A
PROJECT REPORT ON ³ANALYSIS OF PROFITIBILITY AND FINANCIAL POSITION OF FUTURE GENERALI LIFE INSURANCE´ c c c c cc c c c c c
c
c c c c c
c c c
c c c
c
c
c
c
c
c
c
cc ccccc c c cccccccccc c c
PREFACE c
c !"#"$%&'"c %()*+c ,c -. !/&$0c 1 &(123c &%c 1c %) 2" "$(c ( c (#"c (#" !"(& 12c 21%%! $ .2"*0"c (c #"2 %c ( c )$*"!%(1$*c (#"c %)45" (c !"c !" &%"2+c 1$*c !1 (& 12c & 2& 1(& $%c ,'1!& )%c $ " (% !10 1(& c 1% " (c ,c 1$10" "$(c ,)$ (& $c .$c 4%"!'1(& $%c1!"c%&0$&,& 1$(c( .1!*%c(#&%c!" !(c(!&"%c( c )(2&$"c&*"1c ,c ! ,"%%& $12c . !2*c 1$*c #"2 %c &$c )$*"!%(1$*&$0c $(!&4)(& $c &$c 2"1!$&$0c (#"c %)45" (c #"c !" !(c &%c (#"!", !"c *"%&0$"*c 1%c 1c !","!"$ "c ,c !01$&61(& $c ,)$ (& $&$0c !1(#"!c (#1$c +c* .$c&$%(!) "$(c #"c )! %"c ,c ! 5" (c &%c ( c 1/"c "c ,1 &2&1!c .&(#c *1+c ( c *1+c ,)$ (& $&$0c ,c 4)%&$"%%c#"c !"%"$(c!" !(c&%c1$c",, !(c&$c(#&%c*&!" (& $c +c #) 42"c "$*"1' !c 1$*c (&'"c &$c !"%"$(&$0c (#"c ! 5" (c !" !(c &%c ( c & 1!(c 1c 4121$ "*c &$(! *) (& $c1$*c/$ .2"*0"c ,c ,&$1$ &12c1$12+%&%7c.#& #c &%c1$c & !(1$(c &$("0!12c 1!(c ,c ,&$1$ &12c 1$10" "$((c &%c # "*c (#1(c (#&%c ! 5" (c .&22c %"!'"c 1%c %) !(&'"c* ) "$(c( c!"%"1! #c. !/"!c1%c",, !(%c#1%4""$(!&"*c( c 1/"c(#&%c!" !(c 1$c&$, ! 1(&'"7c%(& )21(&$07c1$*c%"2,"8 21$1( !+c c c c c c c c c c c c c c c c
c
ACKNOWLEDGMENT (#&$0c $ !"("c 1$c4"c1 #&"'"*c.&(# )(c1$c (& 12c 4&$1(& $c&$% &!1(& $c1$*c "!% &!1(& $c c. !/c 1$c4"c1 1$&"*c.&(# )(c(1/"$c(#"c0)&*1$ "c ,c"8 "!(%c (c &%c $2+c !&(& %c ,! c &$0"$& )%c (#1(c #"2 c (!1$%, ! c 1c ! *) (c &$( c 1c 9)12&(+c ! *) (cc !c(#&%7cc1 c 0!1(",)2c( c!c
c c , !c #&%c $%(1$(c"$ )!10" "$(c 1$*c &$'12)142"c !&(& 12c %)00"%(& $%c 0&'"$c *)!&$0c (#"c !"'&".c ""(&$0%c &%c (& "2+c 1*'& "c 1$*c #"2 c ! '"*c #&%c &( "$(c 1$*c ."2,1!"c ,c #&%c %()*"$(%c 1$*c (#"c &$%(&()("c1%c1c.# 2"c 1%(c4)(c $ (c(#"c 2"1%(7c )!c%&$ "!"c (#1$/%c( c122c(#"c " 4"!%c .# c ."!"c 1c '&(12c (#!)%(c ( c )!c (# )0#(%c 1$*c $""*%c (#! )0# )(c (#"c ,)$ (& $%c 1%%&0$"*c ( c 0! ) c ( c 0"(c * $"c 1$*c ! '"c )!c 4"%(c &$122+c (#1$/%c ( c (#"!%c 1(c 7c.# c )(c&$c$) "! )%c# )!%c( c 1/"c(#"c&$(1$0&42"c(1$0&42"c c c c c c c c c c c c c c
