comparative analysis of power and infrastructure sector companies stock price for the fy2007-2008...

8/14/2019 Comparative analysis of Power and Infrastructure sector companies stock price for the FY2007-2008 vis a vis NIFTY

1/72

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LW 2113 * 2116 \G[ H \G[ OGL^W

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2113*2117

8


2/72

Ifhq~`r

Od/

Qhr~gipehry Qhc` Od/

@vìp~g|` Ypjjhrw g*gg

Himodse`nc`jò~y ggg*g|

Idjqhow qrdlge` |*v

Gonpy~rw Qrdlge` vg*v|gg

hbe` dl Ido~ò~y;

8 R`y`hrif Qrdbe`j hon g~y bhimcrdpon 8*2

2 Dbkì~g|`y hon Yidq` 9

9 R`y`hrif J`~fdndedcw >* R`|g`s dl Eg~`rh~pr` 3*8*90

3 Ypcc`y~gdoy dr Rìdjjònh~gdoy 9


3/72

hon Golrhy~rpi~pr` Yì~dr Idjqhow/

Ldr how y~dim brdmgoc lgrj ~d y~ròc~fò hon goir`hy` ~f`gr iegò~ bhy`% ~f` iegò~ dl ~f` brdm`rhc`

lgrj jpy~ b` yh~gylg n sg~f ~f` r`~proy ~f`w chgo bw go|`y~goc go ~f` yfhr` jhrm`~/ ^f` go|`y~dry

jpy~ pon`ry~hon ~f` hyydigh~gdo b`~s`ò ~f` rgym hon ~f` r`~pro/ ^f` go|`y~dry jpy~ mods fds

~f` jhrm`~ q`rldrj`n go ~f` qhy~ hon fds g~ jhw q`rldrj go ~f` lp~pr`/ ^f` go|`y~dry jpy~ heyd

mods fds ~f` idjqhog`y go ngll`rò~ yì~dry q`rldrj`n go ~f` qhy~/ ^sd cddn q`rldrjgoc yì~dry

&Qds`r hon Golrhy~rpi~pr`' s`r` lgry~ yèì~`n ldr ~f` y~pnw/ ^fò ygv idjqhog`y q`r yì~dr s`r`

yèì~`n go hee ~f` ~sd yì~dry hon ~f`gr q`rldrjhoi` shy idjqhr`n sg~f ~f` Ogl~w gon`v/

^f` q`rldrjhoi` dl ~f` idjqhog`y s`r` hohew{`n bw idjqhrgoc ~f` r`~proy dl ~f`

idjqhog`y ~d ~fh~ dl ~f` Ogl~w gon`v r`~pro/ ^f` jdo~few h|`rhc` dl hee ~f` yèì~`n idjqhow

yìprg~g`y shy y~png`n ldr ~f` w`hr 2113*2116/ ^f` r`~pro dl ~f` idjqhog`y yìprg~w ldr `|`rw

nhw shy iheipeh~`n hon shy idjqhr`n sg~f ~f` r`~proy dl ~f` Ogl~w gon`v r`~pro/ ^f` rèh~gdoyfgq

b`~s`ò ~f` idjqhow r`~pro hon ~f` Ogl~w r`~pro shy ldpon ~frdpcf idrrèh~gdo/ R`cr`yygdo shy

rpo b`~s`ò ~f` idjqhog`y r`~proy hon Ogl~w r`~pro% lrdj ~f` HOD\Hy ygcoglgihoi` |hep` ~f`

l`hygbgeg~w dl ~f` jdnè ~hmò ldr y~pnw shy ifìm`n/ Lrdj ~f` R yxphr` |hep` n`qònòi` dl ~f`

Ogl~w r`~pro do ~f` idjqhow r`~pro s`r` ldpon dp~/ Heyd lrdj ~f` r`cr`yygdo ~f` b`~h lhi~dr shy

iheipeh~`n ldr `hif idjqhow yìprg~w/ ^f` n`qònòi` dl ~f` Ogl~w do ~f` fgcfew idrrèh~`n

idjqhow r`~proy go `hif yì~dry s`r` y`qhrh~èw iheipeh~`n/ ^d fèq ~f` go|`y~dry pon`ry~hon ~f`

jhrm`~ hon g~y lepi~ph~gdoy b`~~`r ~f` q`rldrjhoi` dl ~f` idjqhow yìprg~g`y s`r` hohew{`n

b`ldr` hon hl~`r ~f` hoodpoi`jò~ dl Bpnc`~/ Ldr ~fgy Qhgr`n yhjqe` ~ ~`y~ shy py`n sfgif

idjqhr`y ~f` j`ho dl ~f` r`~proy b`ldr` hon hl~`r ~f` hoodpoi`jò~ dl Bpnc`~/ Heyd ~f`

y~honhrn n`|gh~gdoy ldr ~f` r`~proy dl hee ~f` idjqhog`y s`r` ldpon dp~ b`ldr` hon hl~`r ~f`

9


4/72

hoodpoi`jò~ dl bpnc`~/ Lrdj ~fgy s` iho hohew{` gl ~f` Bpnc`~ fhn how `llì~ dr golepòi` do

~f` idjqhog`y r`~proy/

^f` q`rldrjhoi`y dl ~f` yèì~`n ~sd yì~dry s`r` hohew{`n ldr ~f` ehy~ lgohoighe w`hr 2113*

2116/ ^f` jdy~ rgymw yì~dr shy ldpon dp~/ ^f` jdo~f go sfgif ~f` rgym shy fgcf go jdy~ dl ~f`

yì~dry s`r ldpon dp~/ ^f` rgym go|de|`n go go|`y~goc go ~f` idjqhog y go ~f` lp~pr` shy

y~png`n/

I@R^GLGIH^@ DL JGJH

>


5/72

I@R^GLGIH^@ DL IDJQHOW

0


6/72

HIMODSE@NC@J@O^


7/72

Ypii`yy gy ~f` jhogl`y~h~gdo dl ngegcòi`% q`ry`|`rhoi`% goyqgrh~gdo% jd~g|h~gdo , good|h~gdo/

^f` idjqe`~gdo dl how go~ rngyigqegohrw qrdkì~ n`qòny do iddq`rh~gdo% iddrngoh~gdo ,

idjbgo`n `lldr~y dl y`|`rhe ydpri`y dl modse`nc`% ò`rcw , ~gj`/ Fòi`% G hqqrdhif ~fgy jh~~`r

dl himodse`ncjò~ ~frdpcf ~f`y` ego`y , ~rwgoc jw b`y~ ~d cg|` lpee ir`ng~ sf`r`|`r g~ gy np`/

