Compartive Balance Sheet

FINANCIAL PERFORMANCE
CHAPTER -1
INTRODUCTION
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1.1 INTRODUCTION :
Finance is the lifeblood of the organization, irrespective of its size mission.

Management of finance in the organization has been changing at a rapid pace after the inception
of the computers in the field. In the modern phase the financial manager is not in a passive role
of a scorekeeper of accounting information and arranging funds, whenever diversified to do so.
Rather, he is confronted with various issues and decisions to ensure that the funds are raised
economically and canalized in most effective manner.
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CHAPTER-2
INDUSTRY PROFILE
3
2.1 INDUSTRY PROFILE

There are three major types of motorcycle: street, off-road, and dual purpose. Within
these types, there are many sub-types of motorcycles for different purposes. There is often
a racing counterpart to each type, such as road racing and street bikes, or motocross including
dirt bikes.
Street bikes include cruisers, sport bikes, scooters and mopeds, and many other types.
Off-road motorcycles include many types designed for dirt-oriented racing classes such
as motocross and are not street legal in most areas. Dual purpose machines like the dual-
sport style are made to go off-road but include features to make them legal and comfortable on
the street as well.
Experimentation and invention
Replica of the Daimler-Maybach Reitwagen
The first internal combustion, petroleum fuelled motorcycle was

the Daimler Freightwagon. It was designed and built by the German inventors Gottlieb
Daimler and Wilhelm Maybach in Bad Cannstatt, Germany in 1885. This vehicle was unlike
either the safety bicycles or the boneshaker bicycles of the era in that it had zero degrees
of steering axis angle and no fork offset, and thus did not use the principles of bicycle and
motorcycle dynamics developed nearly 70 years earlier. Instead, it relied on two outrigger
wheels to remain upright while turning.
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The inventors called their invention the retaken ("riding car"). It was designed as an
expedient testbed for their new engine, rather than a true prototype vehicle.
Butler's Patent Velocycle
The first commercial design for a self-propelled cycle was a three-wheel design called
the Butler Petrol Cycle, conceived of Edward Butler in England in 1884. He exhibited his plans
for the vehicle at the Stanley Cycle Show in London in 1884. The vehicle was built by the Merry
weather Fire Engine company in Greenwich, in 1888.
The Butler Petrol Cycle was a three-wheeled vehicle, with the rear wheel directly driven
by a 5⁄8 hp (0.47 kW), 40 cc (2.4 cu in) displacement, 2+1⁄4 in × 5 in (57 mm × 127 mm) bore ×
stroke, flat twin four-stroke engine (with magneto ignition replaced by coil and battery)
equipped with rotary valves and a float-fed carburettor (five years before Maybach)
and Ackermann steering, all of which were state of the art at the time. Starting was by
compressed ai r. The engine was liquid-cooled, with a radiator over the rear driving wheel.
Speed was controlled by means of a throttle valve lever. No braking system was fitted; the
vehicle was stopped by raising and lowering the rear driving wheel using a foot-operated lever;
the weight of the machine was then borne by two small castor wheels. The driver was seated
between the front wheels. It wasn't, however, a success, as Butler failed to find sufficient
financial backing.
Many authorities have excluded steam powered, electric motorcycles or diesel-powered

two-wheelers from the definition of a 'motorcycle', and credit the Daimler freightwagon as the
world's first motorcycle. Given the rapid rise in use of electric motorcycles worldwide, defining
only internal-combustion powered two-wheelers as 'motorcycles' is increasingly problematic.
The first (petroleum fuelled) internal-combustion motorcycles, like the German freightwagon,
were, however, also the first practical motorcycles.
If a two-wheeled vehicle with steam propulsion is considered a motorcycle, then the first
motorcycles built seem to be the French Michaux-Perroux steam velocipede which patent
5
application was filled in December 1868, constructed around the same time as the
American Roper steam velocipede, built by Sylvester H. Roper Roxbury, Massachusetts.[who
demonstrated his machine at fairs and circuses in the eastern U.S. in 1867, Roper built about 10
steam cars and cycles from the 1860s until his death in 1896.
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Summary of early invention
Number Engine
year Vehicle Inventor Notes
of wheels type
Pierre
Michaux- Michaux
1867–
Perroux steam 2 Louis- Steam • One made
1868
velocipede Guillaume
Perroux
1867– Roper Sylvester

2 Steam • One made
1868 steam velocipede Roper
Gottlieb
Petroleum
Daimler 2 (plus 2 Daimler
1885 internal- • One made
Reitwagen outriggers) Wilhelm
combustion
Maybach
Petroleum
Butler 3 (plus 2 Edward
1887 internal-
Petrol Cycle castors) Butler
combustion
• Modern
configuration
Heinrich
• First mass-
Hildebrand
Petroleum produced
Hildebrand Wilhelm
1894 2 internal- motorcycle
&Wolf Müller Hildebrand
combustion • First
Alois wolf
machine to
muller
be called
"motorcycle"
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First motorcycle companies
Diagram of 1894 Hildebrand &wolf muller
In 1894, Hildebrand &Wolf muller became the first series production motorcycle, and
the first to be called a motorcycle (German: Motorrad). Excelsior Motor Company, originally a
bicycle manufacturing company based in Coventry, England, began production of their first
motorcycle model in 1896. The first production motorcycle in the US was the Orient-Aster,
built by Charles Metz in 1898 at his factory in Waltham, Massachusetts.
In the early period of motorcycle history, many producers of bicycles adapted their
designs to accommodate the new internal combustion engine. As the engines became more
powerful and designs outgrew the bicycle origins, the number of motorcycle producers
increased. Many of the nineteenth-century inventors who worked on early motorcycles often
moved on to other inventions. Daimler and Roper, for example, both went on to develop
automobiles.
At the end of the 19th century the first major mass-production firms were set up. In
1898, Triumph Motorcycles in England began producing motorbikes, and by 1903 it was
producing over 500 bikes. Other British firms were Royal Enfield, Norton and Birmingham
Small Arms Company who began motorbike production in 1899, 1902 and 1910,
respectively. Indian began production in 1901 and Harley-Davidson was established two years
later. By the outbreak of World War I, the largest motorcycle manufacturer in the world was
Indian, producing over 20,000 bikes per year.
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First World War
Triumph Motorcycles Model H, mass-produced for the war effort and notable for its reliability
During the First World War, motorbike production was greatly ramped up for the war
effort to supply effective communications with front line troops. Messengers on horses were
replaced with despatch riders on motorcycles carrying messages, performing reconnaissance
and acting as military police. American company Harley-Davidson was devoting over 50% of
its factory output toward military contract by the end of the war. The British company Triumph
Motorcycles sold more than 30,000 of its Triumph Type H models to allied forces during the
war. With the rear wheel driven by a belt, the Model H was fitted with a 499 cc (30.5 cu in) air-
cooled four-stroke single-cylinder engine. It was also the first Triumph without pedals.
The Model H in particular, is regarded by many as having been the first "modern
motorcycle". Introduced in 1915 it had a 550-cc side-valve four-stroke engine with a three-speed
gearbox and belt transmission. It was so popular with its users that it was nicknamed the "Trusty
Triumph".
Postwar
By 1920, Harley-Davidson was the largest manufacturer, with their motorcycles being
sold by dealers in 67 countries.
Amongst many British motorcycle manufacturers, Chater-Lea with its twin-cylinder

models followed by its large singles in the 1920s stood out. Initially, using converted a
Woodman-designed ohv Blackburne engine it became the first 350 cc to exceed 100 mph
(160 km/h), recording 100.81 mph (162.24 km/h) over the flying kilometre during April
1924.[7] Later, Chatter-Lea set a world record for the flying kilometre for 350 cc and 500 cc
motorcycles at 102.9 mph (165.6 km/h) for the firm. Chatter-Lea produced variants of these
world-beating sports models and became popular among racers at the Isle of Man TT. Today,
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the firm is probably best remembered for its long-term contract to manufacture and supply AA
Patrol motorcycles and sidecars.
By the late 1920s or early 1930s, DKW in Germany took over as the largest manufacturer.
NSU Sportmax streamlined motorcycle, 250 cc class winner of the 1955 Grand Prix season
In the 1950s, streamlining began to play an increasing part in the development of racing
motorcycles and the "dustbin fairing" held out the possibility of radical changes to motorcycle
design. NSU and Moto Guzzi were in the vanguard of this development, both producing very
radical designs well ahead of their time. NSU produced the most advanced design, but after the
deaths of four NSU riders in the 1954–1956 seasons, they abandoned further development and
quit Grand Prix motorcycle racing.
Moto Guzzi produced competitive race machines, and until the end of 1957 had a
succession of victories. The following year, 1958, full enclosure fairings were banned from
racing by the FIM in the light of the safety concerns.
From the 1960s through the 1990s, small two-stroke motorcycles were popular
worldwide, partly as a result of East German MZs Walter Kaaden's engine work in the 1950s.
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Today
Royal Enfield Bullet
In the 21st century, the motorcycle industry is mainly dominated by Indian and Japanese
motorcycle companies. In addition to the large capacity motorcycles, there is a large market in
smaller capacity (less than 300 cc) motorcycles, mostly concentrated in Asian and African
countries and produced in China and India. A Japanese example is the 1958 Honda Super Cub,
which went on to become the biggest selling vehicle of all time, with its 60 millionth unit
produced in April 2008. Today, this area is dominated by mostly Indian companies with Hero
MotoCorp emerging as the world's largest manufacturer of two wheelers. Its Splendor model
has sold more than 8.5 million to date. Other major producers are Bajaj and TVS Motors.
Technical aspects
A Suzuki GS500 with a clearly visible frame, painted silver
Construction
See also: Motorcycle components and Motorcycle design
Motorcycle construction is the engineering, manufacturing, and assembly of

