OXFORD BROOKES UNIVERSITY An resolution of the financial posture of ATLAS HONDA Ltd. Introduction The topic-matter clarified by me for the scrutiny and resolution purpose is AN ANALYSIS OF THE FINANCIAL SITUATION OF YOUR CHOICE OF ORGANISATION. The argue for choosing this topic-matter is that I am very cozy delay financial techniques and systems that are used to raise out financial resolution. Financial continuitys dressed in ACCA separate 1 and 2 were of key regret to me.
The construction clarified for the financial resolution is ATLAS HONDA LIMITED being the bargain chief in the motorcycle assiduity in Pakistan. The audience disposeed me to be clarified for the purpose accordingly the audience is the regulative audience in the motorcycle assiduity delay few superficial opponents. The audience is a exoteric scant audience delay an annual turnaggravate of Rs6,977. 4 favorites, which establishs it a regulative audience of exoteric sector in our state.
As the purpose is akin delay financial resolution of the audience it is easier for me to exercise the financial machines erudite in ACCA. It is easier for me to weigh the financial posture of Atlas Honda Ltd, as the administration of the audience is inclined to contribute me delay grateful financial grounds that conquer aid in raiseing out a financial resolution. As this is exoteric scant audience instruction akin to the audience is as-polite adapted through incongruous magazines, empire agencies, belief rating agencies (pacra), assiduity experts and websites.
Atlas Honda Ltd is a audience of Atlas command of companies. The origin of the Atlas Command was laid in 1962 delay the community of Shirazi Investments (Pvt) Scant delay a excellent of half a favorite rupees and three men doing afimpartial in trading ingredient-outs and familiar rank. (www. atlasgrouppk. com) Atlas Honda Ltd was incorporated as a exoteric scant audience on October 16, 1962 and its ingredient-outs are listed on Karachi and Lahore Stock Exchanges in Pakistan. Atlas Honda Scant is a junction luck betwixt the Atlas Command and Honda Motor Co. , Japan.
The merger of Panjdarya Scant and Atlas Autos Ltd created the audience in 1991. The Atlas Command commandly twain these motorcycle-manufacturing regrets. (www. atlasgrouppk. com) Atlas administration is striving to modernize audience operations by adapting useful airs of scrutiny and plea and aggravate specially, Honda’s rare philosophy of hard/soft technologies to the familiarities of Pakistani provisions. Audience administration construction, systems and wayes are progressive according to the requires of the practiceer, product and new technology. www. atlasgrouppk. com) Atlas Honda Ltd is a dynamic, desirtelling and product oriented audience through bargain chiefship, maximizing ship-produce and brilliance in description and labor. The audience mentions charming avails to equity confideers, decorate employees according to their might and enterprise. Atlas Honda Ltd fosters a netproduct of scrutinyers and engineers ensuing rare assistance to the product of the assiduity. The audience mentions practiceer recompense and defence of the environment by pliant emission polite-inclined bare products.
The audience gift to cessation a cheerful oppidan burgess fulfilling its political responsibilities in all compliments. Atlas Honda Ltd as-polite general the best oppidan noise brilliance awards in the engineering sector by the junction committee of ICAP/ICMAP. (Annual Noise 2003) The audience description is gaining ocean repartee globally year subjoined year the audience takes it as a social suit to establish “MADE IN PAKISTAN” genuine and Atlas Honda Ltd respected all the aggravate globe. An extension of 52% in ship-produces on year-to-year declaration is an note of the growing favoriteity of the audience products globally.
Atlas Honda Ltd as being a bargain chief in motorcycle assiduity regular the certainty that brilliance in afimpartial is relying on the description of ethnical originations. As a end the audience has continued to endue in product of its manmight aggravate the years. The audience has a polite disseminate out labor netproduct of antenna shops, labor dealers and four strokes mechanics delay a wholly force of polite aggravate five thousand labor points all aggravate the state which has successfully dressed the wants of audience requireumers.
The netproduct of 5S (Sales, Service, Spare separates, Belief and Second Operative Exchange) dealers all aggravate state has absorbed Atlas Honda Ltd a competitive verge aggravate other players of the automotive assiduity. Due to the ocean practiceer trouble and subjoined sales labor the practiceers of Atlas Honda Ltd are aggravate thankful and amitelling then delay any of the other opponents. As perfect bargain chief audience Atlas Honda Ltd duly complies delay the standards of protection heartiness and environment (SHE). Sizetelling excellent charge was made by the audience to institute multimould equipments at assembling cunningts to minimize the expose of common.
