financial ration analysis of millat tractor limited
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7/25/2019 Financial Ration Analysis of Millat Tractor Limited
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Prjesmbtthr Chtthr.
J Qrgihkt be rhspgesh tg tfh lbvhe sunihkt.
Gvhrvbhw je` rjtbge jejcysbs go Mbccjt Prjktgr Cbmbth`
Be tfbs rhljr` b vbsbth` Cjfgrh [tgkd Hxkfjelh je` Mbccjt Prjktgrs Cbmbth` !gcchkth` sgmhmjthrbjc "rgm bethreht je` jejc#$h` bt tg prhshet tg #gu gur "be`bels jngut tfh kurrhetstje`bels g" MCP %btf rhsphkt tg bts "bejekbjc pgsbtbge je` fbstgr# g" bts sfjrhs j"thr hjkfkfhkd pgbet %h fjvh jcsg sullhsth` gur gpbebges ge pgbets %fbkf ehh` jtthetbge. &hrh btsehkhssjr# tg mhetbge tfjt %h kgesb`hr MCP js je hetbt# n# btshc".
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Pj!ch Go *gethets.
:. P+J,$M)PP%+ C%PP%+ ................................................................................:
>. J*-,G C%/1M%,P C%PP%+ ....................................................................>
'. )$PG+> G; M)CCJP P+J*PG+...................................................................(Fbstgry..................................................................................................................0
(. M)CCJP Q+G;)C%...............................................................................................0
8. M)$$)G, $PJPM%,P.........................................................................................0
0. ?)$$)G, $PJPM%,P..........................................................................................0
G; M)CCJP P+J*PG+...............................................................2Mjejlmhet.......................................................................................................... 2
9. QG+P;GC)G....................................................................................................... :4Qjrtehrs..............................................................................................................:1
:4. +JP)G J,JC>$)$.............................................................................................. ::Pyphs go ^jtbgs...................................................................................................::
::. C)3X)/)P> +JP)G............................................................................................ ::
:". *X++%,P +JP)G..............................................................................................:"
:'. 3X)*- +JP)G....................................................................................................:'
:(. GQ+JP),1 *J$ ;CG .................................................................................:(
:8. J*P)?)P> +JP)G..............................................................................................:8hkhbvjnch Puregvhr. .........................................................................................:?
Qj#jnch Puregvhr. .............................................................................................. :1
:0. C%?%+J1% +JP)G...........................................................................................":;hnt tg H+ubt# jtbg. . .......................................................................................>>;hnt jtbg. . ...................................................................................................... >;Bethrhst !gvhrjlh jtbg. . ..................................................................................>0Cgel Phrm ;hnt tg H+ubt# jtbg. .......................................................................>8
: +JP)G,..............................................................................."0;hnt Pg H+ubt# jtbg. . ......................................................................................>6
Bethrhst !gvhrjlh jtbg. .................................................................................... >6Cgel Phrm ;hnt Pg H+ubt# jtbg. ......................................................................>6
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:2. $ J+% GC/%+ +JP)G.................................................................................."9;bvb`he` Qj#gut jtbg...........................................................................................08Qrh"hrrh` ;bvb`he` !gvhrjlh jtbg.......................................................................?$)$....................................................................................... ':5'8
"4. $PG*- * J+P.............................................................................................'85'2
":. ),?%$PM%,P$.............................................................................................'95("
"". ;),J,*)JC /%PJPC........................................................................................('
"'. +%;+%,*%$....................................................................................................... (9
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bstgry go Mbccjt Prjktgrs Cbmbth`.
Mbccjt Prjktgrs Cbmbth` 1MPC: %js hstjncbsfh` be 6829 tg betrg`ukh je` mjrdht Mjssh#-hrlusge 1M-: Prjktgrs be Qjdbstje. Je jsshmnc# pcjet %js sht up be 6824 tg jsshmnchtrjktgrs bmpgrth` be shmb3degkdh` `g%e 1[>;: kge`btbge.
Pfh kgmpje# %js ejtbgejcb$h` ue`hr Hkgegmbk h"grms =r`hr be 6840 je` stjrth`jsshmncbel je` mjrdhtbel trjktgrs ge nhfjc" g" Qjdbstje Prjktgr !grpgrjtbge 1QP!: %fbkf%js "grmh` n# tfh /gvhremhet "gr bmpgrt g" trjktgrs be [>; kge`btbge. Be 685< tfh/gvhremhet `hkb`h` ge be`blheb$jtbge g" tfh trjktgrs je` hetrusth` tfbs tjsd tg QP!.
QP! trjes"hrrh` tfbs rgch g" be`blheb$jtbge be 6856 tg MPC. Pfbs %js tfh turebel pgbet be tfh!gmpje#'s fbstgr# je` bt %het jngut tfh tjsd mhtfg`bkjcc# je` rjpb`c#. Pfh !gmpje#ue`hrtggd tfbs eh% rgch %btf hetfusbjsm je` be tfh spbrbt g" ejtbgejc `hvhcgpmhet je` prgvh`bts helbehhrbel kjpjnbcbtbhs n# surprbsbel tfh `hchtbge tjrlhts sht n# tfh /gvhremhet. 7ust begeh #hjrAs tbmh tfh kgmpje# tggd j lbjet sthp tg%jr`s shc"3rhcbjekh n# shttbel up tfh "brsthelbeh jsshmnc# pcjet be Qjdbstje.
