Mukt Shabd Journal ISSN NO : 2347-3150

ANALYSIS OF FIXED ASSETS MANAGEMENT AT TOYOTA

MOTORS LTD
Gudikandula Praneeth Sayyad Saadiq Ali DR. K. VEERAIAH
Kumar Guide, Assistant Head of the Department
PG Scholar Professor (Masters of Business
Masters of Business Department of Administration), Marri
Administration (Finance), Management Studies, Laxman Reddy Institute
Marri Laxman Reddy Marri Laxman Reddy of Technology &
Institute of Technology & Institute of Technology & Management, Dundigal,
Management, Dundigal, Management, Dundigal, Hyderabad, Telangana
Hyderabad, Telangana. Hyderabad, Telangana.

Abstract
Fixed Assets are the belongings held with the aim of getting used on non-stop foundation for the purpose
of manufacturing or supplying items or services and are not held for resale inside the regular route of
enterprise. Valuation of fixed property is essential to have truthful measure of income or loss and financial
position of the priority. constant property are meant to be used for decades. The cost of these belongings
decreases with their use or with time or many other motives. A portion of fixed property are reduced via usage
are converted into cash via charging depreciation. for correct dimension of profits, proper measurement of
depreciation is important, as depreciation constitutes a part of overall cost of manufacturing. The research
provides the importance and analysis of Fixed Assets Management at TOYOTA MOTORS LTD.
Keywords:Fixed Assets, financial position, depriciation, Management

INTRODUCTION
Economic transactions are recorded in the books, preserving in view the going problem
aspect of the enterprise unit. In going concern thing it is assumed that the enterprise unit has
affordable expectation of continuing the enterprise for a earnings for an indefinite period of
time. This assumption presents an awful lot of the justification for recording fixed assets at
unique cost and depreciating them in a systematic way without reference to their cutting-edge
realizable value. It is useless to file the constant assets in the balance sheet at their predicted
realizable values if there is no instantaneous expectation of promoting them. So, they're
shown at their e book value (i.e., value –Depreciation) and not at modern-day realizable
price. The marketplace cost of the constant belongings might also exchange with the passage
of time, however for accounting motive it continues to be shown within the books in
historical cost. The cost concept of accounting states that depreciation calculated on the idea
of historic price of old assets is usually decrease than the amount calculated at modern fee/
replacement value. these effects in extra income, which if allotted in complete will cause
reduction in capital.

ACCOUNTING STANDARD FOR FIXED ASSETS (AS-10):

AS-10 on Accounting for Fixed Assets has been made mandatory with effect
from 01.04.1991. According to the AS-10, “Fixed Asset is an asset held with the intention of
being used on continuous basis for the purpose of producing or providing goods or services
and is not held for resale in the normal course of action”. Gross book value of fixed asset is
its historical cost or other amount substituted for historical costs in the books of accounts or
financial statements. When the amount of depreciation is deducted from gross book value
then it is Net Book Value. Cost of Fixed Assets should consist of purchase price including
import duties etc., and attributable cost of bringing the asset to its working condition for its
intended use. Financing costs relating to borrowed funds attributable to construction or
acquisition of fixed assets for the period up to the acquisition or completion. Expenditure
incurred in start-up and commissioning of the project including test runs. Revaluation of
assets: Fixed assets may be restated in the value with the help of appraisal under taken by the
competent value’s .Such valuation of assets is called revaluation.

FIXED ASSETS MANAGEMENT CYCLE

The fixed assets management cycle is the cycle of activities from the acquisition of the asset
to the final disposition of the assets at the end of their useful life. The cycle has 7 steps:

