india food report 2016

7/26/2019 India Food Report 2016

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SJN BGCBE DLLC [NPL[S ;054E SN[H [NPL[S LG SJN ]L[FCQ HLQS NZABSBGM DLLC HE[INQbzbgm Qnatlrs Iny Pfeynrs Lpplrtugbtbns Ajeffngmns Duturn


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SJN BGCBE DLLC [NPL[S ;054E SN[H [NPL[S LG SJN ]L[FCQ HLQS NZABSBGM DLLC HE[INQbzbgm Qnatlrs Iny Pfeynrs Lpplrtugbtbns Ajeffngmns Duturn

ALTN[ P[BAN? `;>00 | ^Q$ 500


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BHEMNQ H^FSBHNCBE PTS. FSC.(ABG? - ^;;5;;CF;001PSA5;002=)CNFJB?Q ;5, Lijfe Bgcustrbef Erne, Pjesn BB, Gnw Cnfjb 5500;0Pj? +25 55 30>;>000, Dex? +25 55 30>;>005

H^HKEB?5st Dfllr, Pegajef Brlg ]lris, Pflt Gl. 555 / 1,Herlf Al-Lpnretbvn Bgcustrbef Nstetn, Herlf, Egcjnrb (Nest),Huhkeb 3000>2

Pj? +25 ;; ;:>0:0=0 / =5, Dex? +25 ;; ;:>0:0=;

KNGMEF^[^?>;1, =tj Arlss, 50tj Hebg,(Onnvegkjbhe Gemer Hebg [lec), JEF 1rc Qtemn, Kngmefuru >40 0=>Pj? +25 :0 35;>>5=;/35=>0>2>/24, Dex? +25 :0 35;>>5:;

ILFIESE?10-K, Egbf [ly [lec, Mrlugc Dfllr, Ilfiete =00 0;2Pj? + 25 11 300:03:0, Dex? +25 11 300:0330

Eff hetnrbef prbgtnc bg tjbs pukfbaetblg bs tjn slfn prlpnrty ld Bhemns Huftbhncbe Pvt. Ftc. Eff rbmjts rnsnrvnc. Egy usn ld tjbs pukfbaetblgknylgc tjn fbhbtnc salpn ld tjn alpyrbmjt fews wbtjlut tjn algsngt ld tjn pukfbsjnr bs prljbkbtnc. [nprlcuatblg ld egy ibgc, tregsfetblg,stlremn lg cete aerrbnrs ld egy typn egc pukfba cbstrbkutblg ld bgdlrhetblg prlvbcnc bg tjbs klli ern prljbkbtnc.

Sjn pukfbsjnr jes hecn eff nddlrts tl prlvbcn aurrngt egc eutjngtba bgdlrhetblg. Jlwnvnr, tjn pukfbsjnr aegglt mueregtnn tjn eaaureayld egy bgdlrhetblg algtebgnc bg tjbs klli. Sjn vbnws, bcnes, alhhngts egc lpbgblgs ern slfnfy ld tjn wrbtnrs egc tjn Ncbtlr/ Prlonat Jnec,

Prbgtnr egc Pukfbsjnr cl glt gnansserbfy suksarbkn tl tjn sehn.

Bg rnfetblg tl egy ecvnrtbsnhngts eppnerbgm bg tjbs pukfbaetblg, rnecnrs ern rnalhhngcnc tl hein epprlprbetn ngqubrbns kndlrn ngtnrbgmbgtl egy alhhbthngts. Bhemns Huftbhncbe Pvt. Ftc. clns glt vluaj dlr egy afebhs hecn ky tjn ecvnrtbsnrs ld prlcuats egc snrvbans. SjnNcbtlr/ Prlonat Jnec, Prbgtnr egc Pukfbsjnr ld tjn pukfbaetblg sjeff glt kn jnfc dlr egy algsnqungans bg tjn nvngt ld suaj afebhs glt knbgmjlglurnc ky tjn ecvnrtbsnrs.

Prbgtnc et Qehret Lddsnt Pvt. Ftc., K - ::, Lijfe Bgcustrbef Erne, Pjesn ;, Gnw Cnfjb 550 0;0

Pukfbsjnr?

Q P Segnoe

Ecvbslry?

Ehbtekj Segnoe[ Q [ly

Egoefb QlgcjbKjevnsj Pbtrlce[einsj Mehkjbr

Prlonat Jnec?

Qegoey Iuher

[nsneraj?

Qegoey KeisjbGehbte Kjemet

Arnetbvns?

Peweg Iuher Tnrhe

Cnsbmg Sneh?

Cnnpei TnrheHljc. QjeinnfGernsj Iuher

Prlcuatblg?Hegbsj Ieceh[ehnsj Mupte

Sl lrcnr ylur alpy, algteat?Egbf Gemer,Tban Prnsbcngt Algsuhnr AlggnatBhemns Huftbhncbe Pvt. FtcQ ;5, Lijfe Bgcustrbef Erne, Pjesn BB, Gnw Cnfjb 550 0;0, Bgcbe,Pj? +25 55 30>;>000, Hlkbfn? +25 2:55111022,N-hebf? [email protected]

ALTN[ P[BAN?

`;>00dlr lrcnrs wbtjbg Bgcbe ^Q$500dlr lrcnrs lutsbcn BgcbeAlst bgafucns alurbnr ajermns


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Sjn Bhemns Mrlup bs trustnc es tjn aetefyst dlr prldbtekfn mrlwtj ld

hlcnrg rntebf tjrlumj iglwfncmn pfetdlrh fnecnrsjbp.

E strlgm plrtdlfbl ld K;K pukfbaetblgs alvnrbgm eff vnrtbaefs ld rntebf jevnsnrvnc, sbgan 522;, tl bgdlrh, ecvbsn egc bgspbrn fnecnrs egc cnabsblgheinrs ld tjn bgcustry.

Sjn gnnc tl alggnat kusbgnssns, pnlpfn, iglwfncmn egc bcnes esslabetncwbtj hlcnrg rntebf bs snrvnc ky Bhemns Kusbgnss Nxjbkbtblgs egcGntwlribgm Hnnts. Algcuatnc eflgmsbcn tjnsn, tjn Bhemns IglwfncmnDlruhs egc Algdnrngans dneturbgm mflkef fnecnrs bgspbrn glt oust cnketnegc cbsaussblg, kut plfbay cnabsblgs tll.

Bhemns Ewercs ern rnspnatnc dlr tjnbr eaauretn, ugkbesnc, egctregsperngt essnsshngt egc efsl tjn rnalmgbtblg egc anfnkretblg ld rntebfnxanffngan. Ltjnr Bhemns bgbtbetbvns bg Kusbgnss Bgtnffbmngan, [nef Nstetn &[ntebf [nsneraj, egc Lg-fbgn Alhhugbty Kubfcbgm efsl pfey bhplrtegt rlfnsbg durtjnr cnvnflpbgm tjn wlrfcs hlst ettreatbvn rntebf cnstbgetblg Bgcbe.

E ]L[C EKL^S BHEMNQ

SJN BGCBEDLLC [NPL[S

;054


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;054


6/433BGCBE DLLC [NPL[S ;054 |>|

DL[N]L[C

B eh mfec tl iglw tjet Bgcbe Dllc Dlruh bs pukfbsjbgm Sjn BgcbeDllc [nplrt ;054.

Bt bs lur tlphlst prblrbty tl prlvbcn dllc snaurbty tl tjn pnlpfn ldlur alugtry. ]n ern bhpfnhngtbgm tjn Getblgef Dllc Qnaurbty Eat,;051 tl prlvbcn Dllc snaurbty tl lur plpufetblg. Ql der ;; stetns/ugblg tnrrbtlrbns jevn bhpfnhngtnc tjn Eat, wjbaj ebhs et prlvbcbgmsuksbcbznc dllc mrebg dlr up tl => pnr angt egc >0 pnr angt ldBgcbes ruref egc urkeg plpufetblg, rnspnatbvnfy.

B jlpn tjet tjbs rnplrt wbff algtrbkutn bg teibgm aern ld algsuhnrs eswnff es bgarnesbgm tjn ewerngnss ehlgm pnlpfn.

B algvny hy knst wbsjns tl tjn tneh ld tjn Bgcbe Dllc [nplrt ;054.

[EH TBFEQ PEQ]EGHBGBQSN[ DL[ ALGQ^HN[ EDDEB[Q, DLLC EGC P^KFBA CBQS[BK^SBLG,Mlvnrghngt ld Bgcbe

[eh Tbfes Pesweg


7/433|4|BGCBE DLLC [NPL[S ;054

DL[N]L[C

Bt mbvns hn bhhngsn pfnesurn tl fnerg tjet Bgcbe Dllc Dlruhbs pukfbsjbgm Bgcbe Dllc [nplrt ;054. B wbsj tjn sebc rnplrt wbffkn usnduf dlr eff tjlsn wjl ern esslabetnc wbtj Dllc PrlanssbgmBgcustrbns bg cbddnrngt snatlrs.

MNGN[EF (C[.) TBOER I^HE[ QBGMJPTQH, ETQH, RQH ([NSC.)HBGBQSN[ LD QSESN DL[ QSESBQSBAQ EGC P[LM[EHHN BHPFNHNGSESBLG(BGCNPNGCNGS AJE[MN) | HBGBQSN[ LD QSESN DL[ NZSN[GEF EDDEB[Q &HBGBQSN[ LD QSESN DL[ LTN[QNEQ BGCBEG EDDEB[Q,Mlvnrghngt ld Bgcbe

Mngnref (Cr.) Tboey Iuher Qbgmj


8/433BGCBE DLLC [NPL[S ;054 |=|

DL[N]L[C

Bt bs e hettnr ld mrnet pfnesurn dlr hn tl fnerg tjet Bgcbe Dllc Dlruhbs krbgmbgm lut e rnplrt aeffnc Bgcbe Dllc [nplrt ;054, wjbaj ebhstl prnsngt e jlfbstba vbnw ld tjn dllc snatlr egc jbmjfbmjt bhplrtegt

trngcs egc cnvnflphngts bg tjn bgcustry. Sjn dllc bgcustry bg Bgcbelddnrs pfngty ld lpplrtugbtbns dlr mrlwtj bg tjn ernes ld jlrtbaufturn,equeaufturn egc ltjnr effbnc snatlrs, wjbaj, bd hegemnc wnff, wbff pevntjn wey dlr Bgcbe tl nhnrmn strlgmnr bg tjn wlrfc dllc herint.

B eh jeppy tl gltn tjet Bgcbe Dllc Dlruh bs eaiglwfncmnc tlcey estjn knst pfetdlrh bg tjn alugtry dlr cnvnflpbgm gnw alganpts egcprlcuats ugcnr Dllc egc Jlspbtefbty snatlr tjrlumj iglwfncmn egcbgglvetblgs ky tjn fnecnrs ld tjn bgcustry. [nfnvegt bgdlrhetblg lgtrngcs egc cbrnatblgs dlr eff bg tjn dllc snatlr egc aeg mubcn tjbsbgcustry tl eajbnvn jbmjnr mrlwtj.

B jlpn tjet tjn ajeptnrs egc sukonats cneft bg Bgcbe Dllc [nplrt ;054wlufc kngndbt eff tjn stein jlfcnrs bg tjn Dllc egc Mrlanry egc Dllc

Qnrvbans snatlr bg Bgcbe.

HLJEGKJEB I^GCE[BREHBGBQSN[ LD QSESN DL[ EM[BA^FS^[N ,Mlvnrghngt ld Bgcbe

Hljegkjeb Iugcerbye


9/433|:|BGCBE DLLC [NPL[S ;054

Sjn Bgcbe Dllc [nplrt ;054, eg bgbtbetbvn ld Bgcbe Dllc Dlruh, jes knngprnpernc wbtj flts ld pebgsteibgm feklur egc rnsneraj ky tjn BHEMNQMrlup wbtj bgvefuekfn supplrt drlh fnecbgm algsuftegabns, tjbgi tegis egcnxpnrts esslabetnc wbtj Bgcbes fermn dllc bgcustry.

[nfnvegt, eaanssbkfn bgdlrhetblg egc rnslurans ern tjn rnqubrnc alrgnrstlgns dlre afner ugcnrstegcbgm egc egefysbs ld egy bgcustry. Bt bs tjnrndlrn e hettnr ld mrnet

jeppbgnss egc setbsdeatblg dlr hn tjet cete egc rnsneraj tjet jes mlgn bgtl tjnheibgm ld Bgcbe Dllc [nplrt ;054 egc bts dbgcbgms wbff prlvbcn e alhprnjngsbvnugcnrstegcbgm ld Bgcbes Dllc snatlr egc prlvn usnduf dlr eff steinjlfcnrs.

Es tjn Bgcbeg nalglhy bs fllibgm et lpplrtugbtbns dlr mrlwtj egc nhpflyhngt,tjn Dllc snatlr aeg eat es e aetefyst egc algtrbkutn bhhngsnfy tl tjn nalglhyet fermn. Sjbs [nplrt jbmjfbmjts tjn pltngtbef ld Bgcbes Dllc snatlr kltj Dllc &Mrlanry egc Dllc Qnrvban egc summnsts iny bgtnrvngtblgs tjet ern gnanssery tlngsurn sustebgnc bhpntus dlr tjn snatlrs mrlwtj. Sjn [nplrt fllis et iny kusbgnsslpplrtugbtbns wbtjbg tjnsn snatlrs, dlausns lg tjn bgvnsthngt pltngtbef egcstrnssns lg iny ajeffngmns tjet gnnc tl kn eccrnssnc.

Sjn dbgcbgms ld BHEMNQ [nsneraj clgn dlr tjn Bgcbe Dllc [nplrt ;054 rnvnef tjettjn alugtrys Dllc [ntebf snatlr alhprbsbgm Dllc & Mrlanry egc Dllc Qnrvban, bs

vefunc et BG[ ;>,5;,24; arlrn (;053) egc jlfcs e 4> pnr angt sjern bg tjn alugtrystltef rntebf herint pbn. Lut ld tjbs, Dllc egc Mrlanry (D&M) rntebf bs wlrtj BG[;1,01,324 arlrn egc Dllcsnrvban (DQ) herint bs vefunc et BG[ ;,02,344 arlrn. Sjnevnremn retn ld mrlwtj curbgm tjn pest dlur yners bg D&M jes knng 5> pnr angt p.e.egc ;; pnr angt p.e. bg DQ. Sjn rnspnatbvn mrlwtj retns ern nstbhetnc tl tein tjnsnrntebf herints tl BG[ >3,;0,=:2 arlrn egc BG[ 4,20,4=; arlrn ky ;0;0.

Dllc bs tjn fermnst rntebf algsuhptblg aetnmlry bg Bgcbe, eaalugtbgm dlr 11 pnr angtld lvnreff algsuhptblg nxpngcbturn. Bgcbegs spngc hlrn lg dllc tjeg lg egy ltjnralgsuhptblg aetnmlry egc tjbs bs nxpnatnc tl algtbgun bg tjn alhbgm cnaecn. Sjbsdeat eflgn plbgts tl tjn rbsbgm pltngtbef ld Bgcbes Dllc snatlr egc bts herint tjetbs ylugm, mrlwbgm, espbrbgm, nergbgm, spngcbgm egc algsuhbgm e wjlfn regmn ldverblus prlcuats egc snrvbans. Bgcbe bs efrnecy tjn fermnst mflkef algsuhnr ld cebry,pufsns, sumer egc spbans.

Sjn dbgcbgms ld tjn [nplrt rnvnef tjet hlrn tjeg jefd ld tjn tltef jlusnjlfc snatlrspngcbgm lg dllc bs nxpnatnc tl alhn drlh ruref Bgcbe bg tjn alhbgm cnaecn. Sjnrnbs jumn cnhegc drlh sheff tlwgs egc tjn ruref herints. Ql, B nxpnat tjn gnxtpjesn ld rnvlfutblg (bg tnrhs ld mrlwtj) bg tjn dllc snatlr tl alhn drlh ruref ernesegc tbnr-BB & BBB abtbns. Bd tjn nalglhy jes tl mrlw :-50 pnr angt, tjng tjnrn bs gl weytjet bt aeg jeppng wbtjlut bgvnstbgm bg tjn Dllc snatlr egc heibgm vefun eccbtblgs,wjbaj wbff fnec tl jbmjnr bgalhns egc knttnr fbvbgm stegcercs egc wbff, bg turg,mngnretn hlrn egc hlrn cnhegc.

E ]L[C D[LH SJN NCBSL[


10/433BGCBE DLLC [NPL[S ;054 |2|

Cete drlh tjn ajeptnrs bg tjn [nplrt sjlw tjet lvnr tjn gnxt sbx yners tjn dllcherint bs nxpnatnc tl rnmbstnr eg evnremn mrlwtj retn ld >.1 pnr angt pnr egguh.Sjn pean ld mrlwtj bs nxpnatnc tl kn sfbmjtfy jbmjnr et >.= pnr angt pnr egguhkntwnng ;0;0-;5 egc ;0;>-;4. Kltj urkeg egc ruref mrlwtjs ern fbinfy tl knalgsbcnrekfy jbmjnr curbgm tjn gnxt cnaecn es alhpernc tl tjn cnaecn ngcbgm;053-5>.