The desire of Atlas Honda Ltd is to cessation a regulative command through labortelling use of its originationss, technology and cheerful afimpartial practices; dispose and cessationrain excellent description mass by developing them to their fullest immanent; frequently tend the practiceer in their excellentest estimate and to furnish charming avails to the ingredient-out confideers through a stayed product of avail. (www. atlasgrouppk. com) The auto assiduity has been a senior beneficiary of the macro economic stmight of the state. The unrivalled decrease in the require of the stocks has aided further ocean consumer financing for automotive products.
Atlas Honda Ltd has captured some stubborn decisions in enhancing the entirety practiceer vile as polite as intercontinuity delay the denunciation of the unacknowledged sector. The motorcycle bargain has lower bybygone a stark diversify in the engagementinal year. Ninety percent of the bargain is dominated by commandly brands from the arranged sector. The players in the arranged sector be of the oral Japanese manufacturers as polite as a townsman of Chinese assemblers and all are members of officially regular Pakistan Automotive Manufacturers Association (PAMA). Annual noise 2003) The aim of the noise is to exercise the machines erudite in ACCA and to raise out labortelling product in a familiar interval audience. Through this noise I conquer keep scylla to Pakistan assiduity that conquer aid me in the product of skills artificial during my ACCA studies. The noise as-polite gift to discriminatingly apprehension the financial assertions in command visualize that plentiful avails are adapted to ingredient-outholder, audience is a going regret, audience is generating grateful avails, property of the audience are polite controld and protected by the administration in the best regret of the ingredient-out confideers.
I conquer as-polite reapprehension that the best practices of administration stewardship is carried out to mention that the audience is oceantaining the best practices of oppidan governance. The extrinsic of the noise is to raise out financial resolution of Atlas Honda Ltd for the year 2003. The financial resolution has been carried out by using financial techniques such as narration resolution, tend resolution and perpendicular resolution on the grounds adapted in the annual noise of the year 2003 of the audience. INFORMATION GATHERING Instruction bunch is the way through which wayed and meaningful grounds is adapted to raise out the required drudgery.
Extensive entiretyity of instruction is adapted through Internet, instrument, experiencepapers and other afimpartial magazines. These all springs of instruction these days establish the way of instruction bunch homely. There are two ocean spring of instruction bunch through which instruction is calm, pristine is my idiosyncratic visits and coalesceings delay the incongruous personnel’s in the audience and secondly the financial assertions adapted in the stock exdiversify on which the audience is listed and as-polite the grounds adapted through stereotype instrument exotericly.
The instruction calm depends on the relimight of the spring from which it is calm. These twain springs are legitimate to subjoin certain instruction. Instruction was as-polite obtained from belief rating agencies such as (pacra) and assiduity experts. Some empire agencies as-polite confide instruction encircling to companies such as Securities and Exdiversify Commission of Pakistan (SECP). The financial assertions and stereotype instrument instruction used for the noise are for the epoch ended 2003,the broachers of Atlas Honda Ltd, financial and afimpartial experience papers such as THE NEWS BUSINEES PAGE, DAWN BUSINESS PAGE.
As Atlas Honda is a regulative audience in the motorcycle assiduity instruction encircling to the audience is as-polite adapted through incongruous afimpartial magazines such as the Gulf Economist. They are cheerful spring of legitimate instruction, that too delay a discriminating apprehensionpoint encircling the audience. Instruction encircling to Atlas Honda is as-polite adapted through Internet by arrival to spectacle www. atlasgrouppk. com that establishs it easier to be free delay the audience and keep arrival to the financial and other certain instruction that aids in the labortelling quantity of this scrutiny and resolution purpose.
Published documents of Atlas Honda Ltd contributes a legitimate system of grounds bunch through which grateful financial grounds can be calm abundantly so that financial resolution can be conducted in a labortelling way. Interapprehension is very labortelling instrument of bunch instruction, providing correct and servile grounds. Interviews delay the officials of Atlas Honda as-polite contributed description instruction that aided me to keep a grateful knowlverge encircling Atlas Honda, encircling its financial posture, where it stands in the bargain, its new opponents in the motor cycle ndustry, its plentiful avails to ingredient-out confideers, encircling its annotation of the afimpartial and its rare 5S(service) netproduct that furnish Atlas Honda Ltd verge aggravate its opponents. ANALYSIS The resolution quantity of the noise carries discriminating apprehension of the financial assertions to mention that plentiful avails are adapted to ingredient-out confideers, property are justly husbandd by the administration and are depreciated as par the declarationing policies of the audience, the audience is financially probe and that endueors keep belief in the audience. There are few un commandly opponents of Atlas Honda delay paltry acuteness in the bargain.
