ATLAS HONDA MOTOR COMPANY LIMITED

BALANCE SHEETS
ASSETS 2,020 2,019
Current Assets
Cash & Cash Equivalents 24,585,650 22,447,090
Receivables 23,112,860 24,703,900
Inventories 14,357,230 14,281,080
Other Current Assets 5,113,550 4,693,580
TOTAL 67,169,290 66,125,650
Non-Current Assets
PPE Net 70,635,460 N/A
Investments And Advances 6,030,370 6,417,351
Intangibles 6,995,993 6,699,312
Other Non-Current Assets 37,414,377 37,653,587
TOTAL 121,076,200 50,770,250

TOTAL ASSETS 188,245,500 183,772,100

LIABILITIES
Current Liabilities
Short Term Debt 29,885,800 28,699,040
Accounts Payable 8,817,915 10,663,940
Accrued Expenses 4,137,387 4,286,700
TOTAL 53,268,810 53,830,120

Non-Current Liabilities
Long Term Debt 38,835,310 37,281,040
Other Non-Current Liabilities 12,981,854 8,428,401
TOTAL 58,745,260 52,849,870

TOTAL LIABILITIES 112,014,100 106,680,000

SHAREHOLDERS' EQUITY
Common Shares 791,816 774,603
Retained Earnings 74,915,130 71,762,730
Other Shareholders' Equity 1,463,692 4,611,637
TOTAL 76,231,410 77,092,110

TOTAL LIABILITIES AND EQUITY 188,245,510 183,772,110

Income Statement
2,020 2,019
Sales/Revenue 14,931,009 15,888,617
Cost of Goods Sold (COGS) incl. D&A 11,988,167 12,729,049
COGS excluding D&A 10,526,764 11,260,364
Depreciation & Amortization Expense 1,461,403 1,468,685
Depreciation 1,290,025 1,280,118
Amortization of Intangibles 171,378 188,567
Gross Income 2,942,842 3,159,568
SG&A Expense 2,309,205 2,433,198
Research & Development 667,615 658,805
Other SG&A 1,641,590 1,774,393
EBIT 633,637 726,370
Unusual Expense 19,270 54,897
Non Operating Income/Expense (13,375) 43,674
Non-Operating Interest Income 49,412 48,618
Equity in Affiliates (Pretax) 164,203 228,827
Interest Expense 24,689 13,217
Gross Interest Expense 24,689 13,217
Pretax Income 789,918 979,375
Income Tax 279,986 303,089
Income Tax - Current Domestic 11,036 32,937
Income Tax - Current Foreign 233,570 183,828
Income Tax - Deferred Domestic 17,470 58,121
Income Tax - Deferred Domestic 17,470 58,121
Income Tax - Deferred Foreign 17,910 28,203
Income Tax - Deferred Foreign 17,910 28,203
Consolidated Net Income 509,932 676,286
Minority Interest Expense 54,186 65,970
Net Income 455,746 610,316
Net Income After Extraordinaries 455,746 610,316
Net Income Available to Common 455,746 610,316
EPS (Basic) 260 346
Basic Shares Outstanding 1,752 1,764
EPS (Diluted) 260 346
Diluted Shares Outstanding 1,752 1,764
EBITDA 2,095,040 2,195,055
EBIT 633,637 726,370

Ratio Analysis
2,020 2,019
Current Ratio 1.261 1.228
Acid-Test Ratio 0.991 0.963
Debt-To-Total Asset Ratio 0.365 0.359
Receivable Turnover Ratio 0.646 0.643
Inventory Turnover 0.835 0.891
Total Asset Turnover 0.079 0.086
Gross Profit Margin 0.197 0.199
Net Profit Margin 0.031 0.038
Return On Investment 0.002 0.003
COMPANY LIMITED

2,018 2,017 2,016

Current Rati
20,308,390 19,585,580 14,586,880 1.280
23,770,460 24,579,560 22,847,640 1.260
13,711,090 12,686,410 10,900,320 1.240
4,537,650 4,114,290 3,470,660 1.220
62,327,590 60,965,840 51,805,500 1.200
1.180
64,355,090 67,936,880 56,586,700 1.160
6,115,653 5,554,537 4,921,917 1.140
6,673,626 7,237,186 6,846,994 1.120
34,670,531 34,616,097 31,142,039 1.100
111,814,900 115,344,700 99,497,650 1.080
1 2 3 4
174,142,500 176,310,500 151,303,100