G sdpen egm` ~d cg|` yqìghe ~fhomy ~d jw Qrdkì~ cpgn` ypbkì~ Jr/ Y/M \H[@% sg~fdp~ fgy fèq

g~ sdpen ngllgipe~ ~d ~him ~f` go~rgihig`y dl ~f` qrdkì~/ F` cpgn`n j` h~ `|`rw y~`q nprgoc ~f`

n`|èdqjò~ dl ~f` qrdkì~ sg~f |hephbe` ypcc`y~gdoy , ydep~gdo

G sdpen heyd b` ~fhomlpe ~d ~f` idjqhow HOHONRH^FG LGOHOIGHE Y@R\GI@Y

E^N/QPO@% lrdj sf`r` G fh|` chgogoc ~f` ~rhgogoc , ideeì~`n ~f` nh~h rèh~`n ~d ~f` idjqhow%

pon`r ~f` cpgnhoi` dlJr/ WDC@ONRH YGOCF QHSHR, ~fpy idjqe`~`n ~fgy qrdkì~

G sdpen heyd b` ~fhomlpe ~d N`ho Jr/ YHOKP NH\GY hon ~f` Ngr i~dr Nr/\GNWHNFHR

\@NHM hon ~f` R`cgy~rhr Jr/ Yho~dyf Jhfhkho sfd qrd|gn` j` ~f` dqqdr~pog~w dl ~f` qrdkì~

hon ~f` |hep` hbe` ypcc`y~gdo/

HQPR\ CDPRH\

Idjqhow Qrdlge`

HOHON RH^FG LGOHOIGHE Y@R\GI@Y E^N/

3


8/72

OY@ Y@BG R`cgy~rh~gdo Opjb`r; GOB 291


9/72

Jr/ Qrhn``q Cpq~h * \gi` Ifhgrjho

83 w`hry dl `vq`rgòi` go Lgohoighe Y`r|gi`y

Jr/ Hjg~ Rh~fg * Jhohcgoc Ngrì~dr

Ifhr~`r`n Hiidpo~ho~ , JBHQepy 88 w`hry dl `vq`rgòi` go Lgohoighe Y`r|gi`y

Gongho Qrdnpi~y

@xpg~w , N`rg|h~g|`y

Jp~phe Lpony

N`qdyg~drw Y`r|gi`y

Idjjdng~g`y

Goyprhoi`

GQDy

Cedbhe Qrdnpi~y

Y~rpi~prgoc dl ~rpy~y $ go|`y~jò~ idjqhog`y

Dllyfdr` Jp~phe Lpony

Y~rpi~pr`n Qrdnpi~y $ N`qdyg~y goiepngoc ihqg~he*cphrho~``n od~`y do

^rhngoc go cedbhe jhrm`~y &@xpg~g`y% Bdony% Idjjdng~g`y'

R`he @y~h~` go|`y~jò~y

He~`roh~g|` go|`y~jò~y &goiepngoc f`nc` lpony hon lpon*dl*f`nc` lpony'

7


10/72

GOY^G^P^GDOHE @XPG^W

^f` Goy~g~p~gdohe yhe`y hon ~rhngoc ~`hj qrd|gn`y ip~~goc `nc` jhrm`~ goldrjh~gdo hon go|`y~jò~

hn|gi` ~d iegò~y% idpqe`n sg~f `vièeò~ `vìp~gdo ihqhbgeg~g`y/ H fgcfew `vq`rgòi`n hon r`qp~`n

~`hj dl `xpg~w hohewy~y ypqqdr~ ~f` yhe`y ~`hj/ ^f`r` gy ho `v~òyg|` ldipy do r`y`hrif do

idjqhog`y% yì~dry hon jhird*ìdodjw/ ^f` goy~g~p~gdohe `xpg~w ~`hj ~rhimy o`hrew 201 ehrc` hon

jgn*yg{`n idjqhog`y ~d cg|` iegò~y ho poqhrheeè`n br`hn~f dl gn`hy/ S` heyd qrd|gn` Go|`y~jò~

Hn|gydrw Y`r|gi`y ldr goy~g~p~gdohe iegò~y go Gongh hon d|`ry`hy ldr go|`y~jò~ go ~f` Gongho

`xpg~w jhrm`~y

JHOHC@N GO\@Y^J@O^ Y@R\GI@Y

Qdr~ldegd Jhohc`jò~ Y`r|gi`y &QJY'

HR Qdr~ldegd Jhohc`jò~ Y`r|gi` gy h ngyir`~gdohrw go|`y~jò~ y`r|gi` ir`h~`n ~d j``~ ~f`

n`jhon ldr jdr` ~hrc`~`n go|`y~jò~ y~we`y hon dqqdr~pog~g`y/ G~ dll`ry h rhoc` dl yqìgheg{`n

go|`y~jò~ y~rh~`cg`y n`ygco`n ~d ihq~pr` dqqdr~pog~g`y hirdyy ~f` jhrm`~ yqì~rpj/ ^f` rhoc` dl

qrdnpi~y |hrg`y lrdj ~f` fgcfew n`lòyg|`% ihqg~he*qrd~ì~`n ~d ~f` jdy~ hccr`yyg|` y~rh~`cg`y go

~f` `xpg~g`y hon n`rg|h~g|`y jhrm`~y/

Dpr go|`y~jò~ qrdi`yy òypr`y ~fh~ wdpr y~rh~`cw hon qdr~ldegd hr` bpge~ do ydegn ldponh~gdoy/

^dc`~f`r wdp hon wdpr rèh~gdoyfgq jhohc`r yèì~ ~f` y~rh~`cw go ego` sg~f wdpr gong|gnphe cdhey/

HR go|`y~jò~ yqìghegy~y ~fò idoy~rpi~ hon jhohc` wdpr qdr~ldegd go hiidrnhoi` sg~f ~f`

ifdyò go|`y~jò~ y~rh~`cw/

81


11/72

R`he @y~h~` Dqqdr~pog~g`y Lpon

HR R`he @y~h~` Dqqdr~pog~g`y Lpon gy h qrg|h~` `xpg~w lpon ldr fgcf o`~*sdr~f gong|gnphey%

idrqdrh~` hon goy~g~p~gdoy% ~d go|`y~ go `xpg~w*egom`n goy~rpjò~y go ~f` Gongho r`he `y~h~` hon

golrhy~rpi~pr` yì~dry/

Hy qhr~ dl ~f` y~rpi~prhe r`ldrjy ~d lpr~f`r bddy~ Gongh#y ìdodjgi crds~f% ~f` cd|`rojò~ fhy

rìdcog{`n ~f` o``n ldr goy~g~p~gdohe lgohoi` go ~f` r`he `y~h~` yì~dr/ Go `hrew 2110% ~f`

cd|`rojò~ fhy rèhv`n ~f` LNG cpgnègo`y go r`he `y~h~` hon heyd heeds`n ~f` y`~~goc pq dl r`he