Pfh !gmpje# mj`h j strjthlbk `hkbsbge rblft be tfh nhlbeebel tg nrbel tfgsh mjeu"jkturbel"jkbcbtbhs be3fgush "gr %fbkf kjpjnbcbtbhs `b` egt hxbst be tfh kguetr# je` "gr pjrts %fbkfrh+ubrh` fblf prhkbsbge je` bevhstmhet. Pfhrh"grh be 6859 sgpfbstbkjth` mjeu"jkturbel"jkbcbtbhs "gr tfh mjkfbebel g" betrbkjth kgmpgehets %hrh sht up. Pfhsh %hrh prhvbgusc# egtjvjbcjnch be Qjdbstje. !urrhetc# krbtbkjc kgmpgehets cbdh Helbeh cgkds [ump Prjesmbssbge!jsh Jxch &gusbel `rjucbk Cb"t !gvhr -rget Jxch [uppgrt je` !hetrh &gusbel jrh jcc
nhbel mjkfbeh` mgst sukkhss"ucc# be3fgush jt MPC "rgm cgkjcc# sgurkh` kjstbels.Jt MPC %h "brmc# nhcbhvh tfjt prg`ukbel tg Bethrejtbgejc +ujcbt# stje`jr`s bs tfh dh# tg gur kgetbeuh` sukkhss je` lrg%tf je` gur +ujcbt# kgetrgc `hpjrtmhet kgevhrts tfbs nhcbh" betgrhjcbt#.
Be 6880 tfh kgmpje# %js prbvjtb$h . Pfh hmpcg#hhs igbeh` fje`s je` tggd gvhr tfhmjejlhmhet n# %beebel je gphe nb`.
Pg mjbetjbe bts chj`hrsfbp rgch be trjktgr mjeu"jkturbel be tfh kguetr# MPC kgetbeuhs tg cggd tg%jr` "uturh tg b`hetb"# je` hxpcgbt eh% gppgrtuebtbhs je` tg kgesgcb`jth hxbstbel gehs. Pfh
Prjktgr Jsshmnc# Qcjet bs pjrt g" tfbs pfbcgsgpf#. Pfbs pcjet stjrth` bts prg`uktbge be 6880.Pfh hstjncbsfmhet g" tfbs mg`hre pcjet egt gec# bekrhjsh` prg`uktbge kjpjkbt# tg 62
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J"thr sukkhss"uc tjdhgvhr MPC jcsg jk+ubrh` tfh mjejlhmhet kgetrgc g" gcje !jstbelsCbmbth` 1j Quncbk Cbmbth` !gmpje# sphkbjcb$bel be betrbkjth jutgmgtbvh kjstbels: be
pjrtehrsfbp %btf hmpcg#hhs g" tfh kgmpje# be 688?. Pfh kgmpje# fjs nhhe tfh rhlucjr
rhkbpbhet g" tfh !grpgrjth Hxkhcchekh J%jr` g" Mjejlhmhet Jssgkbjtbge g" Qjdbstje je` tfhPgp !gmpjebhs J%jr` g" >jrjkfb [tgkd Hxkfjelh sbekh hjrc# hblftbhs. MPCAs Jeeujchpgrt fjs nhhe jkdeg%ch`lh` js tfh hst Jeeujc hpgrt n# tfh Bestbtuth g" !fjrthrh`
[hkrhtjrbhs je` J`mbe Jssgkbjtbge g" Qjdbstje "gr shvhrjc #hjrs.
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Mbccjt Prjktgrs Qrgobch.
Mbccjt Prjktgrs Cbmbth` 1MPC: bs je B[= 8
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$trukturh go GrljebAjtbge.
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bhrjrk#y go Mbccjt Prjktgr Cbmbth`.
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Mjejlhmhet
[bdje`jrMustjojDfje
Kfjbrmje
Cjhhq``be
!esjrbKHG
Ngjr` Go@brhktgrs
[bdje`jrMustjojDfje
Kfjbrmje
Cjhhq``be
!esjrbKfbho
Hxhkutbvh
Cjtbo Dfj"b`
#jsf$b
[%fjb"&jsfbr 'jej
MbjeMufj$$j`
[j"hh$
'jejMufj$$j`
[j``bquh
Mje(%%r!f$j`
[)M)*je+hhrM.K.N
Egmbehh
Mufj$$j`[j"hh$
Kgmpjey[hkrhtjry
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Cjhhq ``be!esjrb
KHG
,r%u- !`+bs%r./%$$btthh
[bdje`jr M)Dfje
Kfjbrmje
Cjtbo Dfj"b`#jsf$b
[r. Hxhkutbvh@brhktgr
[%fjb"&jsfbr'jej
[r. Hxhkutbvh@brhktgr
Mbje M)[j"hh$Hxhkutbvh
@brhktgr
Cjhh X``be Jesjrb
!H=
$#j#b` $#j#!jA Pggr;brhktgr Phkfebkjc
,jsbm $je`#u;#. /he. Mjejlhr J`me. Qurkfjsh
Njvh` Muebr/he. Mjejlhr -bejekh !-=
3jsbm $jhh`;#. /he. Mjejlhr BQ;
J#sje )mrje/he. Mjejlhr Qrg`uktbge
Js#oj ;jrgg b ;#. /he. Mjejlhr Oujcbt# !getrgc
;jrgl# ) !jc/he. Mjejlhr BP
Jt#jr 6u!jbr ;#. /he. Mjejlhr Phkfebkjc
$yh` Mu#jmmj` >j u!;#. /he. Mjejlhr Mjrdhtbel
Mu#jmmj` Jdrjm ;#. /he. Mjejlhr Mjrdhtbel
Mu#jmmj` Jscjm -#gd#jr /he. Mjejlhr1!ggr`bejtbge:
Mjesggr J!!jsb;#. /he. Mjejlhr Mjeu"jkturbel
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GrljebAjtbge bhrjrk#y
Jt MPC tfhrh bs khetrjcb$h` `hkbsbge mjdbel prgkhss. ;gkumhetjtbge prgkh`urh bs "grmjc
h.l. be kjsh g" prgvb`bel j"thr sjch shrvbkh 1%jrrjet# ( rhpcjkhmhet: "gr `h"hktbvh pjrts tfh
prgkh`urh bs js "gccg%s)
!ustgmhr lghs tg `hjchr je` thccs tfh prgnchm.;hjchrs rhpcjkh tfh pjrts "rgm fbs bevhetgr# je` j"thr%jr`s "bccs tfh kcjbms "grm
je` tjdhs tfh kgcchktbvh `h"hktbvh pjrts tg tfh Mbccjt Prjktgrs Cbmbth`.MPC besphkts tfh pjrt je` tfhe hbtfhr rhpcjkhs pjrt tg tfh `hjchr gr krh`bts tfh
njcjekh tg `hjchrs jkkguets.