Mlbgm dlrwerc, Dllc [ntebf bs nxpnatnc tl rneaj BG[ 45,00,000 arlrn ky ;0;0. Sjnsnatlr wbff jevn huaj hlrn tl lddnr tl kltj clhnstba egc bgtnrgetblgef bgvnstlrs,bg eff espnats ld mrlwtj egc kusbgnss. Es wn stnp aflsnr tl tjn lgsnt ld e gnw yner,B eh surn tjnrn wbff kn flts ld bgtnrnstbgm trngcs egc lksnrvetblgs tl wetaj lutdlr. ]btjbg tjn dllc kesint, tjnrn wbff kn suk-aetnmlrbns tjet wbff nhnrmn strlgm,jneftj-kesnc dllcs tjet wbff snn bgarnesbgm cnhegc, gnw dfevlurs drlh earlss tjnwlrfc wbff knalhn plpufer, egc gnw alganpts, dlrhets, tjnhns wbff mnt bgtrlcuancbg Dllc & Mrlanry egc Dllc Qnrvban herints.

Gnw pfeynrs, kltj bg D&M [ntebf egc Dllc Qnrvban, ern nhnrmbgm lg tjn jlrbzlgwbtj neaj lgn prlhbsbgm destnr egc knttnr snrvbans egc qubainr cnfbvnry. Gnw egcbgglvetbvn rntebf dlrhets ern knbgm bgtrlcuanc. Lur fbdnstyfns ern nvlfvbgm, wjbajbs bgdfungabgm lur algsuhptblg egc netbgm jekbts. Sjnsn ajegmns ern krbgmbgmeklut tjn cnvnflphngt ld gnw egc jykrbc dlrhets ld lrmegbsnc dllc rntebfbgm. Et

tjn sehn tbhn, tjn mrlwtj ld lgfbgn kusbgnss prnsngts drnsj gnw lpplrtugbtbns dlrkltj D&M egc DQ pfeynrs egc bg e wey tjet tjny wlufc kn ekfn tl ecc vefun tl tjnsuppfy ajebg. ]btj sl huaj gnw cnvnflphngts teibgm pfean sl dest, tjn algtlursld mrlanry rntebf egc dllc snrvban ern mnttbgm rncndbgnc. Sjn duturn wbff knflgm tltjn pfeynrs wjl wbff put bg pfean knttnr austlhnr-drbngcfy hlcnfs egc destnr hlcnsld cnfbvnrbgm snrvban. Eff ld tjnsn wbff jnfp tl mrlw egc nxpegc tjn herint, kubfcalgsuhnr algdbcngan egc kregc flyefty.

Sjn duturn bs krbmjt dlr e slabnty tjet teins bts dllc snrblusfy egc ngolys bt tll! Eshegudeaturnrs, rntebfnrs egc kregcs algtbgun tl mebg e knttnr ugcnrstegcbgm ldalgsuhnrs egc tjnbr algsuhptblg jekbts, tjn dllc snatlr wbff mrlw drlh strngmtjtl strngmtj egc knalhn nvng hlrn rnsbfbngt.

Lgan emebg, hy jnert-dnft tjegis tl eff tjlsn wjl hecn tjbs prlonat plssbkfn.

Ehbtekj SegnoeAjbnd Algvnglr, Bgcbe Dllc DlruhAHC egc Ncbtlr bg Ajbnd, Bhemns Mrlup


;054


11/433

P[NDEAN

|50|BGCBE DLLC [NPL[S ;054

B

HEMNQ [nsneraj pnms tjn herint sbznld Bgcbes Dllc & Mrlanry rntebf (D&M)rntebf et BG[ ;1,00,>00 arlrn (~$1:1kbffblg). Sjn herint bs mrlwbgm et 5>

pnr angt pnr egguh , egc bs nxpnatnctl arlss BG[ 1>,40,000 arlrn (~$>21kbffblg) ky ;05=. Ky ;0;0, bt bs nstbhetnc tlmrlw twban bts aurrngt sbzn. Sjn hlcnrgD&M rntebf herint, wjbaj bs aurrngtfy fnsstjeg twl pnr angt ld tjn tltef herint, bsnxpnatnc tl mrlw et ;0;> pnr angt pnregguh. ]btj tjn sehn mrlwtj retn, tjnhlcnrg D&M rntebf herint bs wnff plbsnc tlmrlw nvng trbpfn bts prnsngt sbzn ky ;0;0.

Sjn dbgcbgms ld BHEMNQ [nsneraj rnvneftjet tjn Bgcbeg dllc herint, sbxtj-fermnstdllc herint bg tjn wlrfc et prnsngt, bsvefunc et BG[ ;>,51,00 arlrn (;>.51 kbffblg

rupnns), egc bs nxpnatnc tl arlss BG[45,00,000 arlrn (45 kbffblg rupnns) ky ;0;0.

Dllc bs tjn fermnst rntebf algsuhptblgaetnmlry bg Bgcbe, eaalugtbgm dlr 11 pnrangt ld lvnreff algsuhptblg nxpngcbturn.Bgcbegs spngc hlrn lg dllc tjeg lg egyltjnr algsuhptblg aetnmlry egc tjbsbs nxpnatnc tl algtbgun bg tjn alhbgmcnaecn. Bg tjn yner ;053-5>, tjn sjernld tltef jlusnjlfc snatlr nxpngcbturnmlbgm bgtl dllc wes erlugc 31 pnr angt.

Mrlwtj Cygehbas ld Bgcbes D&M herint

Bgcbes Dllc [ntebf herint bs wlrtj BG[ ;>,5;,24; arlrn (;053) egc jlfcs e 4> pnr angt sjern bg tjn alugtrystltef rntebf herint pbn. Sjn Dllc [ntebf herint jes mrlwg et eg evnremn 54 pnr angt p.e. drlh ;050 tl ;053.]btj tjn sehn pean ld mrlwtj, bt wbff kn wlrtj BG[ 45,55,345 arlrn ky ;0;0. Lut ld tjbs, Dllc egc Mrlanry(D&M) rntebf bs wlrtj BG[ ;1,01,324 arlrn egc Dllcsnrvban (DQ) herint bs vefunc et BG[ ;,02,344 arlrn. Sjnevnremn retn ld mrlwtj curbgm tjn pest dlur yners bg D&M jes knng 5> pnr angt p.e. egc ;; pnr angt p.e. bgDQ. Sjn rnspnatbvn mrlwtj retns ern nstbhetnc tl tein tjnsn rntebf herints tl BG[ >3,;0,=:2 arlrn egc BG[4,20,4=; arlrn ky ;0;0.

Sjnsn ern tjn dbgcbgms ld BHEMNQ [nsneraj clgn dlr tjn Bgcbe Dllc [nplrt ;054, wjbaj alvnrs bg-cnptjegefysns egc pnrspnatbvns lg tjn Dllc [ntebf herint bg Bgcbe drlh fnecbgm bgcustry nxpnrts egc tjbgi tegis.Sjn Bgcbe Dllc [nplrt ;054 teins e aflsn flli et tjn aurrngts, ugcnraurrngts egc trngcs bg tjn alugtrysDllc & Mrlanry (D&M) egc Dllcsnrvban (DQ) herints tl hep lut tjnbr duturn alursn egc treonatlry egc btsbhpfbaetblgs dlr eff steinjlfcnrs.

Kltj tjnsn snatlrs ern nvlfvbgm egc heturbgm, lddnrbgm flts ld lpplrtugbtbns dlr kusbgnss egc mrlwtj. ]jetbs dunffbgm tjn mrlwtj ld tjnsn twl snatlrs egc wjet ern tjn lpplrtugbtbns dlr bgvnsthngt< ]jbfn tjn ajeptnrs

fetnr lg bg tjn klli lddnr e cntebfnc pnrspnatbvn egc egefysbs ld dllc kusbgnss snmhngts dllc rntebf, dllcprlanssbgm, dllc flmbstbas & supplrt, dllc snrvbans, suppfy ajebg egc tnajglflmy jnrns e krbnd lvnrvbnw ldtjn herint cygehbas sjepbgm Bgcbes D&M rntebf egc dllc-snrvban kusbgnss.

Sjnrn jes knng e stnnp cnafbgn bg tjbssjern lvnr tjn fest twl cnaecns drlh4; pnr angt bg 5221-23 tl >0 pnr angtbg ;000-0>. Hlrn tjeg jefd ld tjn tltefjlusnjlfc snatlr spngcbgm lg dllc bsnxpnatnc tl alhn drlh ruref Bgcbe bg tjnalhbgm cnaecn.

Dllc cnhegc bs nxpnatnc tl hlrn tjegclukfn ky ;0;>. Sjnrn jes knng evnremnmrlwtj ld 5;-51 pnr angt nvnry yner bg dllcalgsuhptblg bg vefun tnrhs. [nangt ceternfnesnc ky AQL dbgcs tjet algsuhptblgnxpngcbturn lg dllc btnhs bs lg tjn rbsn.Dlr tjn pnrblc drlh ;0030> tl ;05;51,


12/433BGCBE DLLC [NPL[S ;054 |55|

dllc nxpngcbturn mrnw et e AEM[ ld 5;.>pnr angt.

Eflgm wbtj tjn rbsbgm cnhegc dlrdllc egc bts mrlwbgm algsuhptblg, tjnrnbs eg nvlfutblg ld cbntery jekbts es wnff.Bgcbegs ern knalhbgm hlrn wnfalhbgmtlwercs prlanssnc, ]nstnrg dllc lptblgsfbin gllcfns, alrg dfeins, oubans egc lets slhntjbgm wjbaj wes vnry gesangt

ugtbf 50 yners eml. Deatlrs fbin bgarnesbgmewerngnss egc jneftj algsablusgnss,ajegmbgm fbdnstyfns egc tbhn plvnrty,bgarnesbgm crbdt tlwercs algvngbngan egcbhprlvbgm evebfekbfbty ld algvngbngan dllcsern bgarnesbgm tjn sjern ld prlanssncegc peaiemnc dllcs (bgafucbgm rnecytl net / rnecy tl alli trecbtblgef egcwnstnrgs dllc lptblgs, sgeaibgm nta.) bg tjnalgsuhnrs dllc kesint.

Bgcbes dllc prlanssbgm bgcustrywes eklut BG[ ;,3=,4:0 arlrn ($35.;:kbffblg) bg ;051 egc bs nxpnatnc tl mrlwet e retn ld 55 pnr angt tl tluaj BG[

3,0:,030 arlrn ($4: kbffblg) ky ;05:.Sjn dllc prlanssbgm bgcustry dlrhseg bhplrtegt snmhngt ld tjn Bgcbegnalglhy bg tnrhs ld algtrbkutblg tl MCP,nhpflyhngt egc bgvnsthngt. Sjn bgcustryalgtrbkutns es huaj es 2-50 pnr angt ldMCP bg emrbaufturn egc hegudeaturbgmsnatlr, eaalrcbgm tl tjn Hbgbstry ldDllc Prlanssbgm Bgcustrbns (MLB). SjnAlgdncnretblg ld Bgcbeg Bgcustrbns (ABB)nstbhetns tjet dllc prlanssbgm snatlr aegettreat eg bgvnsthngt wlrtj $11 kbffblg bg espeg ld 50 yners. Sjn snatlr jes e pltngtbefdlr mngnretbgm nhpflyhngt tl tjn tugn ld 2

hbffblg pnlpfn.

Herint Qbzn ld Dllc AetnmlrbnsSjn Cry Dllc Mrlanry aetnmlryes ewjlfn algtrbkutns 13.= pnr angt tl tjntltef dllc herint bg Bgcbe. Sjn aetnmlrybgafucns anrnefs, mrebgs egc rnfetncprlcuats9 mrehs egc bts prlcuats9 pufsnsegc bts prlcuats9 sumer bg eff dlrhs9 ncbkfnlbfs9 egc cry drubts. Sjn fermn herint sbznld tjn aetnmlry, jbmjnst ehlgm eff dllc

mrlups, bs ettrbkutnc tl tjn deat tjet tjnprlcuats tjet deff bg tjbs aetnmlry ernalgsuhnc bg rew es wnff es snhb-prnperncdlrh. Bgcbes CDM herint bs wlrtj BG[:,00,000 arlrn (;053) egc jes mrlwg et eAEM[ ld 55 pnr angt lvnr tjn fest cnaecn.]btj tjbs mrlwtj retn, tjn aetnmlry bs effsnt tl tluaj tjn BG[ 5>,00,00 arlrn heriky ;0;0, tjus knalhbgm efhlst clukfn ld

wjet bt bs tlcey.Hbfi egc Cebry dllcsalgstbtutntjn snalgc-jbmjnst sjern, edtnr CryDllc Mrlanry, ehlgm eff tjn snvng D&Maetnmlrbns. Sjn snmhngt jlfcs eklut 54pnr angt ld tjn lvnreff dllc herint bg Bgcbe.Sjn alugtry bs tjn fermnst prlcuanr ldhbfi bg tjn wlrfc egc jes e sukstegtbeffyfermn klvbgn plpufetblg wbtj eklut 55:hbffblg hbfi-prlcuabgm egbhefs. Bgcbealgtrbkutns 54 pnr angt ld tjn wlrfcs hbfiprlcuatblg dlfflwnc ky QE wbtj 5; pnrangt algtrbkutblg. Hbfi egc rnfetnc cebryprlcuats ern wlrtj BG[ 1,4;,000 arlrn

herint egc jevn mrlwg et e AEM[ ld5;53 pnr angt curbgm tjn fest cnaecn. Sjnherint bs nstbhetnc tl arlss BG[ :,00,000arlrn ky ;0;0. Eklut >: pnr angt ld Bgcbescebry prlcuats herint fbns wbtj rurefalgsuhnrs egc tjn rnhebgbgm 3; pnr angtwbtj urkeg algsuhnrs.

Qpbansaetnmlry bs egltjnr mrlwtjfnecnr bg tjn dllc bgcustry. Sjn aurrngtherint dlr spbans bs nstbhetnc et BG[5,>0,000 arlrn egc jes mrlwg et e AEM[ ld51 pnr angt lvnr tjn fest cnaecn. Ky ;0;0,tjn herint bs fbinfy tl mrlw twban es kbm esbts prnsngt sbzn wbtj tjn sehn mrlwtj retn.

Bg ltjnr wlrcs, eklut BG[ 4,000 arlrn bsnstbhetnc tl kn tjn kregcnc herint bgspbans. Bgcbe bs nstbhetnc tl algsuhn lvnr> hbffblg tlggns ld spbans eggueffy. Sjbsalgsuhptblg bs efhlst 20 pnr angt ld effspbans prlcuanc bg tjn alugtry. Mbgmnr-merfba, cry ajbffbns egc turhnrba tlmntjnralgtrbkutn 33 pnr angt tl 3: pnr angt ldtltef spbans bg Bgcbe. Sjbs algsuhptblgsjern bs glt huaj verbnc bg ruref egcurkeg herints.

Drnsj Prlcuanherint bg Bgcbe bs eklutBG[ 1,20,000 arlrn egc jes knng mrlwbgmet e AEM[ ld 53 pnr angt sbgan tjn fest:50 yners. Et tjn sehn mrlwtj retn, tjnaetnmlry wbff kn wlrtj BG[ :,>0,000 arlrnky ;0;0 rbcbgm lg tjn wevn ld jneftjydllc jekbts, wjbaj cnhegcs sbmgbdbaegtplrtblg ld drnsj prlcuan bg cebfy cbnt. Drnsjprlcuan alvnrs oust twl krlec snmhngts

ld drubts egc vnmntekfns. Ehlgm tjn twl,=0 pnr angt bs algtrbkutnc ky vnmntekfnseflgn. Eftjlumj drubts ern e mrlwbgmsnmhngt, tjny algtrbkutn e aurrngt sjernld oust 10 pnr angt, wjbaj tregsfetns tl BG[5,5=,000 arlrn wlrtj ld herint. Lut ld tjntltef drnsj prlcuan herint ld BG[ 1,20,000arlrn, 40 pnr angt bs ruref herint. Emebg,tjbs jes tjrnn-dlurtjs ld tjn herintlaaupbnc ky vnmntekfns. Es hngtblgncnerfbnr, drubts dlrh tjn urkeg-angtrbaherint wjbfn vnmntekfns ern alhperetbvnfye getblgef herint.

Pnrbsjekfnsdllc herint bs wlrtj BG[

;,00,000 arlrn, egc jes mrlwg et e AEM[ld aflsn tl ;0 pnr angt. Sjbs mrlwtj retnbs ehlgm tjn jbmjnst dlr eff dllc mrlups.]btj tjn sehn mrlwtj retn, tjn herintbs nxpnatnc tl trnkfn ky ;0;0, bg wjbajtjn snmhngt dlr dbsj, snedllc egc hnetswbff mrlw et e destnr pean lwbgm tl tjnmrlwbgm cnhegc dlr suaj dllc btnhs. Sjndlur prbhery suk-snmhngts ld pnrbsjekfnsbgafucn dbsj & snedllc, hnets bgafucbgmhuttlg, knnd, plri, pluftry egc mehnkbrcs, egc nmms. Eklut 3> pnr angt ld tjntltef herint sjern bs laaupbnc ky dbsj &snedllc. Sjn fermnst herint snmhngt ld

dbsj & snedllc bs tjegis tl e vest alestfbgnegc dbsjbgm bgfegc wetnrs, wjbaj e fermnalugtry fbin Bgcbe plssnssns. Bg eccbtblg,tjnrn bs e sbznekfn sjern ld bhplrts ldaeggnc snedllc egc dbsjnrbns, wjbaj bsmrlwbgm bg cnhegc egc sbzn. Sjn clhnstbaalgsuhptblg bs gl hlrn algdbgnc tlalestef ernes kut jes pngntretnc cnnpnrbgtl tjn hebgfegc herints efsl.