`y~h~` go|`y~jò~ lpony pon`r Y@BG cpgnègo`y/ ^f`y` n`|èdqjò~y hr` `vqì~`n ~d qrd|gn`

jpif o``n`n ihqg~he ~d qrd|gn` ldr ~f` goir`hygoc n`jhon ldr xpheg~w r`he `y~h~` go jhkdr prbho

iò~`ry hirdyy ~f` idpo~rw/

^d ihq~pr` ~fgy dqqdr~pog~w% HR fhy brdpcf~ ~dc`~f`r h ~`hj dl yqìghegy~y hon hn|gydry ~d cpgn`

~f` lpon#y go|`y~jò~y sfd brgoc ~dc`~f`r `vq`r~gy` go ~f` hr`hy dl r`he `y~h~` idoype~goc%

n`|èdqjò~% e`che hon lgohoighe y~rpi~prgoc/

GONPY^RW QRDLGE@

Y^DIM BRDMGOC GONPY^RW

88


12/72

Y~dim jhrm`~ diipqg`y ho gjqdr~ho~ qdyg~gdo go ~f` oh~gdohe ìdodjw dl h idpo~rw/ G~ lhigeg~h~`y

~f` jdbgeg{h~gdo dl ~f` yh|goc dl gong|gnphe hon qddey ~f`j go r`y`r|dgr dl ihqg~he% sfgif iho b`

n`qedw`n dl ~f` ìdodjgi n`|èdqjò~ dl h Idpo~rw/ @llgig o~ y~dim jhrm`~ gy ~f` m`w ~d ~f`

rhgygoc dl ihqg~he bw ~f` idrqdrh~` yì~dr dl ~f` ìdodjw hon ~f` qrd~ì~gdo dl ~f` go~`r`y~ dl ~f`

Go|`y~dry/ Go ~f` ehy~ nìhn` lhr r`hifgoc n`|èdqjò~y fh|` ~hmò qehi` go ~f` Sdrmgoc dl ~f`

y~dim jhrm`~/ Qr`yò~ y~dim jhrm`~ gy ygcoglgiho~ew ngll`rò~ lrdj gy py`n ~d b` go `gcf~g`y hon

b`ldr` /~f`r` hqq`hry ~d b` o`s Dqqdr~pog~w sfh~ Ifheeòc`y hon ~fr`h~y go y~dim jhrm`~/

H y~dim brdmgoc lgrj gy h lgrj sfgif bpwy hon yèey yfhr`y hon d~f`r yìprg~g`y ldr h q`rydo go

b`fhel dl ~f`j/ ^f` y`r|gi` qrd|gn`n bw h y~dim brdmgoc lgrj gy heyd h lgohoighe y`r|gi` egm`

bhomgoc hon goyprhoi`/ ^f` y~dim brdmgoc lgrj bpwy hon yèey yfhr`y hon d~f`r yìprg~g`y ldr g~y

iegò~y hon ~f`w ifhrc` h brdm`rhc` ldr `|`rw bpwgoc hon yèegoc bhy`n do ~f` ihqg~he go|de|`n go

~f` ~rhoyhi~gdo/ ^f` y~dim brdmgoc lgrjy dl Gongh hr` r`cpeh~`n hon ido~rdee`n bw Y@BG &Yìprg~w

@vifhoc` Bdhrn dl Gongh'/ Gongho y~dim brdmgoc lgrjy hr` do ho `vqhoygdo nrg|` ~d goir`hy` ~f`gr

o`~sdrm go~d jdr` ig~g`y hon ~dsoy ~d epr` iegò~y go~d y~dim go|`y~jò~y/ ^f` jhkdr qehw`ry go

~f` gonpy~rw hr` Md~hm yìprg~g`y% Mhr|w% Jd~gehe Dyshe% Hohcrhj hon GIGIG ngrì~/ ^f` ~dq ~ò

qehw`ry idro`ry do` ldr~f dl ~f` ~d~he `xpg~w jhrm`~y ~pro d|`r/ Np` ~d bddjgoc y~dim jhrm`~y

hon crdsgoc r`~hge go~`r`y~ go `xpg~w hon `xpg~w*rèh~`n go|`y~jò~y/ Fh|goc sg~o`yy`n h fgcf

e`|è dl idoydegnh~gdo go ~f` ehy~ 9*> w`hry% ~f` ndj`y~gi y~dim*brdmgoc fdpy`y idpen ~hq ~f` GQD

jhrm`~ ~d rhgy` lpony ldr ~f`gr `vqhoygdo% b`ygn`y j`rc`ry hon hixpgyg~gdoy/ ^f` brdmgoc bpygo`yy

sgee ido~gop` ~f` cddn rpo ldr h~ e`hy~ ~sd jdr` w`hry% np` ~d ~f` crdsgoc ìdodjw hon cddn

q`rldrjhoi` bw ~f` Gongho idrqdrh~` yì~dr/ Ldr ~f` yì~dr ~f` b`y~ gy w`~ ~d idj`/

Doew hbdp~ 8/8 ~d 2 q`r iò~ dl ~f` fdpy`fden goidj` gy rdp~`n go~d ~f` y~dim jhrm`~ sfge` ~f`

y~dim jhrm`~y fh|` rgyò bw >0 q`r iò~ go ~f` w`hr 2110/ ^f`r` gy ed~ dl cddn dqqdr~pog~w/

Nprgoc 2110% brdmgoc lgrjy goiepngoc GE,LY Go|`y~yjhr~% Gongh goldego` hon Gonghbpeey ~hqq`n

~f` jhrm`~y ~frdpcf GQDy ~d rhgy` lpon ldr `vqhoygdo/ Hjdoc ~f` y~dim brdmgoc lgrjy s` iho

82


13/72

y`` ehrc` hon yjhee qehw`ry rhgygoc lpony ~frdpcf GQD/ Y~dim `vifhoc` egy~`n brdm`rhc`y KJ