components and systems for a motorcycle which results in the performance, cost, and aesthetics
desired by the designer. With some exceptions, construction of modern mass-produced
motorcycles has standardised on a steel or aluminium frame, telescopic forks holding the front
wheel, and disc brakes. Some other body parts, designed for either aesthetic or performance
reasons may be added. A petrol-powered engine typically consisting of between one and
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four cylinders (and less commonly, up to eight cylinders) coupled to a manual five- or six-
speed sequential transmission drives the swingarm-mounted rear wheel by a chain, driveshaft,
or belt. The repair can be done using a Motorcycle lift.
Fuel economy
Motorcycle fuel economy varies greatly with engine displacement and riding style. A
streamlined, fully faired Matzu Matsuzawa Honda XL125 achieved
470 mpg-US (0.50 L/100 km; 560 mpg-imp) in the Craig Vetter Fuel Economy Challenge "on real
highways – in real conditions". Due to low engine displacements (100–200 cc (6.1–12.2 cu in)),
and high power-to-mass ratios, motorcycles offer good fuel economy. Under conditions of fuel
scarcity like 1950s Britain and modern developing nations, motorcycles claim large shares of
the vehicle market. In the United States, the average motorcycle fuel economy is 44 miles per
US gallon (19 km per litre).
Electric motorcycles
Main article: Electric motorcycles and scooters
Very high fuel economy equivalents are often derived by electric motorcycles. Electric
motorcycles are nearly silent, zero-emission electric motor-driven vehicles. Operating range
and top speed are limited by battery technology. Fuel cells and petroleum-electric hybrids are
also under development to extend the range and improve performance of the electric drive
system.
Reliability
A 2013 survey of 4,424 readers of the US Consumer Reports magazine collected

reliability data on 4,680 motorcycles purchased new from 2009 to 2012. The most common
problem areas were accessories, brakes, electrical (including starters, charging, ignition),
and fuel systems, and the types of motorcycles with the greatest problems were touring, off-
road/dual sport, sport-touring, and cruisers. There were not enough sport bikes in the survey for
a statistically significant conclusion, though the data hinted at reliability as good as
cruisers. These results may be partially explained by accessories including such equipment as
fairings, luggage, and auxiliary lighting, which are frequently added to touring, adventure
touring/dual sport and sport touring bikes. Trouble with fuel systems is often the result of
improper winter storage, and brake problems may also be due to poor maintenance. Of the five
brands with enough data to draw conclusions, Honda, Kawasaki and Yamaha were statistically
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tied, with 11 to 14% of those bikes in the survey experiencing major repairs. Harley-Davidsons
had a rate of 24%, while BMWs did worse, with 30% of those needing major repairs. There
were not enough Triumph and Suzuki motorcycles surveyed for a statistically sound conclusion,
though it appeared Suzuki’s were as reliable as the other three Japanese brands while Triumphs
were comparable to Harley-Davidson and BMW. Three-fourths of the repairs in the survey cost
less than US$200 and two-thirds of the motorcycles were repaired in less than two days. In spite
of their relatively worse reliability in this survey, Harley-Davidson and BMW owners showed
the greatest owner satisfaction, and three-fourths of them said they would buy the same bike
again, followed by 72% of Honda owners and 60 to 63% of Kawasaki and Yamaha owners.
Dynamics
Racing motorcycles leaning in a turn

Main article: Bicycle and motorcycle dynamics
Different types of motorcycles have different dynamics and these play a role in how a
motorcycle performs in given conditions. For example, one with a longer wheelbase provides
the feeling of more stability by responding less to disturbances. Motorcycle tyres have a large
influence over handling.
Motorcycles must be leaned in order to make turns. This lean is induced by the method
known as counter steering, in which the rider momentarily steers the handlebars in the direction
opposite of the desired turn. This practice is counterintuitive and therefore often confusing to
novices – and even many experienced motorcyclists.
Such short wheelbase, motorcycles can generate enough torque at the rear wheel, and
enough stopping force at the front wheel, to lift the opposite wheel off the road. These actions,
if performed on purpose, are known as wheelies and stop pies (or endos) respectively.
Accessories
Main article: Motorcycle accessories
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Various features and accessories may be attached to a motorcycle either

as OEM (factory-fitted) or aftermarket. Such accessories are selected by the owner to enhance
the motorcycle's appearance, safety, performance, or comfort, and may include anything
from mobile electronics to sidecars and trailers.
Records
• The world record for the longest motorcycle jump was set in 2008 by Robbie Maddison with
107 meters (351 ft).
• Since late 2010, the Ack Attack team has held the motorcycle land-speed record at
376.36 mph (605.69 km/h).
Safety
Motorcycle equipment
Main articles: Motorcycle safety and Motorcycle safety clothing
Wearing a motorcycle helmet reduces the risks of death or head injury in a motorcycle crash
Motorcycles have a higher rate of fatal accidents than automobiles or trucks and
buses. United States Department of Transportation data for 2005 from the Fatality Analysis
Reporting System show that for passenger cars, 18.62 fatal crashes occur per 100,000 registered
vehicles. For motorcycles this figure is higher at 75.19 per 100,000 registered vehicles – four
times higher than for cars. The same data shows that 1.56 fatalities occur per 100 million vehicle
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miles travelled for passenger cars, whereas for motorcycles the figure is 43.47 which is 28 times
higher than for cars (37 times more deaths per mile travelled in 2007). Furthermore, for
motorcycles the accident rates have increased significantly since the end of the 1990s, while the
rates have dropped for passenger cars.
The most common configuration of motorcycle accidents in the United States is when a
motorist pulls out or turns in front of a motorcyclist, violating their right-of-way. This is
sometimes called a SMIDSY, an acronym formed from the motorists' common response of
"Sorry mate, I didn't see you”. Motorcyclists can anticipate and avoid some of these crashes
with proper training, increasing their visibility to other traffic, keeping to the speed limits, and
not consuming alcohol or other drugs before riding.
The United Kingdom has several organisations dedicated to improving motorcycle

safety by providing advanced rider training beyond what is necessary to pass the basic
motorcycle licence test. These include the Institute of Advanced Motorists (IAM) and the Royal
Society for the Prevention of Accidents (Ro SPA). Along with increased personal safety, riders
with these advanced qualifications may benefit from reduced insurance costs
Young woman riding a motorcycle in Laos, with four young children’s passengers
In South Africa, the Think Bike campaign is dedicated to increasing both motorcycle
safety and the awareness of motorcycles on the country's roads. The campaign, while strongest
in the Gauteng province, has representation in Western Cape, KwaZulu Natal and the Free State.
It has dozens of trained marshals available for various events such as cycle races and is deeply
involved in numerous other projects such as the annual Motorcycle Toy Run.
Motorcycle safety education is offered throughout the United States by organisations

ranging from state agencies to non-profit organisations to corporations. Most states use the
courses designed by the Motorcycle Safety Foundation (MSF), while Oregon and Idaho
developed their own. All of the training programs include a Basic Rider Course, an Intermediate
Rider Course and an Advanced Rider Course.
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An MSF rider course for novices
In Ireland, since 2010, in the UK and some Australian jurisdictions, such

as Victoria, New South Wales, the Australian Capital Territory, Tasmania and the Northern
Territory, it is compulsory to complete a basic rider training course before being issued a
Learners Licence, after which they can ride on public roads.
In Canada, motorcycle rider training is compulsory in Quebec and Manitoba only, but
all provinces and territories have graduated licence programs which place restrictions on new
drivers until they have gained experience. Eligibility for a full motorcycle licence or
endorsement for completing a Motorcycle Safety course varies by province. Without the
Motorcycle Safety Course, the chance of getting insurance for the motorcycle is very low.
The Canada Safety Council, a non-profit safety organisation, offers the Gearing Up program
across Canada and is endorsed by the Motorcycle and Moped Industry Council. Training course
graduates may qualify for reduced insurance premiums.
Motorcycle rider postures
BMW C1, with a more upright seating position
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Bombardier Can-Am Spyder, showing location of rider on the trike
The motorcyclist's riding position depends on rider body-geometry (anthropometry) combined

