Anda di halaman 1dari 28

Group Members

Qazi Muhammad Ahmed


Hussain Raza
Nabiha Bashir
Nida Ali
Nofil Nadeem

Most important industry in the world.


USA is at the top due to consistent
policies.

France, 3,376

Germany, 5,469
Italy, 1,427
UK, 1,819

Others, 12,939
Spain, 2,855
Canada, 2,626

Japan, 10,257

USA, 12,272

Korea, 3,148
Brazil, 1,775

Toyota Motor Company Limited


World's third largest manufacturer of automobiles.

Honda Motor Company Limited


Todays leading manufacturers of automobiles.

Suzuki Motor Corporation


Japan's number one mini car producer .

Mitsubishi Motors Corporation


Worlds' 10th largest vehicle manufacturer

In 2007-08 production reached 164,710


units.
Drop of 6.4% from the previous year.

Honda Pakistan:
Joint venture between Honda and the Atlas Group.

Pak Suzuki Motors:


Joint venture between Pakistan government and Suzuki.

Hyundai Pakistan:
Dewan Mushtaq Group diversified its business activities.

Gandhara Nissan Limited:


Technical Assistance Agreement with Nissan Motor Co. Japan.

Indus Motor Company:


Joint venture between the House of Habib,

Toyota Motor Corporation Japan (TMC), and


Toyota Tsusho Corporation Japan (TTC) .
Started commercial production in May 1993.
Toyota and Daihatsu brands being

manufactured.
Market leader in 1000+cc Sedans in the

Pakistan.

Toyota Indus Motors


Income Statement Analysis (Vertical & Horizontal)
Years

2006

2007

2008

2009

000

000

% Change

000

% Change

000

% Change

Sales

35,236,535

39,061,226

10.9%

41,423,843

6.0%

37,864,604

-8.59

Cost of Sales

31,088,906

34,620,632

11.4%

37,575,356

8.5%

35540418

-5.412

Gross Profit

4,147,629

4,440,594

7.1%

3,848,487

-13.3%

2324186

-39.6

Distribution &
Marketing
Expenses

404,917

509,986

25.9%

487,373

-4.4%

469985

-3.56

Administrative
Expenses

242,456

265,302

9.4%

297,284

12.1%

352249

18.48

Other Operating
Income

1,021,212

935,290

-8.4%

786,834

-15.9%

727080

-7.59

Other Operating
Expense

321,746

348,430

8.3%

306,193

-12.1%

156479

-48.8

Profit/Loss From
Operations

4,199,722

4,252,166

1.2%

3,544,471

-16.6%

2072553

-41.5

Finance Costs

126,945

22,685

-82.1%

2,760

-87.8%

26540

861.5

Profit/Loss Before
Taxation

4,072,777

4,229,481

3.8%

3,541,711

-16.3%

2046013

-42.2

Taxation

1,424,313

1,483,780

4.2%

1,250,866

-15.7%

660911

-47.16

Profit/Loss For
The Year

2,648,464

2,745,701

3.7%

2,290,845

-16.6%

1385102

-39.53

Honda Pakistan:
Income Statement Analysis (Vertical & Horizontal)
Years
2006

2007

2008

2009

000

000

% Change

000

% Change

000

% Change

Sales

25,638,698

17,055,115

-33.5%

14,715,495

-13.7%

14149646

-3.84

Cost of Sales

22,471,184

16,955,181

-24.5%

14,088,001

-16.9%

13973144

-0.81

Gross Profit

1,167,514

99,934

-91.4%

627,494

527.9%

176502

-71.8

Distribution &
Market Expenses

149,877

214,889

43.4%

209,677

-2.4%

190088

-9.34

Admin Expenses

134,518

147,274

9.5%

139,163

-5.5%

139749

0.42

Other Operating
Income

377,865

150,585

-60.1%

23,589

-84.3%

64844

174.89

Other Operating
Expense

80,924

64,514

-20.3%

4,975

-92.3%

311025

6151.7

Profit/Loss From
Operations

1,180,060

(176,158)

-114.9%

297,268

-268.8%

-399516

-234.3

Finance Costs

46,356

305,416

558.8%

233,651

-23.5%

222769

-4.65

Profit/Loss Before
Taxation

1,133,704

(481,649)

-142.5%

63,617

-113.2%

-6222285

-9880.85

Taxation

428,410

217,109

-49.3%

11,393

-94.8%

220452

1834.9

Profit/Loss For The


Year

705,294

(264,540)

-137.5%

75,010

-128.4%

-401833

-635.7

Indus Motors was more consistent.