Lgohoighe Yìprg~g`y% C`dkg~ Lgohoighe Y`r|gi`y% Ldr~gy yìprg~g`y Qrgj` Yìprg~g`y hon ~f`

rìò~ew egy~`n GE,LY Go|`y~yjhr~% Gongh Goldego` hon Gonghbpeey fh|` y`ò bgc rgy` go ~f`gr

y~dim qrgi`y% jhgoew np` ~d goir`hy`n bpygo`yy hon rgygoc y~dim jhrm`~y/

Yòygoc ~f` dqqdr~pog~w ~f` qpbegi yì~dr bhomy hr` heyd ò~`rgoc ~fgy y`cjò~/ Sg~f ~f` ò~rw dl

y`|`rhe idrqdrh~` qehw`ry% ~f` gonpy~rw fhy h~~hgo`n yg{` hon yihe`/

GO^RDNPI^GDO ^D ^DQGI

89


14/72

RGYM

Rgym gy ho gjqdr~ho~ idoygn`rh~gdo go fdengoc how qdr~ldegd/ ^f` rgym go fdengoc yìprg~g`y gy

cò rheew hyydigh~`n sg~f ~f` qdyygbgeg~w ~fh~ r`heg{`n r`~proy sgee b` e`yy ~fho ~f` r`~proy

`vqì~`n Rgymy iho b` iehyyglg`n hy Ywy~`jh~gi rgymy hon Poywy~`jh~gi rgymy/

Poywy~`jh~gi rgymy;

^f`y` hr` rgymy ~fh~ hr` pogxp` ~d h lgrj dr gonpy~rw/ Lhi~dry ypif hy jhohc`jò~

ihqhbgeg~w% idoypj`r qr`l`ròi`y% ehbdr% `~i/ ido~rgbp~` ~d poywy~`jh~gi rgymy/

Poywy~`jh~gi rgymy hr` ido~rdeehbe` bw oh~pr` hon iho b` idoygn rhbew r`npi`n bw

ypllgigò~ew ng|`ryglwgoc do`#y qdr~ldegd/

Ywy~`jh~gi rgymy;

^f`y` hr` rgymy hyydigh~`n sg~f ~f` ìdodjgi% qdeg~gihe% ydigdedcgihe hon d~f`r jhird*

e`|è ifhoc`y/ ^f`w hllì~ ~f` ò~gr` jhrm`~ hy h sfde` hon ihood~ b` ido~rdee`n dr

ègjgoh~`n j`rèw bw ng|`ryglwgoc do`#y qdr~ldegd/

^f` ~fr`` jhgo rgym hyydigh~`n sg~f go|`y~goc go h yfhr` hr`

8/ ^f` |hep` dl wdpr go|`y~jò~ idpen lhee/

2/ ^f` hjdpo~ dl goidj` wdp rì`g|` iho lhee% dr y~dq he~dc`~f`r/

9/ Wdpr go|`y~jò~ jhw goir`hy` h~ h eds`r rh~` ~fho ~f` rh~` dl goleh~gdo% ~fpy `rdngoc ~f`

qprifhygoc qds`r dl wdpr go|`y~jò~/

Fds ~d jgogjg{` ~f` rgymy4

8>


15/72

^f` idjqhow yqìglgi rgymy &poywy~`jh~gi rgymy' iho b` r`npi`n bw ng|`ryglwgoc go~d h l`s

idjqhog`y bèdocgoc ~d |hrgdpy gonpy~rw crdpqy% hyy`~ crdpqy dr ngll`rò~ ~wq`y dl goy~rpjò~y

egm` `xpg~w yfhr y% bdony% n`bò~pr`y `~i/ ~fpy% hyy`~ iehyy`y hr` bhom n`qdyg~y% idjqhow

n`qdyg~y% cden% yge|`r% ehon r`he `y~h~`% `xpg~w yfhr`% idjqp~`r ydl~shr` `~i/ @hif dl ~f`j fhy

ngll`rò~ rgym*r`~pro ifhrhi~`rgy~giy hon go|`y~jò~y hr` ~d b` jhn`% bhy`n do gong|gnphey rgym

qr`l ròi`y/ ^f` yìdon ih~`cdrw dl rgym &ywy~`jh~gi rgym' gy jhohc`n bw ~f` py` dl b`~h dl

ngll`rò~ idjqhow yfhr`y/

J@^FDNY D IHEIPEH^@ F@ RGYM

Y~honhrn N`|gh~gdo;

\deh~geg~w gy h ngr i~ gongih~dr dl ~f` rgym dl ~f` lpon/ ^f` y~honhrn n`|gh~gdo dl h lpon j`hypr`y

~fgy rgym bw j`hyprgoc ~f` n`cr`` ~d sfgif ~f` lpon lepi~ph~`y go rèh~gdo ~d g~y h|`rhc` r`~pro dl h

lpon d|`r h q`rgdn dl ~gj`/ H yìprg~w ~fh~ gy |deh~ge gy heyd idoygn`r`n fgcf`r rgym bìhpy` g~y

q`rldrjhoi` jhw ifhoc` xpgimew go `g~f`r ngrì~gdo h~ how jdjò~/

B`~h

B`~h gy h j`hypr` dl ~f` |deh~geg~w% dr ywy~`jh~gi rgym% dl h yìprg~w dr h qdr~ldegd go idjqhrgydo ~d

~f` jhrm`~ hy h sfde`/ B`~h gy lhgrew h idjjdoew py`n j`hypr` dl rgym/ G~ bhygiheew gongih~`y ~f`

e`|è dl |deh~geg~w hyydigh~`n sg~f ~f` lpon hy idjqhr`n ~d ~f` bòifjhrm hon gy heyd modso hy

"b`~h id`llgigò~"/ Yd xpg~` oh~prheew ~f` ypii`yy dl B`~h gy f`h|gew n`qònò~ do ~f` idrrèh~gdo

80


16/72

b ~s`ò h lpon hon g~y bòifjhrm/ ^fpy gl ~f` lpony qdr~ldegd nd`yo~ fh|` h rè |ho~

bòifjhrm gon`v ~fò h b`~h sdpen b` crdyyew gohn`xph~`/

B`~h iho b` iheipeh~`n pygoc r`cr`yygdo hohewygy% hon b`~h gy ~f` ~ònòiw dl h yìprg~w#y r`~proy

~d r`yqdon ~d ysgocy go ~f` jhrm`~/ H b`~h ~fh~ gy cr`h~`r ~fho do` j`hoy ~fh~ ~f` lpon gy jdr`

|deh~ge` ~fho ~f` bòifjhrm% sfge` h b`~h dl e`yy ~fho do` j`hoy ~fh~ ~f` lpon gy e`yy |deh~ge` ~fho

~f` gon`v/ H lpon sg~f b`~h |`rw iedy` ~d 8 j`hoy ~f` lpony q`rldrjhoi` iedyèw jh~if`y ~f`

gon`v dr bòifjhrm/

R@^PRO

^f` chgo dr edyy dl h yìprg~w go h qhr~gipehr q`rgdn gy ihee`n r`~pro/ ^f` r`~pro idoygy~y dl

~f` goidj` hon ~f` ihqg~he chgoy rèh~g|` do ho go|`y~jò~/ G~ gy pypheew xpd~`n hy h q`riò~hc`/