-gr tfh hxtrj gr`bejr# prgnchm gr `h"hkt tfh kcjbm prgkh`urh bs `b""hrhet je` js "gccg%s)
!ustgmhrs lg tg `hjchr je` thccs tfh prgnchm.;hjchr she`s j egtbkh tg tfh Mbccjt Prjktgrs Cbmbth` je` tfhe j thjm "rgm MPC
vbsbts tfh trjktgr je` tfhe `hkb`hs %fhtfhr tg bmprgvh tfh kcjbm gr egt.B" tfh kcjbm bs jkkhpth` tfhe tfh pjrt bs shet tg tfh `hjchr "gr rhpchebsfmhet.
/%QJ+PM%,P JP MPC
Be gr`hr tg fjvh mjxbmum h""bkbhek# Mbccjt Prjktgrs Cbmbth` "uektbges jrh vhr# strukturh`.
Pfh `bvbsbge g" %grd je` cjngr bs `geh be j vhr# `hsbleh` mjeehr je` jcc tfh %grd
rh+ubrhmhets fjvh nhhe `bstrbnuth` prgphrc# jmgel tfh vjrbgus `hpjrtmhets.
Hvhr# `hpjrtmhet "uc"bcc bts g%e rh+ubrhmhets je` `geh bts g%e %grd. Pfhrh jrh "gccg%bel
`hpjrtmhet ge Mbccjt Prjktgr Cbmbth`.
&umje rhsgurkh `hvhcgpmhet je` trjbebel `hpjrtmhet 1& ;:Mjrdhtbel `hpjrtmhetJ`mbebstrjtbge `hpjrtmhet-bejekh `hpjrtmhetJu`btbel `hpjrtmhetH;Q 1hchktrbk `jtj prgkhssbel: `hpjrtmhet
J fbhrjrkf# hxbsts be hjkf `hpjrtmhet je` tfh "uektbges g" tfh `hpjrtmhet "cg% be tfjt
pjrtbkucjr kj`rh %fhtfhr tfh# jrh "cg%bel "rgm tgp tg ngttgm gr "rgm ngttgm tg tgp. [gmh
`hpjrtmhets fjvh "urtfhr sun3`hpjrtmhets js %hcc cbdh mjrdhtbel bs tfh nbllhst `hpjrtmhet g"
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MPC sg bt fjs 43sun `hpjrtmhets. [bmbcjrc# sun `hpjrtmhets hxbst be j`mbebstrjtbge
`hpjrtmhet.
MJ,J1),1 %MQCG>%%$ JP MPC
Pgtjc eumnhr g" hmpcg#hhs jrh 6
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Qrg`uktbge Qcjet
Pfhrh bs gec# geh prg`uktbge pcjet cgkjth` be Cjfgrh. Bts %grdbel kjpjkbt# 4
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$wgt Jejcysbs Go Mbccjt Prjktgrs.
Pfh s%gt jejc#sbs kgesbst g" jejc#$bel tfh grljeb$jtbgejc strheltf je` %hjdehsshs je` bts
gppgrtuebtbhs je` tfrhjts %fbkf jrh rhcjth` tg hxthrejc hevbrgemhet. bt fhcps tg b`hetb"# j
strjthlbk ebkfh tfjt tfh grljeb$jtbge mblft hxpcgbt. &hrh bs j s%gt jejc#sbs g" Mbccjt Prjktgrs
Cbmbth`.
[trheltf
Mbccjt trjktgrs cbmbth` bs strgel grljeb$jtbge js "gr js bts kgmphtbtgr bs kgekhreh`. jsbkjcc#
tfh jktbvbtbhs tfh "brm `ghs %hcc gr tfh rhsgurkhs bt fjs gr bt kgetrgcs jrh rh"hrrh` tg js bts
strheltf.
-gccg%bel jrh tfh strheltfs g" MPC.
:. gg` !b"" # !h"" Hstj$"bsfh` %mjlh
MPC fjs je hxkhcchet lgg`%bcc be tfh mjrdht je` be stgkd hxkfjelh.
&. Mjr'ht [fjrh
J mjrdht sfjrh g" @5 32< prgvhs tg nh j `hmje`bel strheltf g" tfh Mbccjt Prjktgrs
Cbmbth`.
(. )hpjbr *jkb"bty
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M- trjktgrs kje nh rhpjbr "rgm je# %grdsfgp cgkjth` be je# jrhj g" Qjdbstje. Pfhrh bs eg
sphkb"bkjtbge rhljr`bel rhpjbr mjbethejekh g" trjktgrs sukf js b" tfh kustgmhr fjs purkfjsh`
trjktgr "rgm Cjfgrh fh kje rhpjbr bt "rgm ;./. >fje gr Mjbcsb %grdsfgp js %hcc.
+. @h"bvhry ,frgulf @hj"hrs -e` @brhkt Kjsf Njsbs
MPC fjs strheltf gvhr tfhbr kgmphtbtgrs . bt `hcbvhrs trjktgrs tfrgulf `hjchrs je` `brhkt kjsf
njsbs `hcbvhr# bs jcsg mj`h. ut Jc3/fj$b trjktgr mjdhs `hcbvhr# iust tfrgulf `hjchrs.