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Acquisition: The cycle begins with the acquisition, purchase, gift or otherwise, of an asset
and the determination that the asset is to be capitalized. To be capitalized the asset has to meet
the agency’s capitalization limit and have a useful life of one year or more.
Receiving: The asset is formally received and accepted by the agency. Receipt may be
verified by entry into an automated purchasing system or by hard copy document. In the case
of donated fixed assets, receipt can be verified by a letter to the donor.
Payment: Payment is made for the asset according to the terms of the purchase order or
recognition of acceptance of a gift to the donor. The payment includes the acquisition cost,
freight and all other costs to put the asset. Acquisition cost of donated fixed assets is
determined by its fair market value.
Identification: The asset is identified as an asset, tagged or otherwise identified and
entered into the fixed assets management inventory system. Assets are identified with a
permanently attached identification tag, etching or by painting on the identification number.
Inventory: The longest step in the cycle. The asset is used over its useful life. Assets are
inventoried and accounted for during this step until they are no longer needed. The agency’s
policies and procedures determine the inventory interval.
Excess: the asset is declared as excess to the user’s needs. The asset may be transferred to
another user where it will continue to be used, accounted for and inventoried. Assets may be
declared as excess more than once until the asset is no longer needed.
Surplus: The last step in the fixed assets management cycle. The asset is declared to be
surplus property and to have no further value to the agency. The asset is disposed of by sale
or discarding depending on the residual value. Sale can be by auction, sealed bid, spot sale,
or through a sales store.
NEED OF THE STUDY:
As constant assets play an important function in enterprise’s targets. these
constant are not convertible or now not liquid able over a time period. The proprietor’s
finances and long term liabilities are invested in fixed assets. due to the fact, fixed assets play
dominant role within the business and the firm has usage of constant assets. So, ratio
contributes in studying and evaluating the performance of the commercial enterprise. If
corporations constant property are idle and now not applied nicely it affects the lengthy-term
sustainability of the company, which may also affect liquidity and solvency and profitability
positions of the company. The idle of constant property results in a outstanding loss in
monetary value and intangible fee accomplice of it. So, this could cause assessment of
constant property overall performance. evaluating with similar business enterprise and
assessment with industry standards. constant belongings are the assets which can't be
liquidated into coins inside one year. The big amounts of budget of the enterprise are invested
in these property. every yr company invests an extra fund in these property at once or
indirectly. The survival and different targets of the company rely upon running overall
performance of control i.e. powerful usage of these belongings. Company has evaluated the
overall performance, of fixed assets with percentage of capital employed on net assets
turnover and different parameters which might be beneficial for evaluating the performance
of fixed property.
SCOPE OF THE STUDY:
The project is covered on fixed assets of TOYOTA MOTORS LTD. Drawn from annual
reports of the company. The subject matter is limited to fixed assets, its analysis and its
performance but not to any other areas of accounting corporate, marketing and financial
matters.
OBJECTIVES OF THE STUDY:
1. To know the amount of capital expenditure made by the company in different fixed assets
and their percentage of overall capital expenditure in TOYOTA MOTORS LTD during
study period 2015-20
2. To evaluate fixed assets performance of TOYOTA MOTORS LTD.
3. To evaluate the fixed assets turnover of TOYOTA MOTORS LTD.
4. To evaluate depreciation and method of depreciation adopted by TOYOTA MOTORS
LTD.
RESEARCH METHODOLOGY:
The data used for the analysis and interpretation is from annual reports of the company i.e.,
secondary forms of data. Ratio analysis is used for calculation purpose. The project is

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presented using tables, graphs and with their interpretations. No survey is undertaken or
observation study is conducted by evaluating fixed assets performance of the company.
SOURCES OF DATA:
The data needed for this project is collected from the following sources:
1. The data is adopted purely from secondary sources.
2. The theoretical contents are gathered purely from eminent text books and references.
3. The financial data and information is gathered from annual reports of the company.
Data is data that has been collected for another purpose. When we use Statistical Method with
Primary Data from another purpose for our purpose we refer to it as Secondary Data. It
means that one purpose's Primary Data is another purpose's Secondary Data. Secondary data
is data that is being reused. Usually in a different context.
Research where one gathers this kind of data is referred to as desk research.
For example: data from a book
PERIOD OF STUDY:
Made a study for the period of 5 years .2015-16 to 2019-19
LIMITATIONS
1. The study is limited into the date and information provided by the TOYOTA MOTORS
LTD and its annual reports.
2. The report may not provide exact fixed assets status and position of TOYOTA MOTORS
LTD; it may be varying from time to time and situation to situation.
3. This report is not helpful in investing in TOYOTA MOTORS LTD
4. Either through disinvestments or capital market.
5. The accounting procedure and other accounting principles are limited by the changes made
by the company, may vary fixed assets performance.