^f` cò`rhe rpe` gy ~fh~ ~f` jdr` rgym wdp ~hm`% ~f` cr`h~`r ~f` qd~ò~ghe ldr fgcf`r r`~pro * hon

edyy/ R`~pro iho idj` lrdj ~sd ydpri`y% ihqg~he crds~f hon goidj`/ Ihqg~he crds~f diipry sfò

~f` jhrm`~ |hep` dl ~f` yfhr` goir`hy`y/ Goidj` gy ~f` ihyf leds qhgn bw h yfhr` ypif hy

ng|gnòny/

\DEH^GEG^W

\deh~geg~w gy ~f` n`cr`` ~d sfgif ho hyy`~#y |hep` rgy`y hon lheey/ ^wqgiheew% fgcf`r |deh~geg~w `xphey

fgcf`r rgym/ Cò`rheew% crds~f hyy`~y &ypif hy yfhr`y hon qrdq`r~w' fh|` h fgcf`r rgym ~fho

n`lòyg|` hyy`~y &ypif hy cd|`rojò~ bdony hon ihyf'/

8


17/72

R@EH^GDOYFGQ B@^S@@O RGYM HON R@^PRO;

Rgym*R`~pro rhn`dll

^f` qrgoigqe` ~fh~ qd~ò~ghe r`~pro rgy`y sg~f ho goir`hy` go rgym gy ihee`n rgym r`~pro ~rhn` dll/

Eds e`|èy dl poi`r~hgo~w &eds rgym' hr` hyydigh~`n sg~f eds qd~ò~ghe r`~proy% sf`r`hy fgcf

e`|èy dl poi`r~hgo~w &fgcf rgym' hr` hyydigh~`n sg~f fgcf qd~ò~ghe r`~proy/ Go d~f`r sdrny% ~f`

rgym*r`~pro ~rhn`dll yhwy ~fh~ go|`y~`n jdo`w iho ròn`r fgcf`r qrdlg~y doew gl g~ gy ypbkì~ ~d ~f`

qdyygbgeg~w dl b`goc edy~/

Bìhpy` dl ~f` rgym*r`~pro ~rhn`dll% wdp jpy~ b` hshr` dl wdpr q`rydohe rgym ~de`rhoi` sfò

ifddygoc go|`y~jò~y ldr wdpr qdr~ldegd/ ^hmgoc do ydj` rgym gy ~f` qrgi` dl hifg`|goc r`~proy=

~f`r`ldr`% gl wdp sho~ ~d jhm` jdo`w% wdp iho#~ ip~ dp~ hee rgym/ ^f` cdhe goy~`hn gy ~d lgon ho

hqqrdqrgh~` bhehoi` * do` ~fh~ cò`rh~`y ydj` qrdlg~/

83


18/72

DBK@I^G\@% YIDQ@ HON O@@N DL ^F@ Y^PNW

86


19/72

O@@N LDR ^F@ Y^PNW

Go Gongh% ~f` Y,Q IOV Ogl~w gy ~f` jdy~ yigò~glgi Gon`v ~fh~ shy idoy~rpi~`n m``qgoc go jgon

Gon`v lpony hon Gon`v n`rg|h~g|`y/ Hee idjqhog`y ~d b` Goiepn`n go ~f` Gon`v fh|` h jhrm`~

ihqg~heg{h~gdo dl Ry/0 bgeegdo dr jdr`/ ^f` Y,Q IOV Ogl~w gy h jhrm`~ ihqg~heg{h~gdo s`gcf~`n

Gon`v g/`/% qrgi` ifhoc` go How dl ~f` Gon`v yìprg~g`y sgee e`hn ~d h ifhoc` go ~f` gon`v/

^fgy oì`yyg~h~`y ~f` o``n ldr hohew{goc ~f` rgym hon r`~pro rèh~gdoyfgq dl ~f` yèì~`n y~dimy dl

Qds`r hon Golrhy~rpi~pr` yì~dr Idoy~g~p~goc ~f` Ogl~w gon`v hon ~f`gr gjqhi~ do ~f` Ogl~w gon`v

/

87


20/72

R@Y@HRIF J@^FDNDEDCW

9/ R@Y@HRIF J@^F@NDEDCW

21


21/72

R@Y@HRIF N@YGCO;

^f` y~pnw shy ihrrg`n dp~ ~d idjqhr` ~f` yèì~`n gonpy~rghe yìprg~g`y sg~f ~f` Ogl~w gon`v pygoc

~f`gr r`~proy% hon ~d hohew{` ~f` rgym go|de|`n go `hif idjqhow go ~f` yì~dry hon rgym go|de|`n go

~f` yì~dr ldr go|`y~jò~/ ^fpy ~f` y~pnw pon`r~hmò shy N`yirgq~g|` y~pnw/

YHJQEGOC N@YGCO

YHJQEGOC J@^FDN

Kpncjò~he yhjqegoc shy py`n hy yhjqegoc j`~fdn/ ^f` yì~dr hon ~f` idjqhog`y go ~f` yì~dr

s`r` yèì~`n bhy`n do ~f` rìdjjònh~gdo cg|ò bw ~f` brdm`ry go ~f` lgrj/

YHJQE@ YG[@

YG[@; g~ r`l`ry ~d ~f` opjb`r dl è`jò~y goiepn`n go ~f` y~pnw/

^sd yì~dry s`r` yèì~`n ldr ~f` y~pnw hon ygv idjqhog`y lrdj `hif yì~dr s`r` yèì~`n bhy`n

do ~f` rìdjjònh~gdo cg|ò bw ~f` brdm`ry go ~f` lgrj/

Y@I^DRY Y@E@I^@N : 2

^f` yhjqe` yg{` dl ~f` qrdkì~ iho b` modso bw ~f` ldeedsgoc ~hbe`

28


22/72

Y@I^DR OD DL IDJQHOG@Y

Qds`r 607< 1/869>2

21/1 1/16008< *1/18198

KPO@ 2113 *1/11 *1/1>606 *1/1907< 1/8>188 1/8077>7>2

KPEW 2113 1/123316 1/83910 1/160137 1/279362 *1/8>77> 1/170326

HPCPY^2113*1/812> 1/2273>

0093 *1/1868> *1/11>17 *1/1> 1/2>312 1/8163 1/921


28/72

JHRIF 2116 *1/28719 *1/2


29/72

27


30/72

9/8/2 ^F@ R@EH^GDOYFGQ DL ^F@ OGL^W SG^F ^F@ Y@E@I^@N Y@IPRG^G@Y GO ^F@

QDS@R Y@I^DR

FWQD^F@YGY

Fd; ^f`r` gy od ygcoglgiho~ r eh~gdoyfgq b`~s`ò ~f` yèì~`n yìprg~g y r`~pro hon Ogl~w r`~pro/