cc :cccc"!(&,& 1("ccc :c !",1 "ccc :c /$ .2"*0" "$(ccc :c 45" (&'"c;cc :c$(! *) (& $c cc :c 1$+c ! ,&2"ccc :c&("!1()!"ccc &42& 0!1 #+c;c c c c c c c c c c c c c ?c c c c c
OBJECTIVE #"c 1&$c 45" (&'"c ,c(#&%c ! 5" (c&%c( c)$*"!%(1$*c(#"c,&$1$ &12c %&(& $c ,c @@ c c c 1$*c ( c /$ .c (#"c & 1 (c ,c ! ,&(14&2&(+c $c &(%c 1!/"(c '12)"c #"%"c1!"c(#"c !& 1!+c1$*c%" $*1!+c 45" (&'"c&,c +c ! 5" (cc A&(#c(#"c#"2 c ,c(#&%c ! 5" (cc 1$c)$*"!%(1$*c(#1(c# .cc 1$c1$12+%"%c(#"c,&$1$ &12c %(1(" "$(c ,c 1$+c 1$+c 1$*c .#1(c 1!"c (#"c !1(& %c 1$+c /"+c &$*& 1( !%c 4+c .#& #c 1$+ $"c 1$c)$*"!%(1$*c(#"c,&$1$ &12c%(1()%c ,c 1$+cc ! .(#c)$*cc#"c,)$*c.&22c !&%"c ,c*"4(c%" )!&(&"%c&$c(#"c!1$0"c ,c;B7c "9)&(&"%c&$c(#"c!1$0"c ,c>;Bc1$*c $"+c 1!/"(c1$*c 1%#c&$c(#"c!1$0"c ,cBcc #"%"c ,)$*%c ! '&*"c &$'"%( "$(c%" )!&(+c( c(#"c 1 &(12c ,c(#"c )%( "!%c#! )0#c (#"&!c1%% &1(& $c.&(#1%c&8cC1c & ! c,&$1$ &12c&$%(&()(& $Dc1$*c (#"!c %7c '&'1c &,"c$%)!1$ "c$*&1c#1'"c4""$c142"c( c!"1 #c )(c( c(# %"c)$*"! !&'&2"0"*c.# c#1*c $ c1 "%%c( c&$%)!1$ "%c(&22c*1+c$c '&'1c&,"c$%)!1$ "c$*&17c(#)%7c4+c 4&$&$0c ! (" (& $c 1$*c 2 $0c ("! c %1'&$0%c (#"c )%( "!%c 1$c %1,"0)1!*c 1$*c ! '&*"c 2&,"c ! *) (%c , !c (#"&!c ,1 &2+c .&(#c (#"&!c #1$0&$0c $""*%c '&'1c &%c (#"c . !2*E%c ,&,(# 21!0"%(c&$%)!1$ "c0! ) c1$*c(#"c21!0"%(c&$%)!1$ "c%"!'& "%c ! '&*"!c&$c(#"ccc A"c1!"c $"c ,c(#"c2"1*&$0c ! '&*"!%c ,c2&,"c1$*c "$%& $c ! *) (%c&$c)! "c1$*c1!"c 1 (&'"2+c0! .&$0c )!c2 $0("! c%1'&$0%c4)%&$"%%"%c&$c %&1c 1 &,& c1$*c(#"c c(%c 1&$c1 (&'&(&"%c1!"c2 $0("! c%1'&$0%7c,)$*c 1$10" "$(c1$*c0"$"!12c&$%)!1$ "cc @&%& $Fc- $"c '&'17c(.& "c(#"c'12)"3cc +c. !/&$0c( 0"(#"!c1 ! %%c )!c4)%&$"%%"%7c."c.&22c (& &6"c )!c "!, ! 1$ "c&$c (#"cc 02 412c 1!/"( 21 "c1$*c 18& &6"c(#"c'12)"c."c 1$c0"$"!1("c, !c122c )!c %(1/"# 2*"!%c c c c c c c c c c
INTRODUCTION AN INTRODUCTION TO INSURANCE SECTOR IN INDIA $%)!1$ "c&$c$*&1c%(1!("*c.&(# )(c1$+c!"0)21(& $c&$c(#"c&$"(""$(#c"$()!+c (c .1%c 1c (+ & 12c %( !+c ,c 1c 2 $&12c "!1Fc 1c ,".c !&(&%#c &$%)!1$ "c 1$&"%c * &$1(&$0c(#"c 1!/"(c%"!'&$0c %(2+c21!0"c)!41$c "$(!"%c ,("!c(#"c&$*" "$*"$ "7c &(c ( /c 1c *!1 1(& c ()!$c $%)!1$ "c .1%c $1(& $12&6"*c &!%(7c (#"c 2&,"c &$%)!1$ "c 1$&"%c."