Selected Notes to the Condensed Interim Financial Information

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Ursula Hubbard
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1 1st Quarter Report June 30,

2 12 Honda Atlas Cars (Pakistan) Limited 4. Long-term finances - secured Opening balance Repayments during the period Current portion shown under current liabilities 166, ,334 - (666,667) (166,667) (83,334) (166,667) (750,001) 5. Contingencies and commitments 6. Property, plant and equipment - 83,333 Contingencies There is no significant change in contingencies from the preceding annual published statement of the company for the year ended March 31, Note Commitments in respect of Letters of credit and purchases other than capital expenditure 294, ,548 Letters of credit and purchases for capital expenditure 1,042 52,310 Letters of guarantees issued to various parties 28,891 12, , ,148 Opening book value 3,255,755 3,847,016 Additions during the period 6.1 5,520 51,304 3,261,275 3,898,320 Disposal during the period (book value) 6.2 (721) (4,220) Depreciation charged during the period (119,451) (638,345) (120,172) (642,565) 6.1 Following is the detail of additions during the period: 3,141,103 3,255,755 - Building on freehold land 1, Plant and machinery - 14,016 - Furniture and office equipment 1,356 5,727 - Vehicles 1,558 22,825 - Tools and equipments - 5,020 - Computers 1,044 3,716 5,520 51, Following is the detail of disposals during the period: - Furniture and office equipment Vehicles 707 3,596 - Computers ,220

3 1st Quarter Report June 30, Sales Sales - Own manufactured goods 6,701,206 5,328,377 Sales tax (923,567) (758,065) Excise duty - (111,480) Commission to dealers (100,708) (85,671) Discount to customers (28,950) - 5,647,981 4,373,161 Sales - Trading goods 369, ,410 Sales tax (50,949) (40,730) Commission to dealers (1,080) (150) 317, , Cost of sales 5,965,265 4,611,691 Raw material consumed 5,945,082 3,767,541 Stores and spares consumed 16,629 12,994 Salaries, wages and benefits 64,757 57,135 Fuel and power 28,700 17,496 Insurance 9,158 8,213 Traveling and vehicle running 13,892 12,337 Freight and handling 6,755 3,510 Repairs and maintenance 4,445 1,416 Technical assistance 4,392 6,296 Depreciation on property, plant and equipment 114, ,938 Amortization on intangible assets 7,851 7,937 Royalty 125,587 96,764 Canteen Subsidy 5,280 3,592 Other expenses ,347,345 4,146,367 Opening stock of work-in-process 323, ,017 Closing stock of work-in-process (270,654) (263,634) 52,918 44,383 Cost of goods manufactured 6,400,263 4,190,750 Own work capitalized (1,304) - 6,398,959 4,190,750 Opening stock of finished goods 334, ,739 Closing stock of finished goods (1,136,810) (503,127) (802,804) 171,612 Cost of sales - Own manufactured 5,596,155 4,362,362 Cost of sales - Trading goods 266, ,169 5,863,079 4,554,531

4 14 Honda Atlas Cars (Pakistan) Limited 9. Transactions with related parties Sale of goods 33,472 6,707 Purchase of goods 4,640,371 1,752,033 Purchase of property, plant and equipment 144,330 18,813 Insurance premium 87,862 69,948 Insurance claim 794 1,052 Technical assistance fee 7,756 4,972 Royalty 113,842 87,698 Contribution towards employees' post retirement funds 8,523 7,290 Remuneration to key management personnel 11,767 12,679 Related party balances at period / year end as follows: Receivable from related parties 34,680 31,440 Payable to related parties 4,578,316 2,864, Cash generated from operations Note Loss before taxation (249,534) (16,089) Adjustment for: -Depreciation on property, plant and equipment 119, ,249 -Loss / (profit) on disposal of property, plant and equipment 35 (249) -Profit on bank deposits (6,758) (53,414) -Profit on loans to employees and advances to suppliers (1,109) (1,687) -Finance cost 74,428 31,934 -Provision for employees retirement benefits and other obligations 8,636 9,396 -Amortization on intangible assets 7,950 7,979 -Royalty 114,170 87,967 -Working capital changes 10.1 (2,227,471) 1,225,256 (2,160,202) 1,449, Working capital changes (Increase) / decrease in current assets -Stores and spares (1,146) (718) -Stock-in-trade (2,213,389) 684,946 -Loans, advances, prepayments and other receivables (309,160) (79,656) Increase in current liabilities -Trade and other payables 296, ,684 (2,227,471) 1,225,256

5 1st Quarter Report June 30, Cash and cash equivalents Cash and cash equivalents included in the condensed interim cash flow statement comprise of the following balance sheet amounts: June 30, June 30, Cash and bank balances 22,159 2,018,875 Short term borrowings - secured (2,550,647) - (2,528,488) 2,018, Segment information 13. Date of authorization for issue Manufacturing Trading Total Segment revenue 5,647,981 4,373, , ,530 5,965,265 4,611,691 Segment expenses - Cost of sale (5,596,155) (4,362,362) (266,924) (192,169) (5,863,079) (4,554,531) Gross profit 51,826 10,799 50,360 46, ,186 57,160 Distribution and marketing costs (40,439) (26,714) Administrative expenses (40,946) (37,088) Other operating income 12,598 58,540 Other operating expenses (207,536) (36,053) Finance cost (75,397) (31,934) Loss before taxation (249,534) (16,089) Taxation 28,509 (35,010) Loss after taxation (221,025) (51,099) This condensed interim financial of Directors of the company. information was authorized for issue on July 24, 2012by the Board 14. Corresponding figures In order to comply with the requirements of International Accounting Standard 34 'Interim Financial Reporting', the condensed interim balance sheet and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income and condensed interim cash flow statement have been compared with the balances of comparable period of immediately preceding financial year. Corresponding figures have been re-arranged, wherever necessary, for the purpose of comparison. However, no such significant re-arrangements have been made in this condensed interim financial information. Yusuf H. Shirazi Chairman Takeharu Aoki Chief Executive

Notes to the Financial Statements for the year ended March 31, Legal status and nature of business The company is a public limited company inc

Notes to the Financial Statements for the year ended March 31, 2007 1. Legal status and nature of business The company is a public limited company incorporated in Pakistan on November 4, 1992 and is listed