. /bkheshs -e` ,hkfeg"gly
Cbkheshs je` thkfegcgl# "rgm Mjsshy ;hrlusgeH K> lbvhs Mbccjt Prjktgrs cbmbth` je hxtrj
h`lh.
1. %[G >>& Khrtb;kjtbge
Jegtfhr sgcb` strheltf g" Mbccjt Prjktgrs Cbmbth` bs B[= 8
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Mbccjt trjktgrs cbmbth` fjs `bvhrsb"bh` bts nusbehss n# prg`ukbel jlrbkucturjc bmpchmhets
lhehrjtbel shts "grd cb"thrs rhx njrrhe njtthrbhs je` eg% %grdbel ge tfh jutgmgnbchs
nusbehss js %hcc.
::. Hxphrbhekh
Jegtfhr strheltf g" MPC bs tfjt bt fjs nhhe hstjncbsfh` sbekh 6829 sg bt fjs hxphrbhekh cjngr
"grkh.
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;uh tg `bvhrsb"bh` %grd jt MPC bt mblft egt jnch tg "ucc# kgekhetrjth ge bts prbmjr#
gphrjtbges.
. Ege [phkbj"b9h`
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/gvhremhet fj` betrg`ukh` /rhhe Prjktgr [kfhmh. Jkkgr`bel tg tfbs skfhmhs prbkhs g" tfh
trjktgrs `hkcbeh`. MPC jcsg ljvh tfh sjkrb"bkh n# rh`ukbel tfh prg"bt mjrlbes je` ge tfh gtfhr
fje` lgvhremhet rh`ukh` tfh tjxhs nut tfbs rh`uktbge %js egt sg mukf suppgrtbvh.
O$johty je` %evbrgemhetjc QrgthktbgeL
Pfh !gmpje# fjs j shpjrjth &grtbkucturh ;hpjrtmhet tg mjdh tfh hevbrgemhet
pchjsjet lrhhe je` "ucc g" "cg%hrs. Pfh !gmpje# fjs nhhe pjrtbkbpjtbel sbekh mje#
#hjrs be tfh &grtbkucturjc je` "cg%hr kgmphtbtbges jrrjelh` n# /gvhremhet je` gtfhr
bestbtutbges. Pfh !gmpje# jljbe %ge nhst phr"grmjekh j%jr`s be `b""hrhet
kgmphtbtbges. Pg prgmgth fhjctf# hevbrgemhet %btfbe tfh !gmpje# je` bts
surrgue`bels j mjigr Prhh Qcjetjtbge !jmpjble %js ue`hrtjdhe je` gvhr 0@
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g""hrbel j %b`h rjelh g" prg`ukts mhhtbel jcc pgkdht ehh`s. Pfbs jcsg pcjkhs us be j
kgm"grtjnch pgsbtbge tg mhht "uturh *P= kge`btbgejctbhs. *h jrh kge"b`het tfjt gur kurrhet
prg`ukts +ujcbt# %bcc pcjkh us be j lgg` pgsbtbge tg kgmphth lcgnjcc#.
Hekgurjlh` n# tfbs jkkhptjnbcbt# %h pcje tg kgetbeuh %btf tfh kgekhpt g" g""hrbel prg`ukts
subth` tg tfh mjrdht ehh`s tg "urtfhr hefjekh gur hxbstbel trjktgr rjelh.
Qgrtogcbg go Mbccjt Prjktgr Cbmbth`.
gcje !jstbel Ct`
Mbccjt H+ubpmhet Ct`
Mbccjt Be`ustrbjc Qrg`ukt Ct`
=gcje *jstbel Ct`.Be 688? tfh !gmpje# be kgccjngrjtbge %btf tfh hmpcg#hhs g" gcje !jstbelCbmbth` jk+ubrh` tfh mjejlhmhet kgetrgc g" gcje !jstbel Cbmbth` n#
purkfjsbel @6 g" tfh !gmpje# sfjrhs g""hrh` n# tfh lgvhremhet js pjrt g"
tfh prgkhss g" prbvjtb$jtbge. !C prgvb`hs mjigr kjstbel "gr JutgmgnbchBe`ustrbhs je` jcsg @< g" tfh !gmpje# rh+ubrhmhet jrh mht "rgm bt. [bekhjk+ubsbtbge g" tfh kgetrgc n# MPC !C fjs jcsg phr"grmh` vhr# %hcc je` fjs nhhe ge jlrg%tf pjtthre. J"thr `bskfjrlbel jcc bts "bejekbjc cbjnbcbtbhs tfh !gmpje# fjs nhhe `hkcjrbelvhr# rhjsgejnch `bvb`he` "gr tfh sfjrh fgc`hrs "gr tfh cjst tfrhh #hjrs.
Mbccjt % ub7mhet Ct`Mbccjt H+ubpmhet Cbmbth` %js bekgrpgrjth` be 688? js j %fgcc# g%eh`sunsb`bjr# kgmpje# g" Mbccjt Prjktgrs Cbmbth` "gr Qrg`uktbge g" lhjrs tg nh
ush` be trjktgrs kjrs je` !gmmhrkbjc vhfbkchs tfh prg`uktbge fjs sg "gr nhhe kgmmhekh` je` tfh kgmpje# fjs `hkcjrh` prg"btjnbcbt# "gr tfh #hjr he`h` iueh ?< 0
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+jtbg Jejcysbs go Mbccjt Prjktgr Cbmbth`.
&hrh B %bcc jejc#sbs `b""hrhet rjtbge %fbkf jrh js "gccg%s.