The narrations are computed on the declaration of audited financial grounds for the year 2003. PROFITABILITY The availmight of any audience is the key regret to the ingredient-outholders and to its employees and is as-polite the mould of bargain chiefship for any audience in the bargain. I keep analyzed the availmight tend aggravate the epoch of 8 years. The key narrations during the 8 years that teach availmight are Profitmight 2003 Bloated Avail Narration (%) Avail Antecedently Tax (%) Avail Subjoined Tax (%) 14. 7 9. 3 6. 1 2002 13. 3 7. 1 4. 9 TABLE: 1 2001 9. 7 4. 3 2. 5 2000 10. 4 3. 0 1. 1999 11. 6 5. 3 3. 6 1998 12. 4 5. 6 3. 7 1997 1996 11. 3 5. 4 3. 6 10. 9 5. 7 3. 3 There is a agricultural extension in the bloated avail during the pristine 3 years 1996 to 1998 but the year 1999 had a slump causing a refuse for the next 3 years up prepare 2001. Subjoined that prodigious cessationitution has been made by the audience delay G. P Narration from 9. 7 in 2001 to 14. 7 in 2003. Corresponding extension in require and the correlativeness betwixt avails and require expose that the avail antecedently tax was approximately half (5. 7) to 10. 9 in the year 1996 and this correlativeness is oceantained in 2003.
On the other operative the gratuitous avail keep not shown a large product in comparison to the tax rates as shown by the correlativeness betwixt G. P narration and avail subjoined tax. In the year 1999 it was 1/3rd to the G. P narration but has extensiond to behind up delay ? of the G. P narration. This indicates that the audience is intricate to mend its avail by oceantaining its require but the extension in taxes has jeopardized the efforts and resultant extension in avail subjoined tax has not been obtained. Avail to Shareholders The avails are of key regret to ingredient-outholders as they endue in the audience that furnishs aggravate avails than the other.
Atlas Honda exclusive 5% of its entirety plenty to its ingredient-outholders in the year 2003. The audience artificeed a excellent dividend of Rs. 7 per ingredient-out. The retaliate on excellent industrious, Earning per ingredient-out (E. P. S), Charge earning narration, their tend can be seen adown in the board. Avail to ingredient-out confideers 2003 ROE - Antecedently Tax (%) 60. 5 2002 49. 8 TABLE: 2 2001 31. 5 2000 17. 4 1999 32. 7 1998 39. 6 1997 48. 0 1996 61. 0 ROE - Subjoined Tax (%) 39. 7 34. 1 18. 3 10. 3 22. 3 26. 1 31. 8 35. 0 Retaliate on Excellent Industrious (%) 34. 2 29. 8 14. 7 7. 6 17. 3 18. 7 23. 4 28. Bargain Charge 80. 00 40. 05 25. 00 19. 25 19. 25 30. 00 31. 00 27. 00 E. P. S - Subjoined Tax - Rs 20. 91 13. 24 8. 07 4. 12 8. 45 8. 60 9. 41 8. 41 Charge Earning Narration 3. 83 3. 03 3. 10 4. 67 2. 28 3. 49 3. 29 3. 21 Assiduity Medium . P. E Narration 3. 21 3. 14 3. 52 3. 50 2. 14 3. 31 3. 27 3. 25 The Retaliate on equity antecedently tax narration showed a downward tend and refused from 61% to 17. 4% in 2000,there by recovering to a grateful mould of 60. 5% in 2003. The ROE subjoined tax refused from enlivening mould of 35% in 1996 to a laagered raze of 10. % in 2000 and reaching a grateful mould of 39. 7% in the year 2003. Earning per ingredient-out is widely used to gauge the enterprise of the audience aggravate a estimate of years. E. P. S of Atlas Honda launched to refuse subjoined 1997 and refused to a deficient mould of 4. 12,there by up streaming to the mould of 20. 91,compariably solider than engagementinal year due to mendd avails. Charge Earning narration shows separateial ups and downs through years not having momentous discrepancy exclude 1999 where it shows a downward tend, showing a heartinessy upward tend in 2000.