DATA ANALYSIS
COMPONENTIAL ANALYSIS:
The componential analysis of the fixed assets of TOYOTA MOTORS LTD
includes net blocks, capital (work in progress) and construction stores and advances. The data
relating to different components of fixed assets of the TOYOTA MOTORS LTDfor 5 years
commencing from 2018-19 to 2018-19 are set out in the following table analysis:
TABLE -4.1 :COMPONENTIAL ANALYSIS
YEAR NETBLOCK CAPITAL TOTAL
(FIXEDASSETS) (W\P)
2014-15 4635.69 154.49 37.23745
2015-16 4941.68 154.49 39.6954
2016-17 14500.25 274.04 41.60068
2017-18 14734.82 274.07 42.45245
2018-19 16152.36 274.19 47.86038
FIGURE 4.1 COMPONENTIAL ANALYSIS

100%

80%
TOTAL
60%
CAPITAL
40% NETBLOCK

20%

0%

INTERPRETATION:

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By observing the above table it reveals that the investment in the net block is in increasing
trend .It was 37.23 over the total fixed assets during the year 2014 and it has increased to
47.86 during the year 2018-19.
TREND ANALYSIS:
In monetary analysis the path of exchange over a duration of years is of preliminary
importance. Time series and fashion analysis of ratio indicates the course of adjustments.
This form of evaluation is specially applicable to the profit and loss account. it's far advisable
that traits of sales and internet income can be studied inside the light of factors. the overall
rate degree that is probably found in exercise is that a number of companies could be proven
at continual boom over duration of years but to get a real trend of growth, the sales determine
have to be adjusted by a appropriate index of popular fees.
In different phrases, income figures should be deflated for elevating charge level. any
other method of securing trend of boom and the one which can be used in place of adjusted
sales determine or as to check on them is to tabulate and lot the output of physical volume of
the income expressed in suitable gadgets of measure. the general rate stage isn't always taken
into consideration while reading fashion in boom as it could lie to control. they will come to
be unduly constructive in length of prosperity and pessimistic in twin intervals.
For trend evaluation using index numbers is typically endorsed, the technique
observed is to assign the numbers to objects of base years and at calculated percentage
alternate in each item of other years in terms of base year. This manner may be known as as
“fixed percentage approach”. This margin determines the route of upward or downward and
involves the implementation of the percentage relationship of each announcement object
method at the identical within the base year. generally the first 12 months is taken as the base
year. The figures of the bottom yr are taken as a hundred and trend ratio for the opposite
years is calculated on the premise of first yr. right here an try is made to know the growth fee
in overall investment and fixed belongings of the TOYOTA cars LTD for 5 years that is
2018-19 to 2018-19.
TABLE NO. 4.2: GROWTH IN TOTAL INVESTMENT:
YEAR INVESTMENT TREND PERCENTAGE
2014-15 1034.80 100
2015-16 1969.55 191.340356
2016-17 3730.32 360.487051
2017-18 3788.77 366.165485
2018-19 5108.72 493.691835
FIGURE NO 4.2: GROWTH IN TOTAL INVESTMENT

100%

98%

96%

94% TREND PERCENTAGE

INVESTMENT
92%

90%

88%

86%

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INTERPRATATION:
From the analysis of above table it can be observed that Total Investment of TOYOTA
MOTORS LTD had change and the growth rate is increased and in the year 2014 it is the
increasing stage and in the year 2016 it is increased due to increased in the current block. It is
constant from 2017-18 to 2018-19.
TABLE NO-4.3:GROWTH RATE IN FIXED ASSETS:
YEAR FIXEDASSETS TREND PERCENTAGE
2014-15 4365.38 100
2015-16 4719.99 108.054514
2016-17 10890.33 249.470378
2017-18 15196.16 278.695784
2018-19 17025.19 321.282225
FIGURE NO- 4.3 GROWTH RATE IN FIXED ASSETS