Knvnremnsaetnmlry algtrbkutns:2 pnr angt tl tjn tltef D&M herint bg


13/433|5;|BGCBE DLLC [NPL[S ;054

P[NDEAN

Bgcbe. Ky der, tne bs tjn fermnst snmhngtld knvnremns bg Bgcbe rufbgm lvnr =2 pnr

angt ld tjn herint. Sjn herint bs mrlwbgmet ;0;1 pnr angt egc wbff arlss btsprnsngt herint sbzn ky hlrn tjeg tjrnntbhns ky ;0;0. Sjn evnremn hlgtjfy pnraepbte spngc lg tne bs BG[ 504 et prnsngt.Slmntjnr wbtj tne, alddnn bs egltjnr strlgmknvnremn herint. Sjn herint dlr alddnn bsmrlwbgm et ;0 pnr angt egc wbff kn trbpfn btsprnsngt sbzn bg tjn gnxt 3> yners. Sjnrnern verblus typns ld alddnn bg tjn herint,wjbaj alhn et eff rnfnvegt prban-plbgts.Sjn lvnreff alddnn herint, tjlumj, bs vnrysheff bg alhperbslg tl tne herint kuttjn slutjnrg rnmblg eflgn algtrbkutns =1

pnr angt ld tjn tltef alddnn herint. Sjbsbs dlfflwnc ky tjn wnstnrg rnmblg wbtj 53pnr angt sjern. Sjn hlgtjfy pnr aepbtealgsuhptblg dlr alddnn bg tjn slutjnrgrnmblg bs BG[ 5= emebgst tjn getblgefevnremn ld BG[ >.

Peaiemnc crbgibgm & dfevlurnc wetnr bstjn sheffnst snmhngt bg knvnremns herint.Sjn snmhngt, wjbaj bs mrlwbgm et e jneftjyretn, wbff kn wlrtj BG[ 4,000=,000 arlrnky ;0;0. Sjn herint bs urkeg-angtrba wbtj:> pnr angt sjern. ]btjbg tjbs herintsjern, jefd ld bt fbns bg tjn nestnrg rnmblgld tjn alugtry wjnrnes wnstnrg rnmblg jes

tjn flwnst algsuhptblg. Sjn hlgtjfy pnraepbte algsuhptblg bs BG[ 3 bg tjn lvnreffurkeg herint kut tjn urkeg nestnrgrnmblg jes e jbmjnr algsuhptblg dbmurn,wjbaj bs tjrnn tbhns jbmjnr et BG[ 5;.

Eklut dlur pnr angt ld tjn tltefknvnremns herint bs dlrhnc ld tjn oubanssnmhngt. Sjn snmhngt bs mrlwbgm et;0;> pnr angt egc bs nxpnatnc tl mrlwefhlst dlur tbhns kbmmnr bg tjn gnxt dbvnyners. Slcey, Bgcbegs ern spngcbgm et eg

evnremn oust BG[ 4 pnr hlgtj lg oubans,wjbaj bs fnss tjeg wjet tjny ern spngcbgm

lg ltjnr knvnremns.Sjn aufturn ld netbgm lut jes mbvngkbrtj tl hnef egc sldt crbgi alhkls,wjbaj Bgcbeg algsuhnrs ern sevlurbgm tltjn duffnst. Sjn snmhngt jes hecn slhnsbmgbdbaegt eajbnvnhngts egc pngntretblgbg ruref ernes bs cndbgbtnfy lgn ld tjnh.[uref ernes eaalugt dlr => pnr angtsefns ld PNS klttfns. Pukfba algsuhptblgeaalugts dlr efhlst :0 pnr angt ld tjntltef sefn ld sldt crbgis egc jlusnjlfcalgsuhptblg eaalugts dlr tjn rnhebgbgm;0 pnr angt ld tjn sefns.

Ltjnr Prlanssnc Dllcs aetnmlry

herint bs lvnr BG[ ;,00,000 arlrn egcbs strlgmfy mrlwbgm et e AEM[ ld lvnr;0 pnr angt. Kbsaubts herint bs mrlwbgmet ;0-;1 pnr angt egc wbff nvngtueffyarlss tjn aurrngt sbzn ld tltef LPDherint ky ;0;0. Et prnsngt, 34 pnrangt ld kbsaubts herint fbns wbtj urkegalgsuhnrs usbgm tjn prlcuats. Bg tjbsurkeg herint, tjn wnstnrg rnmblg eflgnalgtrbkutns 15 pnr angt.

Bt bs nstbhetnc tjet tjn intajup herintbs wlrtj BG[ ;;0 arlrn bg Bgcbe. Gehinngs& Qgeais snmhngt aeg kn trufy egc eptfycndbgnc es Bgcbeg LPD snmhngt. Sjn

algstbtutbgm prlcuats alvnr tjlusegcs ldsgeai btnhs hegudeaturnc bg trecbtblgefes wnff es hlcnrg snt up. Bgcustry rnplrtsettrbkutn tjn kregcnc gehinng herintsnmhngt tl jlfc 30 pnr angt ld tltef seftncsgeais herint bg Bgcbe.

Srngcs bg AlgsuhptblgEhlgm tjn snvng krlec alhplgngts tjethein up tjn dllc kesint, bg ;053-5>, lgntjbrc ld tjn tltef dllc herint wes laaupbnc

ky prltnbg dllc, dlfflwnc ky anrnefs tjetalvnr 52 pnr angt. Lg tjn ltjnr jegc,

ncbkfn lbf bs tjn sheffnst snmhngt wbtje sjern ld = pnr angt. ]jbfn tjn lvnreffdllc sjern bg tjn algsuhptblg pbn jescnarnesnc lvnr tjn yners, tjnrn jevnknng afner struaturef sjbdts bg tjn dllcalgsuhptblg pettnrg ld Bgcbeg jlusnjlfcs.Bgcbegs ern stnecbfy hlvbgm tjnbr cbnt eweydrlh stepfn mrebgs fbin rban egc wjnettlwercs, cebry prlcuats egc prlanssncdllc. Dlr bgstegan, wjbfn tjn sjern ldprltnbg dllc bg tjn ngtbrn algsuhptblgkesint jes bgarnesnc drlh 51.> pnr angttl 53.3 pnr angt, tjet ld knvnremns &prlanssnc dllc wngt up drlh > pnr angt

tl 4.: pnr angt curbgm tjn fest cnaecn.Bgcbes prltnbg dllc herint bs nstbhetnctl kn erlugc BG[ ;,5=,300 arlrn bg ;053-5> et ;003-0> prbans, wbtj 40 pnr angtalgtrbkutblg ky ruref Bgcbe. Sjbs herintbs mrlwbgm et e retn ld 4.4 pnr angt pnregguh bg rnef tnrhs egc bs nxpnatnc mrlwfbttfn destnr bg tjn alhbgm cnaecn.

Knvnremns egc prlanssnc dllc es ealhkbgnc aetnmlry rnmbstnrnc tjn destnstmrlwtj kntwnng ;003-0> egc ;053-5>. Sjnpean ld mrlwtj bg tjbs aetnmlry jes bg deatclukfnc curbgm fest cnaecn tjeg tjet ecnaecn nerfbnr. Sjn gnxt aetnmlry bg tnrhs

ld pean ld mrlwtj bs prltnbg dllc tjet mrnwet = pnr angt pnr egguh curbgm tjbs pnrblc.Mlbgm ejnec, tjn sjern ld prlanssnc dllcbg tjn lvnreff dllc herint bs prncbatnc tlbgarnesn tl 303> pnr angt ky ;0;>10,alhpernc tl e fbttfn eklvn 10 pnr angtaurrngtfy. Sjbs ajegmn bg algsuhptblgpettnrg bs purnfy cnhegc-fnc egcprlanssnc dllc alhpegbns wbff cl wnff tlprnpern dlr tjbs lpplrtugbty. ]btj dllcjekbts ajegmbgm, e prlplrtblgef bgarnesn


14/433BGCBE DLLC [NPL[S ;054 |51|

bs snng bg tjn algsuhptblg ld kltj drnsjcebry prlcuats es wnff es prltnbg dllcs.

Egltjnr aetnmlry wbtgnssbgm esbmgbdbaegt rbsn bg algsuhptblg bs tjnjneftj egc wnffgnss dllcs herint bg Bgcbe,wjbaj bs wlrtj BG[ 11,000 arlrn aurrngtfywbtj e mrlwtj retn ld 4 pnr angt lvnr tjnfest yner. Slcey, tjn jneftj egc wnffgnsstrngc bs pfeybgm earlss snmhngts ld tjndllc kesint fbin sgeais, peaiemnc mrlanry,knvnremns, sumer sukstbtutns egc rndbgnc/glg-rndbgnc lbfs. Sjbs ngalurembgm vefunmrlwtj retn snng bg jneftj egc wnffgnssdllcs bs sprnec earlss cbddnrngt strete ldslabnty. [uref Bgcbe bs gl stregmnr tl tjbstrngc. Bg deat, bt bs e drlgtruggnr bg tjn

jneftj egc wnffgnss dllc mrlwtj stlry.

D&M [ntebf? Herint egc SrngcsBgcbes Dllc egc Mrlanry [ntebf herintlddnrs lgn ld tjn fermnst lpplrtugbty ernesdlr kusbgnss. Sjn dllc & mrlanry aetnmlrywbff algtbgun tl mrlw et eklut 5> pnr angtpnr egguh lvnr tjn gnxt dbvn yners, egc wbffclhbgetn tjn lvnreff rntebf herint.

BHEMNQ [nsneraj cete sjlw tjet ky;0;>, tjn dllc & mrlanry rntebf herint bsnxpnatnc tl rneaj BG[ 502,00,000 arlrn,wbtj e mrlwtj retn ld 5> pnr angt pnregguh. E fermn pert ld tjbs mrlwtj wbff

kn crbvng ky bgdfetblgery prban bgarnesn,egc tjn kefegan ky cnhegc mrlwtj fnc kybgarnesbgm plpufetblg, bgarnesbgm bgalhnsegc tjnrnky jbmjnr spngc lg dllcs egcfestfy urkegbsetblg, wjbaj bs ajegmbgmdllc jekbts.

BHEMNQ [nsneraj dbgcs tjet tjnpngntretblg ld hlcnrg lrmegbsnc rntebf bgdllc bs aurrngtfy lgn ld tjn flwnst et 5.4pnr angt. Jlwnvnr, tjbs bs efsl nxpnatnctl ajegmn crehetbaeffy lvnr tjn gnxt

cnaecn es lrmegbsnc rntebfnrs pngntretntjn herints cnnpnr. Ky ;0;>, lrmegbsnc

rntebf bs nxpnatnc tl aepturn et fnest 1.;pnr angt ld tjn dllc & mrlanry herint egckn wlrtj BG[ 130,000 arlrn, mrlwbgm et eAEM[ ld ;;.> pnr angt drlh aurrngt fnvnfs.Algvngbngan snnhs tl kn tjn kbmmnstcrbvnr ld vbsbtetblg tl tjn jbtjnrtl sheffaetnmlry ld hlcnrg dlrhet stlrns tjndeat tjet eff aetnmlrbns egc kregcs ernevebfekfn ugcnr lgn rlld. ]jbfn flaetblgalgvngbngan, austlhbsnc snrvbans egcnesy mllcs rnturg/nxajegmn deabfbtbnscrbvn e austlhnr tlwercs ibrege stlrns,prlcuat ajlban, nddbabngt stlrn-hegemnhngt egc vefun-ngjegabgm

snrvbans ettreat austlhnrs tlwercshlcnrg rntebfnrs.

Flaef ibrege stlrns egc strnnt jewinrswbff jlwnvnr algtbgun tl clhbgetn tjndllc & mrlanry herint wbtj e 20 pnrangt pfus sjern, nvng bg ;0;>. Eftjlumj,algsuhptblg bs lg tjn rbsn egc hlstdlrhets ld rntebf ern prlfbdnretbgm bgbhplrtegt cnvnflpbgm herints, ynt tjnpngntretblg ld fermn dlrhet hlcnrgrntebfbgm bg Bgcbe jes glt nvng arlssnc tjn50 pnr angt heri.

Fllibgm bgtl tjn duturn, tjn Bgcbegherint wbff kn ugbqun bg bts lwg wey

egc wbff kn e hncfny ld nxtrnhns. Sjnuglrmegbsnc, lrmegbsnc egc lgfbgn pfeynrswbff al-nxbst bg tjn Bgcbeg rntebf nalsystnhegc wbff nxpegc tjn herint dlr neaj ltjnr,es eff jevn ugbqun strngmtjs egc tjnsnatlr bs fermn nglumj tl eaalhhlcetneff pertbabpegts. Bt bs nxpnatnc tjet ugbqunpertgnrsjbp hlcnfs wbff nhnrmn es tjnrntebf herint heturns egc tjbs pertgnrsjbpwbff durtjnr pusj tjn snatlr mrlwtj.Nerfy sbmgs ld tjbs ern efrnecy vbsbkfn es

n-mrlanrs emmrnmetn lrcnrs egc pess tjnhlg tl krbai egc hlrter mrlanry stlrns

gnernst tl tjn algsuhnr, dlr flaef cnfbvnry.Sl e fermn nxtngt tjbs al-nxbstngan wbffkn crbvng ky tjn algsuhnr wjl wbff gltsjug lgn ajeggnf dlr tjn ltjnr egc wbffsnehfnssfy swbtaj kntwnng ajeggnfs. Sjnalgsuhnr epprleaj tl ajeggnf snfnatblgwbff tjus kn bgafusbvn egc glt nxafusbvn.Sjn sjlppnr bs hlvbgm snehfnssfy kntwnngtjn pjysbaef egc cbmbtef wlrfc, egc tjnhlkbfn bs dest knalhbgm tjn angtrefprlanssbgm ugbt ld jnr fbdn! Qjn bs kuybgmhlrn egc hlrn dllc lgfbgn mrlanrykuybgm lg tjn bgtnrgnt jes mrlwg ky 53 pnrangt lvnr tjn pest twl yners. Lvnr eff, D&M

n-tebfbgm bs tjn destnst mrlwbgm aetnmlrybg Bgcbe.

Bg Bgcbe, tjn lgfbgn herint stegcs eteklut et 5 pnr angt ld tjn tltef rntebfbgmherint kut algsbcnrbgm tjet tjn alugtrystnaj-sevvy, ylugm mngnretblg jes hecnBgcbe tjn tjbrc-fermnst alugtry bg tnrhsld bgtnrgnt usnrs, tjn mrlwtj bg nfnatrlgbaalhhnran hey jeppng hlrn repbcfy tjegnxpnatnc. Sjn n-tebfbgm snatlr bs kllhbgmlg tjn mrlwbgm bgtnrgnt usnr kesn, wjbajwes prlonatnc tl arlss erlugc 300hbffblg usnrs ky ;0;0. N -tebfbgm bg Bgcbejes tjn pltngtbef tl rneaj ^QC ;0-10

kbffblg ky ;0;0. E heolr algtrbkutlr dlrtjn mrlwtj ld n-tebfbgm bs tjn Bgcbeg urkegplpufetblg9 Huhkeb, Cnfjb egc Ilfietereginc ehlgm tjn tlp tjrnn abtbns bg Bgcbernspnatbvnfy wbtj tjn hexbhuh guhknrld bgtnrgnt usnrs. Sjn sjlppbgm styfn ldBgcbeg austlhnrs bs ajegmbgm dest egcbt bs nxpnatnc tjet bg tjn gnxt 50 yners,erlugc 1030 pnr angt ld tjn tltef rntebfbg tlp => abtbns ld lur alugtry wbff kn clgntjrlumj lgfbgn.



P[NDEAN

Bgcbes Dllcsnrvban herint bs mrlwbgmet e jbmjnr retn, hlrn tjeg tjn D&Mherint. ]jbfn tjn D&M snmhngt jesknng mrlwbgm eklut 5> pnr angt,tjn DQ snmhngt jes mrlwg et ;; pnr

angt. Sjbs mrlwtj bs bgafusbvn ld prbandfuatuetblg lwbgm tl jbmj bgdfetblg trngcsbg rnangt yners. Rnt tjn vlfuhns bg dllcalgsuhptblg jevn glt rnancnc. Sjbsbgarnesn bg sjern bs tjn rnsuft ld wbcngbgm

ld netbgm lut aufturn, ngtry ld bgtnrgetblgefkregcs, eaanptegan ld mflkef aubsbgns,ajegmbgm dllc jekbts & pefetns egcbgarnesn bg bgstbtutblgef, alhhnrabef, slabef& alhhugbty aetnrbgm snrvbans.

