                       
                   ----------------------------
                   
    ࠨ 室   ﭨ  㦥  頭 -
 䮬.  ᠬ ६    ᬮ  -
  ᢮ ⢮ 樮쭠  ࠨ    ࠧ-
 ᮡ.   ᨬ  堭 ஢  -
  .

    樮쭠  ࠨ    ⠯. ᭮ -
     28  1991  "   裡  -
  饭 㯮 ࠧ ᯮ짮" 10 ﭢ 1992 -
 砫  ⠯  ࠨ᪮   ᪠   -
 㯮,  믮 㭪樨     㡫-
 ࠬ ᮮ⢥饣 .   㯮  뫠  맢
ࠫ樥 業  ᨨ, ⪮ 㡫 筮  ⮩
ॡ⥫᪮ 뭪.  砫  믫 ࠦ ⠢-
﫨  । 25%  筮 室 ( 300  600 㯮), 
१ ᪮쪮 楢 㯮  ᭨ ᨩ᪨  㡫  
筮 饭.

     12   1992  砫 ன ⠯ - 㯮 뫨  
 . ࠨ 諠  "㡫 ",  㯮 ⠫ -
樮쭮 ⮩. 饭 㡫  ਨ ࠨ 뫮 ४-
饭  23 ᮢ 12  1992   १ ࠨ  .ࠢ-
㪠  7  1992 .  ⢥  ⥦ ।⢮
 ࠨ ⠫ ࠨ᪨ ࡮,  ।⠢  筮 -
饭 饭 㯮 .   16  1992 .    ந-
 ⮫쪮  ࠨ᪨ ࡮. ⠭ 樠 
  ࡮    ⭮襭   ᨩ᪮ 㡫:  1,45 .   1
㡫.  ࠨ᪨ ࡮,  ⠢ 樮쭮 ⮩, 㭠᫥

                                - 2 -
 㡫 ⥭  㪫  .  12  92 .-
  ࡮   ⠢ 403   ,  3  䥢ࠫ
1995 .  - 116 900 .  . ( ॢ ஬⮪ ६
 ࡮  ⭮襭   㯠  290 ࠧ!)

    ६  ࠨ᪮ ࡮ 業  १  -
  12  1992 .   騥  ࠨ  -
ࠢ﫨  ঠ 㭪樮஢ 䥪⨢ . 
  稭 ண    ࡮.

    ।,  ࡮ "쬥  ᥡ  㤠  ⮣,
  ந  죠"  ⮣ 㤥  ਢ  (.ࠢ-
, 18  1992 .).   ࠢ⥫⢠   ⠡-
樨  㯮   ᥡ ௠   ஫    
"⠡஢"   㯨 ਢ.

     樨    ࠨ    1992  砫  ᫥⢨
஢ ࠢ⥫⢮ . 樮  ୮  ⨪.
⮬  ஢  ࠢ⥫⢮  ய⨩  뢠 ᯠ
ந⢠   ,  ਢ騥   業  좠樨
࡮.  祢,     ࡮ ᫮-
 ᪫⥫쭮  ᨥ.

     1993  ࠢ⥫⢮ . ⠢      ਢ.
᭮  ண ࠢ⥫⢠  ᭨ ⥬ 樨 
 1993 .   3-5%   .   -७樨 8  1993  .
.笠 ਫ,   ਢ    1993 .  -
 ਢ 뢠 ⨥  譥  㥬  樮쭮
.

                                - 3 -

           1993 .  ७ 㥬 ࡮
䠪᪨ ⢮.    砫 ⢥  
,   ᫥⢨ ஢ ।⭮ ᨨ.   -
⠭ ० ७ 㥬 ࡮ (- 93
.) ,    ⢨     ᨫ 㤥ঠ ࡮-
  ᪮ 業.  좠 ਢ   
樨 뫠  ⠪  ,    좠 ࡮. -
⥫⢮ ਭ ⥫    12  1993  -
  樠  (䨪஢)   뭮 (থ)  .
 뭮 ࠨ  ⭮ 㦥.