:@ Jktbvbty +jtbg.
hkhbvjnch Puregvhr.Qj#jnch Puregvhr.*grdbel !jpbtjc Puregvhr.-bxh` Jsshts Puregvhr.Pgtjc Jsshts Puregvhr.
"@ Cb ub`bty rjtbgs.
!urrhet jtbg.Oubkd jtbg(Jkb` Phst jtbg.=phrjtbel !jsf -cg% jtbg.
'@ Chvhrjlh rjtbgs.
;hnt tg H+ubt# jtbg.;hnt jtbg.Bethrhst !gvhrjlh jtbg.Cgel Phrm ;hnt tg H+ubt# jtbg.
(@ Qrgobtj!bcbty +jtbgs./rgss Mjrlbe jtbg.
hture ge [jchs jtbg.hture ge Jsshts jtbg.hture ge Pgtjc H+ubt# jtbg.
8@ $#jrh#gc`hrs +jtbgs.
;bvb`he` Qj#gut jtbg.Qrh"hrrh` ;bvb`he` !gvhrjlh jtbg.
:. Cb ub`bty rjtbgs.
J kcjss g" "bejekbjc mhtrbks tfjt bs ush` tg `hthrmbeh j kgmpje#As jnbcbt# tg pj# g"" bts sfgrt3thrms `hnts gncbljtbges. /hehrjcc# tfh fblfhr tfh vjcuh g" tfh rjtbg tfh cjrlhr tfh mjrlbe g" sj"ht# tfjt tfh kgmpje# pgsshsshs tg kgvhr sfgrt3thrm `hnts. !urrhet jtbg.
!urrhet jtbg.Oubkd jtbg(Jkb` Phst jtbg.=phrjtbel !jsf -cg% jtbg.
Qjlh | >8
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*urrhet +jtbg.J cb+ub`bt# rjtbg tfjt mhjsurhs j kgmpje#As jnbcbt# tg pj# sfgrt3thrm gncbljtbges.
Pfh !urrhet jtbg "grmucj bs)
hj
r
/urrhet
!sshts
/urrhet
Cbj b"btbhs/urrhet 'jtb%
>116
? :112
8 ?6 21> :)1:1
:1 :)0: tb$hs
&>>?.> &>> .> &>:>.>1)8
:
:)8
*urrhet +jtbg
*urrhet +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 6.98 g" kurrhet jsshts "gr hvhr# h. 6 g" kurrhet cbjnbcbtbhs."449. Mbccjt Prjktgr fj` s. 6.4 g" kurrhet jsshts "gr hvhr# h. 6 g" kurrhet cbjnbcbtbhs."4:4. Mbccjt Prjktgrs fj` s. 6.96 g" kurrhet jsshts "gr hvhr# h. 6 g" kurrhet cbjnbcbtbhs.
Qjlh | >?
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[g 6h Kje sjy tfjt tfhrh bs je hxkhssbvh -sshts be >112 js kgmpjrh tg >116 go >.&:$ut be >1:1 tfhy rh`ukh tfhbr kurrhet rjtbge orgm >.&: tg >.& .
3ubkd +jtbgBJkb` Phst +jtbg.Je be`bkjtgr g" j kgmpje#As sfgrt3thrm cb+ub`bt#. Pfh +ubkd rjtbg mhjsurhs jkgmpje#As jnbcbt# tg mhht bts sfgrt3thrm gncbljtbges %btf bts mgst cb+ub` jsshts. Pfhfblfhr tfh +ubkd rjtbg tfh nhtthr tfh pgsbtbge g" tfh kgmpje#.
!jckucjth` n#)
hjr
/urrhet!sshts
be+het%rbhs
/urrhetCbj b"btbhs
ub d 'jtb% ! b`*hst 'jtb%
>116
? :112
8 ?:62188
; ;>6 21> :)10
>1:1
:1 ?;000:
< 86< 2:> :)1?
3ubkd +jtbg B Jkb` Phst +jtbg
)ethr7rhtjtbgeF
Qjlh | ><
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"442. Mbccjt Prjktgrs fj` s. 6.116
: 16< 62> 0 :0? 110 1)>?
>11
238: 2;6= ; ;>6 21> 1)1:8
>1:1
0 >?8 ::1 < 86< 2:> 1)8?
G7hrjtbel *js# ;cgw +jtbg
Qjlh | >6
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)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. .
". Jktbvbty +jtbg.Jkkguetbel rjtbgs tfjt mhjsurh j "brmAs jnbcbt# tg kgevhrt `b""hrhet jkkguets %btfbe tfhbr
njcjekh sfhhts betg kjsf gr sjchs.
hkhbvjnch Puregvhr.Qj#jnch Puregvhr.*grdbel !jpbtjc Puregvhr.-bxh` Jsshts Puregvhr.Pgtjc Jsshts Puregvhr.
+hkhbvj!ch Puregvhr. Je jkkguetbel mhjsurh ush` tg +ujetb"# j "brmAs h""hktbvhehss be hxthe`bel krh`btjs %hcc js kgcchktbel `hnts. Pfh rhkhbvjnchs turegvhr rjtbg bs je jktbvbt# rjtbg mhjsurbel fg%h""bkbhetc# j "brm ushs bts jsshts.
-grmucj)
hjr
5ht /rh`bt[j"h
!+hrjlh! %uet
'h hb+j "h
! %uet 'h hb+j "h*ure%+hr
>116
:: > ;68 : ;6< 2>2 6):>
>112
:? 12: 1:1
>> 0?: >02 > 2
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!66%uet 'h6hb+j;"h *ure%+hr
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 5.60 tbmh jkkguet rhkhbvjnchs."449. Mbccjt Prjktgr fj` s. 66.4 tbmhs jkkguet rhkhbvjnchs."4:4. Mbccjt Prjktgrs fj` s. 5.6 tbmhs jkkguet rhkhbvjnchs.