100%

99%
TREND PERCENTAGE
98% FIXEDASSETS

97%

96%
INTERPRETATION:
The above table shows that the investments in fixed assets are increasing. So
this is a good sign for the company. When compared to 2018-19 it is been continuously
increased in different ratio percent to 321.28%
RATIO ANALYSIS:
Ratio analysis is a powerful tool of financial analysis. A ratio is defined as the
indicated Quotient of two mathematical expressions and Ratios look at the relationship
between individual values and relate them to how a company has performed in the past, and
might perform in the future.
The absolute accounting figure reported in financial statement does not provide
a meaningful understanding of the performance and financial position of the firm. Ratios help
us to summarize large quantities of financial data and to make qualitative judgment about
firm’s financial performance
1.FIXED ASSETS TO NET WORTH RATIO :
This ratio establishes the relationship between fixed assets and net worth .
Net worth = share capital + reserves and surplus + retained earnings
Fixed assets to net worth ratio = Fixed assets/Net worth
The ratio of “Fixed assets” to “Net worth” indicates the extent to which share
holders funds are sunk into the fixed assets. Generally, share holders should finance for
Purchasing fixed assets and equity including the reserves and surpluses and retained
earnings. If the ratio is less than 100% it implies that owner’s funds are more than total fixed
assets and the share holder provide a part of working capital. When the ratio is more than
100% it implies that owner’s funds are not sufficient to finance the fixed assets and financier
has to depend upon outsiders to finance the fixed assets. There is no “Rule of Thumb” to
interpret but 60%-65% is considered to be satisfactory ratio in case of industrial undertaking.

2. FIXED ASSET RATIO:

This ratio explains whether the firm has raised adequate long term fund to meet its fixed
assets required and is calculated as under:
= Fixed assets (after depreciation)
Capital employed

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This ratio gives an idea as to what part of the capital employed has been used in purchasing
the fixed assets for the concern. If the ratio is less than 1 it is good for the concern.
3. FIXED ASSETS AS A PERCENTAGE TO CURRENT LIABILITIES:
The ratio measures the relationship between fixed assets and the funded debts and is
very useful to the long term erection. The ratio can be calculated as shown below
Fixed assets as a percent of current liabilities=Fixed Assets/Current liabilities
TOTAL ASSETS TURN OVER RATIO:
The ratio is calculated by dividing the net sales by the value of total assets that is (net
sales/total investment) or (sales/total investment).A high ratio is an indicator of over trading
of total assets while a low ratio reveals idle capacity. The traditional standard for the ratio is
two times. = Net sales/Total Assets
FIXED ASSETS TURNOVER RATIO:
The ratio expresses the no. of times fixed assets are being turned over in a stated
period. It is calculated under.
= sales/Net fixed assets (after depreciation)
This ratio shows how well the fixed assets are being used in business. The ratio is important
in case of manufacturing concern because sales are produced not only by use of current assets
but also by amount invested in fixed assets the higher ratio, the better is the performance. On
the other hand, a low ratio indicates that fixed assets are not being effectively utilized.
RETURN ON TOTAL ASSETS:
= Profit after tax/Total assets
This ratio is calculated to measure the profit after tax against invested in total assets to
ascertain whether assets are being utilized properly or not.
The higher the ratio the better it is for the concern.
Let us use ratios in the (TOYOTA MOTORS LTD) information:
FIXED ASSETS TO NET WORTH RATIO
The ratio indicates the extent to where the shareholders funds are struck in the
fixed assets. The formula to compute fixed assets to net worth is calculated as follows:
Fixed assets (after depreciation)/Net worth
NET WORTH =share capital + reserves and surplus + retained earnings-net loss.
If the ratio is less than 100% it implies that owner’s funds are more than the fixed assets and
the shareholders and vice versa provide a part of working capital.
Fixed assets to net worth ratio = Net fixed assets/Net worth
TABLE -4.4 FIXED ASSETS TO NET WORTH RATIO
YEAR NETFIXED ASSETS NET WORTH RATIO IN %
2014-15 4365.38 3602.10 1.2149
2015-16 4719.99 4608.65 1.02351
2016-17 10890.33 10666.04 1.02103
2017-18 15196.16 15859.82 0.94606
2018-19 17025.19 18234.82 0.92061
FIGURE -4.4 :FIXED ASSETS TO NET WORTH RATIO