BHEMNQ [nsneraj cete sjlws tjn sbznld Dllcsnrvban herint et BG[ ;,02,344arlrn bg ;053. Sjn nstbhetnc sbzn ld tjnherint bs nxpnatnc tl rneaj BG[ ;,>>,>3:arlrn bg ;05>. Et ;; pnr angt p.e. mrlwtj,tjn herint sbzn wbff rneaj BG[ 1,:0,1>:arlrn bg ;05= egc BG[ 4,20,4=; arlrn bg;0;0. Sjn Snajglpei ajeptnr prnperncdlr Bhemns Bgcbe Dllc [nplrt ;054

rnvnefs tjet tjn clhnstba Dllc QnrvbanBgcustry (lrmegbsnc egc uglrmegbsnc) bg;053 wes nstbhetnc tl kn BG[ ;,=;,=00arlrn egc bs prlonatnc tl mrlw tl BG[ 3,;1,500 arlrn ky ;0;0 et e AEM[ ld :

pnr angt. ]btjbg tjbs, tjn uglrmegbsncherint jlfcs e 4: pnr angt sjern wbtjeg nstbhetnc herint sbzn ld BG[ 5,:4,000arlrn bg ;053. Sjn lrmegbsnc rnsteuregtsnmhngt bs nstbhetnc et BG[ =:,200arlrn (;2 pnr angt ld tjn lvnreff herint)egc bs prlonatnc tl mrlw, et e AEM[ ld 55pnr angt, tl rneaj BG[ 5,33,200 arlrn ky;0;0. Sjn rnsteuregts egc aedns snmhngtalgtrbkutns jbmjnst bg tnrhs ld sefns bg

ngtbrn bgcustry. Bt eaalugtnc tltef sefns ld$55>.5 kbffblg bg ;053, wjbaj wes =>.2 pnrangt ld tltef bgcustry vefun. Bt wes dlfflwncky dest dllc bgcustry, wjbaj algtrbkutnc$10.1kg sefns wjbaj bs nquef tl ;0 pnr angtld bgcustry vefun.

Sjegis tl tjn rbsbgm bgalhn ld hbccfn-afess plpufetblg, algsuhnr spngcbgm egcalgsuhptblg pettnrg bg kltj sukurkegegc urkeg ernes jevn ugcnrmlgn e sneajegmn. Hbccfn-afess dehbfbns bg tbnr-BB

& BBB abtbns ern spngcbgm huaj jbmjnrbg dest dllc rnsteuregts. Sjn egguefspngcbgm ld hbccfn afess jlusnjlfcs bgBgcbes tbnr-BB egc BBB abtbns jes bgarnesncky BG[ ;,>00 tl BG[ >,;00, e mrlwtj ld50: pnr angt lg dest dllc rnsteuregts bgtjn fest twl yners. Bgcbegs ern efsl netbgmlut hlrn ldtng glw, es hegy es nbmjttbhns e hlgtj, kut stbff fnss tjeg tjn ^Q(53 tbhns), Krezbf (55 tbhns), Sjebfegc (50tbhns), egc Ajbge (2 tbhns).

Sjn mrlwtj egc nxpegsblg ldalhhnrabef rnef nstetn bs efsl crbvbgmmrlwtj ld tjn dllc snrvban kusbgnss eswnff. Sjn bgarnesbgm eaanptegan ld heffses e mnteweys egc cey lut angtrns bgsheff abtbns bs supplrtbgm tjbs nxpegsblgld lrmegbsnc dllc rnsteuregts,wjbaj ern prlvbcbgm mllc snrvbanset rneslgekfn prbans. Dllc-snrvbanprlvbcnrs jevn cndbgbtn ecvegtemns kysnttbgm up lutfnts bg heffs, es euxbfbery

Mrlwtj Cygehbas ld Bgcbes Dllc Qnrvban herint


16/433BGCBE DLLC [NPL[S ;054 |5>|

eatbvbtbns suaj es peribgm, snaurbty nta.ern hegemnc angtreffy, wbtj fnssnrlvnrjnecs lg tjnbr rnslurans.

Sjn Bgcbeg Dllc Qnrvban herint jessnng e sbmgbdbaegt mrlwtj bg tnrhs ldguhknr ld pfeynrs, kltj clhnstba egcbgtnrgetblgef. Plst-;00:, tjn bgcustry jessnng e jumn mrlwtj bg tnrhs ld guhknrld lutfnts. Aedn Alddnn Cey, Clhbgls,HaClgefcs, Jefcbreh, Pbzze Jut, IDA,Qemer [etge, Kerbste Aed, Rl! Ajbge egcHebgfegc Ajbge, egc Kbiegnrvefe, ehlgm

ltjnrs, jevn eff nxpegcnc tjnbr dlltprbgtegc lpngnc gnw lutfnts. Aurrngtfy, tjnrnern epprlxbhetnfy 5.> hbffblg dllc lutfntsbg Bgcbe, lut wjbaj gnerfy 1,000 ern drlhtjn lrmegbsnc snmhngt. Sjn dest dllcegc dbgn cbgbgm ern tjn hlst lrmegbsnc.[nsteuregts bg dest dllc / UQ[ snmhngtalgsbst ld hlrn tjeg 40 pnr angt lutfntslwgnc ky huftb-getblgefs. Sjn lrmegbsncherint, alhprbsbgm UQ[s, duff snrvbanrnsteuregts, PKAF (Puks, Kers, Afuksegc Flugmns), dllc alurts egc iblsis,dlfflws tjrnn iny perehntnrs? eaalugtbgmtregsperngay, lrmegbsnc lpnretblgs

wbtj quefbty algtrlf egc slurabgm glrhs,egc lutfnt pngntretblg. Kut e heolrbty lddllc lutfnts knflgm tl tjn uglrmegbsncsnmhngt, wjbaj alhprbsns rlecsbcnvngclrs, cjekes, vegs, aerts, strnnt steffsegc trlffnys.

Bg rnangt yners, tjnrn jes knng ealgtbgunc sjbdt drlh tjn uglrmegbsnctl lrmegbsnc. Es e rnsuft, tjn lrmegbsncsnatlr bs mrlwbgm @ 54 pnr angt prbherbfycrbvng ky gnw bgvnsthngts. Sjn snmhngt

bs efsl wbtgnssbgm bgarnesnc alhpntbtblgcun tl tjn nhnrmngan ld gnw Bgtnrgetblgefkregcs (nm. Seal Knff, Kurmnr Ibgm,Oljggy [laints, Qterkuais) egc clhnstbapfeynrs (nm. Deesls, Sjn Knnr Aed, AjebPlbgt, Mlfb Tece Pev, Ehhbs Kbryegb nta.).Bgtnrgetblgef kregcs drlh QE egc Nurlpnbgafucbgm Detkurmnr, Aerfs Or, AjnnsnaeinDeatlry, Aefb Kurmnr, Mrnet EhnrbaegAllibns, Dlrnvnr Rlmjurt, Qnalgc AupAlddnn, Pbn Dean egc Hr. Alc ehlgm ltjnrsern eatbvnfy fllibgm et snttbgm up egc

nxpegcbgm tjn kusbgnss bg Bgcbe.Epert drlh tjn hntrls egc hbgb-hntrls

suaj es Cnfjb-GA[, Huhkeb, Jycnrekec,Ajnggeb, Ilfiete egc Kegmeflrn, heolrdllc snrvban kregcs ern efsl fllibgm tlsprnec lut tl e guhknr ld tbnr-BB egctbnr-BBB abtbns, fbin Fuaiglw, Oebpur egcEjhncekec, lg eaalugt ld tjn mrlwtj bgbgdrestruaturn egc kusbgnss lpplrtugbtbnstjnrn. Hlrn tjeg >0 bgtnrgetblgef ajebgs ldrnsteuregts jevn ngtnrnc tjn alugtry egcjevn hecn bgrlecs bgtl nvng tbnr BB egctbnr BBB tlwgs. Sjbs jes jnfpnc tjn nxbstbgmclhnstba pfeynrs tl algslfbcetn egc

tjlusegcs ld gnw vngturns tl dflurbsj.]btj bgarnesnc alhpntbtblg egc alst

ld lpnretblgs bg tjn hntrls egc tbnr Babtbns, e guhknr ld tbnr BB egc BBB abtbns heylddnr knttnr mrlwtj prlspnats dlr pfeynrsearlss snatlrs, crbvng ky deatlrs suaj esdevlurekfn cnhlmrepjbas, bgdrestruaturnmrlwtj egc jbmjnr cbsplsekfn bgalhncrbvng ky kltj strlgm nalglhba mrlwtj.Bgarnesn bg fbtnreay, jbmj cbsplsekfnbgalhn, nxplsurn tl hncbe, mrnetnr

evebfekbfbty egc pngntretblg ld e verbntyld algsuhnr mllcs bgtl tjn bgtnrblrs ldtjn alugtry jevn efsl rnsuftnc bg arnetbgmfbdnstyfn egc espbretblg fnvnfs lg e per wbtjltjnr dest-hlvbgm hntrlplfbteg abtbns.

Mrlwtj Pltngtbef ld QnmhngtsSjn bgarnesbgm bgalhn egc nxplsurn tlgnw evnguns tl nxprnss algsuhptblgjes krlumjt swnnpbgm ajegmns. Hlrntjeg 4> pnr angt ld tjn Bgcbeg plpufetblgbs emnc fnss tjeg 10 yners egc nxplsnc

tl bgtnrgetblgef kregcs. UQ[s bs lgn ldtjn snatlr tjet jes hegemnc tl mrlwnvng curbgm tjn nalglhba sflwclwg.Mlbgm ejnec, Aed & UQ[s bg tjnlrmegbsnc snmhngt wbff algtbgun tlmrlw et e AEM[ ld ~55 pnr angt egc ~53pnr angt rnspnatbvnfy. Bg tjn lrmegbsncherint, tjn ajebgnc snmhngt bs nxpnatnctl mrlw et e jneftjy retn es alhpernctl tjn fbangsnc stegceflgn snmhngt. Bgtjn ajebgnc herint, tjn UQ[ egc tjnAC[ algstbtutn ~=> pnr angt ld tjn tlteflrmegbsnc dllc snrvban herint dlfflwncky aeds (5; pnr angt). Sjn Aed egc

UQ[s ern prlonatnc tl mrlw et e AEM[ ld5> pnr angt egc 5: pnr angt rnspnatbvnfybg tjn ajebgnc snmhngt. Sjn jbmjnrmrlwtj bg tjn ajebgnc snmhngt dlr gnxtsbx yners wbff kn crbvng ky tjn bgarnesbgmprnsngan ld bgtnrgetblgef kregcs,strngmtjngbgm ld keai ngc bgdrestruaturn,eaanptetblg ld gnw aubsbgns egc dlrhets,ajegmbgm fbdnstyfns egc espbretblgs egcnhnrmngan ld ngtrnprngnurbef vngturnsbg tjnsn snmhngts.


17/433

QNASBLG 5? BGS[LC^ASBLG & LTN[TBN]

QNASBLG 1? M[LAN[R [NSEBF & HE[INS

QNASBLG ;? P[LANQQNC DLLC

5.5 Bgcbes Dllc Qnatlr ...................................................;;

5.; Dllc Mrlanry Herint ................................................;:

5.1 Cry Dllc Mrlanry ......................................................3;

5.3 Cebry ...........................................................................3:

5.> Qpbans .........................................................................>3

5.4 Drnsj Prlcuan ...........................................................>4

5.= Pnrbsjekfns ................................................................4;

5.: Knvnremns ..................................................................4:

5.2 Ltjnr Prlanssnc Dllcs .............................................=3

;.5 Dllc Prlanssbgm? Ecvegtemn Bgcbe ...........................:;Ky Bgcbe Kregc Nqubty Dlugcetblg (BKND)

;.; Alhpntbtbvngnss ld BgcbesDllc Prlanssbgm Qnatlr ............................................2;Ky Ehbt Iepllr & Qegiefp Qjerhe,Bgstbtutn dlr Alhpntbtbvngnss Egefysbs

;.1 Bgvnsthngt Lpplrtugbtbns bg Dllc Keai-Ngc Lpnretblgs ...................................................... 50;Ky Cnkesjbsj Huijnronn & Qukjngcu [ly, E.S. Inergny

;.3 Jneftj & ]nffgnss Dllcs?Sjn Herintnrs [nabpn Klli .................................. 50:Ky Clffy Oje & [bsjb Qjerhe, Gbnfsng Bgcbe

1.5 Dllc & Mrlanry [ntebf -Bgcustry Srngcs egc Bgsbmjts ................................ 51:Ky Keqer Bdtbijer Geqvb, Evgbsj Hefjltre & Terug Ajumj,]ezbr Ecvbslrs

1.; [bsbgm Qjern ld N-Mrlanry bg Bgcbe ........................ 5>;Ky Cr Qegcnnp Purb, Ekjbonnt Meurev egc [eoet Emerwef,BHS Mjezbekec

algtngts

1.1 Lgfbgn egc Ibrege -Sjn Lcc Alupfn ..................... 5>:Ky Prld. Pbyusj Iuher Qbgje, Prld. Qrbiegt Mlijefn egcQeurekj [ewef,Bgcbeg Bgstbtutn ld Hegemnhngt Ejhncekec (BBHE), Bgcbe

1.3 Jlw Snajglflmy bs Plwnrbgmtjn [ntebf Kegcwemlg ............................................ 54:Bhemns [nplrt

;.> Qwnnt Bgcufmngan ................................................... 553BHEMNQ [nplrt egc [nsneraj Egefysbs ky NurlhlgbtlrBgtnrgetblgef

;.4 [necy tl Net / [necy tl Alli ................................. 55:Ky P. [eoeg Hetjnws

;.= Hnntbgm tjn Ajeffngmns ldGutrbtblgef Sregsbtblg ............................................ 5;;Ky Erekbgc Ces

;.: [bsbgm Keinry Bgcustry ........................................... 5;4Ky [evbgcre Recev, [nntnsj Qjuife & Srbptb Kbsjt


18/433


;054

QNASBLG 3? D&M [NSEBFN[Q

QNASBLG >? S[NGCQ BG ALGQ^HPSBLG

3.5 [ntebf Heolrs ......................................................... 5=3

3.; [nmblgef [ntebfnrs .................................................. 52;

>.5 Qtruaturef Qjbdt bg Bgcbes Dllc Algsuhptblg ...... ;00Ky Hrbcushbte Klrclflb & [eonsj QjuifePnlpfn [nsneraj lg Bgcbes Algsuhnr Nalglhy (P[BAN)

>.; Bgcbes Ajegmbgm [uref Herints?Jlw DHAM Alhpegbns Aeg ]bg LvnrEspbrbgm [uref Algsuhnrs .....................................;5:Ky Qegoey Cewer & [emjureh Cnvereilgce, Eaangturn

>.1 ]jy Clgt Kbm Kusbgnssns mnt bt< ........................ ;;4Ky [ehe Kboepurier

>.3 Sjn ]bff ld Dllc? ^gcnrstegcbgm tjn Dllc &Knvnremn Hltbvetblgs bg Hlcnrg Bgcbe ................. ;1;

Ky Qluhye Huijlpecjyey, [egoege Mupte & Murprnnt ]esb,BH[K Bgtnrgetblgef

>.> ]jy ]n Kuy?Cnalcbgm Dllc Kuybgm Knjevblur ......................... ;33Ky Qluhye Huijlpecjyey, [egoege Mupte & Murprnnt ]esb,BH[K Bgtnrgetblgef

>.4 Nxltbas Pfean ld Prbcn ............................................ ;3:Ky Serug Oebg & [evbgcre Recev

>.= Sjn Lrmegba Emn ..................................................... ;>0Ky Qugbf Iuher

>.: Sreaibgm tjn Hbfiy ]ey .......................................... ;>3Ky Qeh Effng, Aegecneg

>.2 Krnwbgm Quaanss .................................................... ;40Ky Serug Oebg & [nntnsj Qjuife

>.50 Guts eklut Cry Drubts ............................................ ;43Ky [evbgcre Hnjte & Evbgesj Iegt Iuher

>.55 Eff Sjbgms Jlt ......................................................... ;4:Ky Qeh Effng, Aegecneg [nsneraj

4.5 Sjn Bhpetbngt Algsuhnr,bLS egc tjn Dllc ld Nvnrytjbgm ............................. ;=;Ky Jerbsj Kbollr

4.; Cbsruptblg bg tjn Dllc Bgcustry-[bsn ld Dllc Snaj Qtertups .................................... ;:0Ky Qeajbt Kjetbe, Srlbie

4.1 Prlcuat [naeff -Sjn Kbm Ajeffngmn dlr Dllc Kusbgnssns ................ ;:4Ky Ajeru Ijegge, MQ5 Bgcbe

QNASBLG 4? DLLC & SNAJGLFLMR

4.3 Hegembgm Mflkef Dllc Ajebg [bsis ....................... ;24Ky Eoey Ieire, Pwa Bgcbe

4.> Qustebgekfn egc Bgafusbvn Quppfy Ajebgs-e Iny Kusbgnss Crbvnr dlr Dllc Bgcustry ............... 103Ky Esbteve Qng & Kerry Fnn,Bgtnrgetblgef Dbgegan Alrplretblg (BDA)


19/433

=.5 Bgcbeg Dllc Qnrvban Herint Lvnrvbnw................ 153Ky Quheg Cekes & [evbgcre Recev,Snajglpei Ecvbslrs Pvt. Ftc.