[g 6h Kje sjy tfjt tfhrh bs j lrj`uj" bekrhjsh be jkkguet rhkhbvj$"hs be &>> jskgmpjrh tg &>>? je` &>:> rhsphktbvh"y.
Qjyj!ch Puregvhr.J sfgrt3thrm cb+ub`bt# mhjsurh ush` tg +ujetb"# tfh rjth jt %fbkf j kgmpje# pj#s g""bts suppcbhrs. Jkkguets pj#jnch turegvhr rjtbg bs kjckucjth` n# tjdbel tfh tgtjc
purkfjshs mj`h "rgm suppcbhrs je` `bvb`bel bt n# tfh jvhrjlh jkkguets pj#jnchjmguet `urbel tfh sjmh phrbg`.
-grmucj)
hjr
5ht /rh`bt-ur fjshs
!+hrjlh! %uetQj.j "h
! %uet Qj.j "h*ure%+hr
>116
2
-
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>1:1
:6 8>6 :
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r *ure%+hr
>116
:: > ;68 "H4''H8112 :? 12: 1:1
>> 0?: >02 'H:(9H((<
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J "bejekbjc rjtbg g" eht sjchs tg "bxh` jsshts. Pfh "bxh`3jssht turegvhr rjtbg mhjsurhs jkgmpje#As jnbcbt# tg lhehrjth eht sjchs "rgm "bxh`3jssht bevhstmhets 3 sphkb"bkjcc# prgphrt#
pcjet je` h+ubpmhet 1QQ H: 3 eht g" `hprhkbjtbge. J fblfhr "bxh`3jssht turegvhr rjtbg sfg%stfjt tfh kgmpje# fjs nhhe mgrh h""hktbvh be usbel tfh bevhstmhet be "bxh` jsshts tg lhehrjth
rhvheuhs.
Pfh "bxh`3jssht turegvhr rjtbg bs kjckucjth` js)
hj
r5ht [j"hs
*%tj" bAh`!sshts
7%rdbel /j-btj"*ure%+hr
>116
:: > ;68 :H:112
:? 12:
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Pgtjc Jsshts Puregvhr.Pfh jmguet g" sjchs lhehrjth` "gr hvhr# `gccjrAs %grtf g" jsshts. Bt bs kjckucjth` n# `bvb`belsjchs be `gccjrs n# jsshts be `gccjrs.
-grmucj)
hjr
5ht [j"hs *%tj" !sshts7%rdbel /j-btj"
*ure%+hr>11
6:: > ;68 );1
>1:1
>> 0?: >02 :"H:>?.> &>> .> &>:>.>1)8
:
:)8
*%tj" !ssht *ure%+hr 'jtb%
Pgtjc Jssht Puregvhr +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 6.@6 Pgtjc Jssht Puregvhr."449. Mbccjt Prjktgr fj` s. 0.? Pgtjc Jssht Puregvhr."4:4. Mbccjt Prjktgrs fj` s. 6.59 Pgtjc Jssht Puregvhr.
[g 6h kje sjy tfjt tfhrh bs j lrj`uj" bekrhjsh be )jtbg orgm &>>? tg &>> $y:. : tg &.( jothr tfjt bt `hkrhjshs orgm &.( tg :.?+ be &>:> rhsphktbvh"y.
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'. Chvhrjlh +jtbgs.Je# rjtbg ush` tg kjckucjth tfh "bejekbjc chvhrjlh g" j kgmpje# tg lht je b`hj g" tfhkgmpje#As mhtfg`s g" "bejekbel gr tg mhjsurh bts jnbcbt# tg mhht "bejekbjc gncbljtbges.Pfhrh jrh shvhrjc `b""hrhet rjtbgs nut tfh mjbe "jktgrs cggdh` jt bekcu`h `hnt h+ubt#jsshts je` bethrhst hxpheshs.
;hnt tg H+ubt# jtbg.;hnt jtbg.Bethrhst !gvhrjlh jtbg.Cgel Phrm ;hnt tg H+ubt# jtbg.
/h!t tg % ubty +jtbg.J mhjsurh g" j kgmpje#As "bejekbjc chvhrjlh kjckucjth` n# `bvb`bel bts tgtjc cbjnbcbtbhs
n# stgkdfgc`hrsA h+ubt#. Bt be`bkjths %fjt prgpgrtbge g" h+ubt# je` `hnt tfh kgmpje# bsusbel tg "bejekh bts jsshts.
-grmucj)
hjr
*%tj"Cbj b"btbhs
Jqubt.Nh t t% Jqubt.
'jtb%>11
60 >26 1112
; 0;: 66: 'H8"1:1
< ?1? 8 (H8:9H9:: :)?6
Qjlh | ;8
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/h!t tg % ubty +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 6.?4 Pbmhs ;hnt Pg H+ubt#."449. Mbccjt Prjktgr fj` s. >? tg&>> $y :.(0 tg >. 0 jothr tfjt bt %ekrhjshs orgm >. 0 tg :.1? be &>:> rhsphktbvh"y.
/h!t +jtbg.J rjtbg tfjt be`bkjths %fjt prgpgrtbge g" `hnt j kgmpje# fjs rhcjtbvh tg bts jsshts. Pfhmhjsurh lbvhs je b`hj tg tfh chvhrjlh g" tfh kgmpje# jcgel %btf tfh pgthetbjc rbsds tfhkgmpje# "jkhs be thrms g" bts `hnt3cgj`.
-grmucj)
hj
r*%tj"
"bj b"bt.*%tj" !sshts Nh t 'jtb%
>116
0 >26 11:1
< ?1? 8 :"H:
Qjlh | ;?
