informe microcap napro

7/22/2019 Informe Microcap Napro

1/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 9 eg 9

WCNPGQXNEIE CIHNMCIK IWUCMDI EG D\NHM@IHWKUIE EG GXUWENMX XWRGQNMQNGX VIQIJMVI

HIQQGQI EG Y#@#AKIAMQIUMQNM EG GXUIANKNEIE EG DGENHIDGCUMX

NC@MQDG

GXUWENM EG GXUIANKNEIE EGCIRQM\GCM DNHQMHRXWKIX GC

RMKPM RIQI QGHMCXUNUWNQNctgjrictgs6

Hgrvictgs Drqugz Xiceri ^irgtl

Jdgz Arivm Hkiueni Ritrnhni

Lgrccegz Qms Ukioigkgk

F urgz Jdgz Kuz Cikkgky

Deukm6 Kiamritmrnm Gstiankneie eg Dgenhidgctms

Isgsmr6 D#I#I#X Hyctlni Gspncmsi Hmctrgris

Jrupm6 1>29

Xgdgstrg6 1298$1

@ghli6 11 - Diym - 1298


2/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 1 eg 9



UIAKI EG HMCUGCNEM

9# QGXWDGC$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$8

1# NCUQMEWHHNC$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$8

8# @WCEIDGCUM$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$5

5# RQMEWHUM$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$0

7# MAF GUNPM JGCGQIK$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$:

7#9 MAF GUNPMX GXRGH@NHMX$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$:

0# DGUMEMKMJI

0#9 ENIJQIDI JGCGQIK$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$:

0#1 QGIHUNPMX$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$:

0#8 GYWNRM$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ eg 9



vugktis

7vugktis

52H-:7'LQ

8vugktis

8vugktis

8vugktis

7vugktis

>vugktis

Ungdpm egrghmcstntuhnc

$92H 8#99 s 8#2 s 9#>5 s 1#99 s 1#>7 s 2#21 s82H 8#2 s 1#1: s 1#58s 5#71 s 5#11 s52H-:7'

LQ8#2 s 7#2 s 7#91 s 5#11 s 2#28s

'Ludgeie$92H

9#'52H-:7'

LQ1#:' 8#2' 7#:' :#82' vugktis

Ungdpm egrghmcstntuhnc

$92H0 s

5#8:s 2#27s82H 8#>5s 2#20s

52H-:7'LQ

5#22'


10/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 92 eg 9



Kmtg 9Hmcenhnc Ungdpm eg dugstrgm gc sgdicis2 1 5 0 < 92

$92H Rmkvm akichmhmc

dnhrmhpsukiseg hmkmr

idirnkkm hmcmkmr

hirihtgrstnhm ihgrgzi

Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

82H Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

Xnc hidanmipirgctg

52H-:7'LQ Rrgsgchnieg jrcukmshmdpihtms

Rrgsgchnieg jrcukmshmdpihtms



Disi vnshmsitricspirgctg hmc

prgsgchni eghrnstikgs y

dnhrmhpsukis eghmkmr idirnkki hmc

mkmr knjgrm ihgrgzi#

Kmtg 1Hmcenhnc Ungdpm eg dugstrgm gc sgdicis

2 9 1$92H Rmkvm akichm

lmdmjcgm hmcmkmr

hirihtgrstnhm ihgrgzi

Xnc hidanmipirgctg

Xnc hidanmipirgctg

82H Xnc hidanmipirgctg

Xnc hidanmipirgctg

52H-:7'LQ Xnc hidanmipirgctg

Rrgsgchni egjrcukms

hmdpihtms

Uiaki Cm 1# Qgsuktiems eg Ipirngchni egk gstuenm eg Gstiankneie eg DnhrmhpsukisCiprmxgcm Rmkvm piri rghmcstntunr#


11/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 99 eg 9



2+22'

9+22'

1+22'

8+22'

5+22'

7+22'

0+22'

:+22'


12/17


13/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 98 eg 9



Ndijgc 1# Ispghtm egk Rmkvm piri Qghmcstntunr gcsuspgcsnc Kmtg 1 ,hmcenhnmcgs6 egrghli $92H+ gc

dgenm 82H+ nz ungrei 52H-:7' LQ.#

Ndijgc 8# Xnstgdi hmctgcgemr$hngrrgNzqungrei Kmtg 9 @rishm eg Rmkngtnkgcm eg ikti egcsneie dair hmc tipi eg rmshi akichi#