=.; Bgtngsbdybgm Alhpntbtblg ................................... 1;4Ky Hepfn Aepbtef Ecvbslrs [nsneraj

=.1 Bgcbeg Jlhnmrlwg [nsteuregts ........................ 113Ky Prld. Pbyusj Iuher Qbgje egc Egsjuf Hetjur, BgcbegBgstbtutn ld Hegemnhngt Ejhncekec

=.3 Nxpnrbhngts dlr tjn Pefetn ................................ 13;Ky [eajge Getj

=.> ]jets lg tjn Pfetn< .......................................... 134Ky Pugnnt Tnrhe

=.4 Mlef Tnmnterbegbsh ............................................ 1>0Ky Hbgb [bknbrl

=.= Qaefbgm ^p ........................................................... 1>3Ky Hegbsje Kepge

Ehbt Kurheg ....................................................................12:Ajebrheg, Cekur Bgcbe Ftc. / Fbtn Kbtn Dllcs

Irbsj Bynr...........................................................................300Prnsbcngt & ANL, ]efhert Bgcbe

Preiesj Gncugmecb..........................................................30;

Mrlup Jnec, Austlhnr Bgsbmjts & Kregc Cnvnflphngt,Ecbtye Kbrfe Mrlup

[ehegetjeg Jerbjereg ...................................................303Cbrnatlr, Fegcheri Mrlup

Qeurekj Qegyef ................................................................304Qnarntery Mngnref, PJCAA

[ljeg Ibajfu ....................................................................30:Cbrnatlr D&K, Sjn Peri Jltnfs

QNASBLG =? DLLC QN[TBAN

QNASBLG :? CNTNFLPBGM E TBQBLG EGC QS[ESNMBA PFEG

=.: Dregajbsbgm Dnrvlur ........................................... 1>4Ky Ievbtje Qrbgbvese

=.2 Qabngtbdba Qnrvban ................................................ 140Ky Hbgb [bknbrl

=.50 Qlabef Hncbe Plwnr ............................................ 143

Ky Eggbn Oljggy

=.55 Quppfys Qtrngmtj & Qupplrt ............................. 14:Ky Hegbsje Kepge

=.5; Kbryegb lr Pbzze Ajlban dlr UQ[ ......................... 1:;Ky Sneh CNssngan Jlspbtefbty Ecvbslry Qnrvbans Pvt. Ftc.

=.51 Heibgm tjn [bmjt Ajlban .................................... 120BHEMNQ [nplrt

=.53 Ehpbgm up Nddbabngay Qtegcercs ........................ 12;BHEMNQ [nplrt

P. [eoeg Hetjnws .............................................................35;TP - Herintbgm & Qefns, Cnseb Krltjnrs Ftc. - Dllc Cbvbsblg(Hltjnrs [nabpn)

Qlumete Kesu.................................................................... 353Jnec ld Herintbgm, Bgglvetbvn Dllcs Ftc (Kregc Quhnru)

L P Ijegcuoe ....................................................................354Kusbgnss Jnec, CQ Qpban Al. Pvt. Ftc.

Eoey Ietyef ........................................................................35=Prnsbcngt - Lrmegbas et Ehbre Purn Dllcs Pvt. Ftc

Lfbvnr Hbrze ......................................................................35:HC, Cr. Lntinr Bgcbe Pvt. Ftc

Qejbf Mbfegb ........................................................................352Cbrnatlr - Qefns & Herintbgm, MBSQ Dllc Prlcuats Pvt Ftc

algtngtsSJN BGCBEDLLC [NPL[S

;054


20/433


21/433


;054


22/433

QNASBLG 5

BGS[LC^ASBLG& LTN[TBN]

5.5 BGCBEQ DLLC QNASL[

5.; DLLC M[LAN[R HE[INS

5.1 C[R DLLC M[LAN[R

5.3 CEB[R

5.> QPBANQ

5.4D[NQJ P[LC^AN

5.= PN[BQJEKFNQ

5.: KNTN[EMNQ

5.2 LSJN[ P[LANQQNC DLLCQ


23/433|;;|BGCBE DLLC [NPL[S ;054

Bgcbesdllcsnatlr B

gcbe bs tjn snvngtj fermnst alugtry bg tjn wlrfc bg tnrhs ld fegc erne. Sjn alugtry,wbtj snalgc fermnst juheg plpufetblg bg tjn wlrfc, jlsts hlrn tjeg 5.;> kbffblgpnlpfn wjl ern crbvbgm tjn getblgs nalglhy, egc eflgm wbtj bt tjn algsuhptblgherint wbtjbg. Sjn alugtry bs nqueffy dlrtugetn dlr knbgm jlhn tl tjn fermnst

ylugm plpufetblg bg tjn wlrfc. Sjbs ylugm plpufetblg bs mrlwbgm, espbrbgm,nergbgm, spngcbgm egc algsuhbgm e wjlfn regmn ld verblus prlcuats & snrvbans,

tjus nxpegcbgm tjn lpplrtugbty dlr eff steinjlfcnrs bg tjn herint tl aervn e gbajndlr tjnhsnfvns. Sjn mrlwbgm hbccfn afess wbtj bts spnatruh ld espbretblgs, ngtry ldbgtnrgetblgef steinjlfcnrs, mrlwbgm nalglhy, tnajglflmbaef ecveganhngt, BS strlgmjlfc,urkegbsetblg egc bhprlvbgm fbvbgm stegcerc, eff jevn algtrbkutnc bhhngsnfy bg teibgmtjn alugtry et e jbmjnr mflkef plsbtblg bg verblus ernes ld eajbnvnhngts. Lgn suaj erneld bhhngsn mrlwtj bs bts dllc snatlr. Sjn snatlr btsnfd alhhegcs inng ettngtblg lwbgmtl tjn deat tjet bt bs aetnrbgm tl 51.3 pnr angt ld wlrfcs plpufetblg clhnstbaeffy, egc efermn pert ld wlrfc plpufetblg lutsbcn bts plfbtbaef klugcerbns tjrlumj dllc & emrbaufturefnxplrts. Sjbs snatlr bs glw bg dlaus ld kbm nalglhbns ld tjn wlrfc.


24/433BGCBE DLLC [NPL[S ;054 |;1|

BGCBEQ DLLC QNASL[5.5

Dllc Qnatlr - Eg LvnrvbnwDllc knbgm tjn kesba gnnc ld eff fbvbgmarneturns bs e alhpfnx egc nxtngsbvnsnatlr. Sjn alhpfntn vefun ajebg bgtjbs snatlr ngalhpessns prlcuatblg,

prlanssbgm, herintbgm, cbstrbkutblgegc rntebfbgm ld dllc btnhs tl tjn ngc-algsuhnrs. Sjnsn hein tjn snatlrcygehba bg tnrhs ld bts ngtbrn salpn,cnfbvnry egc pngntretblg. Bg tjn sehnvefun ajebg, dllc pessns tjrlumj tjrnnhebg stemns rew dlrh, prlanssnc dlrhegc rnecy-tl-algsuhn dlrh. Neaj dlrhet bts rnspnatbvn stemn pfeys eg bhplrtegtrlfn egc sjepns tjn herint dlr tjn gnxtdlrh bt ngtnrs bgtl. Knaeusn ld tjbs, tjn

pngntretnc bgtl nvng sheffnr herintswbtj mrlwbgm cnhegc dlr prlanssncegc peaiemnc dllcs. Sjn snatlr bsrufnc ky alrplretn mbegts egc verblusmflkef egc clhnstba pfeynrs wjl jevnyners ld nxpnrtbsn, sibffs, ecveganctnajglflmy egc aepekbfbty tl snrvban tjndllc algsuhptblg snatlr.

Dllc algsuhptblg snatlrbs snrvban-kesnc algsuhnr-crbvng snatlr. Btsngtbrn vefun ajebg ngcs up bg snrvbabgmtjn ngc-algsuhnrs tjrlumj verblustypns ld dllc rntebfbgm lptblgs. Sjbs

snatlr prlvbcns afbhex tl eff tjn nddlrtsld prnancbgm snatlrs ky alggnatbgmwbtj tjn ngc-algsuhnrs. Sjbs snatlrefsl snrvns es tjn bgcbaetlr ld herintpufsn, nvlfvbgm trngcs, nhnrmbgm gnwherints egc duturn prlspnats. Lvnrtjn pnrblc ld tbhn, dbrst twl snatlrsjevn nvlfvnc egc eajbnvnc anrtebgehlugt ld cnfbvnry pnrdlrhegan, kut btbs tjn dllc algsuhptblg snatlr wjbajbs ugcnrmlbgm eg nvlfutblgery ajegmnegc wbff kn e iny erne ld pfey bg tjnduturn.

Bgcbes Dllc HerintBgcbes dllc algsuhptblg snatlrbgafucns Dllc Mrlanry (DM)herint egcDllcsnrvban (DQ)herint. Sjn dlrhnrlgn prlvbcns dllc btnhs wjbaj ern rew,prlanssnc egc/lr bg pertbeffy prnperncdlrh, egc gnncs allibgm kndlrn tjn dbgefalgsuhptblg. Sjn fettnr lgn lddnrs allinc

Prbhery DllcQnatlr

Emrbaufturn Dlrnstry Egbhefjuskegcry

Dbsjnry

QnalgceryDllc Qnatlr

Hegudeaturbgm Prlanssbgm Cbstrbkutblg

DllcAlgsuhptblgQnatlr

[ewalgsuhptblg

Prlanssncalgsuhptblg

[necy-tl-net

bgtnr-rnfetblg ehlgm tjnh, emrbaufturnegc rntebfbgm jevn essuhnc e der mrnetnrbhplrtegan bg Bgcbes dllc snatlr.

Bgcbes dllc snatlr aeg kn cbvbcnc bgtltjrnn iny suk-snatlrs?

Prbhery dllc snatlralgsbsts ld efftjlsn slurans, wjbaj prlcuan dllchetnrbefs getureffy suaj es emrbaufturnegc dlrnsts. Bt prlvbcns vnmntetbvnprlcuats ld mrebgs, anrnefs, drubts& vnmntekfns, pufsns, lbf snncs egcspbans, egc egbhef juskegcrbns, wjbajjnfp bg rebsbgm fbvnstlai dlr hnet, hbfi

egc nmms, egc dbsjnry dlr prlvbcbgmequetba prlcuats fbin dbsj, herbgnvnmntetblg, snedllc egc ltjnr suajdllc drlh bts lg-sjlrn egc ldd-sjlrnernes. Bgcbe bs dlrtugetn tl jevn erlkust prbhery snatlr wjbaj ngsurnsekugcegt suppfy tl tjn suaanncbgmsnatlrs. Hlcnrg tnajglflmy jesglt lgfy bhprlvnc prbhery snatlrsquefbty kut efsl peanc bts cnfbvnrynddbabngay. Sjn snatlr bs hlgbtlrnc,algtrlffnc, upmrecnc egc supplrtnc kyverblus mlvnrghngt klcbns wjbaj ernrnsplgsbkfn dlr bts upinnp egc jneftj.

Qnalgcery dllc snatlrteins aern ldprlanssbgm, herintbgm egc cbstrbkutblgld dllc hetnrbefs wjbaj ern prlvbcnc kytjn prbhery snatlr. ]btj tjn ajegmbgmfbdn cygehbas, egc tjn cnhegc-hbxdllc prlanssbgm snatlr jes efslmrlwg ky fneps egc klugcs, egc jes


25/433|;3|BGCBE DLLC [NPL[S ;054||||||||||||||| |||||||||| C N S 5

dllc rnecy tl kn algsuhnc ugcnr anrtebgngvbrlghngt ld ehkbngan egc snrvbans.

DM herint sjern bs fermnr bg tjn tltefdllc herint dlr tjn sbhpfn rneslg tjet btbgvlfvns dllc bg rew es wnff es bg prlanssncdlrhs. Eftjlumj bt bs huaj fermnr bg sbznkut bt bs tjn DQ herint wjbaj bs mrlwbgmet e destnr pean. ]jet bs crbvbgm Bgcbeslvnreff dllc herint< Sjnrn ern dlur hebgrneslgs dlr bts mrlwtj?

Test prbhery snatlr SrecbtblgeffyBgcbe jes knng eg emrerbeg nalglhywbtj e sukstegtbef algtrbkutblg alhbgmdrlh emrbaufturn. Sjn fermn dnrtbfnfegcs, ekugcegt fbvnstlai nxbstngan

egc bhprlvbgm tnajglflmy ngsurn tjettjnrn bs gl crlp bg prlcuatblg ld dllchetnrbefs. Qbgan fest dnw cnaecns,tjnrn jes knng huaj ecveganhngt bgemrl-tnajglflmy, derhbgm, arlp jykrbcsegc rnfetnc [&C wjbaj jevn bhprlvncderh ybnfcs egc quefbty ld jervnsts. Ettjn sehn tbhn, sabngtbdba hntjlcs jevnngsurnc tjet fbvnstlai wjbaj Bgcbegderhnrs krnnc prlvbcn quefbty egbhefsegc tjnbr prlcuats. Sjn alugtry jesefsl snng bgarnhngtef sjern ld bgfegcdbsjnry tl supplrt lvnreff cnvflphngt.Qbgan tjn algsuhptblg ld dllc btnhs

jes mrlwg lvnr tjn yners9 tjn snatlrwbff efsl innp upmrecbgm bts nddbabngay

egc cnfbvnry snrvbansbg tjn duturn efsl,wjbaj bt jes clgnechbrekfy sl der. Sjn

tnajgbaef supplrt egciglwfncmn nxajegmn wbtjltjnr cnvnflpnc getblgslg bhprlvnc krnncs,knttnr quefbty jykrbcsegc algtngt verbntbnsjevn durtjnr jnfpnc

dllc prlcuatblg tl

mrlw. Bg rnangt tbhnstjnrn jes knng e flt ldnhpjesbs lg krbcmbgmtjn mep kntwnng

derhs egc algsuhnrs. Lganeajbnvnc, tjbs epprleaj ld

derh-tl-dlri wbff durtjnr destngtjn mrlwtj ld tjn snatlr.

Nxpegsblg bg dllc prlanssbgmbgcustry ]btj strlgm prbhery dllc

snatlr dflurbsjbgm bg tjn keaiyerc,Bgcbe bs plbsnc tl jevn mrlwtj bgdllc prlanssbgm snatlr es wnff. ]btjevebfekfn alst-alhpntbtbvngnss egcky eclptbgm bgtnrgetblgef stegcercs,Bgcbe jes nhnrmnc es e dest mrlwbgmjuk ld prlanssnc dllcs. Sjn prlanssncdllc bs algsuhnc lg e fermn saefn bgclhnstba herint es wnff es bs nxplrtnctl ltjnr herints. Nxplrts ld prlanssncdllc egc rnfetnc prlcuats jevnknng bgarnesbgm stnecbfy9 tjn hebgcnstbgetblgs knbgm tjn Hbccfn Nestegc Qlutjnest Esbe. Sjn sbmgbdbaegan

ld Bgcbes dllc prlanssbgm bgcustry bsprlvnc ky tjn deat tjet bt regis dbdtjbg tjn wlrfc bg nxplrts, prlcuatblgegc algsuhptblg ld dllc btnhs.Heolr perts ld tjn dllc prlanssbgm bgBgcbe ern hbffnc mrebg, sumer, ncbkfnlbfs, knvnremns egc cebry prlcuats.Sjn bgcustry jec mrlwg eggueffy et:.3 pnr angt dlr > yners fnecbgm uptl ;05;-51. Bgvnsthngt bg rnmbstnrncdllc prlanssbgm snatlr jec mrlwgky ;0.5 pnr angt et tjn ngc ld ;05;.Sjn guhknr ld rnmbstnrnc prlanssbgmdeatlrbns jes bgarnesnc drlh 1>,:1: bg

;050-55 tl 14,::5 bg ;055-5;, heribgme mrlwtj retn ld ;.2 pnr angt. Sjnbgcustry bs efsl lgn ld tjn fermnstnhpflyhngt arnetlrs, wbtj mrlwtj bgcbrnat nhpflyhngt bg tjn lrmegbsncdllc prlanssbgm snatlr stegcbgm et 4.0>pnr angt kntwnng ;050-55 egc ;055-5;.Gl surprbsns tjet Bgcbe bs dest nhnrmbgmes e mflkef lutslurabgm juk, wbtj nvngfermn rntebfnrs bg tjn wlrfc slurabgmdrlh Bgcbe lwbgm tl ekugcegt rewhetnrbefs, suppfy egc alst ecvegtemns.

Fermn dllc algsuhbgm plpufetblg

Bgcbe wlufc jevn knng fndt wegtbgmbd bt feainc suddbabngt plpufetblg tlalgsuhn tjn lutputs ld vest emrbaufturnegc mrlwbgm dllc prlanssbgm bgcustry.Dlrtugetnfy, Bgcbe bs glt bg suaj esbtuetblg. Lut ld 5.;5 kbffblg pnlpfn fbvbgmbg Bgcbe, oust lvnr 51 pnr angt ern uptl tjn emn ld 4 yners egc egltjnr 45pnr angt deff bg tjn ylugm emn mrlup ld= tl 30 yners. Sjus tjbs =3 pnr angt ldBgcbes plpufetblg bs rnsplgsbkfn dlr

Bgcbes dllc algsuhptblgsnatlr bgafucns DllcMrlanry (DM) herint egcDllcsnrvban (DQ) herint.DM prlvbcns dllc btnhswjbaj ern rew, prlanssncegc/lr bg pertbeffy prnperncdlrh egc DQ lddnrs allincdllc rnecy tl kn algsuhncugcnr anrtebg ngvbrlghngt.


