Post on 30-May-2018
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SAKOE IL DI@SE@S
OMTS IL SAKOET m
DJAXSE[ SMSOE XAGE @I2
1. M@S[ICUDSMI@
1.1 M`s{icudsmi` , Kadng{iu`c il sje X{ikoef 1
1.; Ikbedsm|e il sje tsuc} 3
1.4 Tdixe il sje tsuc} 5
1.3 Omfmsasmi` il sje tsuc} 5
;. [E\MEW IL [EOASEC OMSE[ASU[E
;.1 [e|mew il {eoasec omse{asu{e @u`gafkannaf/ Djesxes/ Xiet
Ga{ce`/ Egfi{e/ Aowa{xes/ S. @aga{) F}oaxi{e m` De`s{ao Dje``am> a`c A``a
@aga{ m` @i{sj Wets Dje``am. Tiusj Dje``am mt a x{mfe {etmce`smao oidasmi` wmsj
a giic atti{sfe`s il axa{sfe`st a`c m`cexe`ce`s jiutet m` x{izmfms} si sje
keadj. De`s{ao Dje``am x{i|mcet x{izmfms} si sje de`s{ao kutm`ett cmts{mds. Sje
@i{sj&wetse{` Dje``am mt difxa{asm|eo} a {ede`s ce|eoixfe s wmsj a`
atti{sfe`s il ku`gaoiwt a`c axa{sfe`st.
At ezxas{maset a`c F@D ezedusm|et sj{i`g sje dms}/ cefa`c mt tjmlsm`g si
sje de`s{ao xa{s il dms} cue si mst x{izmfms} si faoot/ {etsau{a`st a`c doukt. Eats
diats {iac di`sm`uet si ke a x{ele{{ec oidasmi` li{ ezxas{maset oiinm`g li{ Keadj
Jiutet ) M`cexe`ce`s Ku`gaoiwt. M` J;&85/ sje cefa`c li{ m`cexe`ce`s jiutet
a`c axa{sfe`st {eadjec a` aoo smfe jmgj wmsj `ufke{ il que{met difm`g m` l{if
ezxas{maset a`c F@D ezedusm|et. Sje tuxxo} wat jiwe|e{ u`akoe si neex xade
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wmsj sje tseex cefa`c jmne a`c a cefa`c tjmls wat ikte{|ec siwa{ct de`s{aoo}
oidasec x{ixe{smet.
M` J1&8
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li{ S @aga{/ wjmdj taw a` m`d{eate il aofits 38% l{if J1. Jiwe|e{ sje {e`saot
m` isje{ a{eat {efam`ec aofits tsakoe.
Daxmsao \aoue *[t ) TL-
Xoade J;&85 J1&8< J;&8
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fmd{i fa{nest. Wjmoe m` a{eat omne Aowa{xes) [A Xu{af/ sje {e`saot wms`ettec a
fattm|e bufx il 38 & 58%.
S[E@C A@AO]TMT LI[ DJE@@AM
Xoade ;88< ;887 ;88: ;88= ;818 ;811 ;81; ;814
@u`gakannaf 4888 4358 4=
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M` Dje``am xoadet omne S. @aga{/ F}oaxi{e/ Akjm{afaxu{af/ a`c Aca}a{
a{e sje fits ass{adsec xoadet k} sje m`|etsi{t li{ jiutm`g tm`de sje} ja|e giic
x{izmfms} si tdjiiot/ jitxmsaot a`c m`cuts{mao a{eat. Aoti/ etsakomtjfe`s il fi{e
MS Difxa`met/ jmgje{ ecudasmi` m`tsmsusmi`t a`c jitxmsaot ja|e k{iugjs ius
s{efe`ciut ce|eoixfe`sao tdixe si tuku{ka` a{eat tudj at Ioc
Fajakaomxu{af [iac/ wje{e u omne isje{ xoadet m` Dje``am ja|e giic
a|amoakmoms} il wase{ a`c oa`c a{ea a`c u`xioousec tu{{iu`cm`gt. Dje``am
wms`ettec a tseex x{mde m`d{eate m` ;885 wmsj a` a|e{age il 18% m`d{eate m`
daxmsao a`c {e`sao |aouet. [etmce`smao oa`c a`c Axa{sfe`s x{mdet ja|e tu{gec
wmsj x{mdet m` sje dms} {a`gm`g l{if [t.4/888 & [t.:/888 XTL a`c a{eat omne Kias
Douk ja|e e|e` jmgje{ x{mdet. Aoti/ sje @[M m`|etsfe`s aoti taw di`tmce{akoe
mfx{i|efe`s m` sje oats 3&5 }ea{t. Axa{sfe`st m` {a`ge keswee` : si ;8 oanjt
we{e m` giic cefa`c a`c fi{e a`c fi{e ce|eoixe{t e`gagec m` sje
di`ts{udsmi` il ouzu{} axa{sfe`s kutm ett cue si jmgje{ cefa`ct l{if sje
{eoidasm`g ezedusm|et a`c isje{ x{ilettmi`aot. [etmce`smao xois taoe a`c tseex
m`d{eate m` x{mdet ezxedsec e|e` m` dms} iustnm{st omne Nuoasju{/ Seadje{t Dioi`}/
K{msa`ma @aga{/ a`c \m`a}ana Xu{af wje{e x{mdet we{e as sje {ase il [t.