Fh; ^f`r` gy h ygcoglgiho~ rèh~gdoyfgq b`~s`ò ~f` yèì~`n idjqhow yìprg~g`y r`~pro hon Ogl~w

r`~pro/

^hbe` 9/8/2/h Idrrèh~gdo b`~s`ò ~f` yèì~`n idjqhow yìprg~g`y r`~pro go ~f` qds`r yì~dr hon

Ogl~w r`~pro/

IDJQHOW

BGE

Qds`r

KQ

Fwnrd O^QI R@E Yp{edo

^H^H

Qds`r

Ogl~w

1/087>

1/768 1/0062661/


31/72

^hbe`

9/8/9/h

Hod|h

~hbe` ldr

Ogl~w r`~pro

hon Qds`r

y`i~dr

idjqhog`y

r`~proy

98

Jdn`e

Ypj dl

Yxphr`y nl

J`ho

Yxphr` L Ygc/

BGE Qds`r

R`cr`yyg

do

1/12301

6 8

1/123016

R`ygnphe

1/13>97 1/111277

^d~he1/81863

2 20172/881

8 1/111

KQ Fwnrd

R`cr`yyg

do

1/1>139

0 8 1/1>1390

R`ygnphe

1/17 1/1112>66

R`ygnphe 1/1>2969 2>7 1/11183

^d~he 1/818632 201 9>7/>716

R@E

R`cr`yyg

do 1/107 1/111862

^d~he 1/818632 201 981/0>39

Yp{edo

@o`rcw

R`cr`yyg

do 1/198302 8 1/198302

R`ygnphe 1/13182 2>7 1/111262

^d~he 1/818632 201 882/3092

H^HQds`r

R`cr`yyg

do 1/1972>> 8 1/1972>>

R`ygnphe 1/1


32/72

^hbe` 9/8/9 b Ryxphr` ~hbe` dl OGL^W r`~pro

92

Jdn`e R

R

Yxphr`

Hnkpy~`n R

Yxphr`

Y~n/ @rrdr dl

~f` @y~gjh~`

BGE Qds`r 1/087> 1/23119 1/279

Yp{edo 1/006266 1/988


33/72

hbe` 9/8/9/i Id`llgigò~ ~hbe` ldr Ogl~w r`~pro hon qds`r yì~dr idjqhog`y r`~pro/

jdnè

Poy~honhrng{`n

Id`llgigò~y

Y~honhrng{`

n

Id`llgigò~y ~ Ygc/

B Y~n/ @rrdr B`~h

BGE Qds`r

1/2789723

00>

2 1/1877


34/72

Ogl~w r`~pro |`rw y~rdocew hy gong|gnphey ]r`l`r ~hbe` 9/8/9/bZ/ ^dc`~f`r ~f`w fh|` ho gjqhi~ do

~f` Ogl~w r`~pro/

^f` d|`rhee b`~h ldr ~f` idjqhog`y s`r` ldpon ~d b` 1/729% 8/030% 8/831% 8/


36/72

~f` yfhr` qrgi` go ~f` jdo~f dl Y`q~`jb`r jhw b` np` ~d ~f` JDP sg~f BF@E/ ^f` lepi~ph~gdo

go ~f` yfhr` qrgi`y go ~f` jdo~f dl Nì`jb`r np` ~d cd|`rojò~ nìgygdo hon xphr~`rew r`ype~ dl

~f` idjqhow/ Go ~fgrn xphr~`rew r`ype~ dl ~f` idjqhow o`~ qrdlg~ gy 8%337/71 irdr` /G~ gy hrdpon 211

irdr` fgcf`r ~fho qr`|gdpy r`ype~/

Ldr ~f` R@E &Règhoi` @o`rcw E~n'% ^f` d|`rhee b`~h |hep` yfdsy ~fh~ ~f` idjqhow shy h Fgcfew

rgym idjqhow ldr go|`y~dry ~d go|`y~/ ^f` YN ldr `|`rw jdo~f shy |`rw fgcf ~fho ~f` d|`rhee YN

dl ogl~w r`~pro/ ^f` YN shy fgcf doew go ~f` jdo~fy dl Di~db`r hon Khophrw/ ^f` b`~h |hep` gy

fgcf go ~f` jdo~fy dl Di~db`r% hon Khophrw/ ^fdy` hr` ~f` jdo~fy sg~f fgcf rgym ldr ~f` w`hr/

Jdo~fy dl Hqrge fhn h eds b`~h |hep` yd ~fdy` jdo~fy yfdpen fh|` b`ò dl eds rgym/

Ldr ~f` Yp{edo @o`rcw% ^f` d|`rhee b`~h shy 8/3>% ~fgy jhm`y Yp{edo @o`rcw h fgcf rgym idjqhow

ldr go|`y~dry ~d go|`y~ go/ ^f` YN ldr `|`rw jdo~f shy od~ ~dd fgcf ~fho ~f` YN dl d|`rhee ogl~w

r`~proy ldr ~f` w`hr @vi`q~ go ~f` jdo~f dl Khophrw/ ^f` YN shy |`rw fgcf go ~f` jdo~f dl

Khophrw/ G~ gy od~ h cddn jdo~f ldr nhw ~rhngoc hy YN gy |`rw fgcf hon ~f` |deh~geg~w gy heyd |`rw

fgcf/ ^f` b`~h |hep`y s`r` fgcf`r ~fho 9/1 go ~f` jdo~fy dl Khophrw% ~fdy` jdo~fy hr` idoygn`r`n

hy fgcfew rgymw jdo~fy ldr go|`y~jò~ qdgo~ dl |g`s/ ^f` rgym dl go|`y~jò~ shy |`rw eds go ~f`

jdo~fy dl Kpew hon Y`q~`jb`r bìhpy` ~f` b`~h |hep`y hr` |`rw eds go ~fdy` jdo~fy/ Go ^f`

jdo~f dl Di~db`r ~f` idjqhow fhn ifhoc` ~f` yqeg~ |hep` ~f` den lhi` |hep` dl ~f` idjqhow

y~dim shy Ry/81 bp~ do 29rn dl Di~db`r ~f` o`s Lhi` |hep` gy Ry 2/ Yp{edo ò`rcw fhn gyyp`n

{`rd idpqdo ldr`gco iprròiw ido|`r~gbe` bdony sdr~f d jgeegdo ~d lpon g~y drchogi crds~f/