26/433BGCBE DLLC [NPL[S ;054 |;>|

BGCBEQ DLLC QNASL[5.5

sjepbgm tjn duturn herints. Eftjlumjtjn algsuhptblg bg Bgcbe bs crbvng ky

fermn-sbznc ylugm plpufetblg, kut dllcknbgm kesba gnanssbty bs tjn gnnc dlr tjnngtbrn plpufetblg. Bg eccbtblg, bt bs efslnstbhetnc tjet ky tjn ngc ld tjbs cnaecnefhlst lgn-tjbrc ld Bgcbes plpufetblgwbff kn urkegbsnc. ^rkegbsetblg wbffkrbgm bg bhprlvnc fbdnstyfns egcjbmjnr fbvbgm stegcercs. Sjbs wbff heinbgjekbtegts ld gnwfy dlrhnc urkegherints snrblus algsuhnrs ld e verbntyld dllc btnhs. Eflgmsbcn rbsbgm bgalhnfnvnfs egc e mrlwbgm hbccfn afess bgtjn alugtry tjnrn bs egtbabpetblg tjettjbs sbtuetblg wbff bhpeat dllc snatlr

efsl. Dllc bs tjn kbmmnst nxpngsn dlr egevnremn Bgcbeg jlusnjlfc nspnabeffy bgtjn ruref ernes. Et eg evnremn, eklut3: pnr angt ld tjn tltef algsuhptblgnxpngcbturn ld eg Bgcbeg jlusnjlfc bsspngt lg dllc btnhs.

Mflkefbsetblg & hlcnrgbsetblg lddllc herint Nvng jevbgm e fermnalgsuhbgm plpufetblg wlufc jevndlugc bts fbhbtetblg bd tjn herint alufcglt nxpegc. Dlr nxpegcbgm tjn herinttjnrn bs e strlgm gnnc dlr bgdfungabgmdeatlrs tl nxbst bg tjn herint. Jnrn,

efsl, Bgcbe bs fuaiy tl snrvn es eg ekfnjlst tl dllc mflkefbsetblg trngcs.Mflkefbsetblg ld aufturns egc nxplsurntl verblus dllcs btnhs egc aubsbgnstjrlumj hncbe, trevnf & tlurbsh bsefsl ngfermbgm dllc snatlr. Sjnrn bs emrlwbgm espbretblg dlr kregcnc dllc,dest-dllc, rnecy-tl-net, huftb-aufturefaubsbgns egc dllc-lg-tjn-rug tlsubt dest-peanc egc ajegmbgm fbdn ldBgcbeg algsuhnrs. Sjbs jes kfletnctjn dllc algsuhptblg snatlr egcrnsuftnc bg bts nxpegsblg curbgm tjnfest dnw cnaecns tjegis tl nalglhba

fbknrefbsetblg egc mrlwtj bg hlcnrgrntebf. Sjbs jes glt lgfy hecn Bgcbe egettreatbvn cnstbgetblg dlr mflkef pfeynrskut jes efsl prlvbcnc eg lpplrtugbtydlr flaef pfeynrs tl bhprlvn uplg tjnbr

stegcercs, quefbty egc nddbabngay, tjusmngnretbgm jneftjy alhpntbtblg wjbajbs kngndbabef dlr tjn ngc-algsuhnrs.Sjnrn bs eg nhnrmngan ld fermn egccbstbgat algsuhnr kreaints tl supplrtaustlhbsnc lddnrbgms, gnw aetnmlrbnsegc kregcs wbtjbg neaj dllc snmhngt.Sjnrn bs eg bgarnesnc ewerngnss egcalganrg dlr wnffgnss & jneftj, dlr jbmjprltnbg, flw-det, wjlfnmrebg, lrmegbadllcs, nta. Algsuhnrs ern rnecy tl

nxpnrbhngt wbtj tjnbr dllc.

Algsuhptblg SrngcCete ld Prbvetn Dbgef AlgsuhptblgNxpngcbturn (PDAN) dlr tjn pnrblc drlh;003-0> tl ;05;-51 rnvnefs tjet tjn sjernld algsuhptblg nxpngcbturn lg dllc btnhsbs lg e cnafbgn. Drlh e cndbgbgm sjern ldaflsn tl 13 pnr angt bg PDAN curbgm ;003-0>, bt jes alhn clwg tl eklut ;2 pnr angtky ;05;-51. Fllibgm et tjn plsbtbvn sbcn ld bttjnrn jes knng eg evnremn mrlwtj ld 5;-51pnr angt nvnry yner bg dllc algsuhptblg bgvefun tnrhs. Ql, clns tjn cnafbgbgm sjern

ld dllc bg PDAN plsn egy rnef tjrnet tl ;05;-51, Sjnalgsuhptblg nxpngcbturn sjern lg jltnfsegc rnsteuregts prlcuats egc snrvbans

bg PDAN jec bgarnesnc drlh ; pnr angtbg ;003-0> tl ;.> pnr angt bg ;05;-51,summnstbgm bgarnesnc bgafbgetblg tlwercstjn netbgm lut aufturn. Sjn sehn aeg knvnrbdbnc wbtj jbmjnr mrlwtj retn bg dllcsnrvban herint tjeg tjet ld dllc mrlanryherint. Bg e gutsjnff, dllc algsuhptblgwbff algtbgun mrlwbgm kut hey eclrgcbddnrngt herint hbx.

Mrlwbgm netbgm lut aufturn bs epert ld ajegmbgm fbdnstyfn. Kuybgm drlhheffs, supnrherints, jypnrherints egclgfbgn herint pfeans ern efsl e pert ldajegmbgm fbdnstyfn. Qbhbferfy, netbgm lut et

dest dllc olbgts, ngolybgm alddnn curbgmprldnssblgef hnntbgm et e aed, rnfbsjbgmslhn spnabefty aubsbgn et e dbgn cbgbgmrnsteuregt lr mufpbgm clwg e dnw snrvbgmsld knnr wbtj drbngcs et e puk/ker bs efsl

Qjern% ld AlgsuhptlgNxpngcbturn bg Sltef PDAN

;003-0> ;00>-04 ;004-0= ;00=-0: ;00:-02 ;002-50 ;050-55 ;055-5; ;05;-51

Dllc btnhs 11.: 11.5 15.> 15.0 ;2.; 10.4 10.1 ;2.5 ;:.4

Jltnfs & [nsteuregts ;.0 ;.1 ;.= ;.: 1.5 ;.; ;.1 ;.4 ;.>Qluran? AQL


27/433|;4|BGCBE DLLC [NPL[S ;054

pert ld ajegmbgm fbdnstyfn. Hepfn AepbtefEcvbslrs rnplrts tjet algtbgunc sjbdt drlh

uglrmegbsnc dllcsnrvban tl lrmegbsncdllcsnrvban bs vbsbkfn wbtj lrmegbsncsnatlr mrlwbgm prbherbfy crbvng ky gnwbgvnsthngts. Kntwnng Oeguery ;053 tlEprbf ;05>, tjn dllcsnrvban snmhngt jecettreatnc lvnr $300 hbffblg bg verblusvngturns drlh cbddnrngt typns ld bgvnstlrs.

Sjn lrmegbsnc dllc snrvban kusbgnssnsern wbtgnssbgm bgarnesnc alhpntbtblg cuntl nhnrmngan ld gnw Bgtnrgetblgef kregcs(n.m., Seal Knff, Kurmnr Ibgm, Oljggy[laints, Qterkuais) egc clhnstba pfeynrs(n.m., Deesls, Sjn Knnr Aed, Ajeb Plbgt,Mlfb Tece Pev , Ehhbs Kbryegb, nta.). Sjn

rnmufetlry ajegmns, eaanss tl bgdlrhetblgtl algsuhnrs ky algsuhnr bgtnrgntvngturns egc bhprlvnc suppfy ajebgsern eaanfnretbgm tjn pean et wjbaj tjnsnatlr bs mnttbgm lrmegbsnc. Et tjn sehntbhn, eff tjnsn deatlrs ern efsl pusjbgmtjn klugcerbns ld dllc snatlr cbrnatfy egcbgcbrnatfy.

Dllc [ntebfbgmSjn hebgstey ld dllc algsuhptblg snatlrbg Bgcbe bs dllc rntebfbgm ngalhpessbgmdllc mrlanry egc dllc snrvban. Sjndllc rntebfbgm jes efsl sjlwg plsbtbvn

egc vnry ngalurembgm sbmgs nspnabeffywbtj tjn ecvngt ld hlcnrg rntebf. Sjnhlcnrg rntebf jes snrvnc es e aetefysttl krbgm bg mflkef pfeynrs lg lgn jegcegc jnfpnc bg heibgm tjn dllc snmhngthlrn struaturnc, knttnr cndbgnc egcsnmhngtnc egc lrmegbsnc.

DM herint alvnrs hlgtjfy dllcmrlanrbns usnc bg jlusnjlfcs egc DQherint bgafucns dllc wjbaj bs snrvnc dlralgsuhptblg wbtj eff-bhplrtegt snrvban

alhplgngt etteajnc tl bt. DM snmhngtjes knng mrlwbgm eklut 5> pnr angtegc DQ snmhngt jes mrlwg et ;; pnrangt. Sjbs mrlwtj bs bgafusbvn ld prbandfuatuetblg lwbgm tl jbmj bgdfetblg trngcsbg rnangt yners. Rnt, tjn vlfuhns bg dllcalgsuhptblg jevn glt rnancnc. Sjn tltefdllc herint bg Bgcbe bs wlrtj [s ;>.51kbffblg wjbaj wbff arlss [s 40 kbffblg ky;0;0. Qbgan tjn dllc snrvban herint bsmrlwbgm et e jbmjnr retn, tjn snmhngt wbffjevn 55 pnr angt sjern bg tjn tltef dllcherint es alhpernc tl aurrngt sjernld :-2 pnr angt. Sjbs bgarnesn bg sjern bs

mlbgm tl kn tjn rnsuft ld wbcngbgm ld netbgmlut aufturn, ngtry ld bgtnrgetblgef kregcs,eaanptegan ld mflkef aubsbgns, ajegmbgmdllc jekbts egc pefetns, egc bgarnesnbg bgstbtutblgef, alhhnrabef, slabef egcalhhugbty aetnrbgm snrvbans.

AjeffngmnsFbin eff ltjnr snatlrs Bgcbes dllc snatlrbs efsl deabgm ajeffngmns wjbaj gnncalrrnatblg egc ettngtblg et verblus fnvnfs?

Bgspbtn ld epprnabekfn bhprlvnhngtbg quefbty egc stegcercs bg prbherysnatlr, Bgcbes kngajheris stbff stegcflw lg bgtnrgetblgef hnesurns. Sjn pnraepbte ybnfc ld lur emrbaufturef fegcsegc egbhefs egc pnr aepbte evebfekbfbtyld dllc btnhs ern tjn ernes wjbajcnhegc bhprlvnhngt bd Bgcbes dllcsnatlr wbsj tl afebh tl kn ehlgm tjnknst bg tjn wlrfc.

Es pnr nxpnrts eklut 30 pnr angt ldBgcbes dllc prlcuatblg mlns bg westnlr bs ugekfn tl rneaj algsuhnrs cun tlfeai ld prlpnr rlecs, slugc flmbstbas,

nddbabngt tregsplrtetblg systnhs egcsubtekfn stlremn aepekbfbtbns. Errnstbgmtjbs prlkfnh wbff et fnest prlvbcn dllctl hegy gnncy pnlpfn wjl suddnr drlhhefgutrbtblg lr ugcnr-glurbsjhngt lglgn jegc egc sbhuftegnlusfy, krbgmclwg tjn dllc prban vlfetbfbty bg tjnherint lg tjn ltjnr jegc.

Bd westemn prlkfnh aeg kn teaifnc,tjn bgdfetblgery tngcngabns bg dllcbtnhs aeg efsl kn ajnainc. Sjbs jesrebsnc bts umfy jnec bg tjn rnangt tbhnshlrn tjeg ldtng, tjus cbsturkbgm tjnalgsuhptblg pettnrg egc jbgcnrbgm

cnhegcs bg tjn herint. Et tjn plfbay fnvnf, tjn cnketn lg

huftb-kregc DCB bs eg urmngt gnnc. Sjnaurrngt plfbay wbtj rbcnrs bg bts prnsngtdlrh jes glt knng ekfn tl bhprnssuplg bts ebh prlpnrfy, gnbtjnr tl flaefpfeynrs glr tl tjn espbrbgm ngtregts.DCB bg huftb-kregc rntebfbgm eddnatsdllc rntebfbgm bg e heolr wey tjus etjlrlumj rnvbnw ld tjn plfbay bs vnryaruabef dlr tjn snatlr tl mrlw.

[ntebf herint Dllc herint

;050 ;053 ;0;0

AEM[ 54%


28/433


29/433|;:|BGCBE DLLC [NPL[S ;054

Algstbtutbgm hlrn tjeg 40 pnr angt ld Bgcbes tltef rntebf herint egc eklut20 pnr angt ld tjn lvnreff dllc herint, Dllc Mrlanry (DM) rnprnsngts tjnfermnst rntebf vnrtbaef. Sjn nxtngsbvn regmn ld prlcuats lddnrnc, ehpfbdbnc kyrnmblgef egc flaef testns, mnlmrepjbaef cnhegcs, aufturef egc trecbtblgefdllc jekbts, egc verbnc algsuhnr prndnrngans, heins bt e cygehba herint.Sjn herint nxbsts bg verbnc dlrhs egc rneajns tjn ngc algsuhnrs tjrlumjeff typns ld rntebf ajeggnfs, suaj es jewinrs, pnccfnrs, aert-crbvbgm strnntvngclrs tl hlcnrg rntebfnrs lpnretbgm supnrherints, jypnrherints, spnabeftydllc stlrns egc sjlppbgm wnksbtns.

Dllc mrlanryherint


30/433BGCBE DLLC [NPL[S ;054 |;2|

DLLC M[LAN[R HE[INS5.;

;050 ;053 ;0;0

DM Herint

4,000,000

>,000,000

3,000,000

1,000,000;,000,000

5,000,000

-

AEM[ 5>%

Qluran? AQL

Srngcs ld Dllc Qjern bg PDAN (%)

13

11

15 15

;2

15

10

;2 ;2

;003-0> ;00>-04 ;004-0= ;00=-0: ;00:-02 ;002-50 ;050-55 ;055-5; ;05;-51

DM AlgsuhptblgEaalrcbgm tl tjn rnangt cete rnfnesnc

ky AQL, tjn algsuhptblg nxpngcbturnlg dllc btnhs bs lg tjn rbsn. Dlr tjnpnrblc drlh ;0030> tl ;05;51, tjndllc nxpngcbturn mrnw et e AEM[ ld 5;.>pnr angt. Bg ;0030>, jlusnjlfcs usnctl spngc tjn jbmjnst lg anrnefs ehlgmeff dllc btnhs dlfflwnc ky drubts egcvnmntekfns, egc hbfi egc hbfi prlcuats.Sjbs trngc sew e ajegmn lvnr tjn gnxtgbgn yners. Ky ;05;51, tjn jbmjnst spngcwes lg drubts egc vnmntekfns dlfflwnc kyhbfi egc hbfi prlcuats. Sjn spngc sjernlg anrnefs mlt rncuanc, tjus snttfbgm ettjn tjbrc regi.

Sjn ltjnr btnhs wjbaj mebgncbgarnesnc sjern bg dllc nxpngcbturncurbgm tjn sehn pnrblc bgafucnc pufsns,hnet, nmms egc dbsj. Qpbans hebgtebgnctjn sehn sjern es wes bg ;0030>.

lutfnts jes knng teibgm pfean et e hbxncretn cnpngcbgm lg tjn dlrhet. Sjn

guhknr ld lutfnts bg sheffnr dlrhetsbgarnesnc et e stnecy pean lvnr tjn ynerswjnrnes nxpegsblg ehlgm fermn dlrhetsalgtbgunc wbtj eg evnremn mrlwtj ld lvnr5; pnr angt. Bt bs tjn spnabefty dlrhet ldDM snmhngt wjbaj jes mrlwg ky lvnr 30pnr angt. Bd sheffnr-sbznc lutfnts prlvbcntjn ecvegtemn ld cnnpnr pngntretblg egcmrlw hlrn bg guhknrs tjeg fermn-sbznclutfnts, bt bs tjn fermn-sbznc lutfnts suajes jypnrherints (wjbaj ern usueffymubcnc hlrn ky stretnmba kut fbhbtncprnsngan bg abty ernes) wjbaj jevnalgtrbkutnc sbmgbdbaegtfy bg bgarnesbgm tjn

tltef rntebf erne cncbaetnc tl DM prlcuats.Bg tnrhs ld rnvngun, tjn sehn-stlrnsefn bg tjn snmhngt jes mrlwg et egevnremn ld 51 pnr angt earlss eff dlrhetscnefbgm bg DM.