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M` {esamo txade/ sje {e`sao {aset m` Dje``am {a`get akius [t 58 si [t 55 xe{ tq ls
wjmoe m` Fufkam a`c Ceojm sje {aset a{e akius [t :8 si [t :5 xe{ tq ls.
Wmsj sje jmgj ezxa`tmi` a`c lade&omlsm`g xoa`t sanm`g xoade m` Dje``am sje
x{mdet a{e tamc si ke {mtm`g lu{sje{. Sje ioc Fajakaomxu{af MS di{{mci{ mt aoti
teem`g a `ew lade. Sjmt tmz&oa`e jmgjwa} ts{esdjm`g ;8 nft mt jife si fa`}
F@Dt wji a{e tessm`g ux ixe{asmi`t je{e. Sjmt jat {etuosec m` x{ixe{s} x{mdet
tjiism`g ux m` sjmt a{ea. X{mdet il oa`ct m` sje Gum`c} a`c Afkassu{ a{e aoti
tjiism`g ux. A g{iu`c ditst mt a`}wje{e keswee` [t. 38 & 58 oanjt m` Gum`c}.
[etmce smao x{ixe{s} x{mdet ja|e aoti tee` a` uxtwm`g iwm g si m`d{eatec
cefa`c li{ x{efmuf jiutm`g axa{sfe`st at weoo at kucges loast. S}xmdao x{mdet
m` Tjiom`ga`aoou{ a{e akius [t ;.5 d{i{et a` ad{e. E|e` sje du{{e`s {etmce`smao
fa{nes jat g{iw` l{if 48% si sjas il 45% m` i`e }ea{/ wmsjm` sje dms} tuku{kt.
\eoadje{}/ Figaxxam{/ Giw{mwannaf a`c Ni}afkecu a{e giic xoadet li{
ku}m`g x{ixe{s} at m`|etsfe`st at jife {e`saot ja|e afxomlmec di`tmce{ako}.
;KJN x{mdet tsa{s l{if [t.18 oanjt a`c da` {eadj ux si [t 4; oanjt li{ a ouzu{}
jiute m` sjete a{eat. [e`st il [t. :/888 si [t. 13/888 da` ke ezxedsec li{ a
;KJN axa{sfe`s li{ a fi`sj.
Sje oasets {etmce`smao fa{nes x{mdet m` Dje``am at i` Fa{&87 a{e omtsec keoiw.
Dje``am Fa{&87
Oidasmi` [etmce`smao Fm mfuf Fazmfuf1 Ac}a{ 1:88 ;:88
; Aowa{xes ;388 ;=88
4 Keta`s [iac ;;88 ;=88
3 Djesxu{ ) Nmoxaun ;188 ;788
5 N. N @aga{ 1;88 1788
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< Sm{u|a`fm}u{ 1788 ;;88
7 F}oaxi{e ;;88 4888
: @ugakannaf ;888 ;=88
= S. @aga{ 1388 ;388
18 Nicafkannaf 1588 1:88
11 Djafme{t [iac ;;88 4888
1;[abaA``afaomxu{af
1:88 4858
14 [i}axessaj 1:88 ;358
13 Egfi{e ;388 4888
15 \aoata{a|annaf 1188 1388
1< A``a @aga{ Eats 1358 ;;88
17 Gum`c} 1;88 1788
1: \eoadje{{} :88 1188
1= Tjats{m`aga{ 1388 ;;88
;8 Atjin @aga{ 1;88 ;;88
;1 Ooi}ct [iac 1588 ;;88
;;[acjan{mtj`a`[iac
1588 ;888
;4 Fiu`s [iac ;888 3588
Sje {etmce`smao fa{nes m` Dje``am jat kee` g{iwm`g tseacmo} m` sje oiwe{
a`c fmccoe tegfe`s. Aosjiugj sje cefa`c li{ sje jmgj&e`c x{ixe{smet mt `is at
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ts{i`g at oiwe{ tegfe`st/ tsmoo sje ce|eoixe{t ja|e tsa{sec oa{ge&tdaoe x{ibedst
wmsj mfx{i|ec afe`msmet. Wmsj sje ac|e`s il F}{mac tilswa{e difxa`met/ te|e{ao
li{emg` ka`nt , kiifm`g {esamo fa{nes/ daxmsao |aouet a`c {e`saot a{e ezxedsec si
{mte lu{sje{ m` ;887. Aoti wmsj sje {eoazasmi` il Li{emg` Cm{eds M`|etsfe`s *LCM-
`i{ft/ tife goikao lu`ct omne Gi|e{`fe`s M`|etsfe`s Di{xi{asmi` il Tm`gaxi{e
jat m`|etsec m` Dje``am {etmce`smao fa{nes wjmdj mt gim`g si kiits sje {eao etsase
tde`a{mi m` a kmg wa}.