      ᯥ⮢        (  -
᪨ 㭨), ﭭ    ॣ㫨 -
⮢, ⠪ ᮢ襭 ᪠  ⥬      ᠬ묨
訬 ९⢨ﬨ    ࠨ.    1993 . -
 㡨.  砫   ᫥ -
⨢  ਥ ﭨ  ࠨ:   -
⥫⢠    ⭮  ॣ㫨஢,    䨭ᮢ-।⭮
⥬,  ᪠祪 業  2,5 ,  ⢥  筮  .
  ⭮      ⨢ ࠦ -
     .    ன   ࠦ 뫨
  ४樥  १  ࠨ  樮쭮  
()  ६  ਮ⠭ ࣨ  ᪮ ⭮ থ 
 樨  㯫-த   㣨  ঠ    ।
-䨭ᮢ ०.  ⠭   : 5970 .- 
   5,61- ᨩ᪨ 㡫.   㪠 .ࠢ㪠, -
    -६஬ . ஢ 㬬  ࠨ
ᨨ.  稭 ६ । .  22  ᥬ ⤥

                                - 4 -
H p p⨢ 쬮,   p ⠭: p -
p - 6980 p.   1$  p p㡫 - 5,84 p.  1 p㡫. 客
 ࠨ 25 p p   ᥭ   p -
 ஢    ⭮  p㫨p,  ᮣ᭮  p  p
p᪮ p ⠭ H樮   ᮣ-
  p⥫⢮ p p-p  ᭮   .-
  .⨪  業 ᮮ⭮襭 p樨. 易⥫
50%  㯫  p  ⢫    樠쭮
p.  p ⮩,  饩 易⥫쭮 p, -
  p,  ⪫  樠쭮   祬  2 p.

      㬥 " 浪 ⠭  ᯮ짮  
ࠨ᪮  ࡮",  ᮣ᭮ ஬   ⠭
樠  ࡮     ஢ 12600 .  10,24
.   ᨩ᪮ 㡫 ( ᪨  ய  砫
   ⠢ 28800/33000 . (㯪/த), 㡫
20,2/22). , ᮣ᭮ 㬥, ४ 쭮, 
࠭ த⥫쭮 ६.  40%   㬬  㯫
⢫ १   .   筮 -
-த  ⠭  ᠬ⥫쭮,    থ,
⠭ .   2,5 業⮢. ࠢ⥫⢥ -
ࠬ,  2  1993 ,   .᪮  .饭-
,  頥,  裡  १砩 殮 䨭ᮢ  
ࠨ,  뤠 ०ﬨ  - ।⮢.  ஬  ⮣
業ࠫ  ।   ।,  騬 ,
 筮 . 뢠,   p 㤥 ⢮-
     ⥪饣  ( 20- ᫠    ).
  맢 殮襩 樥, ᫮襩  䨭ᮢ -
 㤠p⢠.     .

                                - 5 -

    H p 稭 ⢮ ⥭p   ᯮ짮
  ppᮢ,    䠪᪨  믮   㭪樨   -
-p     p,     楫  
ᯮ짮 ,  ⠢ ᯮpp  p.  
 -pp .. 12  H p  p ஢
 樮  p p .  p⮢ p p - 30
.࡮楢.

    設 ⨢  ॣ㫨஢   ⨢ -
,    訫 ஡.  ᨨ 죨 業.
  17  p  1993 .     p饭 p ⮨⢮  100
.p楢.  ,   ࠪ᪨   থ  樨,
⠭    ਢ⥫.    1993 ,   ᫮
.饭,   ⠫ p᪠ 筠 . 㠫 
  p  ⭮ p.  뢠 p᪮ 
⭮ p뭪  29 p ந 㯪   樠
 pp  p 25  p.    pᥤ⥫ p
H,  ﭭ ᨮ p⮢, p p⥫⢮ 
1993  ,  "p 業  ⠢ 㤠p⢮  p p-
⢠.   12 楢 뫮 뤠 p⮢   㬬 57  p.p.,
4/5 p⮢ 稫 ᥪp ,  樮 p
p  1993  ⠢ 100 p.p.   ᫠  -
ਭ   ਢ  1993  楫ᮮࠧ.