with the geometry of the motorcycle itself. These factors create a set of three basic postures.
• Sport – the rider leans forward into the wind and the weight of the upper torso is supported
by the rider's core at low speed and air pressure at high speed. Thefoot pegs are below the
rider or to the rear. The reduced frontal area cuts wind resistance and allows higher speeds.
At low-speed in this position the rider's arms may bear some of the weight of the rider's
torso, which can be problematic.
• Standard – the rider sits upright or leans forward slightly. The feet are below the rider. These
are motorcycles that are not specialized to one task, so they do not excel in any particular
area. The standard posture is used with touring and commuting as well as dirt and dual-sport
bikes, and may offer advantages for beginners.
• Cruiser – the rider sits at a lower seat height with the upper torso upright or leaning slightly
rearward. Legs are extended forwards, sometimes out of reach of the regular controls on
cruiser pegs. The low seat height can be a consideration for new or short riders. Handlebars
tend to be high and wide. The emphasis is on comfort while compromising cornering ability
because of low ground clearance and the greater likelihood of scraping foot pegs, floor
boards, or other parts if turns are taken at the speeds other motorcycles can more readily
accomplish.
Factors of a motorcycle's ergonomic geometry that determine the seating posture include
the height, angle and location of foot pegs, seat and handlebars. Factors in a rider's physical
geometry that contribute to seating posture include torso, arm, thigh and leg length, and overall
rider height.
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Legal definitions and restriction
Main article: Legal definition of motorcycle
A motorcycle is broadly defined by law in most countries for the purposes of registration,
taxation and rider licensing as a powered two-wheel motor vehicle. Most countries distinguish
between mopeds of 49 cc and the more powerful, larger vehicles (scooters do not count as a
separate category). Many jurisdictions include some forms of three-wheeled cars as
motorcycles.
In Nigeria, motorcycles, popularly referred to as Okada have been subject of many

controversies with regards to safety and security followed by restriction of movement in many
states. Recently, it was banned in Lagos - Nigeria's most populous city.
Environmental impact
Motorcycles and scooters' low fuel consumption has attracted interest in the United
States from environmentalists and those affected by increased fuel prices. Piaggio Group
Americas supported this interest with the launch of a "Vespanomics" website and platform,
claiming lower per-mile carbon emissions of 0.4 lb/mile (113 g/km) less than the average car, a
65% reduction, and better fuel economy.
However, a motorcycle's exhaust emissions may contain 10–20 times

more oxides of nitrogen (NOx), carbon monoxide, and unburned hydrocarbons than exhaust
from a similar-year passenger car or SUV. This is because many motorcycles lack a catalytic
converter, and the emission standard is much more permissive for motorcycles than for other
vehicles. While catalytic converters have been installed in most gasoline-powered cars and
trucks since 1975 in the United States, they can present fitment and heat difficulties in
motorcycle applications.
United States Environmental Protection Agency 2007 certification result reports for all
vehicles versus on highway motorcycles (which also includes scooters), the average certified
emissions level for 12,327 vehicles tested was 0.734. The average "Nox+Co End-Of-Useful-
Life-Emissions" for 3,863 motorcycles tested was 0.8531. 54% of the tested 2007-model
motorcycles were equipped with a catalytic converter.
The company's products includes motorcycles, scooters, motorized bicycles, boats, sail
boats, personal water craft, swimming pools, utility boats, fishing boats, outboard motors, 4-
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wheel ATVs, recreational off-road vehicles, go-kart engines, golf carts, multi-purpose engines,
electrical generators, water pumps, snowmobiles, small snow throwers, automobile engines,
surface mounters, intelligent machinery, industrial-use unmanned helicopters, electrical power
units for wheelchairs and helmets. The company is also involved in the import and sales of
various types of products, development of tourist businesses and management of leisure,
recreational facilities and related services.
Throughout the 1980s the motorcycle industry gradually went from building a few basic
but versatile models designed to work well in many roles, to offering many more specialized
machines designed to excel in particular niches. These included racing and performance street
riding, touring, motocross racing, enduro and recreational off-road riding, and cruising) at the
start of the decade to a much larger set of offerings in several clearly defined markets at the end
of the decade.
The XV750 of 1981 featured an air-cooled V-twin four stroke engine and cruiser styling,
and was one of the first Japanese cruiser style motorcycles. By the end of the 1980s Yamaha
had offered dozens of cruisers styled bikes in a variety of displacements and engine
configurations.
The RZV500 was one of the first "repli-racers", a near copy of Kenny Roberts competition
GP bike, it featured a liquid-cooled two-stroke motor of 500cc displacement in a V4
configuration, along with a perimeter frame and full fairing.[9]
A more popular and practical high-performance model for the street was introduced in
1985, the FZ750. It was an innovative 750cc four-stroke inline four-cylinder model. It was the
first motorcycle to feature a five valve cylinder head, something Yamaha became well known
for. It also featured a cylinder block canted forward at 45 degrees, and a box-section steel
perimeter frame. Production of the FZ continued until 1991.
The exciting and unique nationwide contest which aims at strengthening the role of
Customer Service Engagement, contestants from all over India competed for the coveted title
and an opportunity to. in World Technician Grand Prix in Japan. From the Regional round, 100
winners were selected for 4 zones. From the Zonal rounds, 20 winners (5 from each zone) were
selected to compete in the final round.
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The contest was designed to judge the contestants' skill in the areas of "proper service
knowledge", providing service that "communicates the image of the Yamaha products" and
providing amiable customer service. To judge the level of these skills, the contestants were
tested in Theory, trouble shooting, electrical wiring, Engine noise diagnosis, FI Station repair
on actual motorcycles and skill of dealing with customers during vehicle receiving and delivery.
The winners were decided based on cumulative points earned in these areas.
In WTGP 2014, it was the second time when YMIS participated in the World Technician
Grand Prix. Mr. Meenakshi Sundaram S (AlejandraAutos, Madurai), &Mr. Sunilkanta Singh
Hemam (Pakhangba Motors, Imphal) represented India there. Both the contestants proved the
Indian technician’s calibre at this world level contest.
Mr. Meenakshi won the 1st position, and received the world's best Technician's tag. Mr.
Sunilkanta also made his mark by securing 5th position in the tough competition.
The curriculum which is a global standard was modified to Indian requirements in 2008.
In view of increase in models, technological advancement and growing customer expectations
we have modified our training modules and introduced new programs. As on date the YTA is
imparting the following courses. We have a continuous training program for the mechanics
starting from Beginner then climbing through Bronze, Silver Engine, Silver Body and
Silver Electrical. Certificates (as shown below) are issued to all successful candidates after
training and same are displayed in the customer lounge of qualification.
This contest seeks to raise the service technician's consciousness of their importance in
Yamaha business, simulate their desire for improvement to become Doctors of motorcycles who
can delight the customers and thereby strengthen.
Each configuration offers either specialised advantage or broad capability, and each
design creates a different riding posture.
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CHAPTER-3
COMPANY PROFILE
21
+3.1 COMPANY PROFILE

About India Yamaha Motor Pvt. Ltd.
Yamaha Motor made its initial foray into India in 1985 as a joint-venture. In August 2001,
it became a 100% subsidiary of Yamaha Motor Co., Ltd, Japan (YMC). In 2008, Mitsui & Co.,
Ltd. entered into an agreement with YMC to become a joint-investor in India Yamaha Motor
Private Limited (IYM).
IYM's manufacturing facilities comprise of 3 State-of-the-art Plants at Surajpur (Uttar