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/h!t +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 112
: 6?? :8; 8
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>1:1
; ?;0 11: :H:0'H(:9 ;):>
)ethrhst *gvhrjlh +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. ?.99 Pbmhs Bethrhst !gvhrjlh jtbg."449. Mbccjt Prjktgr fj` s. ?.20 Pbmhs Bethrhst !gvhrjlh jtbg."4:4. Mbccjt Prjktgrs fj` s. ?.60 Pbmhs Bethrhst !gvhrjlh jtbg.
[g 6h kje sjy tfjt tfhrh bs j lrj`uj" @hkrhjsh be Pbmhs Bethrhst !gvhrjlh jtbg orgm&>> tg &>:> $y (.1& tg (.:& rhsphktbvh"y.
Cgel Phrm /h!t tg % ubty +jtbg.J mhjsurhmhet g" j kgmpje#As "bejekbjc chvhrjlh kjckucjth` js tfh kgmpje#As `hnt`bvb`h` n# bts tgtjc kjpbtjc. ;hnt bekcu`hs jcc sfgrt3thrm je` cgel3thrm gncbljtbges.Pgtjc kjpbtjc bekcu`hs tfh kgmpje#As `hnt je` sfjrhfgc`hrsA h+ubt# %fbkf bekcu`hs
kgmmge stgkd prh"hrrh` stgkd mbegrbt# bethrhst je` eht `hnt.
!jckucjth` js)
hj
rC%el thr$
`h t[fjrhf%"`hrs@
Jqubt.Cgel Phrm /h!t tg
% ubty +jtbg>11
61 'H:'4H2(: 1
>112
1 'H8"
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>1:1
1 (H8:9H9:: 1
Cgel Phrm /h!t tg % ubty +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` eg cgel thrm `hnts."449. Mbccjt Prjktgrs fj` eg cgel thrm `hnts."4:4. Mbccjt Prjktgrs fj` eg cgel thrm `hnts.
[g 6h kje sjy tfjt tfhrh bs eg "gel thrm `h$t jvjb"j$"h be Mb""jt trjktgr.
(. Qrgobtj!bcbty +jtbgs.J kcjss g" "bejekbjc mhtrbks tfjt jrh ush` tg jsshss j nusbehssAs jnbcbt# tg lhehrjth hjrebelsjs kgmpjrh` tg bts hxpheshs je` gtfhr rhchvjet kgsts bekurrh` `urbel j sphkb"bk phrbg` g" tbmh. -gr mgst g" tfhsh rjtbgs fjvbel j fblfhr vjcuh rhcjtbvh tg j kgmphtbtgrAs rjtbg gr tfhsjmh rjtbg "rgm j prhvbgus phrbg` bs be`bkjtbvh tfjt tfh kgmpje# bs `gbel %hcc.
/rgss Mjrlbe jtbg.hture ge [jchs jtbg.hture ge Jsshts jtbg.hture ge Pgtjc H+ubt# jtbg.
1rgss Qrgobt Mjrlbe +jtbg.Be`bkjths %fjt tfh kgmpje#As prbkbel pgcbk# bs je` %fjt tfh truh mjrd3up mjrlbes jrh.
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hjr
'h+heuh/,[
'h+heuh1rgss Qrgobt Mjrlbe
+jtbg>11
6: 81; 61:1
; 2;; 1116
: :0> 2>6 ::H"
-
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>112
: 6?? :8; :0H49:H
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>1:1
< ?1? 8 (H8:9H9:: :)?6
+hture ge Pgtjc % ubty +jtbg
)ethr7rhtjtbgeF"442. Mbccjt Prjktgrs fj` s. 6.?4 Pbmh hture ge Pgtjc H+ubt# jtbg."449. Mbccjt Prjktgr fj` s.
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hjr
hjr".`b+b`he`
-hr sfjrh
Jjrebels Qhr[fjrh
Nb+b`he` Qj.%ut'jtb%
>116
;>)81 '(.8: 1)20
>112
8 ('.
-
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J kgvhrjlh rjtbg tfjt mhjsurhs j kgmpje#As jnbcbt# tg pj# g"" bts rh+ubrh` prh"hrrh``bvb`he` pj#mhets. J fhjctf# kgmpje# %bcc fjvh j fblf kgvhrjlh rjtbg be`bkjtbeltfjt bt fjs cbttch `b""bkuct# be pj#bel g"" bts prh"hrrh` `bvb`he` rh+ubrhmhets.
-grmucj)
hjr
5ht be %$hNb+b`he`Qj.$het
Qrhohrrh` /bvb`he`*gvhrjlh +jtbg
>116 2:4H
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Prhe` Jejcysbs.Je jsphkt g" thkfebkjc jejc#sbs tfjt trbhs tg prh`bkt tfh "uturh mgvhmhet g" j stgkd njsh` ge
pjst `jtj. Prhe` jejc#sbs bs njsh` ge tfh b`hj tfjt %fjt fjs fjppheh` be tfh pjst lbvhs trj`hrsje b`hj g" %fjt %bcc fjpphe be tfh "uturh.
Pfhrh jrh t#rhh mjbe t#phs g" trhe`s)6. [fgrt0. Bethrmh`bjth?. Cgel3Phrm
Prhe` Jejcysbs go Mbccjt Prjktgr cbmbth`.
&hrh B fj` jppcbh` `b""hrhet "uektbges "gr trhe` jejc#sbs g" Mbccjt trjktgr.
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Jktbvbty +jtbg. Cb ub`bty rjtbgs. Chvhrjlh rjtbgs. Qrgobtj!bcbty +jtbgs.
Prhe` Jejcysbs go Jktbvbty +jtbg.