9


37/72

Ldr ^H^H Qds`r% ^f` d|`rhee b`~h shy 8/87= ~fgy jhm`y ^H^H Qds`r h fgcf rgym idjqhow ldr

go|`y~dry ~d go|`y~ go/ ^f` YN ldr `|`rw jdo~f shy ~dd fgcf ~fho ~f` YN dl d|`rhee ogl~w r`~proy

ldr ~f` w`hr/ ^f` YN shy |`rw fgcf go ~f` jdo~f dl Di~db`r/ G~ gy od~ h cddn jdo~f ldr nhw

~rhngoc hy YN gy |`rw fgcf hon ~f` |deh~geg~w gy heyd |`rw fgcf/ ^f` b`~h |hep`y s`r` fgcf`r ~fho

8/1 go ~f` jdo~fy dl Jhw% Di~db`r% Od|`jb`r hon Khophrw% ~fdy` jdo~fy hr` idoygn`r`n hy

fgcfew rgymw jdo~fy ldr go|`y~jò~ qdgo~ dl |g`s/ ^f` rgym dl go|`y~jò~ shy |`rw eds go ~f`

jdo~fy dl Kpew hon Hpcpy~ bìhpy` ~f` b`~h |hep`y hr` |`rw eds go ~fdy` jdo~fy/ Go ~f` jdo~f dl

Jhw ^H^H Qds`r fhn heedshoi`n lgohe Ng|gnòn dl 70 ~d ~f` yfhr`fden`r% bp~ g~y `llì~ do 83 ~f

Kpew/

9/8/> N@Q@ONHOI@ DL OGL^W R@^PO DO ^F@ QDS@R Y@I^DR IDJQHOW R@^PROY

^hbe` 9/8/>/h R`cr`yygdo b`~s`ò ogl~w r`~pro hon fgcfew idrrèh~`n idjqhow r`~proy go qds`r

yì~dr

Id`llgigò~

y

93


38/72

Jdnè

Poy~honhrng{`n

Id`llgigò~y

Y~honhrng

{`n

Id`llgigò

~y ~ Ygc/B Y~n/ @rrdr B`~h

8

&Idoy~h

o~' *1/1111 1/111 *8/87>

1/29

9

O^QI 1/>7399> 1/127< 8/381> 86/33198

1/11

1

R@E 1/991832 1/186093> 1/000062 1/008062 1/189>39

1

1/161

2

1/2960

80

1/0

>/7732

2 96 1/11Q

hgr

2

KQFB@

*

KQFHL

*1/11

3

1/10>

6

1/1>3

0

1/9177

0>

6/>33>

0 96 1/11

Q

hgr

9

O^QIB

@ *

O^QIH

L 1/118 1/1993 1/1022 1/ 1/6>70> 8>/2>37 96 1/11

Q

hgr

>

R@EB@

*

R@EHL *1/181 1/103< 1/1>3216 6/82187 96 1/11

Qhgr

0

YP[B@*

YP[HL *1/119 1/1>900> 1/0917 0/>0 1/23


42/72

b`ldr` bpnc`~/ Go qds`r yì~dr yìprg~g`y O^QI hon R@E fhn `llì~`n ~frdpcf bpnc`~/ ^fgy

yfdsy ~fh~ ~fdy` ~sd yìprg~g`y fhn gjqhi~ np` ~d ~f` bpnc`~/ ^f` j`ho gy qdyg~g|` ldr O^QI

b`ldr` ~f` bpnc`~% bp~ ~f` j`ho hl~`r bpnc`~ gy o`ch~g|`/ ^frdpcf ~f` bpnc`~ ~f`r` gy od how

ygcoglgiho~ do BGE Qds`r% O^QI hon KQ Fwnrd/ ^f` Qhgr`n yhjqe` ^ ~`y~ r`ype~ yfdsy ~f`r` shy

od ygcoglgiho~ gjqhi~ dl bpnc`~ do ~f` r`~proy dl ~f` yìprg~g`y dl ~f` idjqhog`y BGE Qds`r% KQ

Fwnrd% O^QI% R@E% Yp{edo @o`rcw hon ^H^H Qds`r/ Bp~ ~f`r` hr` ydj` ifhoc`y hl~`r hon

b`ldr` bpnc`~/

IFHR^ 9/8/0/h OGL^W R@^PRO HON QDS@R Y@I^DR H\@RHC@ R@^PRO

>2


43/72

9/2 HOHEWYGOC F@ GJQHI^ DL GOLRHY^RPI^PR@ Y@I^DR DO OGL^W

Q@RLDRJHOI@

^f` idjqhog`y yèì~`n ldr y~pnw hr`

8/ Hoyhe qrdq`r~g`y hon golrh &Hoyhe golrh'

2/ CJR Golrh

9/ CÊ Golrh

>/ Ehoid golrh~ if e~n &EG E Golrh'

0/ Règhoi` Golrh &RGGE'

9


44/72

GONGH PY PM IFGOH@e`i~rgi idoypjq~gdo q`r

ihqg~h &msF'

%2>1


45/72

Y@I^DR 81~f Qeho &Ho~gigqh~`n

Go|`y~jò~' 2112*2113

88~f Qeho &Qrdkì~`n

Go|`y~jò~' 2116*2182

@eì~rgig~w&goie/ O@I' 278%601 %672 988%6888 28

Hgrqdr~y %36>

Y~drhc` >%687 22%936

Chy 6%389 21%011

^D^HE 661%080 2%123%8

8>1/8661>3 1/178623

1/83>301/2>68

0>

*1/122

>

KPO@ 2113 *1/87126 1/010>6 1/80


46/72

6 39

KPEW 21131/18969>

1/8212>*1/9082

3

1/81/890192 1/818 *1/03>*1/36> 1/279606

DI^DB@R 2113*1/8893

1/2728/1676719

OD\@JB@R

2113

*1/11096>

1/1>

*1/9176*1/930*1/2>680 *1/28

L@BPHRW 2116*1/88273


48/72

9/2/2 ^F@ R@EH GDOYFGQ DL ^F@ OGL^W SG^F ^F@ Y@E@I^@N GOLRHY^RPI^PR@

Y@IPRG^G@Y

>6


49/72

FWQD^F@YGY

Fd; ^f`r` gy od ygcoglgiho~ r eh~gdoyfgq b`~s`ò ~f` yèì~`n yìprg~g y r`~pro hon Ogl~w r`~pro/