Pradesh), Faridabad (Haryana) and Kanchipuram (Tamil Nadu). The infrastructure at these
plants supports production of two-wheelers and parts for the domestic as well as overseas
markets.
IYM is highly customer-driven and has a country-wide network of over 2,200 customer
touch-points including 500 dealers. Presently, its product portfolio includes Sports models such
as YZF-R3 (321 cc), YZF-R15 version 2.0 (149 cc), YZF-R15S (149 cc); Blue-Core
Technology enabled models such as FZ-S FI (Fuel-Injected, 149 cc), FZ FI (Fuel-Injected, 149
cc), Fazer FI (Fuel-Injected, 149 cc), SZ-RR version 2.0 (149 cc), Saluto (125 cc), Saluto RX
(110 cc), Fascino (113 cc), Cygnus Alpha (113 cc), Cygnus Ray Z (113 cc), Cygnus Ray ZR
(113 cc) as well as imported models comprising of MT-09 (847cc), VMAX (1,679 cc), YZF-
R1M (998 cc) and YZF-R1 (998 cc).
The other Yamaha Motor Group Companies in India include:
Yamaha Motor India Pvt. Ltd. (YMI) is a 100% subsidiary of YMC and functions as
the regional headquarters and corporate control body of India business operations for YMC.
YMI is responsible for Corporate Planning & Strategy, Business Planning & Business
Expansion and Quality & Compliance Assurance of Yamaha India Business.
Yamaha Motor India Sales Pvt. Ltd. (YMIS) is a 100% subsidiary of YMC and
supports IYM to market and sell its motorcycles & scooters in domestic as well as export
markets.
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Yamaha Motor Research & Development India Pvt. Ltd. (YMRI) is a 100%
subsidiary of YMC and has been established by YMC to provide R&D and Product development
services to IYM for its domestic as well as export markets. YMRI is the fifth overseas R&D
headquarters for Yamaha Motor Group following Italy, Taiwan, China, and Thailand.
VISION
We will establish YAMAHA as the "exclusive & trusted brand" of customers by "creating
Kando" (touching their hearts) - the first time and every time with world class products &
services delivered by people having "passion for customers".
MISSION
We are committed to:
Be the Exclusive & Trusted Brand renowned for marketing and manufacturing of
YAMAHA products, focusing on serving our customer where we can build long term
relationships by raising their lifestyle through performance excellence, proactive design &
innovative technology. Our innovative solutions will always exceed the changing needs of our
customers and provide value added vehicles.
Build the Winning Team with capabilities for success, thriving in a climate for action and
delivering results. Our employees are the most valuable assets and we intend to develop them
to achieve international level of professionalism with progressive career development. As a
good corporate citizen, we will conduct our business ethically and socially in a responsible
manner with concerns for the environment.
Grow through continuously innovating our business processes for creating value and
knowledge across our customers thereby earning the loyalty of our partners & increasing our
stakeholder value.
CORE COMPETENCIES
Customer
We put customers first in everything we do. We take decisions keeping the customer in
mind.
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Challenging Spirit
We strive for excellence in everything we do and in the quality of goods & services we
provide. We work hard to achieve what we commit & achieve results faster than our competitors
and we never give up.
Team-work
We work cohesively with our colleagues as a multi-cultural team built on trust, respect,
understanding & mutual co-operation. Everyone's contribution is equally important for our
success.
Frank & Fair Organization
We are honest, sincere, open minded, fair & transparent in our dealings. We actively listen
to others and participate in healthy & frank discussions to achieve the organization's goals.
Paving the Road to Yamaha Motor Corporation
"I want to carry out trial manufacture of motorcycle engines." It was from these words
spoken by Genichi Kawakami (Yamaha Motor's first president) in 1953, that today's Yamaha
Motor Company was born.
"If you're going to do something, be the best."
Genichi Kawakami
Genichi Kawakami was the first son of Kaichi Kawakami, the third-generation president
of Nippon Gakki (musical instruments and electronics; presently Yamaha Corporation). Genichi
studied and graduated from Takachiho Higher Commercial School in March of 1934. In July of
1937, he was the second Kawakami to join the Nippon Gakki Company. He quickly rose to
positions of manager of the company's Tenryu Factory Company (musical instruments) and then
24
Senior General Manager, before assuming the position of fourth-generation President in 1950
at the young age of 38.
In 1953, Genichi was looking for a way to make use of idle machining equipment that
had previously been used to make aircraft propellers. Looking back on the founding of Yamaha
Motor Company, Genichi had this to say "While the company was performing well and had
some financial leeway, I felt the need to look for our next area of business. So, I did some
research." He explored producing many products, including sewing machines, auto parts,
scooters, three-wheeled utility vehicles, and motorcycles. Market and competitive factors led
him to focus on the motorcycle market. Genichi actually visited the United States many times
during this period.
When asked about this decision, he said, "I had my research division chief and other
managers visit leading motorcycle factories around the country. They came back and told me
there was still plenty of opportunity, even if we were entering the market late. I didn't want to
be completely unprepared in this unfamiliar business so we toured to German factories before
setting out to build our first 125cc bike. I joined in this tour around Europe during which my
chief engineers learned how to build motorbikes. We did as much research as possible to insure
that we could build a bike as good as any out there. Once we had that confidence, we started
going."
"If you are going to make it, make it the very best there is." With these words as their
motto, the development team poured all their energies into building the first prototype, and ten
months later in August of 1954 the first model was complete. It was the Yamaha YA-1. The
bike was powered by an air-cooled, 2-stroke, single cylinder 125cc engine. Once finished, it
was put through an unprecedented 10,000 km endurance test to ensure that its quality was top-
class. This was destined to be the first crystallization of what has now become a long tradition
of Yamaha creativity and an inexhaustible spirit of challenge.
25
The first Yamaha motorcycle... the YA-1
Then, in January of 1955 the Hamakita Factory of Nippon Gakki was built and
production began on the YA-1. With confidence in the new direction that Genichi was taking,
Yamaha Motor Co. Ltd. was founded on July 1, 1955. Staffed by 274 enthusiastic employees,
the new motorcycle manufacturer built about 200 units per month.
That same year, Yamaha entered its new YA-1 in the two biggest race events in Japan.
They were the 3rd Mt. Fuji Ascent Race and the 1st Asama Highlands Race. In these debut races
Yamaha won the 125cc class and the following year the YA-1 won again in both the Light and
Ultra-light classes of the Asama Highlands Race.
By 1956, a second model was ready for production. This was the YC1, a 175cc single
cylinder two-stroke. In 1957 Yamaha began production of its first 250cc, two-stroke twin, the
YD1.
Based on Genichi's firm belief that a product isn't a product until it can hold its own
around the world, in 1958 Yamaha became the first Japanese maker to venture into the
international race arena. The result was an impressive 6th place in the Catalina Grand Prix race
in the USA. News of this achievement won immediate recognition for the high level of Yamaha
technology not only in Japan but among American race fans, as well. This was only the start,
however.
26
The first Yamaha to compete in America(1957)
Yamaha took quick action using the momentum gained in the USA and began marketing
their motorcycles through an independent distributor in California. In 1958, Cooper Motors
began selling the YD-1 250 and the MF-1 (50cc, two-stroke, single cylinder, step through street
bike). Then in 1960, Yamaha International Corporation began selling motorcycles in the USA
through dealers.
With the overseas experiences under his belt, in 1960, Genichi then turned his attention
to the Marine industry and the production of the first Yamaha boats and outboard motors. This
was the beginning of an aggressive expansion into new fields utilizing the new engines and FRP
(fiberglass reinforced plastic) technologies. The first watercraft model was the CAT-21,
followed by the RUN-13 and the P-7 123cc outboard motor.
In 1963, Yamaha demonstrated its focus on cutting-edge, technological innovations by

developing the Auto lube System. This landmark solution was a separate oil injection system
for two-stroke models, eliminating the inconvenience of pre-mixing fuel and oil.
Yamaha was building a strong reputation as a superior manufacturer which was reflected
in its first project carried out in the new Iwata, Japan Plant, built in 1966. (The YMC
headquarters was moved to Iwata in 1972.) Toyota and Yamaha teamed up to produce the highly
regarded Toyota 2000 GT sports car. This very limited-edition vehicle, still admired for its
performance and craftsmanship, created a sensation among enthusiast in Japan and abroad.
Genichi said, "I believe that the most important thing when building a product is to
always keep in mind the standpoint of the people who will use it." An example of the
27
commitment to "walking in the customers' shoes" was the move in 1966 by Yamaha to continue
its expansion. Overseas motorcycle manufacturing was established in Thailand and Mexico. In
1968, the globalization continued with Brazil and the Netherlands. With manufacturing bases,
distributors and R&D operations in a market, Yamaha could be involved in grassroots efforts to
build products that truly met the needs of each market by respecting and valuing the distinct
national sensibilities and customs of each country. Yamaha continues that tradition, today.
By the late 1960s, Yamaha had quality products that had proven themselves in the global
marketplace based on superior performance and innovation. Distribution and product diversity
were on the right track. But Genichi knew that beyond quality, success would demand more. He
had this view on the power of original ideas. "In the future, a company's future will hinge on
ideas over and above quality. Products that have no character, nothing unique about them, will
not sell no matter how well made or affordable and that would spell doom for any company."
He also knew that forward vision, walking hand in hand with original ideas, would create
an opportunity for the company and its customers that could mean years of happiness and
memorable experiences. Genichi said, "In the business world today, so many people are
obsessed with figures. They become fixated on the numbers of the minute and without them are
too afraid to do any real work. But in fact, every situation is in flux from moment to moment,
developing with a natural flow. Unless one reads that flow, it is impossible to start out in a new
field of business. "A real-world illustration of this belief is the Yamaha DT-1. The world's first
true off-road motorcycle debuted in 1968 to create an entirely new genre we know today as trail
bikes. The DT-1 made a huge impact on motorcycling in the USA because it was truly dirt
worthy. Yamaha definitely "read the flow" when it produced the 250cc, single cylinder, 2-
stroke, endure that put Yamaha on/Off-Road motorcycles on the map in the USA. The DT-1
exemplified the power of original ideas, forward vision, and quick action coupled with keeping
in mind the customers' desires.
In years to come Yamaha continued to grow (and continues to this day). Diversity
increased with the addition of products including snowmobiles, race kart engines, generators,
scooters, ATV's, personal watercraft and more. Genichi Kawakami set the stage for Yamaha
Motor Company's success with his vision and philosophies. Total honesty towards the customer
and making products that hold their own enables the company that serves people in thirty-three
28
countries, to provide an improved lifestyle through exceptional quality, high performance

products.
Below are the top competitors:
• Bajaj Auto Limited.