100%

80%
RATIO IN %
60%
NET WORTH
40% NETFIXED ASSETS

20%

0%

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INTERPRETATION:
The above table shows a continuous increase in net worth and fixed assets. This
shows the satisfactory position of the company.
FIXED ASSET RATIO:
Capital employed=shareholders fund + Long-Term borrowings
Fixed assets (after depreciation)
Capital Employed
TABLE-4.5 FIXED ASSETS RATIO
YEAR NETFIXED ASSETS CAPITAL EMPLOYED RATIO IN %
2014-15 4365.38 1599.57 3.359096
2015-16 978.68
4719.99 4.819747
2016-17 10890.33 3063.83 3.554482
2017-18 15196.16 2286.19 5.321944
2018-19 17025.19 2421.52 5.791995
FIGURE 4.5 FIXED ASSET RATIO

20000

15000 RATIO IN %
CAPITAL EMPLOYED
10000
NETFIXED ASSETS
5000

0
INTERPRETATION
The above table shows growth in fixed assets satisfactory position of fixed
assets in the company. Long term funds show less fluctuation, there is no change the highest
percent 5.79 recorded in the year 2018-19. That shows the position of the company is
satisfactory.
FIXED ASSETS AS A PERCENTAGE TO CURRENT LIABILITIES:
Fixed assets as a percentage to current Liabilities
= __fixed assets__
Current Liabilities
TABLE- 4.6 FIXED ASSETS AS PERCENTAGE TO CURRENT LIABILITIES
YEAR NET FIXED ASSETS CURRENT LIABILITIES RATIO IN %
2014-15 4365.38 1982.39 2.202079
2015-16 4719.99 2183.61 2.190271
2016-17 10890.33 5345.56 2.037266
2017-18 15196.16 6420.48 1.894894
2018-19 17025.19 7714.26 1.819793
FIGURE -4.6 FIXED ASSET AS PERCENTAGE TO CURRENT LIABILTIES

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NET FIXED ASSETS

20000 CURRENT LIABILITIES
RATIO IN %
10000

RATIO IN %
0
NET FIXED ASSETS

INTERPRETATION:
The above table shows the relationship between fixed and current Liabilities. The
above table shows growth in fixed assets this shows the satisfactory position of fixed assets in
the company. Even the current liabilities are increasing. The highest percentage recorded was
in the year 2018-19 i.e., 2.20 and the lowest was in the year 2015-2016 i.e., 1.81.

TOTAL INVESTMENT TURN OVER RATIO:

The total investment turnover ratio can be calculated by the formula as given under
Total investment ratio =Sales/Total investment
TABLE -4.7 TOTAL INVESTMENT TURN OVER RATIO
YEAR SALES INVESTMENT RATIO IN %
2014-15 6385.50 1034.80 6.190758
2015-16 7042.82 1969.55 4.219394
2016-17 16205.64 3730.32 3.540082
2017-18 19270.69 3788.77 4.822328
2018-19 20194.94 5108.72 3.949148
FIGURE-4.7 TOTAL INVESTMENT TURN OVER RATIO

100%

80%
RATIO IN %
60%
INVESTMENT
40% SALES

20%

0%

INTERPRETATION
From the above table we can see that sales had an increase Investment is
constant from 2016-2017 that signifies the company position is satisfactory.

FIXED ASSETS TURN OVER RATIO:

The fixed assets turnover ratio is a relation between the sales or cost of goods
and fixed/capital assets employed in a business.
Fixed assets turnover ratio =sales/Total fixed asset

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TABLE-4.8 FIXED ASSETS TURN OVER RATIO

YEAR SALES NETFIXED ASSETS RATIO IN %
2014-15 6385.50 4365.38 1.462759
2015-16 7042.82 4719.99 1.493075
2016-17 16205.64 10890.33 1.215602
2017-18 19270.69 15196.16 1.501967
2018-19 20194.94 17025.19 1.438478
FIGURE-4.8FIXEDASSETSTURNOVERRATIO