This indicates that the endueors keep a solid belief in the audience abilities to oceantain the hues. Overall the P/E narration of the audience is balance the assiduity medium as involved in board 2. The bargain charge of the ingredient-outs has aged eagerly and has bebehind twice as compared to the engagementinal year, which indicates mass’s belief. Excellent Career posture The excellent career assertion delay the similar whope as avail and detriment declaration and redress shuffle is used to emphasize the dissent betwixt avail and excellent. Excellent careers, including net offer esteem calculations, keep frequently been a favorite administration machine.
The posture of the audience excellent career showed that net excellent accumulation from operations extensiond to Rs. 724. 20 favorite as compared to Rs. 519. 34 favorite engagementinal years. Increased net inbehind and practiceers’ advances created a dogmatic application on the net excellent contributed by operations. Net excellent used in endueing activities decreased to Rs. 67. 53 favorite compared to Rs. 150. 04 favorite engagementinal year. Net excellent used in financing activities was Rs. 42. 33 favorite as compared to Rs. 121. 74 favorite engagementinal year. During the year Rs. 150 favorite long-engagement loans were artificial and Rs. 71. 11 favorite loans were repaid.
Cash and bank redress extensiond by 1. 5 intervals to Rs. 1, 021. 23 favorite this year Rs. 406. 88 favorite for the gratuitous year 2002. Cannonade inbehind extensiond to Rs. 38. 3 favorite from Rs. 32. 6 favorite of engagementinal year. Debt equity narration was 10:90. The equity of the audience limpid at aggravate Rs. 1 billion including reserves of Rs. 872. 2 favorite, delay excellent residue of Rs. 1. 02 billion, thought a probe financial posture of the audience. Asset turnaggravate Property are held by companies to husband them in their afimpartial activities and engender avails in command the audience to supervene.
Assets are held and oceantained by Atlas Honda in the continuity of their afimpartial activities and the audience to coalesce their growing requirements as-polite acquisitions new excellent property. Asset turnaggravate narrations are computed for a epoch of hope years. Asset turnaggravate (Times) Sales to Entirety Property Sales to Agricultural Property 2003 2. 63 12. 39 2002 3. 02 10. 32 2001 3. 16 10. 44 2000 2. 28 6. 93 1999 2. 80 9. 34 1998 2. 23 9. 02 1997 2. 89 13. 02 1996 2. 97 11. 42 Catalogue Turnaggravate 10. 34 9. 57 7. 46 6. 87 7. 39 6. 06 5. 41 5. 38
Major ingredient of the entirety property are general property, which not an admirtelling posture and the audience is deportment extension in the occasion require of property not endueed by the audience. In the other scenario the audience keep immanent general property to coalesce its general liabilities, which is palpable. In the sale to agricultural asset turnaggravate there is a senior compensation in the year 2000 then in other years where there is regular compensation during the continuity of affair. This is indicted by the decrease of solely 0. 99% in the sale of year 2000 from prior year where as there is a decrease of 2. 1 intervals in the sale to agricultural asset turnaggravate narration. This compensation by the audience in the year 2000 was made to strive delay foreshadow hereafter product. In other years the agricultural asset turnaggravate narration is increasing due to increasing sales and there is normal compensation of agricultural property. In the topic of the catalogue turnaggravate narration there is a agricultural extension in the moulds aggravate the years. The audience in warehouses does not confide waste stocks thus reducing the stock confideing require. Require viled origination is carried out by the audience and there are no aggravate purchases by the audience.
Solvency/Liquidity Solvency is the engagement used to mention that are the property of the audience residue abundance to pay its liabilities. This is a key gauge of the financial relimight of a audience and the key narrations that computes solvency are of key regret to endueors. 2003 General narration (Times) 1. 47 2002 1. 38 2001 1. 48 2000 1. 46 1999 1. 64 1998 1. 31 1997 1. 21 1996 1. 10 Regret Caggravate Narration (Times) 17. 17 11. 18 3. 65 2. 04 3. 18 2. 58 3. 95 3. 81 The urgent of the general narrations is to mention that how multifarious general property are there to reimburse general liabilities on require.
The audience confides residue general property. This is as-polite discussed balance in the Entirety Asset turnaggravate that a senior ingredient of the entirety property is general property showing a heartinessy hope in engagements of the audience to coalesce its general liabilities. The audience is showing an enlivening general narration aggravate the epoch indicating the audience’s capmight to coalesce its liabilities. The regret caggravate narration for the year 2002 and 2003 shows that the audience is having assumed avails that allows the audience to hypothecate aggravate loans but the audience is not utilizing this adroitness. This is as-polite the argue the audience is low geared.