• Hero Motor Corp (Hero Honda)
• TVS.
• Suzuki.
• Royal Enfield.
• Ducati Superbike. This article has been researched & authored by the Content & Research
Team.
29
ORGANISATION CHART
BOARD OF DIRECTORS
MANAGING DIRECTOR
GM.FINANCE GM PRODUCTION MARKETING
MARKETING
ACCUONTS TAXATION CASH&BANK
MANAGER MANAGER MANAGER
FIELD STAFF
QUALITY GENERAL
MANAGER MANAGER GENERAL
MANAGER
H.R PRODUCTION
MANAGER MANAGER
SUPERVISOR
OPERATOR
MACHINE OPERATOR
30
CHAPTER – 4
THEORITICAL FRAME WORK
31
4.1 THEORITICAL FRAME WORK
MEANING OF FINANCIAL PERORMANCE :

Finance is one of the foundations of all kinds of Economic activities. Finance is the life-
blood of a business. The financial management study-blood of a business. The financial
management study deals with the process of procuring necessary financial resource and their
judicious use with a view to maximizing the value of the firm and them by the value of the
owners i.e., equity shareholders in a company. Practicing managers are interest in this subject
because among the most crucial decisions of the firm are those which relate to finance, and
an understanding of the theory of financial management provides them with conceptual and
analytical insights to make those decisions skillfully.
NEED & IMPORTANCE OF FINANCIAL PERFORMANCE:
The analysis and interpretation of financial statements is used to determine the
financial position and results of operation as well. A number of methods or devices are used
to study the relationship between different statements. An effort is made to use those devices,
which clearly analyze the position of the enterprise
The following methods of analysis are generally used.
➢ Comparative Statements
➢ Trend Analysis
➢ Common – Size Statements
➢ Funds Flow Analysis
➢ Cash Flow Analysis
➢ Ratio Analysis
➢ Cost – Volume – Profit Analysis
32
CHAPTER – 5
5.1 NEED FOR THE STUDY
5.2 SCOPE OF THE STUDY
5.3 OBJECTIVES OF THE STUDY
5.4 METHODOLOGY OF THE STUDY
5.5 LIMITATIONS OF THE STUDY
33
5. RESEARCH METHODOLOGY:
5.1 NEED FOR THE STUDY

➢ To know about the importance of Ratio Analysis for the Organization.
➢ To know how the Organization use Ratio Analysis for financial Operations.
➢ To know about the Structure of the Organization and its operations.
➢ To acquire knowledge about ratio analysis and its types.
➢ To know about a firm identical plan inventories are required to provide the link between
production and sales similarly accounts receivables generate when goods are sold on
credit
34
5.2 OBJECTIVES OF THE STUDY:
➢ To evaluate the profitability of Yamaha Motors Ltd.

➢ To evaluate the liquidity position of the YAMAHA MOTORS LTD. from 2015-2016.
➢ To study the operating efficiency position of the YAMAHA MOTORS LTD from 2019-
2020.
➢ To suggest suitable measures wherever necessary to improve the financial performance of
YAMAHA MOTORS LTD.
35
5.3 SCOPE OF THE STUDY:
➢ First the study management or ratio analysis is confined only to the YAMAHA
MOTORS LTD.
➢ Secondly, the binary concepts of ratio analysis.
➢ The study based on annual reports up the period of 2015-2016.
➢ Form Study of this one would be a position to glance the performance of Assets and
Liabilities of the Company.
➢ This Project greatly deals with the Financial Requirements of YAMAHA MOTORS
LTD and Emphasizes on the total turnover of the company.
➢ This also deals with key Ratio to obtain a clear picture of different Resources available
and disposal of the Organization, which will enable one to give appropriation suggestion
to the company to improve its performance, if any.
36
5.4 RESEARCH METHODOLOGY:
In research methodology, we not only talk of the research methods, but also consider the
logic behind the methods we use in the content of our research study and explain why we are
using a particulars method at technique hence in this study various steps that are generally
adopted in studying research along with the logic behind them.
It is a board outline of the method and procedure adopted for the purpose of the study.
The data collection related to the study was secondary data only.
SECONDARY DATA:
Secondary data is based on past 5 years annual reports and other Additional information
has also to be collected from magazines, prospectus, journals etc. This project is mainly based
on the secondary data.
37
5.5LIMITATIONS OF THE STUDY
➢ The study was confined to five financial years only.

➢ The duration for the study was only for two months where time is limiting factor.
➢ The information available in balance sheet has taken from the published annual reports.
➢ Collection of data is limiting factor because of the confidentially.
➢ More dependency on secondary.
38
CHAPTER-6
DATA ANALYSIS
&
INTERPRETATIONS
39
Table No. 6.1

Comparative Balance Sheet of Yamaha motor company limited in the Year between
2015 to 2016
Particulars 2015 2016 Change in absolute Change in
Amount($) Amount($) value Percentage
(A) Current assets
Cash and deposits 107617 135525 -27908 -25.93
Notes and accounts receivable – trade 153892 145698 8194 5.32
Short-term sales finance receivables
166265 157581 8684 5.22
Note 1)
Merchandise and finished goods 202066 188032 14034 6.95
Work in process 54075 52694 1381 2.55
Raw materials and supplies 54627 53563 1064 1.95
Other 61950 61847 103 0.17
Total current assets (A) 800494 794943 5551 0.69
(B) Non-current assets
Property, plant and equipment 341075 350668 -9593 -2.81
Intangible assets 7518 8658 -1140 -15.16
Investments and other assets Note 1) 156148 164506 -8358 -5.35
Total non-current assets (B) 504741 523833 -19092 -3.78
TOTAL (A+B) 1305236 1318776 -13540 -1.04
(A) Current liabilities

Notes and accounts payable – trade 145087 143789 1298 0.89
Short-term loans payable 220692 128517 92175 41.77
Current portion of bonds payable - -
Current portion of long-term loans
39160 53904 -14744 -37.65
payable
Other 135679 148410 -12731 -9.38
Total current liabilities (A) 540620 474621 65999 12.21
(B) Non-current liabilities
Bonds payable - -
Long-term loans payable 150295 181960 -31665 -21.07
Other 82620 86789 -4169 -5.05
Total non-current liabilities (B) 232915 268750 -35835 -15.39
773535 743371 30164 3.90
(C) Shareholders' equity

Capital stock 85782 85797 -15 -0.02
Capital surplus 74698 74712 -14 -0.02
Other 389850 433647 -43797 -11.23
Total shareholders' equity (C) 550331 594157 -43826 -7.96
Accumulated other comprehensive
-59552 -59990 438 -0.74
income
Share acquisition rights 11 - 0.00
Non-controlling interests 40910 41238 -328 -0.80
531700 575404 -43704 -8.22
TOTAL ( A+B+C) 1305236 1318776 -13540 -1.04
Source: Various Annual Reports of Yamaha Motors Company Ltd.
40
INTERPRETATION
From the above table the comparative balance sheet of the company reveals that:
• Loans have been decreased by -21.07%.
• Current Assets have been increased by 0.69%.
• Investments have been decreased to -5.35/%
• Current Liability have been increased to 12.21%
• Non-Current Liability have been decreased to -15.39%.
• Cash and deposits have been decreased to -25.93%.
The overall financial position of Yamaha Motor Company Ltd.was not satisfactory.
41
Table No. 6.2
Comparative Balance Sheet of Yamaha motor company limited in the Year between
2016-2017
2016 2017 Change in Change in
Particulars
Amount ($) Amount($) absolute value Percentage
(A) Current assets
Cash and deposits 135525 1,56,634 -21,109 -15.576
Notes and accounts receivable –
145698 1,65,220 -19,522 -13.399
trade
Short-term sales finance
157581 1,61,453 -3,872 -2.457
receivables Note 1)
Merchandise and finished goods 188032 1,98,991 -10,959 -5.828
Work in process 52694 52,835 -141 -0.268
Raw materials and supplies 53563 55,802 -2,239 -4.180
Other 61847 64,079 -2,232 -3.609
Total current assets (A) 794943 8,55,018 -60,075 -7.557
Property, plant and equipment 350668 3,47,997 2,671 0.762
Intangible assets 8658 11,173 -2,515 -29.048
Investments and other assets
164506 2,01,655 -37,149 -22.582
Note 1)
Total non-current assets (B) 523833 5,60,827 -36,994 -7.062
TOTAL (A+B) 1318776 14,15,845 -97,069 -7.361

Notes and accounts payable –
143789 1,54,689 -10,900 -7.581
trade
Short-term loans payable 128517 1,33,725 -5,208 -4.052
Current portion of long-term
53904 57,196 -3,292 -6.107
loans payable
Other 148410 1,56,542 -8,132 -5.479
Total current liabilities (A) 474621 5,02,153 -27,532 -5.801
Bonds payable - -
Long-term loans payable 181960 1,62,569 19,391 10.657
Other 86789 85,889 900 1.037
Total non-current liabilities (B) 268750 2,48,458 20,292 7.551
743371 7,50,612 -7,241 -0.974