25000
20000
SALES
15000
NETFIXED ASSETS
10000
RATIO IN %
5000
RATIO IN %
0
SALES

INTERPRETATION
The above table shows increases in Net fixed assets. That can also be seen clearly in sales,
that indicates a good sign.
RETURN ON TOTAL ASSETS:
The return on fixed assets can calculate as under:
Return on fixed assets = profit after tax/Total Assets
TABLE NO-4.9 RETURN ON TOTAL ASSETS
YEAR PROFIT AFTER TAX TOTAL ASSETS RATIO IN %
2014-15 977.02 5743.73 0.190102
2015-16 1093.24 6216.19 0.195955
2016-17 1704.23 17810.64 0.094815
2017-18 2446.19 19667.95 0.17676
2018-19 2655.43 19697.50 0.16481
FIGURE NO-4.9 RETURN ON TOTAL ASSETS

20000

15000 PROFIT AFTER TAX

10000 TOTAL ASSETS

RATIO IN %
5000

0
INTERPRETATION
The above table shows increase in profit 2018-2019 profit has raise up. This shows
the favorable position of the company.
FINDINGS
After analyzing the financial position of TOYOTA MOTORS LTD and evaluating
its fixed assets management or capital budgeting techniques in respect of component analysis,
trend analysis and ratio analysis. The following conclusions are drawn from the project
preparation.

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The progress of TOYOTA MOTORS LTD shows that there is an increase in Net
block considerably over the year that the investment in the net block is in increase trend .It
increased during the year 2014-2019 and it has 44.49%.
 Regarding to the fixed assets to net worth ratio shows a continuous increase in net worth and
fixed assets. This shows the satisfactory position of the company.
 Regarding the long-term funds to fixed assets they show an increase.
 Regarding the total investment turnover ratio it is observed sales had an increase from 2014-
2019.
 Regarding the Fixed Asset turnover ratio, sales had an increased.
 Regarding the Return on total assets ratio it has been observed that
There is profit. This shows the favorable position of the company.
 From the above study it can be said that the TOYOTA MOTORS LTD overall financial
position on fixed assets is satisfactory.
SUGGESTION
 It is suggested to improve the position of the company by effective’s utilization of fixed
assets.
 Growth rate in fixed assets can be increase by employing more investment.
 Total investment to sales can be improved.
 Instead of disclosing the combined flows of debtors and loans advances as
decrease/(increase) in trade and other receivables, their separate disclosure will be more
meaningful.
 Globalization of economies and the requirement of shares from investors in capital market,
diverse and demanding audience to the company, need a clear and in-depth in information
about the company’s financial position in Annual report.
CONCLUSION
The Fixed asset management of TOYOTA MOTORS LTD is quite comfortable with a
judicious mix of debt and equity. The overall assessment of financial statement signifies
efficient utilization of the investments, loans and advances. The profitability of the company
appears to be impressive, as judged by increase in reserves and surplus. The management
discussions and analysis by Director’s report and opinions expressed by Auditor’s report
through fixed asset management statements is true and fair view in accordance with the
provisions of the companies Acts, and Accounting standards. The overall fixed asset
management of the company appears to be more than satisfactory.
BIBLIOGRAPH
1. Khan, M Y and P K Jain, Financial Management, Tata McGraw-Hill Publishing Co., New Delhi, 2007.
2. I M Pandey, Essentials of Financial Management, Vikas Publishing House Pvt Ltd, New Delhi, 1995.
3. Ramesh, S and A Gupta, Venture Capital and the Indian Financial Sector, Oxford university press,
New Delhi, 1995.
4. Anthony, R N and J S Reece, Management Accounting Pincipls, Taraporewala, Bombay.
5. Jain, P K , Josette peyrard and Surendra S Yadav, International Financial Management, Macmillan
India Ltd, New Delhi, 1998.
6. Prasanna Chandra, financial Management, Tata McGraw-Hill Publishing Co., New Delhi, 2007.

www.toyota.com
www.icici.com
www.indiancements.com
www.fixedassectsmanagement.com
www.googlefinance.com

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