished goods Receivables Sundry debtors Accrued income Advances / loans to Group / associate cos. Advances / loans to Other cos. Deposits with govt. / agencies Advance payment of tax Other receivables Cash & bank balance Deferred tax assets Intangible assets (goodwill, etc. Deferred revenue expenditure not written off 245. 85 Bajaj 251. 53 Hero Honda 253. 42 Mar-00 May-00 May-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 27. 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 Financial Insights Comparative Balance Sheet (Rs Crore) Share issue expenses not written off VRS expenses not written off Other misc. expenses not written off Total assets Net worth Authorized capital Issued equity capital Paid-up equity capital Bonus equity capital Buy back amount Buy back shares (nos. Reserves & surplus Free reserves Specific reserv es Borrowings Bank borrowings Short term bank borrowings Long term bank borrowings Govt. / sales tax deferral borrowings Debentures / bonds Fixed deposits Other borrowings Secured borrowings Unsecured borrowings Bajaj Hero 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. 18 114. 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 128Financial Management at Bajaj Auto Comparative Balance Sheet (Rs Crore) Current portion of long term debt Total foreign currency borrowings Deferred tax liabilities Current liabilities & provisions Current liabilities Sundry creditors Interest accrued / due Other current liabilities Share application money Provisions Tax provision Dividend provision Dividend tax provision Other provisions 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 1224. 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: Prowess Database. 129 Financial Insights Bibliography 1. 2. ?The BT 500,? Business Today, 7th September 1998.Gita Piramal, Sumantra Goshal and Sudeep Budhiraja, ? Transformation of Bajaj Auto Ltd,? Lessons in Excellence Case Contest, www. thesmartmanager. com, February-March, 2003. M. Anand, ? Is Munjal Being Too Generous Businessworld, 19th May 2003. B19th May Chetan Soni & Nandin i Sen Gupta, ? Rolling stock: Payouts put auto investors in top gear,? Times News Network, 4th June 2003. Motilal Oswal, Equity Research, February 2003. Honda Annual Report 2003. Bajaj Auto Limited Annual Report 2003. CMIE – Prowess Database. CMIE – Industry Analysis Service. www. bajajauto. com. www. siamindia. com. www. indiainfoline. com. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 130

The Role Of Communication And Interpersonal Interaction On...

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