Honda was able to reduce the cost of


sales.

Changes in the operating expenses.

Changes in Finance costs.

Net profit of Toyota is considerable more


than Hondas.

Toyota Indus Motors


2006
000
Share Capital and
Reserves
Issued, Subscribed
and Paid Up Capital

786,000

Reserves
5,471,879
Non-Current Liabilities
Liabilities against
lease finance
Deferred Taxation
Current Liabilities
Trade and Other
Payables
Advances from
Customers
Mark up Accrued on
Loans
Current Portion of
Liabilities against
lease finance
Taxation
Contingencies and
Commitments
Total Liabilities and
Equity

Balance Sheet Analysis (Vertical & Horizontal)


Years
2007
2008
000
% Change
000
% Change

786,000

0.0%

786,000

0.0%

7,257,975

32.6%

8,650,340

19.2%

3,871
116,164

-100.0%
210,149

80.9%

532,138

2009
000
786000

9510973

9.94

503700

-5.34

41.14
501.0
540.9

153.2%

2,599,911

2,892,017

11.2%

2,793,554

-3.4%

3942988
5926529

6,620,869

4,514,480

-31.8%

985,972

-78.2%

673

22,250

715

-96.8%

105

-85.3%

5735

3714

-0.35%

195789

15,822,468

%change

-100.0%

14660

-100

15,665,050

-1.0%

13,748,109

-12.2%

20685523

50.46

786000

2006
000
Assets
Non-Current Assets
Fixed Assets
Long Term Loans
Long Term Deposits
Finance under
Musharika
Arrangements
Current Assets
Stores and Spares
Stock in Trade
Trade Debts
Current Maturity of
Musharika Arrangement

2007
000

2008
% Change

000

2009
% Change

000

%change

1,716,590
1,019
5,181
4,021

2,093,852
4,240
6,629

22.0%
316.1%
27.9%
100.0%

4,033,762
42,341
7,222

92.6%
898.6%
8.9%

3934473
28509
7222

-2.46
-32.6
0

226,169
3,959,316
738,281
5,811

227,191
2,859,951
665,647
3,710

0.5%
-27.8%
-9.8%
-36.2%

232,142
2,637,629
1,332,832

2.2%
-7.8%
100.2%
-100.0%

128483
4088858
1736631

-44.65
55.02
30.29

Loans and Advances


414,338
Short Term Prepayments 9,134

426,165
47,523

2.9%
420.3%

737,372
23,148

73.0%
-51.3%

894459
16876

21.30
-27.09

Accrued Mark up
Other Receivables
Taxation
Investments
Cash and Bank Balances

76,211
1,250,217

132,634
605,725
48,520

74.0%
-51.6%
100.0%

8,543,263

15.2%

-73.6%
-89.4%
331.8%
100.0%
-49.3%

50944
67902

7,416,180

35,012
64,360
209,533
54,171
4,328,585

9731166

45.50
-8.68
-100
-100
124.81

Total Assets

15,822,468

15,665,050

-1.0%

13,738,109

-12.3%

20685523

50.57

Honda Pakistan
000

Balance Sheet Analysis (Vertical & Horizontal)


Years
2007
2008
000
% Change
000
% Change

000

420,000

714,000

70.0%

1,428,000

100.0%

1428000

1,579,500
705,708

1,991,000
(264,332)