Egrghli Kmtg 1 @rishm eg vnernm dair hmc tipi eg rmshi akichi#


14/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 95 eg 9



># ICKNXNX EG QGXWKUIEMX

Hmctgcnem eg ludgeie

Xg iprghnic hidanms gc hmdpirihnc eg uci y mtri `mrdukihnc# Gk hidanm eg gcvisgprndirnm ,eg pkstnhm i vnernm. nc kuy gc gk ispghtm egk pmkvm piri ki hmcenhnc eg 52H y:7' eg ludgeie rgkitnvi+ yi qug gc ki prndgri `mrdukihnc gk pmkvm aifm gstis hmcenhnmcgssg ludgeghn pmr km qug sg `mrd uc jricukm jriceg+ gk usm eg uc cugvm gcvisg ytipiegri prmpmrhnmciaic uc snstgdi ds lgrdtnhm cm pgrdntngcem ticti gctriei egludgeie egk idangctg ik rishm+ pmr km qug ki sgjucei `mrdukihnc prgsgct uc ispghtm egpmkvm y cm eg jrcukm listi gk sgjucem dugstrgm# Hmdpiricem ki tgcegchni eg ki`mrdukihnc ucm hmctri ki eg ki `mrdukihnc ems+ sti ktndi+ rgjnstri dgcmrgs ludgeiegs

eurictg kms ems pgrmems eg dugstrgm+ pmr km qug ki tgcegchni i iasmragr ludgeie gs dgcmrhmc rgspghtm i ki `mrdukihnc ucm# Gstg pirdgtrm sg dgfmr eganem i qug gk vnernm cmpgrdntg gk nctgrhidanm eg ludgeie+ pgrm prnchnpikdgctg i ki tipi utnknziei+ yi qug sti tgciik icvgrsm uci hmctritipi# Ki tipiegri egk gcvisg eg pkstnhm eg ki prndgri `mrdukihnchirghi eg hmctritipi+ pmr km qug ik dugstrgm hnchm+ gk hmctgcnem egk rishm tgci ipirngchnieg uc pmkvm lnjrmshpnhm qug liai iasmranem ludgeie+ en nhukticem gk icknsns eg kidugstri# Kis virnihnmcgs eg hmctgcnem eg ludgeie qug prgsgctic kis ems `mrdukihnmcgs+ cmtngcgc uci kjnhi+ yi qug sg gspgriri qug enhlm hmctgcnem+ hmc gk pism egk tngdpm iudgctg+eganem i qug gk tngdpm eg iasmrhnc gs diymr+ snc gdairjm gstms vikmrgs ensdncuygc ykuhtic? kis prnchnpikgs hiusis itrnaunakgs i enhlm `gcdgcm gs ki virniankneie eg ki

tgdpgrituri gc kis gstuìs+ yi qug i pgsir eg qug stis ùgrmc dmcntmrgieis+ eurictg suusm+ cuchi tngcgc hmcenhnmcgs hmcstictgs+ yi qug sngdprg sg gchugctric gc usm+ pmr km qugsg tngcgc qug gstir iarngcem y hgrricem+ mtrm ìhtmr ndpmrtictg gs qug kis hdiris egludgeie cm ùgrmc dmcntmrgieis cn gk vmkudgc eg ijui pgrdicghn hmcstictg gc gkkis+ pmrkm tictm ki ludgeie rgkitnvi eg stis cm ùg ki dnsdi+ virnicem kis hmcenhnmcgs eg gstuenm#

Ipirngchni `snhi

Ki ipirngchni snhi piri ki prndgri `mrdukihnc pgrdicghn gstiakg gc kis hmcenhnmcgs eg $92H y 82H+ sg masgrvirmc hidanms i 52H :7' L#Q# yi qug gk diymr hmctgcenem eg ki

dgzhki eg pmkvms km rgprgsgcti ki gstgvni ,5#7j eg 7j eg pmkvm.+ enhlm geukhmrictg tngcg uchmdpmcgctg egcmdnciem gstgvnsnem+ gk huik hmctngcg jrupms lnermxnkms qug iesmragcludgeie egk idangctg eicem ipirngchni eg uc pmkvm lnjrmshpnhm ik hmctgcnem egk gcvisgik qunctm tngdpm eg dugstrgm#


15/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 97 eg 9



Ungdpm eg rghmcstntuhnc

Mtrm hidanm rgiknziem gc gk prmhgsm eg ìarnhihnc ùg ki ensdncuhnc gc gk tidim egpirthuki+ egk pmkvm y eg ki dnhrmhpsuki+ ki `mrdukihnc ems prgsgcti dgcmrgs tngdpms egrghmcstntuhnc yi qug gk pmkvm ik ensdncunr gk tidim eg supgr nhng eg kis pirthukis qug kmnctgjri+ stms kmjric suspgcegr hmc diymr ìhnkneie gc gk ijui qug kms hmctngcg+ hismhmctrirnm hmc ki `mrdukihnc ucm+ qug ik sgr eg diymr tidim+ gk pmkvm tireiai ds tngdpmeg suspgcegr#