*rhe` !ej".sbs %o ! tb+bt. 'jtb%
)ethr7rhtjtbgeF
Jktbvbt# rjtbg "jccs "rgm 0
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*rhe` !ej".sbs %o Cbqub`bt. rjtb%s
)ethr7rhtjtbgeFCb+ub`bt# jtbg sfg%s Evh rhcjtbge be jngvh lrjpf. Bt mhjes kgmpje#'s cb+ub`bt# rjtbg bs belgg` pgsbtbge.
Prhe` Jejcysbs go Chvhrjlh rjtbgs.
*rhe` !ej".sbs %o Ch+hrjlh rjtb%s
)ethr7rhtjtbgeF
Prhe` jejc#sbs g" chvhrjlh rjtbg sfg%s be jngvh lrjpf bs tfjt chvhrjlh rjtbg "jcs be 0
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Prhe` Jejcysbs go Qrgobtj!bcbty +jtbgs.
rhe` !ej".sbs %o Qr%Htj b"bt. 'jtb%
)ethr7rhtjtbgeFPrhe` jejc#sbs g" Qrg"btjnbcbt# rjtbg sfg%s be jngvh lrjpf bs tfjt Qrg"btjnbcbt# rjtbg "jccs be0
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4O6hrs
/fjbr$je
A[b'je`hrMustjoj JfjeN
Nbrh6t%r 8/J4
A/jhh5 K``be-esjrbN
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A2jvh` MuebrN[h6rhtjr.
AMbjeMufjmmj`
[j"hhmN
)ethr7rhtjtbgeF
Prhe` jejc#sbs g" [fjrhfgc`hrs rjtbg sfg%s be jngvh lrjpf bs tfjt sfjrh fgc`hrs rjtbgbekrhjshs be 0
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-hy /jtj.Pbkdhr M)CP
"4:4 $jchs 00 926 098
-
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8" whhds 5"0.9
%jrebelB /bvb`he`s Kjs 9B'4B"4:4@%jrebel /bvb`he`s
Mgst hkhet Otr :0."9 '".84Cjst 60 Mgetfs bhc` :'.40Qrbkh B $jch +jtbg 4.2( Qjygut +jtbg 9".9(Qrbkh B =ggd +jtbg (.:2 hc` !y besb`hrs ,BJ
;uturh Gutcggd.
QjdbstjeA jlrbkucturjc shktgr %bcc rhmjbe stjlejet uechss %h gptbmb$h gur "jrm pg%hr chvhc
tfrgulf hxthesbvh ush g" jlrbkucturh mjkfbehr# je` trjktgrs. Pfh
!gmpje# "hhcs tfjt tfh trjktgr mjrdht %guc` rhmjbe jt tfh sjmh chvhc be 0
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:. Mjrdhtbel bs kjcch` s njkd ngeh g" je grljeb$jtbge. j pggr mjrdhtbel g" j lgg`
prg`ukt kje `bsjsthr rhsucts %fbch lgg` mjrdhtbel g" nj` prg`ukt kje mjdh mh rbkf
gtfhr rblfts. Pfhrh bs j cgt g" rggm g" bmprgvhmhet prhshet be tfh mjrdhtbel
`hvhcgpmhet rhljr`bel mjrdhtbel rhshjrkf tg b`hetb"# %fhrh tfh prgnchm 1%fjt bs tfh
rhjsge g" sjchs `hkcbeh: %fbkf shktbge g" je grljeb$jtbge bs %hjd `hjcbel %btf tfh
kustgmhr be tfbs rhljr` sphkbjc bmprgvhmhet be nggdbel shktbge bs rh+ubrh`. Pfh nhst
%j# jt nggdbel shktbge. Pfh prgnchm bs `uh tg tfh ign g" phrsges jt nggdbel shktbge.
Pg sfg% tfh prgnchm kgursh kgvhrbel tfh tgpbk fg% tg `hjc %btf tfh `b""hrhet phgpch
sfguc` nh grljeb$h`.
". Pfh# sfguc` kfjelh tfhbr tfbedbel tfjt tfh# %bcc jc%j#s rhmjbe chj`hr g" trjktgr
be`ustr# nut tfh# sfguc` ue`hrstje` tfjt hvhr# nusbehss fjs tg "jkh tfh `hkcbeh stjlh
js %hcc be gr`hr tg rhmjbe jt mjturbt# bt bs ehkhssjr# tfh# sfguc` kjpturh tfgsh
mjrdhts be %fbkf tfh# stbcc `b` egt phehtrjth Pfh kgmphtbtgr jejc#sbs tfgrgulfc#.'. Jegtfhr jrhj %fbkf `hmje` jtthetbge bs tfjt g" ign rgtjtbge. Hmpcg#hhs jrh egt sg
mukf prg`uktbvh mgtbvjth` je` h""bkbhet nhkjush g" tfhbr rgutbeh ign.(. Pfh# jcsg jrh jccg%h` tfh gphrjtbgejc chvhc hmpcg#hh be `hkbsbge mjdbel prgkhss
hsphkbjcc# %fhe tfh `hkbsbge jrh tjdhe jngut tfh cjngur "grkh nhkjush mgst g" tfh tbmh
tfh# nhtthr deg% jngut %fjt bs nheh"bkbjc je` subts tg tfhm.8. Pfh `hcbvhr# tbmh phrbg` jt MPC bs 063`j#s jrrjelhmhet sfguc` nh mj`h tg `hkrhjsh
tfh `hcbvhr# tbmh sg tfjt shrvbkh chvhc kje nh bmprgvh`.
Qjlh | 8>
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+hohrhekhs.
8. Xebvhrsbty Go khetrjc Que j!.Qrg") *j+js ,jdbM# !g -rbhe`
0. Cj#grh $tgkd %&k#jelh.hkgr` !hethr
fje 1MCP:;./.M 1Qrg`uktbge: Jfsje Bmrje
2. )ethreht sgurkhs./gglch [hjrkf hjrtf bmjlhs%%%.mbccjt.kgm.pd