26.1%
-137.5%

1,727,000
74,678

-13.3%
-128.3%

1801500
-401655

4.31
-637.9

666,667

1,958,334

193.7%

500,000

-74.5%

1500000

200

2006
Share Capital and
Reserves
Issued, Subscribed
and Paid Up Capital
Reserves
Un-Appropriated
Profit
Non-Current
Liabilities
Long Term Finances
Deferred Taxation

5,428

2009
%change

-100.0%

Current Liabilities
Current Position of
Long Term Finances
Short Term Finances

333,333

583,333

Mark up Accrued on
Loans
Trade and Other
Payables
Contingencies and
Commitments
Total Liabilities and
Equity

15,719

39,627

152.1%

32,029

-19.2%

75048

134.31

3,993,047

3,283,155

-17.8%

3,055,037

-6.9%

3387594

10.88

9,174,275

8,305,117

-9.5%

6,816,744

-17.9%

9942088

45.84

1,454,873

75.0%

-100.0%

-100.0%

2151601

2006

2007
% Change

000

Property, Plant and


Equipment
Intangible Assets
Capital Work in
Progress
Long Term
Investments
Long Term Deposits

1,051,723

4,082,955

288.2%

3,864,527

-5.3%

5190535

34.31

33,202
1,274,230

65,903
191,842

98.5%
-84.9%

64,636
80,746

-1.9%
-57.9%

195830
19226

202.9
-76.18

Long Term Loans,


Advances and
Deposits
Deferred Taxation

36,163

Current Assets
Stores and Spares
Stock in Trade
Trade Debts
Short Term
Investments
Trade and Other
Receivables
Cash and Bank
Balances
Total Assets

000

2009
% change

000

509,039

000

2008
% Change

Assets
Non-Current Assets

-100.0%
4,091

100.0%

4,091

0.0%

4042

-1.19

28,105

-22.3%

29,050

3.4%

31503

8.44

251,008

100.0%

338,165

34.7%

571214

68.91

29,736

50,316

69.2%

83,101

65.2%

101942

22.67

4,169,120

2,704,946

-35.1%

1,612,696

-40.4%

2954091

83.17

634,843

-100.0%

1,075,600

706,092

-34.4%

507,852

-28.1%

853218

68.00

360,619

219,859

-39.0%

231,880

5.5%

20487

-91.16

9,174,275

8,305,117

-9.5%

6,816,744

-17.9%

9942088

45.84

Non Current Assets rose for both.

Current assets decreased for both.

Reduction in current liabilities.

Non current liabilities rose consistently .

Share capital reserves rose till 2008.

Toyota Indus Motors.


Years
2006

2007

% change

2008

%change

2009

% change

Cash Flow from Operations


Cash Generated from Operations

3,155,420

3,999,589

26.75%

(125,517)

(1.03)

6538777

-5309.48

Interest and Mark up paid


Workers Profit Participation Fund paid

(91,373)
(217,143)

(22,207)
(227,390)

-75.70%
4.72%

(3,427)
(201,390)

(0.85)
(0.11)

-8267
-105538

141.2314
-47.5952

Workers Welfare Fund paid


Interest received
Income tax paid

(38,804)
941,148
(1,072,738)

(67,655)
780,163
(1,634,104)

74.35%
-17.11%
52.33%

(78,562)
702,156
(1,089,890)

0.16
(0.10)
(0.33)

-50069
612950
-465156

-36.2682
-12.7046
-57.3208

Long-term loans net


Long-term deposits
Net Cash From Operations

(631)
(32)
2,675,847

(3,221)
(1,448)
2,823,727

410.46%
4425.00%
5.53%

(13,854)
(593)
(811,077)

3.30
(0.59)
(1.29)

13832
6536529

-199.841
-100
-905.907

Cash Flow from Investing Activities


Fixed capital expenditure

(1,168,227)

(805,259)

-31.07%

(2,422,406)

2.01

-721823

-70.2022

48,838
33,128

46,989

-3.79%
-100.00%

8,952

(0.81)

42806

378.1725

(25,000)