Capital stock 85797 85,797
Capital surplus 74712 74,662 50 0.067
Other 433647 5,12,460 -78,813 -18.174
Total shareholders' equity (C) 594157 6,72,920 -78,763 -13.256
Accumulated other
-59990 -50,118 -9,872 16.456
comprehensive income
Share acquisition rights - -
Non-controlling interests 41238 42,430 -1,192 -2.891
575404 6,65,232 -89,828 -15.611
TOTAL (A+B+C) 1318776 14,15,845 -97,069 -7.361
42
INTERPRETATION
From the above table the comparative balance sheet of the company reveals that during 2016-
17
• Loans have been increased by 10.657%.
• Current Assets have been decreased by 7.57%.
• Investments have been decreased to -22.58%
• Current Liability have been decreased to -5.8%
The overall financial position was not unsatisfactory
43
Table No. 6.3

Comparative Balance Sheet of Yamaha motor company limited in the Year between 2017-
2018
Particulars 2017 2018

Change in absolute Change in
Amount( Amount
value Percentage
$) ($)
(A) Current assets
Cash and deposits 1,56,634 1,38,264 18,370 11.73
1,65,220 1,64,375 845 0.51
trade
1,61,453 1,65,168 -3,715 -2.30
Note 1)
Merchandise and finished goods 1,98,991 2,08,443 -9,452 -4.75
Work in process 52,835 58,676 -5,841 -11.06
Raw materials and supplies 55,802 62,047 -6,245 -11.19
Other 64,079 52,786 11,293 17.62
Total current assets (A) 8,55,018 8,49,763 5,255 0.61
Property, plant and equipment 3,47,997 3,35,763 12,234 3.52
Intangible assets 11,173 8,518 2,655 23.76
Investments and other assets Note 1) 2,01,655 2,26,809 -25,154 -12.47
Total non-current assets (B) 5,60,827 5,71,091 -10,264 -1.83
14,15,84
TOTAL (A+B) 14,20,854 -5,009 -0.35
5

Notes and accounts payable – trade 1,54,689 1,18,303 36,386 23.52
Short-term loans payable 1,33,725 1,62,950 -29,225 -21.85
57,196 1,24,299 -67,103 -117.32
payable
Other 1,56,542 1,75,024 -18,482 -11.81
Total current liabilities (A) 5,02,153 5,80,580 -78,427 -15.62
Bonds payable - -
Long-term loans payable 1,62,569 69,439 93,130 57.29
Other 85,889 75,088 10,801 12.58
Total non-current liabilities (B) 2,48,458 1,44,530 1,03,928 41.83
7,50,612 7,25,111 25,501 3.40

Capital stock 85,797 85,797
Capital surplus 74,662 74,663 -1 0.00
Other 5,12,460 5,71,980 -59,520 -11.61
Total shareholders' equity (C) 6,72,920 7,32,440 -59,520 -8.85
-50,118 -74,965 24,847 -49.58
income
Non-controlling interests 42,430 38,268 4,162 9.81
6,65,232 6,95,743 -30,511 -4.59
14,15,84
TOTAL ( A+B+C) 14,20,854 -5,009 -0.35
5
44
INTERPRETATION
From the above table the comparative balance sheet of company reveals that during 2017-18
• Loans have been increased by 57.29%.
• Current Assets have been increased by 0.61%.
• Current Liability have been decreased to -15.62%
• Non-Current Liability have been increased to 41.83%.
• Cash and deposits have been increased to 11.73%.
The overall financial position was not satisfactory
45
Table No: 6.4

Comparative Balance Sheet of Yamaha motor company limited in the Year between 2018-2019

Amount Amount
value Percentage
($) ($)
(A) Current assets
Cash and deposits 1,38,264 1,24,580 13,684 9.897008621
1,64,375 1,64,937 -562 -0.341901141
trade
1,65,168 1,79,397 -14,229 -8.614864865
Note 1)
Merchandise and finished goods 2,08,443 2,24,014 -15,571 -7.470147714
Work in process 58,676 64,315 -5,639 -9.61040289
Raw materials and supplies 62,047 68,420 -6,373 -10.27124599
Other 52,786 49,099 3,687 6.984806578
Total current assets (A) 8,49,763 8,74,764 -25,001 -2.942114448
Property, plant and equipment 3,35,763 3,56,289 -20,526 -6.113240589
Intangible assets 8,518 8,640 -122 -1.432261094
Investments and other assets Note
2,26,809 2,93,115 -66,306 -29.23428964
1)
TOTAL (A+B) 14,20,854 15,32,810 -1,11,956 -7.879486562

Notes and accounts payable – trade 1,18,303 1,12,982 5,321 4.497772668
Short-term loans payable 1,62,950 1,51,917 11,033 6.770788585
1,24,299 34,056 90,243 72.60154949
payable
Other 1,75,024 1,97,369 -22,345 -12.76682055
Total current liabilities (A) 5,80,580 4,96,328 84,252 14.5116952
Bonds payable - 5,437
Long-term loans payable 69,439 1,73,541 -1,04,102 -149.9186336
Other 75,088 1,05,671 -30,583 -40.729544
Total non-current liabilities (B) 1,44,530 2,84,653 -1,40,123 -96.95080606
7,25,111 7,80,981 -55,870 -7.70502723

Capital stock 85,797 85,905 -108 -0.125878527
Capital surplus 74,663 74,770 -107 -0.143310609
Other 5,71,980 6,06,267 -34,287 -5.994440365
Accumulated other
-74,965 -61,709 -13,256 17.6829187
comprehensive income
Non-controlling interests 38,268 46,594 -8,326 -21.75708163
6,95,743 7,51,828 -56,085 -8.061166264
TOTAL ( A+B+C) 14,20,854 15,32,810 -1,11,956 -7.879486562
46
INTERPRETATION
From the above table the comparative balance sheet of the company reveals that during
2018-19
• Current Assets have been decreased by -2.94%.
• Cash and deposits have been decreased to 9.89%.
The overall financial position was not unsatisfactory.
47
Table No:6.5
Comparative Balance Sheet of Yamaha motor company limited in the Year between 2019-2020
2019 2020
Particulars Amount Amount
value Percentage
($) ($)
(A) Current assets

Cash and deposits 1,24,580 2,72,373 -1,47,793 -118.63
1,64,937 1,45,997 18,940 11.48
trade
1,79,397 1,49,746 29,651 16.53
Note 1)
Merchandise and finished goods 2,24,014 1,69,829 54,185 24.19
Work in process 64,315 74,936 -10,621 -16.51
Raw materials and supplies 68,420 67,558 862 1.26
Other 49,099 41,122 7,977 16.25
Total current assets (A) 8,74,764 9,21,563 -46,799 -5.35
Property, plant and equipment 3,56,289 3,38,788 17,501 4.91
Intangible assets 8,640 11,235 -2,595 -30.03
Investments and other assets Note
2,93,115 3,69,325 -76,210 -26.00
1)
TOTAL (A+B) 15,32,810 16,40,913 -1,08,103 -7.05

Notes and accounts payable – trade 1,12,982 1,21,218 -8,236 -7.29
Short-term loans payable 1,51,917 85,998 65,919 43.39
Current portion of bonds payable - 2,062
34,056 24,459 9,597 28.18
payable
Other 1,97,369 1,97,071 298 0.15
Total current liabilities (A) 4,96,328 4,30,812 65,516 13.20
Bonds payable 5,437 2,062 3,375 62.07
Long-term loans payable 1,73,541 3,52,354 -1,78,813 -103.04
Other 1,05,671 1,06,523 -852 -0.81
Total non-current liabilities (B) 2,84,653 4,60,942 -1,76,289 -61.93
7,80,981 8,91,754 -1,10,773 -14.18

Capital stock 85,905 85,973 -68 -0.08
Capital surplus 74,770 67,973 6,797 9.09
Other 6,06,267 6,43,616 -37,349 -6.16
-61,709 -82,919 21,210 -34.37
income
Non-controlling interests 46,594 34,514 12,080 25.93
7,51,828 7,49,158 2,670 0.36
TOTAL ( A+B+C) 15,32,810 16,40,913 -1,08,103 -7.05
48
INTERPRETATION
From the above table the comparative balance sheet of the company reveals that during 2019-
20
• Current Assets have been decreased by -5.35%.
The overall financial position was not unsatisfactory
49
RATIO ANALYSIS:
6.6 Current ratio

The current ratio establishes the relationship between current assets and
current liabilities. The objectives of computing this is to measure the ability of the firm to
meet its short-term financial strengths / solvency of the firm.
Current Assets Current Ratio=---