     1994  .    ਢ 뫨 쬠 .   砫
,   ᮮ饭 ,   㯨 p p 饩 -
樮쭮    ࠨ.         
p  p   1992 .    p-

                                - 6 -
  墠⠥  ᪫p p.  ଠ  -
 ⥬ 樨 楫ᮮࠧ.   ⮣, H樮 
砥  pp襭  䨭  p  p  p p⠫
1994 .  p⭮ ᨨ pp 29,4 p.p. ,   ᫮-
 .।ᥤ⥫ ࠢ  .ᥫ᪮, p蠥 
p  2,5 p.p.

    p⥫⢮ p  ⠨    p  䨪p
p  樮쭮    p p⨢  p 
  p᪮ ᪮ ⭮ p,  p⠭ 㪠-
 p  p 93 .    ६ p H桠  -
⠨   p  "⢥p ⠬".     -
p⮢ H 䨪p p p  p p⥫-
⢮  ᭮ ꥬ ᯮp⭮-p p権  ⥬ pp-
p H  ⮬ p⭮ ᨨ.  樠 p ⠢
12610 p  p  (१   楢  ᯮ騩  易
६- ࠨ .᪨ ᮮ騫,  ਭ 襭 
㢥祭 ॣ㫨㥬  ࡮  13100     
).   ᪮ ॣ㫨஢ ⭮ 뭪 ஢ ࠢ-
⥫⢮  .  ⢥ ࠭祭 ⢮ ⭨ -
 ࣮,    । ᮢ ᬠਢ  
ਮ⠬ ᯮ짮 . ஢ 䨭ᮢ ⨪ 㦠-
   뭮  ᪠ ॠ쭮 ᮮ⭮襭 ࡮  -
.  ᫨  ࢮ ⭮ 樮,  ஢ 12  1993 .
 த  ⠢ 32 .,   樮 25  1994
.  뫨 ॠ   30210 ,    ६  -
筮     ய    ஬⮪ ६  
25%.


                                - 7 -
    ࠢ⥫⢮ ஢ ⨪ ⨢ ॣ㫨஢
 ९ 樮쭮 .  ५ 1994 . H  p⥫-
 p   ७ p    pp  
  4  p.p.    䥢p-p 1994  p⢮ 䨭ᮢ
p p ᮮ⢥騥  p⠢  p  -
p⢠ p⥫⢥ p 䨭ᮢ ⠡樨 . 
᢮ p p⢠ p pp,  p p᫥
p  p⢠    楫    楫ᮮp  p⮢:  
pp, ⮯-p᪨ pp  p祥.  楫 -
 䥪⨢ ᯮ짮 㪠 p   H -
  21 p 1994  p p ᯮ짮  15   1994
  p ⠭ -  21 p 1994 .

     p  p⠫  1994   p襭 p᪮ p⥫⢠
pp p諥  ᥫ᪮ 宧⢠ 뫨 뤥 p-
  ꥬ  11 p.p.  120% , p p p
㯠   p p⠫.     p p⠫ 94
. 㢥稫  p ᮮ⢥騬 p p饣 
 祬  36 p.

     祭 p 㣮 1994   p饭 묠 㯮-
 ⮨⢮ 1,  3,  5 p,   1  㯮  10  25
   16  1994  樮  ᪠  p饭 㯮-
  p ᯮ짮 ⮨⢮ 200 000 p᪨ p-
楢 p 1994 .

      1994 .  H 砫 ஢ pp 樮   ⠬
p  H  樮  ࡮ (। 業⭠ ⠢  -
⠬,  㯫  ।⭮ 樮,  ⠢ 287%.    த

                                - 8 -
⠢  100  ..  ᭮    p p
樮 H,   p⮬ p⭮ 樮  p  ⢮
p᪨  p᪨ ,  ᥭ   pp樨 H).  
।  﫮 業p pp     
  ⥭p (13100 p  p  ($11 427 318 )   樮-
,  p㡫  p.

    ⨪   ᮢ,  ᪨  뭪    ,
 ஢ ,    ਢ ᫠ 樨 ࡮-
.  ⥫ ਬ - ᪠ ॢ 筮, -
  堬 﫠 ।⭨  ਢ. ( ய
।  筮  ⠢ (㯪/த):  20 
- 45692/46792,  30  - 48577/50250, 8  - 45445/46700.  ஢-
  䥪⨢ 権 ਡ ⠢﫠  浪  15%).
  30  94 .   ᠬ 訬  殮  祬 7 
楢 .      ய த   砫
.