DM Herint Qbzn & MrlwtjSjn DM rntebf herint bs aurrngtfy pnmmnc

et [s. ;1,00,>00 arlrn (~$ 1:1 kbffblg).Mrlwbgm et 5> pnr angt, tjn herint bsnxpnatnc tl arlss [s. 1>,40,000 arlrn(~$ >21 kbffblg) ky ;05=. Ky ;0;0, bt bsnstbhetnc tl clukfn bts aurrngt sbzn.Hlcnrg DM rntebf herint, wjbaj bsaurrngtfy fnss tjeg ; pnr angt ld tjn tltefherint, bs nxpnatnc tl mrlw et ;0;> pnrangt pnr egguh. ]btj tjn sehn mrlwtjretn, tjn herint bs wnff plbsnc tl nvngtrbpfn bts prnsngt sbzn ky ;0;0.

Sjn rntebf nxpegsblg ehlgm hlcnrgDM rntebfnrs bg tnrhs ld guhknr ld rntebf



^ttereijegc, ^tter Precnsj, Pugoek,Jeryege egc [eoestjeg, jlfcs tjn fermnstDM herint sjern ld aflsn tl 10 pnr angt.Sjn gnxt rnmblg bg tnrhs ld herint sbznsjern (;3 pnr angt) bs slutj Bgcbe, wbtj tjnstetns ld Egcjre Precnsj, Sehbf Gecu,Inrefe egc Iergeteie egc tjn ugblgtnrrbtlrbns ld Pucuajnrry, Feisjecwnnpegc Egceheg & Gbalker Bsfegcs.

:,000,000

=,000,0004,000,000

>,000,000

3,000,000

1,000,000

;,000,000

5,000,000

0

Qluran? AQL Dllc Algsuhptblg Sltef PDAN

;003-0>

;00>-04

;004-0=

;00=-0:

;00:

-02

;002-50

;050

-55

;055

-5;

;05;

-51

Herint Nstbhetblg EpprleajBt bs glt nesy tl meumn suaj e vest,alhpfnx egc snehfnss herint es tjnDM snatlr wbtj bts lvnrfeppbgm cbvnrsbty.Nqueffy cbddbauft bs tl alhhngt uplg btssuk-herints dlr tjn sehn rneslgs. Ql, bglrcnr tl alhhngt uplg tjn DM herintegc bts algstbtutbgm suk-herints, SjnBgcbe Dllc [nplrt jes rnfbnc uplg HPANcete rnfnesnc ky GQQL. Sjn cete jes knng

ajlsng dlr tjn dlfflwbgm rneslgs? Bt bs e stegcercbsnc pbnan ld

bgdlrhetblg ky tjn mlvnrghngtemngay, egc jngan prlvbcns arncbkbfbty,nstekfbsjns eutjngtbabty egc dlfflwsrnmufer upcetblg ld bgdlrhetblg.Bt bgalrplretns bgdfetblgery trngcs egcbhpeat ld ltjnr herint dlrans, wjbajern ekslrknc bg bts dbmurns.

Bt bs kesnc lg e fermn guhknr ldjlusnjlfc survnys ngalhpessbgmsbznekfn sehpfn sbzn ld ruref egcurkeg snmhngts ld eff stetns egcugblg tnrrbtlrbns, egc bgafucns eg

nxtngsbvn fbst ld btnhs egc tjnbralgsuhptblg cete et aurrngt herintprbans. Eff tjnsn deatlrs dlrh egbgtnmref pert ld tjn rntebf herint.

Sjn cete alffnatnc curbgm survnys bset algsuhptblg fnvnf egc glt et tjnprlcuatblg fnvnf, es bs tjn aesn wbtjPDAN cete. Sjus, bt aepturns tjn ngc-algsuhnr spngcbgm knjevblur et sefnprban, wjbaj bs egltjnr jeffheri ld tjnrntebf herint.

Sjn HPAN cete wes struaturnc egcegefysnc ugcnr verblus krlec jnecs tlerrbvn et rnmblgef egc suk-herint sjerns.Neaj suk-herint wes durtjnr snmhngtnceppfybgm tjn sehn epprleaj. Sjbshntjlclflmy wes eppfbnc tl egefysn tltefherint lgfy, egc bg gl wey clns bt bgcbaetnegy trngc ld hlcnrg rntebf herint ld DM.

Herint AlhplsbtblgEppfybgm tjn sehn epprleaj, Bgcbes DMherint wlrtj [s. ;1,00,>00 arlrn (~$1:1kbffblg) wes krling bgtl cbddnrngt suk-jnecs ld herints egc rnmblgs tl errbvn etrnspnatbvn herint sbzns.

[nmblgef alhplsbtblgGlrtj Bgcbe, wjbaj alhprbsns ld Cnfjb,Ajegcbmerj, O&I, Jbheajef Precnsj,

DM [nmblgef Herint

Qluran? GQQL9 HPAN egefysbs

Glrtj Glrtj-nest Nest]nst Qlutj

;3.3%

1.4%

;2.4%

;0.3%;;%


32/433BGCBE DLLC [NPL[S ;054 |15|


Kesnc lg tjn rnspnatbvn plpufetblgsbzn ld neaj rnmblg, tjn hlgtjfy pnraepbte DM herint dlr tjn glrtj, glrtj-nest, nest, wnst egc slutj rnmblg bs [s.5,>30, [s. 5,>5;, [s. 5,1;=, [s. 5,=02 egc[s. 5,:>0, rnspnatbvnfy. Jlwnvnr, bt bs tjnwnst egc slutj rnmblgs wjbaj jevn jbmjnrhlgtjfy pnr aepbte DM herint tjeg tjneff-Bgcbe dbmurn, wjbaj stegcs et [s. 5,>:4.

Pnr aepbte dbmurns summnst tjet lg egevnremn, nvnry Bgcbeg bs kuybgm DM btnhs

wlrtj [s. >1 pnr cey, wjbaj bs ekysheffyflw. Sjn dbmurn ld [s. >1 hnegs eklut;1 im ld wjnet dflur lr e fbttfn lvnr 5fbtrn ld hbfi lr 5 im ld tlhetlns lr e dnwnmms. Sjbs bs glt suddbabngt dlr nvng lgnalhpfntn hnef dlr e pnrslg. Sl hnnt tjbskuybgm kucmnt, eg Bgcbeg algsuhnr bsrnqubrnc tl dlrnml lgn lr tjn ltjnr pertld wjlfnslhn egc alhpfntn hnef bg e cey.Egltjnr alganrg bs tjet tjrnn lut ld dbvnrnmblgs deff nvng knflw [s. >1 pnr cey.

Et tjn sehn tbhn, tjnrn bs e plsbtbvnsbcn tl tjbs eferhbgm egc wlrrbslhnsangerbl tjn herint bs stbff mrlwbgm

et e jneftjy retn ld 5> pnr angt egc tjnplpufetblg bs mrlwbgm et 5.4 pnr angt pnregguh. Sjbs hnegs tjet tjn herint stbffjes jumn lpplrtugbty tl snrvban nvngkbmmnr herints bg tjn duturn.

]btj bgarnesbgm bgalhn, bhprlvncprlcuatblg aepekbfbty, mrlwbgm dllcprlanssbgm snatlr egc mrlwbgm cnhegcdlr verbnty bg dllc btnhs wbff cndbgbtnfywlri bg devlur ld pusjbgm tjn herint sbzn.Sjn mrlwbgm sbzn ld herint wbff efsl pusjtjn hlgtjfy pnr aepbte spngcbgm tlwercsjbmjnr spngcs.

DM suk-herintsEppfybgm tjn sehn hntjlclflmy, tjnnxtngsbvn fbst ld eff dllc btnhs ld HPAN wesmrlupnc ugcnr snvng krlec aetnmlrbnsld Cry Dllc Mrlanry (CDM), Cebry, Qpbans,Drnsj Prlcuan, Pnrbsjekfns, Knvnremnsegc Ltjnr Prlanssnc Dllcs (LPD).Gnncfnss tl sey, tjn fermnst ehlgm tjnsnmrlups bs CDM wbtj lvnr lgn-tjbrc herintsjern. Bt bgafucns anrnefs, mrebgs, mrehs,pufsns, fnmuhns, ncbkfn lbfs, sumer egccry drubts. Qpbans eflgm wbtj seft jevnknng mrlupnc snperetnfy sbgan tjny snrvnes eaalhpegbhngts tl CDM fbin ltjnr

dllc mrlups. Cebry bgafucns hbfi egc effhbfi prlcuats, suaj es ajnnsn, kuttnr,aurc, keky dllcs, nta. Drnsj prlcuan bstjn dllc mrlup tjet bgafucns kltj drubtsegc vnmntekfns. Pnrbsjekfns bgafucnnmms, hnet, dbsj, snedllc, mehn, pluftryegc ltjnr suaj btnhs lrbmbgetbgm drlhfbvnstlai egc herbgn fbdn. Knvnremns dlrhcrbgis fbin tne, alddnn, peaiemnc crbgibgmwetnr, dfevlurnc lr aerklgetnc crbgis,oubans egc ltjnr glg-efaljlfba knvnremns,

kut nxafucns efaljlfba knvnremns. LPDalgtebgs eff dllc DHAM, suaj es sgeais,

kbsaubts, keinry btnhs, swnnts egcalgdnatblgnry egc tekfn eaalhpegbhngts,suaj es pbaifns, seuans, intajups,sprnecs, prnsnrvns, tlppbgms, nta.

Dlaus ld Hlcnrg DM [ntebfnrsSjlumj rnfetbvnfy sheff, kut DM rntebfbgmbg bts hlcnrg eveter bs nvlfvbgm repbcfy.Drlh flaef mrlanry stlrns egc aertvngclrs, bt jes suaanssduffy essuhnctjn dlrh ld fermn supnrherints egcjypnrherints, wjbaj crbvn e fermn pertld tjnbr kusbgnss ky snffbgm DM btnhsbg fermn vlfuhns. Bg deat, tjn herint bsekuzz wbtj tjn ngtry ld lgfbgn pfeynrswjl jevn eaanptnc tjn ajeffngmn ldprlvbcbgm drnsj egc quefbty hnrajegcbsnld DM btnhs, wjbaj ugtbf e dnw yners emlwes pnranbvnc es e crneh. Sjn olurgny

jes knng desabgetbgm, ajeffngmbgm yntnxabtbgm dlr eff steinjlfcnrs tl fnerg tjntrbais ld tjn trecn. Bg rnangt tbhns, DMrntebfbgm jes sjlwg slhn bgtnrnstbgmtrngcs tjet jbmjfbmjt tjn bhplrtegan ldbgglvetblg, duturn vbsblg egc tjbgibgm lut-ld-tjn-klx epprleaj tl snrvn algsuhnrswjbfn eajbnvbgm alhhnrabef mlefs. Sjndlfflwbgms ern slhn ld tjn iny trngcs tjettjn bgcustry jes knng wbtgnssbgm lvnr tjnfest dnw yners?

DM Herint Pbn

Qluran? GQQL9 HPAN egefysbs

Ltjnr PrlanssncDllcs (LPD) 2%

Knvnremns:%

Pnrbsjekfns2%

Drnsj Prlcuan5=%

Qpbans4%

Cebry54%

Cry Dllc Mrlanry(CDM) 1>%

Dlt

lmreDDD

/Qju

ttnrstlai

.alh


33/433|1;|BGCBE DLLC [NPL[S ;054

Qhert nxpegsblg[ntebf nxpegsblg bg Bgcbe wbtgnssnc e

cbstbgat trngc ld eaqubsbtblg egc hnrmnrs.Sjn trngc jes knng nqueffy nddnatbvn bgDM snmhngt es wnff. Jlwnvnr, eaqubsbtblgwbtj bgtnffbmngt tjlumjts heins tjnnddlrts hlrn drubtduf. Sjn rntebfnr gnncstl snn wjnrn tjn algsuhnrs ern egcjlw aeg tjny kn rneajnc bg tjn hlstnddbabngt heggnr vbe tjnsn eaqubsbtblgs.Sjn shert wey bs tl bcngtbdy gnw herints,gnw pertgnrs egc gnw stretnmbns dlrlptbhbsbgm tjn nxpegsblg. Sein tjn aesnld Duturn Algsuhnr Ngtnrprbsn Fbhbtnc(DANF), wjbaj alhpfntnc bts eaqubsbtblgld tjn dehlus Gbfmbrbs algvngbngan stlrn

ajebg bg slutjnrg Bgcbe ky tjn ngc ld;053. Sjn Gbfmbrbs ajebg jec e strlgmrntebf prnsngan bg tjn stetns ld Inrefe,Iergeteie, Egcjre Precnsj egc SehbfGecu. Sjbs eaqubsbtblg efflwnc tjn DuturnMrlup tl nxpegc earlss slutj Bgcbegabtbns, tjus rneajbgm tjn ajebgs algsuhnrkesn bg tjn rnmblg. Qbgan tjn mrlup clnsglt jevn nbtjnr bts IKs Debr Prban lrEcjeer kregc prnsngt, tjnbr teibgm lvnr ernmblgef pfeynr wbtj strlgm rntebf prnsnganhecn mllc sngsn.

Ml kbm

Ml kbm bs egltjnr kusbgnss tjlumjt tjetjes fnc tl nxpegsblg ld kbm klx dlrhetsbg DM rntebfbgm. Qlhn rntebfnrs dnft tjethegembgm uhptnng guhknrs ld sheffnrlutfnts egc tjnbr flmbstbas lvnr e wbcnrmnlmrepjba erne bs glt e wbsn lptblg.Bgstnec, nxbstbgm tjrlumj fermn dlrhet ldjypnrherints bg e abty wbtj dnwnr lutfntslddnrs hlrn dlaussnc kusbgnss sngsn.Bg tjbs aesn, e hbgbhuh hegemnhngtnddlrt bs rnqubrnc wbtj fbhbtetblg lgwestemn ld rnslurans, wbtj hlrn dlauslg cnfbvnregan ld nddbabngay. Eppfybgmtjn sehn epprleaj, [P-Qegobv Mlngie

Mrlups rntebf erh ld Qpnganrs knmegdlaussbgm lg bts jypnrherint dlrhets.Bt jes sjut clwg snvnref ld bts sheffdlrhet stlrns egc pfegs tl lpng 505>jypnrherints bg tjn gnxt dnw yners.Jypnrherints crbvn vlfuhn kusbgnss egcprlvbcn saefn ld nalglhbns egc knttnrhermbgs lwbgm tl shert hnrajegcbsn hbxwbtj verbnc hermbgs hbx.

Lhgb-ajeggnf rlutnJevbgm e stlrn bs gl flgmnr suddbabngt,

nspnabeffy wjng n-alhhnran bs mlbgmvbref bg tjn herint. ]btj dest-peanc fbdnmebgbgm hlhngtuh bg urkeg ernes, lgnaegglt nxpnat e algsuhnr tl innp vbsbtbgmtjn stlrn dlr sjlppbgm. Sjn rntebfnrs ernfllibgm tl nxpegc knylgc rnmufer krbai-egc-hlrter stlrns egc ern teibgm tjnlgfbgn rlutn tl nxpegc tjnbr rneaj. Sjnlgfbgn ajeggnf prlvbcns ehpfn lpplrtugbtytl tnst herints bg gnw mnlmrepjbns. Btprlvbcns cete tl hein stretnmba cnabsblgs.Sjn lgfbgn wbgclw lddnrs kregc bhemnryegc rnalmgbtblg. Hlst bhplrtegtfy, btngekfns pngntretblg bgtl algsuhnrs

jlhns egc wlripfeans. Sjn trngc snnhstl kn ettreatbgm rnmblgef pfeynrs es wnff.Dlr bgstegan, Mle-kesnc supnrherintajebg Hemslgs jes pfegs tl bgtrlcuanbts n-alhhnran hlcnf. Sjn rntebfnr bsugcnrmlbgm trbef rugs egc jes pfegs tl mlduffy dugatblgef bg tjn lgfbgn rlutn ky gnxtyner. Sjn lgfbgn wbgclw wbff kn bg eccbtblgtl bts nxbstbgm ajebg ld stlrns, wjbaj bsalgdbgnc tl tjn stetn ld Mle es ld glw.