!"c$1(& $12&6"*c&$c; 7c1$*c(#"$c(#"c0"$"!12c&$%)!1$ "c4)%&$"%%c.1%c $1(& $12&6"*c&$cc $2+c&$cc !&'1("c&$%)!1$ "c 1$&"%c#1'"c4""$c122 ."*c 41 /c&$( c(#"c4)%&$"%%c ,c&$%)!1$ "c.&(#c1c 18& ) c ,c Bc ,c, !"&0$c# 2*&$0c$c .#1(c, 22 .%7c."c*"% !&4"c# .c1$*c.#+c ,c!"0)21(& $c1$*c*"!"0)21(& $c#"c"$(!+c ,c (#"c (1("c 1$/c ,c $*&1c .&(#c &(%c ! %12c ,c 41$/c 1%%)!1$ "c 4!&$0%c 1c $".c *+$1 & %c&$c(#"c01 "cA"c%()*+c(#"c 22" (&'"c"8 "!&"$ "c ,c(#"c (#"!c )$(!&"%c&$c
%&1c 12!"1*+c *"!"0)21("*c (#"&!c 1!/"(%c 1$*c #1'"c 122 ."*c , !"&0$c 1$&"%c ( c 1!(& & 1("c,c(#"c"8 "!&"$ "c ,c(#"c (#"!c )$(!&"%c&%c1$+c0)&*"7c(#"c* &$1$ "c ,c (#"c&,"c$%)!1$ "c ! !1(& $c1$*c(#"c"$"!12c$%)!1$ "c ! !1(& $c&%c$ (c0 &$0c ( c*&%1 "1!c1$+c(& "c% $cc $%)!1$ "c)$*"!c(#"c!&(&%#c 15cc &,"c&$%)!1$ "c&$c(#"c *"!$c, ! c.1%c,&!%(c%"(c) c&$c$*&1c(#! )0#c1c!&(&%#c 1$+c 122"*c (#"c !&"$(12c &,"c $%)!1$ "c 1$+c &$c >>c , 22 ."*c 4+c (#"c 41+c %%)!1$ "c 1$+c &$c >c 1$*c (#"c 1*!1%c 9)&(142"c &,"c $%)!1$ "c &"(+c &$c >c 22c ,c (#"%"c 1$&"%c "!1("*c &$c $*&1c 4)(c *&*c $ (c &$%)!"c (#"c 2&'"%c ,c $*&1$%c #"+c ."!"c (#"!"c &$%)!&$0c (#"c 2&'"%c ,c )! "1$%c 2&'&$0c &$c $*&1c "c ,c (#"c 1$&"%c (#1(c %(1!("*c 21("!c *&*c ! '&*"c &$%)!1$ "c , !c $*&1$%c )(7c (#"+c."!"c(!"1("*c1%c G%)4%(1$*1!*Gc1$*c(#"!", !"c #1*c( c 1+c1$c"8(!1c !" &) c ,c Bc !c !"c#"c,&!%(c 1$+c(#1(c#1*c 2& &"%c(#1(c )2*c4"c4 )0#(c4+c$*&1$%c .&(#cG,1&!c'12)"Gc.1%c(#"c 41+c)()12c&,"c %%)!1$ "c &"(+c%(1!(&$0c&$c>cc
c c
#"c ,&!%(c 0"$"!12c &$%)!1$ "c 1$+7c!&( $c$%)!1$ "c 1$+c (*7c.1%c "%(142&%#"*c&$c>;c(c.1%c .$"*c1$*c "!1("*c4+c(#"c!&(&%#c#"c,&!%(c&$*&0"$ )%c 0"$"!12c&$%)!1$ "c 1$+c.1%c(#"c$*&1$c"! 1$(&2"c$%)!1$ "c 1$+c& &("*c %"(c ) c &$c 41+c &$c c +c >7c (#"c &$%)!1$ "c 1!/"(c &$c $*&1c .1%c 4)66&$0c .&(#c c 1$&"%cC4 (#c2&,"c1$*c$ $2&,"Dc ."'"!7c(#"c&$*)%(!+c.1%c 210)"*c4+c ,!1)*c "$ "7c 1c !"#"$%&'"c %"(c ,c !"0)21(& $%c .1%c )(c &$c 21 "c ( c %(" c (#&%c ! 42" c C%""c 142"c Dc +c ; 7c (#"!"c ."!"c ;=c $*&1$c &$%)!1$ "c 1$&"%7c c $ $$*&1$c &$%)!1$ "c 1$&"%c 1$*c ;c ! '&*"$(c % &"(&"%c (#1(c ."!"c &%%)&$0c 2&,"c &$%)!1$ "c 2& &"%c %(c ,c (#"%"c 2& &"%c ."!"c 1$("!"