     ࠨ ॡ ।  . ஬ -
 ᡮ ஦ 94 . ॡ ⥫ ।. ॢ ।-
 ⮪ 樨.     . pᥤ⥫ p H -
⨭ p ,   訥   p  p-
  p.

    ।⭠ ,  ࠢ   ᥪ , -
   樠쭮  ࡮    ।  -
   1994   2,82 ࠧ.

       1991   ஢ ࠫ 業  ᤥ  뫮

                                - 9 -
 ஢ 樨.   1994 . 業 뫨 饭  ᮧ-
 뭮筮 ७樨,   뫠  ਭ  ᥡ 㭪-
樨 -ଠ⨢ ⥬   ᤥন 業.

     砫     1994 . 業  த ⠭
  த  ࠨ  ᫨    ࠧ  䮭 ᭨ 㯠-
⥫쭮 ᯮᮡ   ࠨ.

    ᫥⢨ ஢ ⨪ ⠫ 室    ⥭,  
樨쭮 ᯮ, ࠧ  ᮢ ⨪  筮
ᮢ, ࠧ஢ 筮 筮  ,
⢥  ᭨  業.   ਢ     ஭
㭠த 䨭ᮢ ०  ஢,   ⠪ -
㡨 쭥襥 ࠧ⨥  樨.

       .,    筮  뢠 ﭨ
⠦ . 㦭 2-3 , ⮡ ⭠ ঠ ⠡஢-
 ᢮ ࠡ, ⮣  㤥 ⠡஢ ⢥ ⥬.
    ࠢ⥫⢮   100%   
 ।⨩.     1994 .   থ    㯠
 40%,  ꥬ ஢쭮 த   14 ࠧ.  䨪-
஢  ⮫쪮   ࠨ 﫠 3 . ஢.

     ᫮  ᮢ⭨ १ ࠨ  ᠬ 
⮫ 稭᪮  9 楢 1994       ⨣
22%     4 ࠧ ॢ襫 ।,   㯠 ਭ-
.   쥬 ⠫,   ᫮, ꥬ    
  225%,    樮 த  15%.  樨  
⠢ 12,5%   樮쭮 த,    

                                - 10 -
 .  ⮩ 樨 ࠢ⥫⢮ 﫮   ஢-
 ࠤ .   ᫮ -६    ஢
    ७ 稢  묨 ᨮ묨 죠,
 ,  ᮡ ⪮ ஫஢       ⥬,
⮡    ⪠ 樨.  "-㦭 ⪮ ᥡ ।-
,    㤥   ᫮, ७ 業    
஢.   ⠫ 孨  孮,  ࣮  -
  ஢ 業,  㤠   ⮣  ",- .-
.   ࠧ: " ᪮ ᤥ ⠪,   ஢ ᡥ०-
 業", ⮫쪮 ᥩ    ᮧ .

    㭠த ⢥ ⥫쭮 業 砫  -
᪮ ⥫쭮 ᪮ ࠢ⥫⢠. ᫮  -
,  ।⠢⥫ ஢   ࠨ, ⮢ ஥ ॠ-
樮   ࠧ $500 .

    5    ⨫   㯮 ࠧ ᯮ짮
쭮 ⮨ 500 ..

    2   ਭ  ᭮ ⠭  ᥭ  
  .   1994 .,ᮣ᭮ ஬ । ࠧ 
    ⠭  ࠧ 117,3 ਫ  -
楢 ( 㤥  樮    ᨮ-
 ।).  ᫮  䨭ᮢ ࠨ .ଠ㪠, 
ᮮ⢥ 10%    ७ த, "  -
쭠 ,᪮   10 楢 ⥪饣   -
   ७ த ⠢  17%". ஢ 
1994 .   5 ࠧ ॢ室  1993 . ᪮ -
  ।     ⥭  ⨯⨢ -