Algsuhnr ncuaetblgBgtnrgetblgef dllcs egc dllcalhhlcbtbns tluajbgm Bgcbeg sjlrns bs

gltjbgm gnw kut wbtj ajegmbgm tbhns,tjbs trngc bs mnttbgm snmhngtnc egcrndbgnc. Cnspbtn e snatblg ld algsuhnrsprlmrnssbgm tl jbmjnr fnvnfs ky knbgmspnabdba bg tjnbr cnhegc dlr bgtnrgetblgefdllc btnhs, tjnrn bs stbff e fermn algsuhnrkesn wjbaj rnqubrns ewerngnss eklut

verblus spnabeftbns drlh cbddnrngt perts ldtjn mflkn. Sjbs jes hecn tjn alhpegbns,

kregcs egc rntebfnrs alhn up wbtjbgglvetbvn herintbgm aehpebmgs wbtj egebh tl krbcmn tjn mep ld ugdehbfberbty egcjefd-ewerngnss. Sjn herint jes lksnrvnciny cnvnflphngts bg tjbs rnmerc fbin esbtuetblg wjnrn slhn Bgcbeg algsuhnrsern ewern ld lfbvns kut ern glt ewern ldlfbvns drlh cbddnrngt alugtrbns egc tjnbrspnabefty. Qbhbferfy, hegy algsuhnrs ernugewern ld tjn prlpnr usn ld bhplrtncseuans, nxltba drubts egc vnmntekfns,hbxns egc ltjnr spnabefbtbns, wjbfnprnperbgm eutjngtba aubsbgns egc cbsjnset jlhn. Quaj jegcbaeps glt lgfy hein

algsuhnrs ugalgdbcngt eklut kuybgmtjnsn prlcuats kut efsl eddnat e rntebfnrskusbgnss bg turg. Ql, bt bs tjn rntebfnrsrnsplgsbkbfbty tl hein tjnbr algsuhnrsmnt rbc ld suaj kerrbnrs, tjus bhprlvbgmsefn ld tjnsn prlcuats. Sl eccrnsssuaj bssuns curbgm tjn fest quertnr ldtjn aefngcer yner ;053, tjn DM herintsew lgn suaj bgbtbetbvn wjnrnbg Lfbvnsdrlh Qpebg aehpebmg wes feugajnc tlrebsn ewerngnss eklut Qpegbsj lfbvnsegc tjnbr usn. Efhlst curbgm tjn sehntbhn, tjnrn wes tjn Nurlpneg gblgs1-wnni flgm Sestns ld Nurlpn aehpebmg,

wjbaj bgafucnc [nsteuregt ]nniDnstbvef, [ntebf Sestbgm ]nni, bgcustrysnhbgers, ncuaetbvn egc bgdlrhetbvnwlrisjlps, egc fbvn allibgm snssblgsdneturbgm rnglwgnc aufbgery nxpnrts.Quaj aehpebmgs ern termntnc et kltj algsuhnrs egc tjn bgcustry.

Fermnst rntebf herint egc e kesba algsuhptblg aetnmlry Herint bs crbvng ky eff algsuhnr snmhngts Bt bs e hebgstey ld jlusnjlfc algsuhptblg

Qtrngmtjs

Nxpegcbgm supnrherints, dllc stlrns egc jypnrherint ajebgs Hegudeaturnrs bhprlvbgm dllc peaiembgm egc quefbty Mrlwbgm cnhegc dlr bhplrtnc, lrmegba egc spnabefty dllcs

Lpplrtugbtbns

Jbmjfy sngsbtbvn tl bgdfetblg Feais strlgm suppfy ajebg hnajegbsh tl algtebg westemn Flw pnr aepbte algsuhptblg egc hegy dllc btnhs ern knflw bgtnrgetblgef quefbty egc gutrbtblgef stegcercs

]neignssns

Qtrntajnc bgdfetblg pnrblcs eddnatbgm algsuhnr spngcbgm Feai ld alfc stlremn deabfbtbns, kerrbnrs tl bhplrtnc egc nxltba dllc Eksngan ld bgvnstlr-drbngcfy DCB plfbay egc bts nxnautblg

Sjrnets


34/433BGCBE DLLC [NPL[S ;054 |11|


SLP DLLC ALHPEGBNQ BG BGCBEBgcbes fermn dllc snatlr jes tjlusegcs ld alhpegbns lpnretbgm egc snrvbgm algsuhnrs drlh eff snmhngts.Jlwnvnr, tjnrn ern e dnw tlp dllc mbegts bg tjn alugtry wjl jevn e heolr herint-cndbgbgm sjern bg tjn dllcherint. Sjny ngoly tjbs fermn herint sjern cun tl tjnbr dbgegabef egc herintbgm alhpntngan, wjbaj efflwtjnh tl pngntretn egy ajeffngmbgm herint tjrlumj tjnbr strlgm cbstrbkutblg gntwlri, nddbabngt hegudeaturbgmaepekbfbtbns egc e wbcn regmn ld prlcuat lddnrbgms. Sjbs rnplrt jes pbainc up slhn ld tjn tlp retbgm alhpegbnswjlsn dllc kusbgnss, eflgm wbtj ltjnr kusbgnss bgtnrnsts, jevn arnetnc e gbajn ld tjnbr lwg.

GNQSFGnstf bs ehlgm tjn wlrfcs fnecbgmgutrbtblg, jneftj egc wnffgnss alhpegy.Bt wes dlugcnc bg tjn yner 5:44, ky JngrbGnstfn bg Tnvny, Qwbtznrfegc, wjnrn btbs jnecquertnrnc. Sjn alhpegy jes egnhpflynn strngmtj ld eklut ;.: feij egcjes nbtjnr deatlrbns lr lpnretblgs bgefhlst nvnry alugtry bg tjn wlrfc. Sjnalhpegy knmeg trecbgm bg Bgcbe wey keaibg 525; ugcnr tjn gehn Gnstfn Egmfl-Qwbss Algcngsnc Hbfi Alhpegy (Nxplrts)Ftc. Et tjet tbhn, bt usnc tl bhplrt egc snffdbgbsjnc prlcuats bg tjn Bgcbeg herint.

Edtnr Bgcbes bgcnpngcngan bg 523=,

tjn nalglhba plfbabns ld tjn Bgcbegmlvnrghngt nhpjesbsnc tjn gnnc dlrflaef prlcuatblg. Sjbs hecn Gnstf dlrh ealhpegy bg Bgcbe egc snt up bts dbrst deatlrybg Hlme, Pugoek, wjnrn Gnstf dlaussnclg cnvnflpbgm cebry prlcuatblg. Gnstf jesknng e pertgnr bg Bgcbes mrlwtj dlr lvnrgbgn cnaecns glw. Sjn alhpegys eatbvbtbnsbg Bgcbe jevn deabfbtetnc cbrnat egc bgcbrnatnhpflyhngt egc prlvbcns fbvnfbjllc tleklut lgn hbffblg pnlpfn bgafucbgm derhnrsegc suppfbnrs ld peaiembgm hetnrbefs,snrvbans egc ltjnr mllcs.

Gnstf Bgcbe hegudeaturns prlcuats

ugcnr bgtnrgetblgeffy dehlus kregcgehns suaj es Gnsaed, Hemmb, Hbfiyker,Ibt Iet, Ker-Lgn, Hbfihebc egc Gnstne.Bg rnangt yners, tjn alhpegy jes efslbgtrlcuanc prlcuats ld cebfy algsuhptblgegc usn, suaj es Gnstfn hbfi regmn,cejb egc onnre rebte. ]btj efhlst eangtury-lfc prnsngan bg Bgcbe, tlceytjn alhpegy jes e getblgef prnsnganwbtj nbmjt hegudeaturbgm deabfbtbns. Sjnalhpegy snt up bts dbrst hegudeaturbgm

K[EGCQ GCN[ GNQSF BGCBE

Gnstfn, Nvnrycey, e+, EatbPfus,HbfihebcPrlcuats regmn?Hbfi egc gutrbtblgprlcuats bgafucbgm cebry wjbtngnrs,

aurc, rebte, hbfi egc algcngsnc hbfiGnstne, Gnsaedn Qugrbsn, Mlfc, Qnfnat,Aeppuaabgl, Ajlal HlajePrlcuats regmn?Knvnremns bg tneegc alddnn

HemmbPrlcuats regmn? Prnpernc cbsjns egcallibgm ebcs alvnrbgm gllcfns, slups,seuans, intajups, dfevlurbgm spbanhbx egc pestes

Ibt Iet, Hbfiyker, Ker-Lgn, Efpbgl,PlflPrlcuats regmn?Ajlalfetns egcalgdnatblgery bgafucbgm ajlalfetnkers, aegcbns, tlddnns, nta.

Qluran? Alhpegy wnksbtn

deabfbty et Hlme (Pugoek) bg 5245 dlfflwncky hegudeaturbgm deabfbtbns et Ajlfecb(Sehbf Gecu) bg 524=, Gegoegmuc(Iergeteie) bg 52:2, Qehefije (Jeryege)bg 5221, Plgce egc Kbajlfbh (Mle) bg522> egc 522= rnspnatbvnfy, egc PegtGemer (^ttereijegc) bg ;004. Bg ;05;,Gnstf snt up bts nbmjtj egc tjn hlstrnangt hegudeaturbgm deabfbty et Sejbwef(Jbheajef Precnsj). Bg eccbtblg, tjnalhpegys dlur kregaj lddbans ern flaetncet Cnfjb, Huhkeb, Ajnggeb egc Ilfiete,wjbaj jnfp bg deabfbtetbgm bts sefns egcherintbgm eatbvbtbns. Sjn alhpegys jnec

lddban bs flaetnc bg Murmelg, Jeryege.



Jbgcusteg ^gbfnvnr Ftc. (J^F) bs Bgcbesfermnst DHAM alhpegy wbtj e jnrbtemnprnsngan ld lvnr :0 yners bg tjn alugtry.Sjn alhpegy bs e pert ld nvnrycey fbdnld hbffblgs ld algsuhnrs earlss Bgcbe. Btbs nstbhetnc tjet tjn alhpegy, tjrlumjbts prlcuats egc snrvbans, tluajns tjnfbvns ld twl lut ld nvnry tjrnn Bgcbegs.]btj lvnr 1> kregcs speggbgm ;0 cbstbgataetnmlrbns, tjn alhpegys regmn bscbvbcnc bgtl dlur hebg cbvbsblgs dllcegc crbgi, pnrslgef aern, jlhn aern egc

purbdbnr. Eff tjnsn kregcs ngalhpessaetnmlrbns suaj es sleps, cntnrmngts,sjehplls, sibg aern, tlltjpestns,cnlclregts, alshntbas, tne, alddnn,peaiemnc dllcs, ban arneh egc wetnrpurbdbnrs. Bts plrtdlfbl bgafucns fnecbgmjlusnjlfc kregcs suaj es Fux, Fbdnkuly,

K[EGCQ GCN[ J^F

KruPrlcuats regmn?Alddnn

HemguhPrlcuats regmn?Ban arneh

Krllin Klgc 1 [lsns, [nc Feknf,Fbptlg, Seo Hejef, SezeePrlcuats regmn?Sne

IbssegPrlcuats regmn?Oehs, herhefecns,intajups egc squesjns

IglrrPrlcuats regmn?Qlups egc gllcfns

Iwefbty ]effsPrlcuats regmn?Ban arneh egcdrlzng cnssnrts

HlcnrgPrlcuats regmn?Keinry btnhs

EggepurgePrlcuats regmn?Dflur


Qurd Nxanf, [bg, ]jnnf, Debr & Flvnfy,PLGCQ, Tesnfbgn, Feih, Clvn, AfbgbaPfus, Qugsbfi, Pnpslcngt, Aflsnup,Exn, Krllin Klgc, Kru, Iglrr, Ibsseg,Iwefbty ]effs egc Purnbt. Dllc egc crbgiaetnmlry eflgn jes 5; kregcs.

Sjn alhpegy jes lvnr 54,000nhpflynns egc jes eg egguef turglvnrld [s. ;=,30: arlrn (dbgegabef yner ;051;053). J^F bs e suksbcbery ld ^gbfnvnr, lgnld tjn wlrfcs fnecbgm suppfbnrs ld desthlvbgm algsuhnr mllcs wbtj strlgm flaef

rllts bg hlrn tjeg 500 alugtrbns earlsstjn mflkn egc wbtj egguef sefns ld 32.:kbffblg bg ;051. ^gbfnvnr jes 4=.;> pnr angtsjernjlfcbgm bg J^F.

CEK^[Cekur Bgcbe Ftc. (CBF) bs lgn ld tjn fnecbgmclhnstba DHAM alhpegbns bg Bgcbe. Sjnalhpegy jevbgm rnvnguns ld lvnr [s.=,0=1 arlrn egc herint aepbtefbsetblgld ^Q$ > kbffblg bs 510 yners lfc. Sjnalhpegy bs prlhltnc ky tjn Kurhegdehbfy, wjbaj stertnc lpnretblgs bg 5::3es eg Eyurvncba hncbabgns alhpegy.Drlh bts juhkfn knmbggbgm bg tjn ky-fegns

K[EGCQ ^GCN[ CEK^[ BGCBE FSC.

Dllc [nef, [nef Eatbv, Kurrst,Jeohlfe, Jlhnhecn, Fnhlgnnz,Aepsbal, Fnhlg Dbzz, [lsn wetnrPrlcuats?Oubans, algdnatblgnry,pestns, algangtretns, seuans, crbgisegc dllc nssngan

Algsuhnr jneftj aern Mfualsn C,Mrbpn ]etnr, Jeohlfe, Jbgmlfb, PucbgJere, Qet Bsekmlf, Eatbvn Egteabc,Kfllc Purbdbnr, Jlgbtus, Oegeh MjutbPrlcuats?Ajyewegpresj, jlgny,cbmnstbvns, mfualsn plwcnr, ngnrmysuppfnhngts egc keky jneftj dllcs


Sjn alhpegy efsl dlreync bgtlhlcnrg rntebf bg ;00=, tjrlumj btsajebg ld stlrns snffbgm jneftj egckneuty prlcuats.

JBGC^QSEG ^GBFNTN[ FSC.

ld Ilfiete, Cekur Bgcbe Ftc. jes alhne flgm wey tlcey tl knalhn lgn ld tjnkbmmnst Bgcbeg-lwgnc algsuhnr mllcsalhpegbns wbtj tjn fermnst jnrkef egcgeturef prlcuat plrtdlfbl bg tjn wlrfc. Sjnalhpegy jes e wbcn cbstrbkutblg gntwlri,

alvnrbgm lvnr >.: hbffblg rntebf lutfntswbtj e jbmj pngntretblg bg kltj urkegegc ruref herints. Cekurs prlcuats efsljevn e jumn prnsngan bg tjn lvnrsnesherints egc ern tlcey evebfekfn bg lvnr40 alugtrbns erlugc tjn mflkn. Bts kregcsern jbmjfy plpufer bg tjn Hbccfn Nest,QEE[A alugtrbns, Edrbae, tjn ^Q, Nurlpnegc [ussbe. Cekurs lvnrsnes rnvnguntlcey eaalugts dlr lvnr 10 pnr angt ld tjntltef turglvnr.


36/433BGCBE DLLC [NPL[S ;054 |1>|


Sjn hestnr kregc ld tjn alhpegy Cekur bs ehlgm tjn alugtrys hlst

trustnc gehns egc tjn wlrfcs fermnstEyurvncba egc geturef jneftj aern kregc.Bt jes e plrtdlfbl ld lvnr ;>0 jnrkef/Eyurvncba prlcuats. Sjn alhpegysprlcuats plrtdlfbl bgafucns dbvn dfemsjbpkregcs wbtj cbstbgat kregc bcngtbtbns Cekur, tjn hestnr kregc dlr geturefjneftjaern prlcuats9 Tetbie, tjn kregcdlr prnhbuh pnrslgef aern prlcuats9Jeohlfe, e kregc dlr cbmnstbvns9 [nef,snrvbabgm oubans egc knvnremns9 egc Dnh,tjn kregc dlr debrgnss kfneajns egc sibgaern prlcuats. CBF tlcey lpnretns bg inyaetnmlrbns fbin jneftjaern, pnrslgef aern,

dllcs, jlhn aern egc algsuhnr jneftj.

MLC[NO DLLCQDllc kusbgnss bs ehlgm lgn ld tjndflurbsjbgm kusbgnssns ld Mlcrno

Mrlup, wjbaj wes nstekfbsjnc bgtjn yner 5:2=. Sjn Mrlup ngtnrncbg snaurbty nqubphngt egc slepssnmhngt, egc bs glw e ^Q$ 5.:=>kbffblg algmflhnretn. Mlcrno Mrlupbs ngmemnc bg ajnhbaefs, vnm lbfsegc rnef nstetn. Sjn vnm lbf cbvbsblgprlcuans ncbkfn lbfs, vegespetb egckeinry dets. Bt nxplrts bts prlcuatstl Glrtj Ehnrbae, Qlutj Ehnrbae,Esbe, Nurlpn, Eustrefbe egc Edrbae.Mlcrno dllc kusbgnss jes tjrnn hebgalhplgngts emrl-dllc snatlr, dllcprlanssbgm egc dllc rntebfbgm?

Mlcrno Emrlvnt?Dlrhnrfy e cbvbsblgld Mlcrno Qleps, Mlcrno Emrlvntwes rndlrhnc bg 52=5 wbtj e dlauslg tjn emrbaufturef snatlr. Lvnr tjnyners, tjbs cbvbsblg jes cnvnflpnc eaflsn rnfetblgsjbp wbtj derhnrs wbtjbts bgglvetbvn lddnrbgms bg tjn dlrhld egbhef dnnc, lbf pefh pfegtetblgs,emrlajnhbaefs egc pluftry.

Mlcrno Jnrsjny?Mlcrno jes ngtnrnc bgtle olbgt vngturn wbtj Sjn Jnrsjny Alhpegy

ld Glrtj Ehnrbae tl aetnr bg tjn dllc egcknvnremns snmhngt. ^gcnr tjbs bt jesfeugajnc kregcs fbin Gutrbgn, Ouhpbg,Mlcrno Zs, Slhetl Purnn, Mlcrno Sne, QldbtQlyhbfi, nta. Mlcrno Jnrsjny bs lgn ld tjnhlst rnspnatnc kusbgnss algmflhnretnsnstekfbsjnc bg ;004, wbtj e prbhn dlaus lgtjn dllc cbvbsblg. Sjn regmn ld prlcuatsdrlh tjn jlusn ld Mlcrno Jnrsjny alvnrs eguhknr ld p

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