Fh; ^f`r` gy h ygcoglgiho~ rèh~gdoyfgq b`~s`ò ~f` yèì~`n idjqhow yìprg~g`y r`~pro hon Ogl~w

r`~pro/

hbe` 9/2/2/h Idrr eh~gdo b`~s`ò ~f` yèì~ n idjqhow yìprg~g y r`~pro go ~f` Golrhy~rpi~pr`

hon Ogl~w r`~pro/

IDJQHOW

Hoyhe

Golrh CJR Golrh

CÊ

Golrh

EGÊ

Golrh

Règhoi`

golrh

Pog~ìf

Ogl~w

1/0806

36

1/>23088

>>

1/2069

9>

1/61>

Ygcoglgiho~ W@Y W@Y W@Y W@Y W@Y W@Y

Q e`|è 1/11 1/11 1/11 1/11 1/11 1/11

9/2/9 ^F@ GJQHI^ DL Y@E@I^@N Y@IPRG^G@Y R@^PRO GO ^F@ GOLRHY^RPI^PR@

Y@I^DR DO ^F@ OGL^W R@^PRO

FWQD^F@YGY

Fd ; ^f`r` gy od ygcoglgiho~ gjqhi~ dl ~f` r`~pro dl ~f` yèì~`n yìprg~g`y do ~f` ogl~w r`~pro

Fh; ^f`r` gy h ygcoglgiho~ gjqhi~ dl ~f` ogl~w r`~pro dl ~f` yèì~`n yìprg~g`y do ~f` Ogl~w r`~pro

hbe` 9/2/9/h Hod|h ~hbe` ldr Ogl~w r`~pro hon Golrhy~rpi~pr` yì~dr idjqhog`y r`~proy

Jdnè Ypj dl nl J`ho L Y

>7


50/72

Yxphr`y Yxphr` gc/

Hoyhe Golrh

R`cr`yyg

do 1/123888 8 1/123888

R`ygnphe 1/13>3

7 1/1119

d~he 1/818632

20

1

71/273

1/11

CJR Golrh

R`cr`yyg

do 1/186

d~he 1/81863220

1

00/

d~he 1/818632

20

1

8

29

1

/11

R`eghoi`golrh

R`cr`yyg

do 1/1827>9 8 1/1827>9

R`ygnphe 1/1667262>

7 1/111903

^d~he 1/818632

20

1

92 1/11

01


51/72

Pog~`if

R`cr`yyg

do 1/191073 8 1/191073

R`ygnphe 1/138230

2>

7 1/111266 1/273096 1/18


52/72

Hoyhe Golrh1/8377373

7/012>

3

CJR Golrh1/892107 1/1863< 8/0 1/396670 92 8/>6713 81/99662

GO^@RQR@^H^GDO;

^f` idrrèh~gdo lhi~dr shy ygcoglgiho~ ldr Hoyhe qrdq`r~g`y hon golrh% CJR Golrh% CÊ Golrh%

Ehoid golrh~ if% Règhoi` Golrh hon Pog~ìf r`~pro ~d Ogl~w r`~pro/ ^f`w yfds h qdyg~g|`

idrrèh~gdo dl 1/080636% 1/>23088>>% 1/20699>% 1/61>

r`yqì~g| ew ]r l`r ~hbe 9/2/2/hZ/ HOD\H ygcoglgihoi` |hep` dl 1/111 ldr hee ~f` yè i~ n

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idolgnòi` ]r`l`r ~hbe` 9/2/9/hZ/ ^f` R yxphr` |hep` shy e`yy ~fho 1/0 ldr hee ~f` yèì~`n

idjqhog`y go ~f` yì~dr/ ^fgy yfdsy ~fh~ ~f` r`~proy dl idjqhog`y sdpen od~ fh|` hllì~`n ~f`

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~f` Ogl~w r`~pro/

02


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^f` d|`rhee b`~h ldr ~f` idjqhog`y s`r` ldpon ~d 8/>773% 8/9369%1/07%

893% 0773% sfgif yfdsy ~fh~ Hoyhe Golrh shy h

fgcfew rgymw idjqhow ~d go|`y~ go/ ^f` b`~h |hep`y s`r` go ~f` rhoc` dl jdn`rh~` rgym go ~f`

jdo~fy dl Hqrge% Kpew% Hpcpy~% Y`q~`jb`r% hon Di~db`r/ Hon ~f` b`~h |hep`y s`r` go ~f` rhoc` dl

fgcf rgym go ~f` jdo~fy dl Jhw2113 hon Khophrw 2116/ Hy b`~h goir`hy`y ~dshrny do` ~f`

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go|`y~dr/ ^f` YN shy fgcf go ~f` jdo~fy dl Hqrge 2113hon Khophrw 2116% sf`r` go ~f` jdo~f dl

Jhw 2113 hon Khophrw 2116 ~f` b`~h shy heyd fgcf/ Hy YN goir`hy`y ~f` |deh~geg~w dl ~f` r`~pro

goir`hy`y% sfgif gy ~f` ihpy` dl |deh~geg~w go ~f` yfhr` qrgi`/ Go ~f` jdo~fy dl Hqrge 2113 hon

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ldr |deh~geg~w go ~f` jhrm`~ hr` o`sy hon r`ype~y/ ^f` |deh~geg~w go ~f` jdo~fy dl Hqrge yfdpen fh|`

b`ò ~f` `llì~ dl ~f` o`sy hbdp~ Hoyhe Qrdq`r~g`y cg|`y Lgohe ng|gnòn A 81 ldr ~f` w`hr/

^f r` shy od ygcoglgiho~ o`sy d~f`r ~fho r`cpehr HCJ qrdi``ngocy ypbjgyygdo/ Y~gee ~f`

|deh~geg~w shy fgcf go Khophrw/

09


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Ldr CJR Golrh% ^f` d|`rhee b`~h shy 8/936% ^fh~ yfdsy ~fh~ CJR Golrh fhy rgym dl go|`y~jò~/

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fh|` b`ò np` ~d ~f` hoodpoi`jò~ dl hqqrd|he ldr heed~jò~ dl `xpg~w yfhr`y ~d ~f` `jqedw``y

dl ~f` CJR Golrh pon`r ~f` @jqedw``y Y~dim Dq~gdo Yif`j` &@YDY'"/ Heyd go ~f` jdo~f dl

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2/ Go ~f` jdo~f dl Di~db`r ~f` Y@BG fhn hoodpoi` ~d bho do Q Od~`y% np` ~d hoodpoi`jò~ ~f`

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Ldr CÊ Golrh% ^f` d|`rhee b`~h shy 1/0


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Ldr Ehoid Golrh~ìf E^N% ^f` d|`rhee b`~h shy 8/671 sfgif yfdsy ~fh~ Pog~ìf shy h rgymw yìprg~w ~d go|`y~

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8/3978% 8/6>26 r`yqì~g|èw/ Go Khophrw jdo~fy sdpen fh|` b`ò dl fgcfew rgym ~d

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go|`y~ go/ Hy rgym nìr`hy`y ~f` r`~proy `hro`n heyd nìr`hy`y/ ^f` r`~proy `hro`n bw ho go|`y~dr

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Fwqd~f`ygy

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