*c &$c (#"c &(&"%c C"% " &122+c 1! )$*c 4&0c &(&"%c 2&/"c 41+7c 12 )((17c "2#&c 1$*c 1*!1%Dc $c ; 7c (#"c (#"$c ,&$1$ "c &$&%("!c c c "%# )/#c 1$$ )$ "*c $1(& $12&61(& $c ,c (#"c 2&,"c &$%)!1$ "c 4)%&$"%%cc $ 2+c 15cc #"c$1(& $12&61(& $c ,c2&,"c&$%)!1$ "c.1%c5)%(&,&"*c 1&$2+c $c(#!""c )$(%cc CDc(c.1%c "! "&'"*c(#1(c !&'1("c 1$&"%c. )2*c $ (c ! ("c&$%)!1$ "c &$c!)!12c 1!"1%cCDc#"c '"!$ "$(c. )2*c4"c&$c1c 4"(("!c %&(& $c ( c #1$$"2c!"% )! "%c , !c %1'&$0c1$*c&$'"%( "$(c4+c(1/&$0c '"!c(#"c4)%&$"%%c ,c2&,"c&$%)!1$ "cc CDc 1$/!) ( &"%c ,c 2&,"c &$%)!1$ "c 1$&"%c #1*c 4" "c 1c 4&0c ! 42" c C1(c (#"c (& "c ,c (1/" '"!7c ;c &$%)!1$ "c 1$&"%c ."!"c 12!"1*+c 41$/!) (c 1$*c 1$ (#"!c ;c ."!"c $c(#"c'"!0"c ,c41$/!) ( +Dc#"c"8 "!&"$ "c ,c(#"c$"8(c, )!c*" 1*"%c. )2*c (" "!c(#"%"c'&".%cc c c c c c
c c
AN OVERVIEW OF INSURANCE INDUSTRY $%)!1$ "c #1%c 1c 2 $0c #&%( !+c &$c $*&1c &,"c $%)!1$ "c &$c &(%c )!!"$(c , ! c .1%c &$(! *) "*c&$c>>c.#"$c !&"$(12c&,"c$%)!1$ "c 1$+c4"01$c&(%c "!1(& $%c&$c $*&1c"$"!12c$%)!1$ "c.1%c# ."'"!c1c 1!1(&'"2+c 21("c"$(!1$(c &$c>;c.#"$c !&( $c$%)!1$ "c 1$+c%"(c) c&(%c41%"c&$c 2/1(1c &%( !+c ,c$%)!1$ "c&$c$*&1c 1$c4"c4! 1*2+c4&,)! 1("*c&$( c(#!""c"!1%Fc1Dc !"c1(& $12&61(& $c4Dc1(& $12&61(& $c 1$*c Dc %(c1(& $12&61(& $c&,"c$%)!1$ "c.1%c(#"c,&!%(c( c$1(& $12&6"c&$c; c&,"c $%)!1$ "c ! !1(& $c ,c $*&1c .1%c , ! "*c 4+c $% 2&*1(&$0c (#"c "!1(& $%c ,c '1!& )%c &$%)!1$ "c 1$&"%c "$"!12c $%)!1$ "c , 22 ."*c %)&(c 1$*c .1%c $1(& $12&6"*c &$c c "$"!12c $%)!1$ "c ! !1(& $c ,c $*&1c .1%c %"(c ) c 1%c (#"c $(! 22&$0c 4 *+c .&(#c ".c $*&17c $&("*c $*&17c 1(& $12c 1$*c !&"$(12c 1%c &(%c %)4%&*&1!&"%c#"c ! "%%c ,c "$&$0c ) c(#"c&$%)!1$ "c%" ( !c.1%c &$&(&1("*c101&$%(c (#"c 41 /0! )$*c ,c $ & c ", ! c ! "%%c .#& #c "$ "*c ,! c c !c (#&%c )! %"c12# (!1c &((""c.1%c, ! "*c*)!&$0c(#&%c+"1!c.# c%)4 &(("*c(#"&!c !" !(c&$c=c1$*c$%)!1$ "c "0)21( !+c"'"2 "$(c (cC Dc.1%c 1%%"*c&$c c "%)2(1$(2+c$*&1$c$%)!1$ "c.1%c "$"*c, !c !&'1("c 1$&"%c1$*c !&'1("c $%)!1$ "c 1$+c",," (&'"2+c%(1!("*c "!1(& $%c,! ccc c c c c c c c
c c
