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Management / Company's Structure
01 Company Information
Review Report
02 Chairman's Review
Condensed Interim Financial Statements
- Condensed Interim Statement of Financial Position
- Condensed Interim Statement of Profit or Loss
- Condensed Interim Statement of Comprehensive Income
- Condensed Interim Statement of Changes in Equity
- Condensed Interim Statement of Cash Flows
- Notes to and Forming Part of the Condensed Interim Financial Statements
- Chairman's Review (Urdu)
- Honda Dealers' Network
Drive to a Greener Future
Management / | 2 Review Report | 3 | Condensed Interim |
1 Company's Structure | Financial Statements |
Company Information
Board of Directors | |
Mr. Aamir H. Shirazi | Chairman |
Mr. Takafumi Koike | President & CEO |
Mr. Saquib H. Shirazi | Director & Senior Advisor |
Mr. Shinobu Nakamura | Executive Director / VP (P) |
Mr. Eihiko Sato | Director |
Mr. Gaku Nakanishi | Director |
Mr. Muhammad Naeem Khan | Independent Director |
Mr. Ariful Islam | Independent Director |
Ms. Rie Mihara | Independent Director |
Company Secretary & Vice President
Mr. Maqsood-ur-Rehman Rehmani
Chief Financial Officer
Mr. Hamood-ur-Rahman Qaddafi
Audit Committee | |
Mr. Muhammad Naeem Khan | Chairman |
Mr. Saquib H. Shirazi | Member |
Mr. Eihiko Sato | Member |
Mr. Gaku Nakanishi | Member |
Human Resource and | |
Remuneration Committee | |
Mr. Muhammad Naeem Khan | Chairman |
Mr. Saquib H. Shirazi | Member |
Mr. Takafumi Koike | Member |
Mr. Shinobu Nakamura | Member |
Mr. Eihiko Sato | Member |
Executive Committee | |
Mr. Takafumi Koike | |
Mr. Maqsood-ur-Rehman Rehmani | |
Mr. Shinobu Nakamura | |
Head of Internal Audit | |
Mr. Imran Farooq |
Bankers
Allied Bank Limited
Citibank N.A.
Deutsche Bank AG
Faysal Bank Limited
Habib Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited United Bank Limited
Auditors
M/s A. F. Ferguson & Co.
Chartered Accountants
Legal Advisor
Cornelius, Lane & Mufti
Bukhari Aziz & Karim
Registered Office
1-Mcleod Road, Lahore, Pakistan. Tel: +92 42 37225015-17
Fax: +92 42 37233518
Factory
43 Km, Multan Road,
Manga Mandi, Lahore, Pakistan. Tel: +92 42 35384671-80
Fax: +92 42 35384691-92
E-mail: info@honda.com.pk
Regional Offices
Lahore
Asia House,
19-C&D, Block L, Gulberg III, Main Ferozepur Road.
Tel: +92 42 35694851-53
Fax: +92 42 35694854
Karachi
5th floor,
Tower-A, Technology Park, Shahrah-e-Faisal,
Tel: +92 21 32785411-1
- First Quarter Report June 2022
Management / | 2 Review Report | 3 | Condensed Interim |
1 Company's Structure | Financial Statements |
Chairman's Review
I am pleased to present the condensed interim financial statements of the Company for the quarter ended June 30, 2022.
Macroeconomic Overview
The economy is currently undergoing a severe correction, triggered by both internal and external factors. Although, revival of domestic activities remained on track during the preceding quarter, the rapid increase in both the deficits and inflation necessitated tightening of monetary policy and a tighter fiscal stance. The GDP growth of nearly 6%, therefore, appears unsustainable for ensuing quarters.
On the external front, the current account deficit stood at USD15.2 billion for 11MFY22 compared to USD1.2 billion during the same period of last year. It was primarily driven by higher trade deficit as growth in imports picked up sharply by 43.45%. The rise in imports was due to a significant surge in global commodity (food and energy) prices on account of geopolitical situation and higher machinery imports under TERF. This imbalance in trade deficit was partially offset by workers' remittances, which was recorded at USD 31 billion, up by 6% as compared to the last year. Import led pressures, along with concerns of approaching debt repayments, caused decline in PKR which lost value to close at Rs. 206/USD by June 30, 2022. Fiscal containment measures have lately been deployed by the Central bank. Further, inflows from China and the recent conclusion of SLA with IMF are expected to provide much-needed respite to the external position.
The recent withdrawal of energy and fuel subsidies and significant increase in food and commodity prices caused inflation to reach a 14-year high of 21.3% in June 2022. With an aim to anchor inflation, the Central bank has recently raised the policy rate to 15%, an increase of 800 basis points since September 2021. Revenue collections stood at Rs. 6.1 trillion, a healthy growth of 29.1% over last year, driven by broad based and above target increase in tax
collections. Going forward, in an attempt to narrow the fiscal deficit, the Government has recently passed Finance Act, 2022 which has proposed imposition of further taxes on targeted segments and withdrawal of certain tax credits.
During the quarter, the agriculture sector recorded a steady growth of 4.4% with encouraging production of major crops. The growth is mainly driven by a comfortable input situation due to better supply of improved seeds, agriculture credit, fertilizers, and insecticides/pesticides. Moreover, surge in prices of agricultural products and timely subsidies have contributed to surplus liquidity with improved farm incomes. Thus, demand for consumer durables remained buoyant especially in the rural areas.
Large Scale Manufacturing (LSM) represents nearly 80% of the Country's total manufacturing, accounting for approximately 11% of national output. During July-March FY2022, LSM grew by an encouraging 10.4%. The expansion of LSM also appeared to be broad based with 17 out of 22 sectors of LSM witnessing growth. Looking ahead, growth is expected to moderate on the back of monetary tightening and fiscal consolidation, helping to close the positive output gap and diminish demand-side pressures. This will pave the way for higher growth on a more sustainable basis.
AUTOMOBILE INDUSTRY
The automobile industry is considered as one of the key sectors for rapid transformation of the economy. Likewise, the automobile industry of Pakistan epitomizes considerable growth, capacity building and technological prowess. The current state of auto sector, however, has matured differently through the quarter under review. Adverse USD/PKR exchange rate parity and global supply glitches continue to undermine the Industry's potential throughout. Moreover, the fiscal measures adopted by the State Bank of Pakistan (SBP) for the management of foreign reserves has unavoidably impacted the import and production schedules lately. Rupee
Drive to a Greener Future | 2 |
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Honda Atlas Cars (Pakistan) Limited published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 07:17:05 UTC.