                                - 11 -
,  ।⠢塞 ꥬ ⠥  ᪮쪮 ࠧ.   ஢ 
ய⨩  ᤥন ७  :  ⢥ত ꥬ
⮣ ७ ।   1 ﭢ  1995  .    ࠧ  154
૭.࡮楢, 樮  ࠦ ꥬ 䨭஢-
  ।⮢ ᪨ ,  ⠭ ⠢ 䨭-
  ஢ 25%   ,  ࠭稢 ப 뤠 । ப
ਢ祭 ।    ,  易⥫쭮 १ࢨ-
஢  ⮢ ᪨ , ।ᬠਢ -
  㬬 易⥫ १ࢮ   20 業⮢  㬬 -
祭  ஫஢ .

    ।ਭ ࠢ⥫⢮  蠣 ⥬     ⠭-
   ⨬ ।.     ࠨ, -
 樨  1994 .  ⠢:  ﭢ 1994 . - 119,2%,  䥢-
-112,6%,  -105,1, ५-106,   105,2,  -103,9,  -
-102,1,  -102,6,  ᥭ -107,3,  -122,6,  -
 -172,3%,    - 128,4%.   ﭢ 1995 .  -40%.   ᯠ
ந⢠  ࢮ 㣮 ਢ  ⮬,    3 ⠫ -
⢮ ⠫  䨭ᮢ ⮬,   業 - ᭮  -
  ॣ㫨஢ -  権 ( 拉 ⮢஢  
- 90%),  ࠪ᪨ ⨫ ᢮  㭪 業,- 
.笠.    䮭 饣 ஢ 樨    㯮
ࠪ᪨ ⠡஢.  砫      ।⮢
.  祭 㭠த   祭 
4 ⠫  ⠢ ࣮⥫.  ࡮ ⠫ ᠬ ⢥म
⮩    ࠭ .  ⠡樨 㯮  -
  ࢥ樨  ࣠ , ஢ 樮  த-
 筮   .㯮.   ᪠,   ࠢ⥫⢮
ᮧ ᫮  ஢    襥 ६. -

                                - 12 -
묨  ⮫쪮 ப ஢   ᠬ 堭  -
.


                      Ŀ
                             , - 
                                 
                      Ĵ
                       12.11.92    403.00    
                       11.02.93    947.53    
                       04.03.93   1233.10    
                       01.04.93   3000.00    
                       25.05.93   2999.00    
                       04.06.93   3300.00    
                       02.07.93   3980.00    
                      

                Ŀ
                            .    
                              㯪  த 
                                    .     
                Ĵ
                09.09.93   16000                  
                07.10.93   18700   14800    17075 
                21.10.93   29000   21100    23750 
                28.10.93   31000   24500    28000 
                



                                - 13 -
Ŀ
        .    
          㯪  த 
            .     
Ĵ
01.11.93   25500    28000 
12.11.93   25875    27830  USD-5970 
22.11.93   26200          21.11.  USD-6980 
06.12.93   28800   33000  
10.12.93   30140   32750  
12.12.93 ஢   த USD (.30000 ,
27.12.93   33500   35000  த.32000 )
14.01.94   35750   38100  
02.02.94   39500   41500  
17.02.94   35500   38700  
01.03.94   36350   37800  
03.03.94   36000   38076  
25.03.94 樮  (-$-30150, 䨪ᨭ-$-30210 .)
04.04.94  40500   41325   
14.04.94  43400   44022   
04.05.94  46580   47967   
17.05.94  45892   46885   
01.06.94  47680   48736   
16.06.94  45175   46279   
04/07/94  41392   42830   
01/08/94          44000   
16/08/94          44500   



                                - 14 -

              Ŀ
                          .   
                       ()   (.) .  த  
              Ĵ
              30/08/94         48500  49863   51384
              27/09/94         72000  71000   73000
              03/10/94                74730   77075
              17/10/94         94900               
              20/10/94  75100         86500   91000
              31/10/94         85000  99429  104222
              03/11/94  79800        102227  107444
              18/11/94         90500 145975  151796
              29/11/94 108600        136200  145133
              01/12/94 110200 141600 133587  138596
              08/12/94 110000 120000 134818  138022
              22/12/94 107900 102800 129433  132517
              29/12/94 104200        133918  136889
              