LITRATURE REVIEW $%)!1$ "c1!/"(c !"%"$(Fcc #"c &$%)!1$ "c %" ( !c .1%c "$"*c ) c , !c !&'1("c 1!(& & 1(& $c , )!c +"1!%c 10 c !c +"1!%c $ .7c (#"c !&'1("c 21+"!%c 1!"c 1 (&'"c &$c (#"c 2&4"!12&6"*c "$'&! $ "$(c #"c &$%)!1$ "c 1!/"(c #1'"c .&($"%%"*c *+$1 & c #1$0"%c .#& #c &$ 2)*"%c !"%"$ "c ,c 1c ,1&!2+c21!0"c$) 4"!c ,c&$%)!"!%c4 (#c2&,"c1$*c$ $2&,"c%"0 "$(c %(c ,c(#"c !&'1("c &$%)!1$ "c 1$&"%c#1'"c, ! "*c5 &$(c'"$()!"c 1!($"!&$0c."22c!" 0$&6"*c, !"&0$c 21+"!%c1 ! %%c(#"c02 4"cc #"!"c1!"c$ .cc&$%)!1$ "c 1$&"%c "!1(&$0c&$c(#"c$*&1$c 1!/"(cHc=c !&'1("c 2&,"c &$%)!"!%7c $&$"c !&'1("c $ $2&,"c &$%)!"!%c1$*c%&8c )42& c%" ( !c 1$&"%cA&(#c 1$+c !"c5 &$(c'"$()!"%c&$c(#"c ,,&$07c(#"c&$%)!1$ "c&$*)%(!+c&$c$*&1c( *1+c%(1$*%c 1(c1c ! %%! 1*%c1%c "(&(& $c&$("$%&,&"%c1$*c 1$&"%c !" 1!"c%)!'&'12c%(!1("0&"%c &$c% "$1!& cc #"!"c&%c !"%%)!"c,! c4 (#c.&(#&$c(#"c )$(!+c1$*c )(%&*"c $c(#"c '"!$ "$(c( c &$ !"1%"c(#"c !"&0$c&!" (c$'"%( "$(cCDc 2& &(c ,! c(#"c )!!"$(c Bc( c=B7c .#& #c. )2*c#"2 cI@c 1!($"!%c( c4!&$0c&$c,)$*%c, !c"8 1$%& $cc #"!"c1!"c
!()$&(&"%c&$c(#"c "$%& $%c%" ( !c.#"!"c!"0)21(& $%c1!"c4"&$0c,!1 "*c
"%%c (#1$c c Bc ,c $*&1$%c 14 '"c (#"c 10"c ,c c !" "&'"c "$%& $%c #"c c #1%c &%%)"*c (#"c ,&!%(c 2& "$%"c , !c 1c %(1$*12 $"c #"12(#c 1$+c &$c (#"c )$(!+c 1%c 1$+c !"c 21+"!%c .1&(c ( c "$("!c #"c #"12(#c &$%)!1$ "c %" ( !c #1%c (!" "$* )%c 0! .(#c ("$(&127c 1$*c 1%c &(c 1()!"%c 1$*c $".c 21+"!%c "$("!7c ! *) (c &$$ '1(& $c 1$*c "$#1$ " "$(c .&22c &$ !"1%"c #"c *"" "$&$0c ,c (#"c #"12(#c *1(141%"c '"!c (& "c .&22c 12% c122 .c 21+"!%c( c*"'"2 c1$*c !& "c ! *) (%c, !c21!0"!c%"0 "$(%c ,c% &"(+cc (1("c$%)!"!%c $(&$)"c c &$1("c#"!"c 1+c4"c! c, !c 1$+c !"c 21+"!%c &$c 1c 21!0"c )$*"!&$%)!"*c 1!/"(c 2&/"c $*&1c .&(#c 1c )21(& $c ,c '"!c $"c 4&22& $c)(c(#"c!"12&(+c&%c(#1(c(#"c&$("$%"c "(&(& $c&$c(#"c21%(c,&'"c+"1!%c#1%c 1*"c &(c *&,,& )2(c , !c $".c "$(!1$(%c ( c /"" c 1 "c .&(#c (#"c 2"1*"!%c 1$*c (#"!"4+c ,1&2&$0c ( c 1/"c1$+c& 1 (c&$c(#"c 1!/"(cc c c
2% c1%c(#"c !&'1("c%" ( !c $(! 2%c '"!c >Bc ,c(#"c2&,"c&$%)!1$ "c 1!/"(c1$*c '"!cc ;Bc ,c(#"c$ $2&,"c 1!/"(7c(#"c )42& c%" ( !c 1$&"%c%(&22c 122c(#"c%# (%cc #"c )$(!+E%c21!0"%(c2&,"c&$%)!"!7c&,"c$%)!1$ "c ! !1(& $c ,c$*&1cCD7c#1*c1c %#1!"cc ,c=>Bc&$c$".c4)%&$"%%c !" &) c&$ "c&$c '" 4"!c;cc & &21!2+7c(#"c, )!c )42& %" ( !c$ $2&,"c&$%)!"!%cHc".c$*&1c %%)!1$ "7c1(& $12c $%)!1$ "7c !&"$(12c$%)!1$ "c1$*c$&("*c$*&1c$%)!1$ "cHc#1*c1c 4&$"*c 1!