Debt-To-Total Ass
26,255,350 25,918,430 23,153,850 0.370
11,021,640 11,005,100 9,362,740
0.365
3,642,471 3,884,945 3,192,296
50,616,890 50,488,230 45,403,910 0.360

0.355

34,935,740 37,406,370 31,014,010 0.350

8,191,774 9,059,963 9,452,627
49,418,730 55,424,790 47,535,390 0.345

0.340
100,035,600 105,913,000 92,939,300 1 2 3 4 5

774,603 800,423 714,356 Receivable Turnov

68,501,980 62,429,910 51,412,780
4,309,205 5,819,790 5,033,425 0.660
74,106,850 70,397,520 58,363,840 0.640

0.620
174,142,450 176,310,520 151,303,140
0.600

0.580

2,018 2,017 2,016 0.560

15,361,146 13,999,200 14,601,151 0.540

0.520
1 2 3 4 5
 0.580

0.560

0.540
12,154,503 11,018,396 11,460,083
0.520
10,700,387 9,681,986 10,179,353 1 2 3 4 5
1,454,116 1,336,410 1,280,730
1,258,172 - -
195,944 - - Total Asset Tur
3,206,643 2,980,804 3,141,068
2,373,085 2,140,093 2,637,692 0.100
0.090
597,934 538,881 528,818
0.080
1,775,151 1,601,212 2,108,874
0.070
833,558 840,711 503,376 0.060
(67,132) 51,416 (35,675) 0.050
(61,581) 32,980 (39,924) 0.040
41,191 32,389 28,468 0.030
247,643 164,793 126,001 0.020
12,970 12,471 18,146 0.010
12,970 12,471 18,146 -
1 2 3 4 5
1,114,973 1,006,986 635,450
(13,666) 327,592 229,092
(2,956) 196,149 (7,085)
280,316 - 155,031 Net Profit Ma
25,149 131,443 (767)
25,149 131,443 (767) 0.070
(316,175) - 81,913 0.060
(316,175) - 81,913
0.050
1,128,639 679,394 406,358
69,302 62,825 61,827 0.040
1,059,337 616,569 344,531 0.030
1,059,337 616,569 344,531
0.020
1,059,337 616,569 344,531
591 342 191 0.010
1,793 1,802 1,802 -
591 342 191 1 2 3 4
1,793 1,802 1,802
2,287,674 2,177,121 1,784,106
833,558 840,711 503,376

nalysis
2,018 2,017 2,016
1.231 1.208 1.141
0.960 0.956 0.901
0.351 0.359 0.358
0.646 0.570 0.639
0.886 0.869 1.051
0.088 0.079 0.097
0.209 0.213 0.215
0.069 0.044 0.024
0.006 0.003 0.002
 Current Ratio Acid-Test Ratio
1.000
0.980
0.960

Current Ratio 0.940 Acid-Te

0.920
0.900
0.880
0.860
0.840
2 3 4 5 1 2 3 4 5

Debt-To-Total Asset Ratio Receivable Turnover Ratio

0.660
0.640
0.620
0.600
Debt-To-Total Asset Ratio Receivable Turnov
0.580
0.560
0.540
0.520
1 2 3 4
2 3 4 5 5

eceivable Turnover Ratio Inventory Turnover

1.200

1.000

0.800
Receivable Turnover Ratio Inventory Tu
0.600

0.400

0.200

-
2 3 4 5 1 2 3 4 5
 0.600

0.400

0.200

-
2 3 4 5 1 2 3 4 5

Total Asset Turnover Gross Profit Margin

0.220

0.215

0.210
Total Asset Turnover Gross Profit
0.205

0.200

0.195

0.190

0.185
2 3 4 5 1 2 3 4 5

Net Profit Margin Return On Investment

0.007

0.006

0.005
Net Profit Margin 0.004 Return On Inv

0.003

0.002

0.001

-
2 3 4 5 1 2 3 4 5
t Ratio

Acid-Test Ratio

4 5

rnover Ratio

Receivable Turnover Ratio

Turnover

Inventory Turnover

5
 5

fit Margin

Gross Profit Margin

nvestment

Return On Investment