100.00%

(50,000)

1.00

-100

Redemption of investment in listed mutual fund

26,313

100.00%

(1.00)

55922

Receipts from finance under musharika


arrangements
Net Cash From Investing Activities

6,570

100.00%

3,849

(0.41)

-100

(1,086,261)

(750,387)

-30.92%

(2,459,605)

2.28

-623095

-74.6669

Cash Flow From Financing Activities


Repayment of obligation against finance lease

(31,948)

(6,413)

-79.93%

(3,878)

(0.40)

-100

Dividend paid

(861,457)

(939,844)

9.10%

(940,118)

0.0003

-510853

-45.6608

Net Cash From Financing Activities

(893,405)

(946,257)

5.92%

(943,996)

(0.0024)

-510853

-45.884

Net Increase in Cash and Cash Equivalents

696,181

1,127,083

61.90%

(4,214,678)

(4.74)

5402581

-228.185

0.15

4328585

-49.3334

(0.49)

9731166

124.8117

Proceeds from sale of fixed assets


Repayments of finance under musharika
arrangements

Investment made in listed mutual fund

Cash and Cash Equivalents at Beginning of Year

6,719,999

7,416,180

10.36%
8,543,263

Cash and Cash Equivalents at End of Year

7,416,180

8,543,263

15.20%
4,328,585

Honda Pakistan
2006

2007

Year
% Change

2008

% Change

2009

Cash Generated from Operations

(5,292,805)

1,999,952

-138%

2,078,194

4%

-807955

Interest and Mark up paid

(30,614)

(281,544)

820%

(241,249)

-14%

-179750

Employees Retirement Benefits

(5,397)

(16,064)

198%

(22,756)

42%

-18653

Net Increase/ decrease in Long


Term Deposits
Net Increase/ decrease in Loan to
Employees
Income Tax Paid
Royalty Paid
Workers Profit Welfare
Participation Fund

140

(2,002)

-1530%

-100%

49

(896)

5,621

-727%

(2,123)

-138%

-2627

(184,977)
(369,762)
(64,165)

(137,991)
(458,478)

-25%
24%
-100%

(70,502)
(256,411)

-49%
-44%

-256682
-295642

Net Cash From Operations

(5,948,476)

1,109,494

-119%

1,485,153

34%

-1461260

Purchase of Property, Plant and


Equipment
Purchase of Intangible Assets

(1,802,496)

(2,450,118)

36%

(159,779)

-93%

-1958056

(30,565)

(100,922)

230%

(28,713)

-72%

-91472

Proceeds from Sale of Property,


Plant and Equipment

13,522

5,457

-60%

27,937

412%

105252

Investments
Proceed from Sale of Investments

(300,000)
1,140,214

-100%
100%

12,507
55,900
(1,336,962)

100%
-71%
-31%

Cash Flow from Operations

Cash Flow from Investing Activities

Dividends Received
Interest Received
Net Cash From Investing Activities

193,964
(1,925,575)

-100%

15,188
(145,367)

-100%
-73%
-89%

42562
-1901714

%change

Honda Pakistan
2006

2007

% Change

2008

% Change

2009

%change

714,000

100%

-100

(2,041,667)

-232%

1000000

-148.98

Cash Flow From


Financing Activities
Issue of Right Shares
Long Term Finances

1,000,000

1,541,667

54%

Short Term Borrowing

1,150,000

(1,150,000)

-200%

Dividends Paid
Net Cash From
Financing Activities

(94,190)
2,055,180

(86)
391,581

-100%
-81%

(98)
(1,327,765)

14%
-439%

-20
999980

-79.5918
-175.313

Net Increase in Cash


and Cash Equivalent

(5,818,241)

164,113

-103%

12,021

-93%

-2362994

-19757.2

Cash and Cash


Equivalent at
Beginning of Year
Cash and Cash
Equivalent at End of
Year

5,873,987

55,746

-99%

219,859

294%

231880

5.467595

55746

219,859

294%

231,880

5%

-2131114

-1019.06

-100%

Changes in Cash and Cash Equivalents.