M`se{x{esasmi`2
Dje``am mt sje liu{sj jmgjets ea{`m`g dms} wmsj Xe{ Daxmsa M`dife il
[t 3
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S{e`c A`ao}tmt2
GCX mt ezxedsec si m`d{eate k} ;.7 xe{de`s m` ;887/ alse{ {egmtse{m`g
g{iwsj il a` etsmfasec 4.; xe{de`s m` ;88
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Sje axa{sfe s fa{nes mt weoo xitmsmi`ec si tsage a`isje{ ts{i`g
xe{li{fa`de m` ;887. \ada`d} wmoo di`sm`ue si cedom`e/ aooiwm`g iw`e{t si agam`
{amte {e`st a`c dus di`dettmi`t. Sje xade il mfx{i|efe`s wmoo fice{ase l{if
;885 a`c ;88
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A|amoakmoms} il daxmsao jat {efam`ec eoe|asec i|e{ sje xats }ea{. A wmce
xiio il fi{sgage x{i|mce{t/ xa{smduoa{o} di`cumst a`c xi{sliomi oe`ce{t/ {efam`
agg{ettm|e m` lm`a`dm`g axa{sfe`s s{a`tadsmi`t/ wjmdj mt {etuosm`g m` ass{adsm|e
x{mdm`g li{ ku}e{t. Oia`t il #4 fmoomi` a`c fi{e a{e du{{e`so} kem`g x{mdec as =5katmt xim`st si 118 katmt xim`st aki|e sje 18&}ea{ S{eatu{}/ wmsj ceks&te{|mde
di|e{age *CTD- il 1.15z si 1.;8z. Li{ tfaooe{ oia`t/ sje tx{eact wmce` si a
{a`ge il 115 katmt xim`st si 158 katmt xim`st/ sjiugj sje CTD laoot si 1.18z i{
oett. M` fa{nest wmsj ts{i`g {e`s g{iwsj li{edatst/ ms mt `is u`diffi` li{ ceaot si
ke ci`e as a k{ean e|e` CTD.
Axa{sfe`s m`|etsi{t {efam` jmgjo} ixsmfmtsmd akius sje fa{nest lusu{e/
a`c li{ giic {eati`. Cefa`c&tmce c{m|e{t {efam` lm{fo} m` xoade/ a`c daxmsao
loiwt m`si sje tedsi{ a{e jiocm`g as jmgj oe|eot. Dax {aset tilse`ec sefxi{a{mo} m`
fmc&;88< cue si {mtm`g oi`g&se{f {aset a`c a laooill m` di`|e{tmi` taoet/ kus sje
a|e{age jat tm`de cedom`ec ficetso}. Fa{nes&wmce/ sje{e mt a g{iwm`g wmoom`g`ett
i` sje xa{s il x{m|ase m`|etsi{t si oiin iustmce il sjem{ jife tsase si adjme|e
jmgje{ }meoct. I|e{ sje xats }ea{/ x{m|ase&ius&tsase adsm|ms} addiu`sec li{
axx{izmfaseo} ;8 xe{de`s il sisao ciooa{ |ioufe m` sje #5 fmoomi`&xout tegfe`s il
sje fa{nes/ difxa{ec wmsj oett sja` 18 xe{de`s i|e{ sje x{e|miut 1;&fi`sj
xe{mic. Tsmoo&oiw m`se{ets {aset/ ts{i`g daxmsao loiwt a`c mfx{i|m`g lu`cafe`saot
a{e ezxedsec si {etuos m` {eoasm|eo} tsakoe dax {aset m` ;887. As sjmt xim`s m` sje
d}doe/ m`|etsi{t a{e lidutm`g i` sje xise`smao li{ g{iwsj/ xoadm g fi{e wemgjs i`
sisao {esu{` sja` gim`g&m` dax {aset. I|e{ sje xats lew }ea{t/ sisao {esu{`t ja|e
dife m` weoo aki|e a|e{age/ c{m|e` m` oa{ge xa{s k} x{mde axx{edmasmi`. Wjmoe
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x{mdet gam`t wmoo ke fi{e sefxe{ec m` ;887/ la|i{akoe {e`se{ cefig{axjmdt a`c a
jeaosj} tuxxo}&cefa`c kaoa`de wmoo tuxxi{s ts{i`ge{ {e|e`ue g{iwsj a`c x{mde
axx{edmasmi` m` sje }ea{t ajeac. Dax {aset wmoo uosmfaseo} smdn ux at @IMt {mte
latse{ sja` x{mdet kus a{e `is ezxedsec si {esu{` si oi`g&se{f a|e{aget i|e{ sje
li{eteeakoe lusu{e.