Qgsuspgcenankneie

Riri ki `mrdukihnc ems ik rgiknzir gsti prugai+ sg masgrvi ds lmdmjcgi ki enstrnauhnceg kis pirthukis egk pmkvm+ dgfmricem ki ipirngchni eg ki suspgcsnc hmc rgspghtm i ki

`mrdukihnc ucm+ snc gdairjm gk cdgrm eg vugktis rgpmrtieis piri ki `mrdukihnc ucm+ smcdgcmrgs i kis eg ki ems+ pmsnakgdgctg ik ensdncunr gk tidim eg pirthuki egk pmkvm+ gstg sggdpihi eg dgfmr `mrdi gc gk `mcem egk tuam eg gcsiyg ,qugei ielgrnem. piri ki prugai+ gchmdpirihnc ik eg ki `mrdukihnc ucm+ emceg cm sg tidnzirmc#

Eg ihugrem ik cudgrik >#9 eg ki CMD$2:8 eg gstiankneie eg `rdihms y dgenhidgctms+ gkgstuenm eg gstiankneie nchkuyg prugais piri kis hirihtgrstnhis eg hiei `mrdi ìrdihutnhi+piri gk hism eg pmkvm piri rghmcstntunr eg usm mrik+ eg kis : prugais ,nchkuygcem gc uci eggkkis ipirngchni+ mkmr y hmkmr. skm cm sg rgiknz hmctgcnem eg hmcsgrviemrgs y gc gk hism egkdntgs dnhrmanicms skm sg rgiknz ik tngdpm hgrm ki prugai+ gstm sg egan i qug gk tngdpm

kndnt gk gstuenm+ yi qug sg tuvm qug rgeuhnr gk tngdpm eg dugstrgm i uci sgdici+ egliagrsg rgiknziem ki prugai cm tgceri sgctnem yi qug ki kghturi i kis 5< lmris cm sg liarikkgviem i hiam+ pmr km qug cm sg rgpmrti gc rgsuktiems kms pirdgtrms matgcnems piri lmcjmsy dgs nkms igrmanms#

Rmr sgr uc pmkvm rghmcstntunakg+ sg tuvngrmc qug liagr lghlm icknsns tictm piri gk pmkvm hmdmpiri ki suspgcsnc+ piri sti ktndi cm sg rgiknzirmc kis prugais pmr gk jric cdgrm egdugstris i iciknzir+ gxtrihhnc eg ki dugstri y ki eurihnc egk dtmem iciktnhm ik lihgr kivikmrihnc#

@rishms ncvgrtnems

Ki ncikneie eg hmkmhir rishms ncvgrtnems gc gk gstuenm gs masgrvir nctgrihhnmcgs prmeuhtmgcvisg+ gspgh nhidgctg hmc ki tipi eg stg# Cm sg masgrvirmc hidanms gc gk hmkmr eg kitipi m eg kis dnhrmhpsukis+ i pgsir eg qug sg tngcg rgpmrtiem qug kms ikjncitms nctgrihtichmc pkstnhms+ egshirticem dnjrihnc m iasmrhnc eg hmdpugstms? cm sg iprghnirmc hidanms


16/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 90 eg 9



snhms mhisnmciems pmr gk vnernm+ yi qug stg gs uc ditgrnik cgutrm y cm dictngcgnctgrihhnmcgs qudnhis hmc kms hmdpmcgctgs eg ki dgzhki eg pmkvms#

Eganem i qug sg prgsgcti gk `gcdgcm eg iasmrhnc eg ludgeie egk dgenm idangctg+ sgsujngrg hidanir gk snstgdi hmctgcgemr hngrrg pmr uc smarg eg ditgrnik hgkmpmknik yi qugiegds eg prgsgctir ikti rgsnstgchni gc su dicgfm+ gs uci augci airrgri i ki ludgeie y kimxneihnc# Gk snstgdi hmctgcgemr hngrrg gstiri hmc`mrdiem pmr uc smarg eg hgkmpmknik qughmctgcer gc su nctgrnmr gk pmkvm piri rghmcstntunr y uc gcvisg eg vnernm hmkmr dair gk huik sgkkgcir hmc ijui piri rghmcstntunr gk pmkvm+ eg gsti `mrdi sg gvntir qug gk pmkvm sg ludghtgy `mrdgc jrcukms+ puengcem mrnjncir prmakgdis eg ensmkuhnc gc ki `mrdukihnc y gc kihictneie emsn nhiei#