/"(c %#1!"c ,c =Bc 1%c ,c ( 4"!c ;c c !)*"$(&12c &,"c $%)!1$ "c 1$+c $(&$)"%c ( c 2"1*c (#"c !&'1("c %" ( !c .&(#c 1c Bc 1!/"(c %#1!"c &$c ("! %c ,c ,!"%#c !" &) 7c .#"!"1%c c 41!*c "$"!12c $%)!1$ "c 1$+c &%c (#"c 2"1*"!c 1 $0c(#"c !&'1("c$ $2&,"c 21+"!%c.&(#c1c>Bc 1!/"(c%#1!"cc 41!*c#1%c , )%"*c $c 0! .&$0c (#"c 1!/"(c , !c 0"$"!12c &$%)!1$ "c ! *) (%c 1$*c &$ !"1%&$0c "$"(!1(& $c.&(#&$c"8&%(&$0c )%( "!%c(#! )0#c ! *) (c&$$ '1(& $c1$*c*&%(!&4)(& $cc
"1 #&$0c )(c c)%( "!%c c* )4(7c(#"c )%( "!c ! ,&2"c&$c(#"c&$%)!1$ "c &$*)%(!+c&%c #1$0&$0c.&(#c(#"c&$(! *) (& $c ,c21!0"c$) 4"!c ,c*&'"!0"$(c &$("! "*&1!&"%cc %) #c1%c4! /"!%7c ! !1("c10"$(%7c1$*c41$ 1%%)!1$ "cc #"c&$*)%(!+c$ .c*"12%c.&(#c )%( "!%c.# c/$ .c.#1(c(#"+c.1$(c1$*c.#"$7c1$*c 1!"c !"c *" 1$*&$0c &$c ("! %c ,c 4"(("!c %"!'& "c 1$*c % ""*&"!c !"% $%"%c A&(#c (#"c &$*)%(!+c122c%"(c( c '"c( c1c*"(1!&,,"*c!"0& "c4+c7c(#"!"c.&22c4"c $%&*"!142"c & ! '" "$(c &$c )%( "!c %"!'& "c 2"'"2%7c ! *) (c &$$ '1(& $c 1$*c $"."!c %(1$*1!*%c ,c)$*"!.!&(&$0cc $("$%"c "(&(& $c$c1c*"(1!&,,"*c"$'&! $ "$(7c "(&(& $c.&22c 1$&,"%(c&(%"2,c &$c
!& "%7c
! *) (%7c )$*"!.!&(&$0c !&("!&17c &$$ '1(&'"c %12"%c "(# *%c 1$*c
!"*&(. !(#&$"%%c$%)!1$ "c 1$&"%c.&22c '&"c.&(#c"1 #c (#"!c( c 1 ()!"c 1!/"(c %#1!"c(#! )0#c4"(("!c !& &$0c1$*c 2&"$(c%"0 "$(1(& $cc #"c41((2"c#1%c% c,1!c4""$c, )0#(c&$c(#"c4&0c)!41$c &(&"%7c4)(c&$c(#"c$"8(c,".c+"1!%7cc &$ !"1%"*c "(&(& $c.&22c*!&'"c&$%)!"!%c( c!)!12c1$*c%" &)!41$c 1!/"(%c 2 412c (1$*1!*%cA#&2"c(#"c. !2*c&%c"+"&$0c$*&1c, !c0! .(#c1$*c"8 1$%& $7c$*&1$c 1$&"%c1!"c4" &$0c&$ !"1%&$02+c. !2*c 21%%c1/"c(#"c 1%"c ,c7c.#& #c#1%c %"(c&(%c%&0#(c $c4" &$0c1c 15 !c02 412c 21+"!c, 22 .&$0c1c %> ! !"c&$'"%( "$(c c c
,! c (#"c $*&1$c 0 '"!$ "$(c #"c 1$+c $ .c "!1("%c &$c 1)!&(&)%7c &5&7c (#"c 7c !&c 1$/17c 1$*c " 12c 1$*c .&22c % $c %(1!(c "!1(& $%c &$c 1)*&c !14&1c (c 12% c 21$%c( c'"$()!"c&$( c(#"c ,!& 1$c1$*c %&1 1 &,& c!"0& $%c&$c cc #"c+"1!c;c.1%c1c("%(&$0c #1%"c, !c(#"c0"$"!12c&$%)!1$ "c&$*)%(!+c.&(#c1c%"!&"%c ,cc 1(1%(! #"%c#&((&$0c(#"c$*&1$c%)4 $(&$"$(c ."'"!7c.&(#c! 4)%(c!"&$%)!1$ "c ! 0!1 %c&$c 21 "7c&$%)!"!%c#1'"c%) "%%,)22+c 1$10"*c( c(&*"c '"!c(#"c !&%&%c.&(# )(c1$+c1*'"!%"c& 1 (c $c(#"&!c4121$ "c%#""(%cc A&(#c 2&,"c &$%)!1$ "c !" &) %c 4"&$0c 5)%(c ;Bc ,c c 1$*c 0"$"!12c &$%)!1$ "c !" &) %c 4"&$0c ;Bc ,c 7c (#"c