Changes in Operating Activities.

Outflows in investing activities.

Outflows in financing activities .

Current Ratio

Quick Ratio

Receivables Turnover and Average Collection

Inventory Turnover and Inventory Processing

Payable Turnover Ratio and Average


Payment Period

Cash Conversion Cycle

Total Asset Turnover

Fixed Asset Turnover

Equity Turnover

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Total Assets

Return on Total Equity

Debt to Equity Ratio

Interest Coverage Ratio

From Bank Alfalah Pakistan.

Secured credit line of Rs. 200,000,000.

Economic crises effecting revenues.


In 2009 sales figure fell by 8.59%
Profit figure reduced by 39.5%

Funding for working capital needs.

Strong reputation and image in the market.

Loan required for supporting its operations.

Repay the loan from the profit earned.

Fixed assets as collateral against the loan.

Company in complete position to repay the


loan.

Pro-Forma Income Statement.


2009

2010

2011

2012

000

% change

000

%chang
e

000

%change

000

%
change

Sales

37,864,604

-8.59

38924813

2.8

40014707

2.799

41135119

2.80

Cost of Sales

35540418

-5.4

36535549.79

2.8

37558544.

2.799

38610183.9

2.80

Gross Profit

2324186

-39.60

2389263.2

2.8

2456162.5

2.799

2524935.1

2.80

Distribution & Mrkt.


Expenses

469985

-3.56

483144.5

2.8

496672.61

2.799

510579.4

2.80

Administrative Expenses

352249

18.48

352249

352249

352249

Other Operating Income

727080

-7.59

747438.2

2.8

768366.49

2.799

789880.76

2.80

Other Operating Expense 156479

-48.89

160860.4

2.8

165364.5

2.799

169994.70

2.81

Profit/Loss From
Operations

2072553

-41.52

2140447.4

3.27

2210242.9

3.260

2281992.7

3.24

Finance Costs

26540

861.52

36000

35.64

36000

36000

Profit/Loss Before
Taxation

2046013

-42.23

2104447.4

2.85

2174242.9

3.31

2245992.7

3.29

Taxation

660911

-47.16

736556.6

11.44

760985.0

3.31

786097.4

3.29

Profit/Loss For The Year

1385102

-39.53

1367890.8

-1.24

1413257.8

3.31

1459895.2

3.29

Pro-Forma Balance Sheet.


2010
ASSETS
Non current
Fixed Assets
Long term loans and advances
Long term deposits
Current Assets
Stores and spares
Stock in trade
Trade debts
Loan and advances
Prepayments
Other Receivables
Cash and bank balances
Total Assets
EQUITY
Authorized capital
Issued, subscribed, paid-up
Reserves
Total equity
LIABILITY
Noncurrent Liabilities
Deferred Tax
Long Term Debt
Current Liability
Trade and other payables
Advances from customers and
dealers
Total Liability
Total Liability and equity

2011

% change

2012

% Change

4044638
28509

4157888
28509

2.80
0

4274308.931
28509

2.80
0

7222

7222

7222

132080.5
4203346
1785257
894459
17348.53
69803.25
10003638
21186301

135778.8
4321040
1835244
894459
17834.29
71757.75
10283740
21753473

2.80
2.80
2.80
0
2.80
2.80
2.80
2.67

139580.5828
4442028.772
1886630.66
894459
18333.6466
73766.96321
10571685.14
22336524.7

2.80
2.80
2.80
0
2.80
2.80
2.80
2.68

1000000
786000

1000000
786000

0
0

1000000
786000

0
0

10878863
11664863

12292121
13078121

12.99
12.11

13752016
14538016

11.87
11.16

736556
200000

736556
200000

4053392

4166887

6092472

6263061

2.80

6438426.655

2.80

11082419
22747282

11366503
24444624

2.80
2.56

11658542.06
26196558.06

2.80
2.56

0
0

736556
200000

0
0

4283559.40