This as-polite indicates financial probeness of the audience in the bargain. If the audience takes labor of this adroitness it would be practiceous for the audience and would facilitate the audience in reducing its taxes, as regret expenditure is a tax lawful expenditure. The audience has been obtaining loans in the cessation of the epoch as involved by the regret caggravate narrations of cessation of the epochs. Investments Investments are held by companies to keep plentiful avails from their sales. Investments held by Atlas Honda in associates are artificeed for sale and are reordinary at impartial esteem.
The enduements held by the audience are in listed and as-polite some unlisted companies. Investments are counted as audience’s prominent financial property. Listed Atlas Battery Scant – Associated lowertaking NIL (2002: 165,550 Plain ingredient-outs of Rs. 10 Each includes douceur ingredient-outs 25,550) 2003 (Rupees in 000’s) 9,548 2002 Unlisted Arabian Sea State Club (private) Scant 200,000 plain ingredient-outs of Rs. 10 each Break-up esteem on the declaration of audited Accounts for the year ended June 30, 2002 Rs. 6. 25 per ingredient-out 2003 2002 (Rupees in 000’s) 2,000 2,000 Automotive Testing and Training Center (private) Scant 187,500 plain ingredient-outs of Rs. 0 each Break-up esteem on the declaration of audited Accounts for the year ended June 30,2001 Rs. 5. 75 per ingredient-out 1,875 1,875 The belief expose represents the declarationing detriment that would be regular at the noiseing era if against separateies failed to accomplish as pinched. Out of the entirety financial property, subjoined entiretyity of financial property are topic to belief expose: 1,118,907. The audience believes that it is not laagered to senior ardor of belief expose. To control scylla to belief expose, the audience applies belief limits to its practiceers. STAEMENT OF VALUE ADDITION 2003 WEALTH GENERATED
Total Revenue Material & Services (excepting duties) 8,066,365 (5,219,313) __________ 2,847,052 __________ 6,382,219 (4,177,572) _________ 2,204,647 _________ 2002 100% 100% WEALTH DISTRIBUTED To Empire Sales Tax, Inbehind Tax, Meaning Calling & Workers’ Luck Stock To Employees Salaries, benefits and akin require To Providers of Excellent Dividend to ingredient-outholders Markup on hypothecateed stocks Retained delay the afimpartial Depreciation Retained avail 89,645 284,345 _________ 2,847,052 _________ 3% 10% ______ 100% ______ 83,433 4% 143,058 20,487 5% 1% 122,621 19,913 5% 1% 346,762 12% 322414 15% 1,962,755 69% 1,508,389 68% 47,877 7% _________ ____ 2,204,647 100% _________ ____ As can be seen from the board balance and the chart that a ocean ingredient of plenty engenderd is exclusive to the empire. The audience hired sales tax, inbehind tax and practice duties entiretyitying to Rs. 1. 96 billion during the year, which represents 69% of the entirety plenty engenderd. The audience’s assistance to the social dispensation by way of esteem adduction this year entiretyitys to Rs. 2. 85 billion, which is 29. 13% excellenter as compared to engagementinal year showing audience’s once towards aggravateall dispensation.
This is as-polite the argue that the audience is inample to extension its avail subjoined tax equtelling though the audience is oceantaining its require. This prodigious entiretyity of tax payments has jeopardized the efforts made by the audience. A cheerful proingredient of plenty engenderd is exclusive to employees as salaries and benefits showing that the audience is facilitating its employees and oceantaining a heartinessy environment of producting by assistance benefits to them. WORKING CAPITAL The audience has oceantained a cheerful producting excellent that shows the stewardship of the administration in the use of financial originationss in the operations.
Company oceantains a 5:1 to the general property that is a producting excellent of Rs. 6, 671. 50 favorite, Showing cheerful runningity enterprise. Excellent Construction The audience shows a very low financial gearing (0. 165b: 1b) but the timing of the reimbursement excellent careers is a suit of regret, as 50favorite out of a entirety of 166favorite has to be rehired during the next 12 months. As the net extension in excellent and excellent equipollent is 614favorite it would not be a senior suit of regret but shows the audience’s vulnermight and belief on oceantaining very excellent running property.
This indicates that the audience is in a audacious want to oceantain its avails and to extension them. The epoch where the audience is inample to establish any avail the audience conquer be in a discriminating posture past its accepting might. Presentation of Findings The SWOT resolution is used as a technique to fulfill the forces and weaknesses in the audience and the opportunities and denunciations beyond faced by the audience. A SWOT resolution of Atlas Honda Scant would be a momentous appraisal of the audience’s posture in the automotive assiduity.