!()$&(&"%c &$c (#"c $*&1$c 1!/"(c 21 "c &%c
& "$%"c#"c$"8(c,&'"c+"1!%c.&22c4"c #122"$0&$0c4)(c(# %"c(#1(c 1$c4)&2*c% 12"c1$*c 1!/"(c%#1!"c.&22c%)!'&'"c1$*c ! % "!cc c c c c c c c c c c c c c c c c c c c c c c c
SWOT ANALYSIS #"c A c1$12+%&%c ,c$%)!1$ "c%" ( !c&%c1%c, 22 .%Fcc c (!"$0(#@"!+c0 *c 2& &"%c ,c2&,"c '"!10"c cA"1/$"%%"%F)$142"c( c $'&$ "c(#"c " 2"c14 )(c(#"c ! *) (%c#"!"c1!"c$ (c ) #c1*'&% !%c, !c(#"c&$%)!1$ "c 1$&"%cc c !()$&(&"%F$(1 "*c!)!12c%" ( !c1$*c% 122c( .$%c =c#!"1(%F0! .&$0c "(&(& $c,! c21!0"!cJ%c c
c c c c c c
c c
a a a a a a Indian PartnerInternational Partner
2 & c&$1$ "c 22&1$6c 2*&$07c"! 1$+cc 1(1c "!& 1$c$(c! ) 7c cc c&!21c! ) cK)!& #c$%)!1$ "7c .&(6"!21$*cc c !)*"$(&127ccc )$*1!1 c&$1$ "cccccA&$("!(#)!c$%)!1$ "7c .&(6"!21$*c &$*)%(1$c& "%c "! &12c$& $7cccccccccccccc 1$418+ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc &0$17c c c (1$*1!*c&,"7cc c 41+c+"&$0cccccccccccccccccccccccccccccccccccccccccccccccccc"$"!12c &*"$(7c c #!&!1 +12c )$c 22&1$ "7ccc 14)!c! ) c 22%(1("7c cc (1/c1#&$*!1c#)447c cc *!"5cIc (#% #&2*7ccc 1$ 1!c! ) c& 7c )%(!12&1cc # 21 1$*121 )1!*&1$c +12c8 #1$0"7ccc c *&! ) c"012c
Directors Report REVIEW OF OPERATIONS:c c c
#"c()!$ '"!c ,c(#"c 1$+c*)!&$0c(#"c+"1!c&%c %;>1 %c 1!"*c( c =cc 1 %c # .&$0c*" !"1%"c4+c %;c1 %c,! c(#"c !!"% $*&$0c+"1!c"$*"*c %(cc 1! #7cc*)"c( c,122c&$c 1!/"(&$0c $*&(& $%c FIXED DEPOSITFc #"c 1$+c#1%c$ (c1 " ("*c1$+c,&8"*c*" %&(%c*)!&$0c(#"c+"1!c AUDITORS:
)*&( !%c ,c(#"c 1$+cL%cIc c 14
&$( "$(c,! c
(#"c "$*c ,c (#"c "$%)&$0c $$)12c "$"!12c ""(&$0c (&22c (#"c $ 2)%& $c ,c (#"c $"8(c
$$)12c"$"!12c""(&$c1(c1c!" )$"!1(& $c 1+142"c1%c 1+c4"c*" &*"*c %c!"9)&!"*c )$*"!c(#"c ! '&%& $%c ,c " (& $c=C2D7(#"c 1$+c#1%c!" "&'"*c "!(&,& 1("c(#1(c (#"c1
&$( "$(7c&,c 1*"c%#122c4"c.&(#&$c(#"c2& &(%c1%c%"(c* .$c&$c%1&*c%" (& $cc
c DIRECTORS; $c1 !*1$ "c.&(#c !(& 2"c c ,c(#"c !(& 2"%c ,c %% &1(& $c ,c(#"c 1$+7c #!&c I1(&$c) (1c< 4!& 1.1$c) (1c!"(&!"c4+c! (1(& $c1$*c4"&$0c"2&0&42"7c ,,"!%c#& %"2,c , !(#"&!c!"1
&$( "$(c#"c 1!*c!" "$*%c(#"&!c!"1
&$( "$(c #!&c #1$c