---------------------------
Current Liabilities
Table1
Current
Years Ratio
2016 1.67
2017 1.70
2018 1.46
2019 1.76
2020 2.14
Source:
Extracted from the Annual Reports of the Yamaha motor company Ltd.
Graph 1
50
Interpretation:-
Asper the standard rule of current ratio i.e., 2:1 where current assets double the
current liabilities is considered satisfactory.
In the present analysis the current ratio of the Yamaha motor company ltd is
increasing from the above table. It was assessed that the current ratio standard rule i.e., 2:1.
And it is 2.14 in the year 2019-20 (current year).This is satisfactory.
6.7 Quick Ratio:-
Quick ratio also known as acid-test ratio establishes a relationship between quick
assets and the current liabilities. Cash is the most liquid asset. It is calculated by dividing
quick assets by current liabilities
Quick ratio=Quick Assets/Current

Liabilities
(Quick Assets=Current assets–Inventory)
Table2
quick
years ratio
2016 0.11
2017 0.11
2018 0.11
2019 0.14
2020 0.16
Source:
Graph 2
51
Interpretation:-
As usually high Quick ratio is an indication that the company is liquid and has the
ability to meet its current or liquid liabilities in time on the other hand alow Quick Ratio
represents that the company’s liquidity position is not good. The above table shows the quick
ratios of Yamaha motor company ltd are can’t be considered satisfactory.
Leverage Ratios
6.8 Debt-Equity Ratio:-
Debt-Equity Ratio=Total Long-Term Debt / Equity Share Holders

Fund
Total Long-term Debt = Debenture Capital + Long term loans from banks and financial
institutions + Public deposits.
Equity Share Holders fund = Equity + Reserves and Surplus.

Table3
debt equity
Year ratio
2,016 0.79
2,017 1.48
2018 0.65
2,019 1.28
2,020 0.20
Source:
Extracted from the Annual Reports of the Yamaha motor company
Ltd
52
Graph3
1.60 debt equity ratio of yamaha motor company ltd

1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2,016 2,017 2018 2,019 2,020
debt equity ratio
Interpretation:-
The Debt-Equity Ratio accepted standard is 0.6. This ratio reflects the relative
contribution of creditors and owners of business in its financing. From the above it is clear that
the long-term debt is more than that of the share holders’ fund. So, we can interpret that the
firm’s assets are financed more by the external funds rather than by the internal funds
6.9 FixedAssetRatio:-
Net sales
Fixed Asset Ratio = ……………………………..
Net Fixed Assets
Table4
Year Fixed asset ratio
2,016 0.66
2017 1.52
2018 0.60
2019 0.57
2,020 0.56
Source:
53
Graph4
Fixed asset Ratio of Yamaha Motor company Limited

during 2016 - 20
2,021
2,020
2,019
2,018
2,017
2,016
2,015
2,014
0.66 1.52 0.60 0.57 0.56
Interpretation:
This ratio indicates the extent to which the assets of the companies can be lost without
affecting the interest of the creditors of the company. Higher the ratios better the long –term
position of the company. The above table shows fixed assetsratio increasingtrend.
54
6.10 Profitability Ratio
Net Profit Ratio:

Net Profit Ratio in dicates net margin on sales. It is given by the following equation.
Net Profit Ratio = ( Net Profit / Sales
)*100
Table5
Net profit
Year ratio
2016 4
2017 6
2018 6
2019 5
2020 6
Source:
Extracted from the Annual Reports of the Yamaha motor company Ltd
Graph5
55
Interpretation:
It establishes a relationship between net profits after tax and net sales, and
indicates the efficiency of the management in manufacturing, selling, administrative and
other activities of the company .The higher the ratio the better is the profitability or
performance of the business. The abovetable depicts the net profit Ratio of Yamaha motor
company ltd has decreased every year from 2016-20. At the year 2016 to 2017 it was
increased till 2018 6%. At the year 2018 it was decreased to 5% and the year 2020 it was
increased. So, it was fluctuating.
6.11 Return on Investment:-
Net Profit
Return on Investment=………………………………. X 100
Share Holders Fund
Table6
Return on
Year investment
2016 10.6
2017 15.1
2018 12.7
2019 9.9
2020 6.7
Source:
Graph 6
56
Interpretation:-
The above table reveal well the resources of the firm are being used. Higher the
ratio, better the result. The above ratio implies show well the firm is growing in terms of
profitability and efficiency. From the above table we can concern that the return on
investment is in decreasing trend. ROI is little better in the year 2017 as 15%. But there
after it’s decreased every year.
6.12 ACTIVITY RATIO:-
Working capital turnover ratio:

Working capital turnover ratio indicated the velocity of the utilization of net working
capital .This ratio represents the number of times the working capital is turned over in the
course of the year and is calculated as:
Sales
Working capital turnover ratio = -------------------------------------------
Working capital (or) net current assets
Table7
Working Capital
Year turnover ratio
2016 1.89
2017 1.95
2018 1.97
2019 1.90
2020 1.60
Source:
57
Graph7
Interpretation:-
The working capital turnover ratio of Yamaha motor company during the year 2016 –
17 to 2019 – 20 the working ratio should be some want increased in the year 2016-17 after
2017 – 18 the working capital turnover ratio is decreased. And in 2018 -19 it was decreased
So, it was fluctuating.
6.13 Total Assets turnover ratio:-

Total asset turnover ratio measures the ability of a company to use its assets to
efficiently generate sales. This ratio considers all assets, current and fixed. Those assets include
fixed assets, like plant and equipment, as well as inventory, accounts receivable, as well as any
other current assets.
Sales
Total asset turnover ratio=----------------------
Total assets
58
Table8
Total Asset Turn Over
Year ratio
2016 1.14
2017 1.18
2018 1.18
2019 1.09
2020 0.90
Source:
Graph8
Interpretation
Total asset turnover ratio measures the ability of a company to use its assets to
efficiently generate sales. In total assets turnoverratio, it was standard from the year 2016 -17
to 2017-18 it was increased and next year it was decreased in 2018-20 to 0.90 hence it is
satisfactory.
59
FINDINGS
• The Share capital remains constant. Share capital is unchanged all the years from 2016-
2018.
• Reserves & surplus were recorded an increased to 0.02% 2015 and in 2016 in was
decreased to 0.06%. It is showing increasing trend in the period 2016 & 2017 i.e., 14.30
& 166.97% and after it was decreased to 8.43%
• Current Liabilities were decreased compared to base year i.e., 2017.
• Current ratio of the company for the years 2015 -16,2016-17, 2017-18, 2018-19 and
2019-20 are 1.67,1.70,1.46,1.76,2.14 respectively. Higher the ratio better is coverage.
Standard ratio is 2:1, which shows that the company’s current ratio is decreasing the
standard ratio.
• Quick ratio during the study period has been increasing that is for the 2015-16, 2016-
17, 2017-18, 2018-19 and 2019-20 are 0.11, 0.11, 0.11, 0.14, 0.16 respectively which
shows these ratios are below the standard ratio of 1:6.
• The debt-equity ratio was show under the standard ratio. It is clear that the long-term
debt is more than that of the share holder’s fund. It indicates that the firm heavily relying
on external funds rather than the internal funds.
• The operating and net profit of Yamaha motor company limited is indecreasing trend
due to heavy increase of manufacturing & administrative expenses.
60
SUGGESTIONS
• The company should control fluctuations in cash and bank balances as it impacts the
current ratio of the company.
• The provisions are showing increasing trend which indicates risk of debtors. The firm
should implement an effective credit management policy. It should utilize its idle funds
by decreasing provisions.
• The company should take necessary steps to increase the current assets by keeping more
cash and bank balance so that the company can able to solve the current liabilities in
time.
• The company’s debt-equity ratio is recorded more or less as 0.79in the year 2015 and
it is increased to 0.20 in the year 2020 (current year). The company should adopt a
better debt equity mix in the future to control the fluctuations in returns.
• The company must use total assets effectively to increase its profits.
• It is suggested that the company should maintain standard debt equity.
• As the company maintaining low cash resources it should try to maintain balance
between debtors and cash. That means it should reduce its debtors and increase cash
resources.
61
CONCLUSION
The comparative statement analysis system followed by Yamaha motors ltd works
shows a satisfactory position. Various crucial areas that need attention were identified and
practical suggestions were given to improve performance.
62
BIBILIOGRAPHY
1. Philipp Bagus and David Howden (2017), Balance Sheet Policies During the Financial
Crisis, International Journal of Commerce and Management Research, Volume 4, Issue
2, Page No. 49-55, ISSN: 2455-1627.
2. Rohit Bansal (2014), Evidence from Selected Indian Retail Companies, International
Journal of Commerce and Management Research, Volume 20, Issue 3, Page No. 25-
37, ISSN: 2241-0998.
3. Dr. Donthi Ravinder, Muskula Anitha (2013), Financial Analysis- A Study on
comparative statement analysis, International Journal of Commerce and Management
Research, Volume 6, Issue 5, Page No. 10-22, ISSN: 2321-5925.
4. Anand Pawar and M. Pandya Nayak (2013), financial performance analysis: A case
study of BSNL, International Journal of Advanced Research, Volume 5, Issue 9, and
Page No. 7-17, ISSN: 2320-5455.
Website:
www.google.com.in
www.yamahamotors.co.in
www.wikipedia.com
www.academia.com
63
ANNEXURE
64
Yamaha Motors Company Balance Sheet As On 2015-2016