Riri ki smkuhnc egk prmakgdi eg rgsuspgcenankneie sg sujngrg dmen nhir ki `mrdukihnc+ yiqug eg ihugrem i kms rgsuktiems prmpmrhnmciems pmr gk gqunpm >+ sg masgrvi qug gk hidanmeg ijgctg suspgcsmr ,igrmsnk pmr ivnhgk. dgfmri kis prmpngeiegs eg rgsuspgcsnc eg kispirthukis egk pmkvm+ snc gdairjm sg masgrvi uc iudgctm gc gk tngdpm eg rghmcstntuhnc gchmdpirihnc i su `mrdukihnc hmc ivnhgk+ eganem i qug gk igrmsnk prgsgcti diymr egcsneiepmr km qug gk tngdpm sg vg prmkmcjiem piri ki rgsuspgcsnc egk pmkvm#

Gk dtmem eg prmeuhhnc eg jgkn nhihnc gxtgrci sg egag rgpkictgir ,dtmem eg prmeuhhnceg dnhrmhpsukis.+ yi qug gk tidim eg ki dnhrmhpsuki matgcnei cm `ug gk ieghuiem+ gkprmakgdi sg hgctri gc gk enspmsntnvm hmc gk qug sg `mrdi ki jmti eg ikjncitm eg smenm+ yi qug

sti gs eg tidim duy jrugsm? sg masgrv piri gk mtrm gqunpm qug utnknz ki dnsditghcmkmji+ gk hidanm eg enspmsntnvm ,piri ki `mrdihnc egk tidim eg jmti. eg fgrncjis egncsuknci i vgcmhknsns dgfmr su tidim y lmdmjgcnz su `mrdi eg ki dnhrmhpsuki# Gksgjucem dtmem eg prmeuhhnc eg dnhrmhpsukis hmrrgspmceg ik eg jgkn nhihnc nctgrci pmrgduksnc+ hmc gstg dtmem cm `ug pmsnakg matgcgr kis dnhrmhpsukis+ snc gdairjm+ kmscicmtuams matgcnems dgfmrirmc ikjucis eg kis prmpngeiegs eg ki `mrdukihnc pmr km qug gstitghcmkmji sg egag hmcsnegrir piri rgiknzir uc pmstgrnmr gstuenm eg gstiankneie#

92# HMCHKWXNC

Gk gstuenm eg gstiankneie egk kmtg 9 y 1 cm hudpkg# Xg sujngrg rgiknzir cugvms gstuenms eg

gstiankneie hidanicem gk tidim eg ki dnhrmhpsuki+ ijgctg suspgcsmr y snstgdihmctgcgemr$hngrrg#


17/17

GDNUN QGPNX @GHLI

19- DI^M -1298

Pm Am

Lmfi 9: eg 9



99# ANAKNMJQI@I

9# Icik+ Icnk Oudir ice Xncjl+ Lirfncegr# 122:# Qghgct ievichgs nc dnhrmgchipsukitnmc m prmanmtnhs `mr nceustrnik ippknhitnmcs ice tirjgtge egknvgry# Urgces nc @mme Xhngchg &

Ughlcmkmjy# 95#

0# @icj+ Vlmcjxnicj ice Aliceirn+ Algsl# 1292# Gchipsukitnmc m pmkyplgcmks $ i rgvngw#Urgces nc @mme Xhngchg & Ughlcmkmjy# 19,92.6792$718#

:# Jnaas+ Agrcire @#? Ogrdisli+ Xgknd? Ikkn+ Nctgiz ice Dukknjic+ Hitlgrncg C# 9>>>#Gchipsukitnmc nc tlg mme nceustry6 i rgvngw# Nctgrcitnmcik F murcik m @mme Xhngchgs iceCutrntnmc# 72,8.6198$115#

175#

># Kngagrdic L#I+ Qngjgr D#D+ Aicogr J#X#9>>5#Rlirdihgutnhik emsijg mrds ice enspgrsgsystgd ,Cgw mro6 Dirhgk egooir Nch#.#

92# Knu+ \# E#+ û+ \# Z#+ Vlicj+ #+ \ug+ Z# D#+ û+ Z# U#+ \nmcj+ #+ gt ik#,1221.# Hlirihtgrnzitnmc m struhturg ice en ùsnmc aglivnmr m Hiikjncitg agies prgpirge wntlgxtgrcik mr nctgrcik hikhnud smurhgs#

F murcik m` Dnhrmgchipsukitnmc+ 9>+ ::7:

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