3rd Quarter Report December 31, 2012
02 03 06 07 08 09 10 11 Company Information Chairman’s Review Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Statement of Comprehensive Income Condensed Interim Statement of Changes in Equity Condensed Interim Cash Flow Statement Selected Notes to and Forming Part of the Condensed Interim Financial Information
Honda Atlas Cars (Pakistan) Limited
The Board of Directors Mr. Yusuf H. Shirazi - Chairman Mr. Takeharu Aoki - President/CEO Mr. Aamir H. Shirazi Mr. Akio Takemoto Mr. M. Naeem Khan Mr. Shigeki Takane Mr. Yuishi Fukuda Company Secretary Mr. Sardar Abid Ali Khan Chief Financial Officer Mr. Ahmad Umair Wajid Executive Committee Mr. Takeharu Aoki Mr. Sardar Abid Ali Khan Mr. Akio Takemoto Audit Committee Mr. Aamir H. Shirazi - Chairman Mr. Takeharu Aoki Mr. Akio Takemoto Mr. M. Naeem Khan Mr. Shigeki Takane Mr. Hamood-ur-Rahman - Secretary Head of Internal Audit Mr. Hamood-ur-Rahman Auditors M/s A. F. Ferguson & Company Chartered Accountants Legal Advisor Cornelius, Lane & Mufti Bokhari Aziz & Karim Share Registrar M/s Hameed Majeed Associates HM House, 7-Bank Square, Lahore Ph: (042) 37235081-82 Bankers Citibank N.A. Deutsche Bank AG Faysal Bank Ltd. Habib Bank Ltd. MCB Bank Ltd. National Bank of Pakistan Soneri Bank Ltd. Standard Chartered Bank (Pakistan) Ltd. The Bank of Tokyo-Mitsubishi UFJ, Ltd. United Bank Ltd. Registered Office 1-Mcleod Road, Lahore Ph: (042) 37225015-17 Fax: (042) 37233518 Factory 43-KM, Multan Road, Manga Mandi, Lahore Ph: (042) 35384671-80 Fax: (042) 35384691-92 E-mail: email@example.com Regional Offices Lahore Office 1-XX, Phase III, DHA Ph: (042) 35694851-53 Fax: (042) 35694854 Karachi Office C-149, KDA Scheme No.1 Street H, Karsaz Road Ph: (021) 34854973 Fax: (021) 34854974 Web Site www.honda.com.pk m.honda.com.pk www.facebook.com/hacpl
3rd Quarter Report December 31, 2012
It gives me great pleasure to present you the financial statements of the company for the nine months period ended December 31, 2012. The Economy The current fiscal year continued to show encouraging signs. The CPI rate came down to 8.1% against 10.9% of last year. Accordingly, the State Bank of Pakistan resumed monetary easing by reducing the discount rate and bringing it down to 9.5%. Tax collection showed an increase of 7.7% aggregating to Rs. 546 billion upto October 2012. The workers’ home remittances at US $7.1 billion and receipts of US $1.9 billion from Coalition Support Fund (CSF) provided much needed impetus to the economy. Resultantly, current account deficit reduced to USD 365 million. However, foreign currency reserves remained under pressure and dwindled to US $13.8 billion, a year on year decline of 19%. This was largely due to rising import bill, declining foreign investment and continuous debt servicing. These factors put enormous pressure on PKR which devalued by 8% against US Dollar. On the fiscal front, the government is funding its entire deficit though local borrowings, which has resulted in crowding out of the private sector from access to credit. Given the forgoing challenges on fiscal front coupled with national elections just around the corner, GDP growth is expected to slump to 3.5% compared with an initial target of 4.2%. The performance of the agriculture sector was less than expected. Floods in the southern region caused substantial damage to the standing crops. Further, the rising cost of electricity and fertilizers together with lower prices of major crops, specially cotton, eroding liquidity of the farmer. As a result, sale of two wheelers saw slowdown in the rural areas. Large Scale Manufacturing (LSM) index too displayed a meager growth of less than 1.9% in 4MFY 2012-13 with major contribution coming from consumer driven industries. The major hurdle in LSM growth remains the ongoing energy crisis. This has resulted in under...
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