PARTICULARS 2015 2016
ASSET
Current assets
Cash and deposits 1,07,617 1,35,525
Notes and accounts receivable - trade 1,53,892 1,45,698
Short-term sales finance receivables 1,66,265 1,57,581
Merchandise and finished goods 2,02,066 1,88,032
Work in process 54,075 52,694
Raw materials and supplies 54,627 53,563
Other 61,950 61,847
Total current assets 8,00,494 7,94,943
Non-current assets
Property, plant and equipment 3,41,075 3,50,668
Intangible assets 7,518 8,658
Investments and other assets 1,56,148 1,64,506
Total non-current assets 5,04,741 5,23,833
13,05,236 13,18,776
Current liabilities
Notes and accounts payable - trade 1,45,087 1,43,789
Short-term loans payable 2,20,692 1,28,517
Current portion of long-term loans payable 39,160 53,904
Other 1,35,679 1,48,410
Total current liabilities 5,40,620 4,74,621
Non-current liabilities
Bonds payable - -
Long-term loans payable 1,50,295 1,81,960
Other 82,620 86,789
Total non-current liabilities 2,32,915 2,68,750
7,73,535 7,43,371
Shareholders' equity
Capital surplus 74,698 74,712
65
Other 3,89,850 4,33,647

Total shareholders' equity 5,50,331 5,94,157
Accumulated other comprehensive income -59,552 -59,990
Share acquisition rights 11 -
Non-controlling interests 40,910 41,238
Total net asset 5,31,700 5,75,404
Total laibilities 13,05,236 13,18,776
66

ASSETS
Current assets
Other 61,847 64,079
Non-current assets
13,18,776 14,15,845
Current liabilities
Other 1,48,410 1,56,542
Bonds payable - -
Other 86,789 85,889
7,43,371 7,50,612
67

Other 4,33,647 5,12,460
Total net asset 5,75,404 6,65,232
68

ASSETS
Current assets
Other 64,079 52,786
Non-current assets
14,15,845 14,20,854
Current liabilities
Current portion of long-term loans payable 57,196 1,24,299
Other 1,56,542 1,75,024
Bonds payable - -
Long-term loans payable 1,62,569 69,439
Other 85,889 75,088
7,50,612 7,25,111
69

Other 5,12,460 5,71,980
Total net asset 6,65,232 6,95,743
70

ASSETS
Current assets
Other 52,786 49,099
Non-current assets
14,20,854 15,32,810
Current liabilities
Current portion of long-term loans payable 1,24,299 34,056
Other 1,75,024 1,97,369
Bonds payable - 5,437
Long-term loans payable 69,439 1,73,541
Other 75,088 1,05,671
7,25,111 7,80,981
71

Other 5,71,980 6,06,267
Total net asset 6,95,743 7,51,828
Total liabilities 14,20,854 15,32,810
72

ASSETS
Current assets
Other 49,099 41,122
Non-current assets
15,32,810 16,40,913
Current liabilities
Short-term loans payable 1,51,917 85,998
Current portion of bonds payable - 2,062
Other 1,97,369 1,97,071
Bonds payable 5,437 2,062
Other 1,05,671 1,06,523
7,80,981 8,91,754
73
Other 6,06,267 6,43,616
Total net asset 7,51,828 7,49,158
74
INCOME STATEMENT OF YAMAHA MOTORS COMPANY LTD DURING THE YEAR OF 2015 -16

Net sales 16,31,158 15,02,834
Cost of sales 11,94,633 11,00,173
Gross profit 4,36,525 4,02,660
SG&A expenses 3,06,196 2,94,065
Operating income (loss) 1,30,329 1,08,594
Non-operating income 13,534 10,917
Non-operating expenses 18,632 17,439
Ordinary income (loss) 1,25,231 1,02,073
Extraordinary income 516 328
Extraordinary losses 3,148 2,671
Income (Loss) before income taxes 1,22,599 99,730
Income taxes - current 71,202 28,823
Income taxes - deferred (17,033) (3,312)
Net income attributable to non-controlling interests 8,406 11,066
Net income attributable to owners of parent 60,023 63,153
75
INCOME STATEMENT OF YAMAHA MOTORS COMPANY LTD DURING THE YAER OF 2016 -17
Net sales 15,02,834 16,70,090
Cost of sales 11,00,173 12,11,460
Gross profit 4,02,660 4,58,629
SG&A expenses 2,94,065 3,08,847
Extraordinary income 328 1,490
Income (Loss) before income taxes 99,730 1,52,313
Income taxes - deferred (3,312) 2,533
Net income attributable to owners of parent 63,153 1,01,603
76
INCOME STATEMENT OF YAMAHA MOTORS COMPANY LTD DURING THE YEAR 2017 - 18

Net sales 16,70,090 16,73,137
Cost of sales 12,11,460 12,17,963
Gross profit 4,58,629 4,55,173
SG&A expenses 3,08,847 3,14,386
Extraordinary income 1,490 644
Income (Loss) before income taxes 1,52,313 1,36,883
Income taxes - deferred 2,533 (4,641)
Net income attributable to owners of parent 1,01,603 93,366
77
INCOME STATEMENT OF YAMAHA MOTORS COMPANY LTD DURING THE YEAR 2018 -19

Net sales 16,73,137 16,64,764
Cost of sales 12,17,963 12,22,433
Gross profit 4,55,173 4,42,331
SG&A expenses 3,14,386 3,26,967
Extraordinary income 644 3,023
Income (Loss) before income taxes 1,36,883 1,20,626
Income taxes - deferred (4,641) 2,086
78
INCOME STATEMENT OF YAMAHA MOTORS COMPANY LTD DURING THE YEAR 2019 - 2020

Net sales 16,64,764 14,71,298
Cost of sales 12,22,433 10,99,486
Gross profit 4,42,331 3,71,812
SG&A expenses 3,26,967 2,90,139
Operating income (loss) 1,15,364 81,672
Ordinary income (loss) 1,19,479 87,668
Extraordinary income 3,023 4,577
Income (Loss) before income taxes 1,20,626 84,990
Income taxes - deferred 2,086 1,460
79

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FINANCIAL PERFORMANCE

Finance is the lifeblood of the organization, irrespective of its size mission.

2.1 INDUSTRY PROFILE

Experimentation and invention

Replica of the Daimler-Maybach Reitwagen

The first internal combustion, petroleum fuelled motorcycle was

Butler's Patent Velocycle

Many authorities have excluded steam powered, electric motorcycles or diesel-powered

Summary of early invention

1867– Roper Sylvester

First motorcycle companies

Diagram of 1894 Hildebrand &wolf muller

First World War

Amongst many British motorcycle manufacturers, Chater-Lea with its twin-cylinder

A Suzuki GS500 with a clearly visible frame, painted silver

Motorcycle construction is the engineering, manufacturing, and assembly of

A 2013 survey of 4,424 readers of the US Consumer Reports magazine collected

Racing motorcycles leaning in a turn

Various features and accessories may be attached to a motorcycle either

The United Kingdom has several organisations dedicated to improving motorcycle

Motorcycle safety education is offered throughout the United States by organisations

An MSF rider course for novices

In Ireland, since 2010, in the UK and some Australian jurisdictions, such

Motorcycle rider postures

BMW C1, with a more upright seating position

Bombardier Can-Am Spyder, showing location of rider on the trike

The motorcyclist's riding position depends on rider body-geometry (anthropometry) combined

Legal definitions and restriction

Main article: Legal definition of motorcycle

In Nigeria, motorcycles, popularly referred to as Okada have been subject of many

However, a motorcycle's exhaust emissions may contain 10–20 times

+3.1 COMPANY PROFILE

IYM's manufacturing facilities comprise of 3 State-of-the-art Plants at Surajpur (Uttar

The other Yamaha Motor Group Companies in India include:

We are committed to:

Paving the Road to Yamaha Motor Corporation

"If you're going to do something, be the best."

The first Yamaha motorcycle... the YA-1

The first Yamaha to compete in America(1957)

In 1963, Yamaha demonstrated its focus on cutting-edge, technological innovations by

countries, to provide an improved lifestyle through exceptional quality, high performance

• Bajaj Auto Limited.

GM.FINANCE GM PRODUCTION MARKETING

4.1 THEORITICAL FRAME WORK

MEANING OF FINANCIAL PERORMANCE :

5.1 NEED FOR THE STUDY

➢ To know about the Structure of the Organization and its operations.

➢ To acquire knowledge about ratio analysis and its types.

5.2 OBJECTIVES OF THE STUDY:

➢ To evaluate the profitability of Yamaha Motors Ltd.

5.3 SCOPE OF THE STUDY:

5.4 RESEARCH METHODOLOGY:

5.5LIMITATIONS OF THE STUDY

➢ The study was confined to five financial years only.

Table No. 6.1

(A) Current liabilities

(C) Shareholders' equity