@ew ]i{nAxa{sfe`s
Atnm`g[e`s Difxoesmi`
Fecma`X{mde
\ada`d}[ase
Efxoi}fe`sG{iwsj
*# ) U`ms- *M` U`mst- *# ) U`ms- *M` %- *M` %-;883 ;/;:7 ;/3:1 15;/7:8 4.48% 8.5%;885 ;/4== 4/=75 1
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M`se{x{esasmi`2
GCX mt ezxedsec si m`d{eate k} ;.7 xe{de`s m` ;887/ alse{
{egmtse{m`g g{iwsj il a` etsmfasec 4.; xe{de`s m` ;88
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Ceojm mt sje daxmsao dms} il M`cma a`c aoti n`iw` at sje jea{s il
M`cma. Ceojm mt sje x{mfe oidasmi` li{ x{ixe{smet tm`de fabi{ms} il sje gi|e{`fe`s
a`c x{m|ase kumocm`gt a{e oidasec m` sjmt fag`mlmde`s dms}. [eao etsase Ceojm wat
a`c mt aowa}t i` a jmgj/ a`c loiu{mtjm`g.
Ceojm mt di`tmce{ec at i`e il sje xixuoa{ a`c mfxi{sa s siu{mts
cetsm`asmi`t m` M`cma. Akius
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sjmt accmsmi`/ sje G{ace A tsidn m` Ceojm mt etsmfasec si ezdeec 17 fmoomi` tq ls.
Sje{e jat jiwe|e{ kee` `i accmsmi` m` DKC a`c isje{ tuk& fa{nest. Wmsj sjmt
accmsmi`/ }ea{ ;887 taw l{etj tuxxo} accmsmi` il fi{e sja` < fmoomi` tq ls m`si sje
diffe{dmao fa{nes. J1&87 mt ezxedsec si tee tife fi{e tuxxo}/ ius il wjmdj
fi{e sja` :8% wmoo ke di`de`s{asec m` Gu{gai` a`c isje{ tuku{kt. M` Ceojm/ sje
cefa`c li{ diffe{dmao txadet mt i` a jmgj cue si sje ezmtsm`g tuxxo} d{u`dj
a`c aoti kedaute `ufke{ il difxa`met a{e {eoidasm`g l{if {etmce`smao si
diffe{dmao a{eat. MS ) MSET difxa`met a{e sje cefa`c ge`e{asi{t m` tuku{kt
ja|m`g juge ezxa`tmi` xoa`t/ iwm`g si wjmdj oeatm`g) x{e oeatm`g il oa{ge loii{
xoaset mt sanm`g xoade. M` Ceojm/ sje |ada`d} oe|eot {efam`ec at oiw at 4% si 5%.
\ada`d} oe|eot m` Gu{gai` aoti xouffesec wmsj e|e{ m`d{eatm g cefa`c/
jiwe|e{ sje |ada`d} oe|eot m` @IMCA we{e tomgjso} kesse{ {a`gm`g l{if 15% si
;8%.
S{e`c A`ao}tmt2
M` Ceojm @D[ {e`saot ja|e gi`e ux k} ;5%&48% l{if J; il ;885 si e`c
il J1 il ;88
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Ceojm & G{ace A Illmde
8
58
188
158
;88
;58
488
@ej{u Xoade Di `augjs
Xoade
Gu{gia` @imca Batioa Tanes
Oidasmi`
[e`s*[t)TL)Fi ;883
;885
Q1&8