Strengths: Bargain chief • Advance excellent produce from dealer’s hence adductional excellent adapted for enduement. • Customer recompense. • Trained technical staff. • Atlas Command foundation. • Probe financial lasting in the bargain. Weakness: • • No practiceer foundation in countrified areas. Parcel of taxes by the Government. Opportunities: • • • • Opportunities for new technologies. Product of past IT infrastructure. Servicetelling instrument encouragement. No denunciation of commandly opponent. Threats: • • • Denunciation of new entrants.
Unorderly Competitors imitating the models of motorcycles at low charge. Demands for low charged motorcycles. The forces of the audience are the key to ovation and the audience should apprehend labor from its opportunities and should direct such that its opportunities should be separate of its forces. Atlas Honda has been telling to prolifically establish its way through the weighty parcel of taxes this year but it’s my prelibation that the parcel of taxes conquer extension further, to against this the audience should cunning a summit.
Atlas Honda is having a probe financial lasting in the bargain and had attained practiceer recompense by description products and subjoined sales practiceer labor. Customers are drawn in due to description and labors contributed by the audience, which the audience should stay and repair, by making adapted charge controlled motorcycles. Audience has familiar past IT infraconstruction to establish cheerful use of IT in manufacturing using computer techniques such as CAD (computer aided artifice) and CAM (computer aided manufacturing) thus enhancing requires.
The edifying air of the noise has been the findings that Atlas Honda is a financially probe audience delay bargain acuteness and solid practiceer vile. Conclusion The life of the scrutiny and resolution noise was to raise out a capacious financial resolution of Atlas Honda Ltd. The kernel extrinsic of the noise was to search-into that abundant avails are adapted to ingredient-out confideers, the audience is generating grateful avails, and the financial posture of the audience is probe and endueors keep belief in the audience and its financial posture.
In my surveillance aggravate all the audience has oceantained a cheerful raze of avail equtelling subjoined an amplified entiretyity of tax aggravate the epoch of interval. This has suitd an extension in Earning per ingredient-out of the audience and equabletually the bargain esteem of the audience, which is avowed at 700% reward (Market esteem Rs. 80 per ostensible esteem of Rs. 10 per ingredient-out). The endueors keep belief, which is reflected in the Charge Earning Narration of the audience, which the audience has oceantained aggravate the epoch of 8 years.
The aggravateall repairment in the raze of operations and bargain require indicates that the audience is moving on the upupright footprint equtelling subjoined oppositeness stark counteragency from its opponents. Atlas Honda has oceantained a very low raze of gearing and so far is inample to acquisition bargain loans, which indicates low raze of financial expose the audience is laagered to. On the other operative this can hinder the immanent adapted in the bargain by rarity of the stocks in the audience when enduement temperature is cheerful and bargain requires is excellent.
In the Automotive assiduity Atlas Honda is sprepare a bargain chief as far as the plenty division to the empire is regreted. In the assertion of esteem adduction it is involved that 69% of the audience’s plenty had been exclusive to the empire as sales tax, inbehind tax, meaning calling and producters luck stock. Subsequent to the division the audience has oceantained grateful razes of avail to part to the ingredient-outholders in the mould of dividends. The audience has continued to mend the net accumulation of excellent and excellent equipollents during the year causing the audience to extension its excellent originationss.
Positive incareer of excellent from operations is a extraordinary of audience’s might to mend the runningity posture of the audience on a consecutive declaration. This is the ocean argue the runningity posture of the audience is very cheerful. The resolution shows that the audience is making summitway polite in engagements of availability, runningity but as far as the excellent construction of the audience is regreted it is sprepare at very low raze of gearing thus hindering the opportunities adapted in the bargain and delayout achievementing the interior forces adapted in the audience.
A excellent raze of avails, cheerful runningity and grateful producting excellent indicates that the financial posture of the audience has mendd aggravate the epoch of interval and is sprepare neat. On the declaration of the scrutiny and resolution product carried out I forebode that Atlas Honda conquer be aggravate desirtelling aggravate the epoch of interval and conquer be telling to achievement the opportunities adapted in the bargain. In my apprehensionpoint Atlas Honda conquer cessation to be the bargain chief for the hereafter years too. The audience conquer as-polite make-trial-of forced to cope by new entrants in the assiduity.