) (17c #!&c #+1 %)$*"!c ) (1c 1$*c #!&c )$&2c ) 1!c ) (1c #1*c !"%&0$"*c 1%c &!" ( !%c ,c (#"c 1$+c . ,c ;7;c c 1$*c ;>c !"% " (&'"2+c c
PARTICULARS OF EMPLOYEE : $"c ,c (#"c " 2 +""c &%c &$c !" "& (c ,c !" )$"!1(& $c 1%c !"% !&4"*c )$*"!c 1$&"%c C 1!(& )21!%c ,c 2 +""%Dc )2"7c ;c 1$*c #"$ "c &$, ! 1(& $c 1%c c c
!"9)&!"*c)$*"!c%" (& $cM
Dc!"1*c.&(#c 1$&"%cC 1!(& )21!%c ,c 2 +""%Dc
)2"7c;c$ (c ! '&*"*c#"!".&(#cc c CONSERVATION OF ENRGY, TECHNOLOGY ABSORPTION, FOREIGN EARNING & OUTGO: #"c 1!(& )21!%c !"% !&4"*c 4+c (#"c 1$&"%c C&% 2 %)!"c ,c 1!(& )21!%c &$c (#"c
" !(c ,c 1!*c ,c&!" ( !%Dc )2"%7c>>c1%c( c $%"!'1(& $c ,c"$"!0+Nc(" #$ 2 0+c 14% ! (& $c &%c (c
2& 142"c %&$ "c ! 5" (c &%c +"(c ( c %(1!(c #"!"c &%c $ c !"&0$c
8 #1$0"c"1!$&$0c1$*c )(0 cc c INSURANCE: #"c 1$+c#1%c 1*"c$" "%%1!+c1!!1$0" "$(%c, !c1*"9)1("2+c&$%)!&$0c&$("!"%(%c&$c '1!& )%c ! "!(&"%c DIRECTORS RESPONSIBILITY STATEMENT:c
%c!"9)&!"*c)$*"!c%" (& $cC
Dc ,c(#"c 1$&"%c (7c; c+ )!c&!" ( !%c %(1("Fc c#1(c&$c(#"c !" 1!1(& $c ,c(#"c1$$)12c1 )$(%7c(#"c1 %(1$*1!*%cc #1'"c4""$c, 22 ."*cc c #1(c (#"c 1 )$(&$0c 2& &"%c %"2" ("*c 1$*c 1
2& 142"c1 )$(&$0c
2&"*c 1!"c $%&%("$(c 1$*c (#"c
5)*0 "$(%c1$*c"%(& 1("%c 1*"c1!"c!"1% $142"c1$*c !)*"$(c% c1%c( c0&'"c1c(!)"c1$*c ,1&!c '&".c ,c (#"c %(1("c ,c 1,,1&!%c ,c (#"c 1$+c 1(c (#"c "$*c ,c (#"c ,&$1$ &12c +"1!c "$*"*c%(c1! #7c>c1$*c ,c(#"c ! ,&(c !c2 %%c ,c(#"c 1$+c, !c(#1(c "!& *cc c#1(c ! "!c1$*c%),,& &"$(c 1!"c#1%c4""$c(1/"$c, !c(#"c 1&$("$1$ "c ,c1*"9)1("c 1 )$(&$0c!" !*%c&$c1 !*1$ "c.&(#c(#"c ! '&%& $%c ,c(#"c 1$&"%c (7c; c , !c%1,"0)1!*&$0c(#"c1%%"(%c ,c(#"c 1$+c1$*c, !c !"'"$(&$0c1$*c*"(" (&$0c,!1)*c 1$*c (#"!c&!!"0)21!&(&"%cc =c#1(c(#"c1$$)12c1 )$(%c#1'"c4""$c !" 1!"*c $c1c0 &$0c $ "!$c41%&%cc c c
c CORPORATE GOVERNANCE REPORT: )!c 1$+c &%c &(("*c ( c 1&$(1&$c (#"c #&0#"%(c %(1$*1!*%c ,c ! !1("c 0 '"!$1$ "c )!c &!" ( !%c 1*#"!"c ( c (#"c !"9)&!" "$(%c %"(c )(c 4+c (#"c " )!&(&"%c 1$*c 8 #1$0"c 1!*c ,c $*&1c &$c !"% " (c ,c ! !1("c '"!$1$ "c !1 (& "%c 1$*c #1'"c& 2" "$("*c122cc c %(& )21(& $%c !"% !&4"*7c " !(c $c ! !1("c '"!$1$ "c1%c%(& )21("*c)$*"!c 21)%"c =c ,c(#"c2&%(&$0c10!"" "$(c.&(#c%( /c"8 #1$0"c&%c1$$"8"*c.#& #c, ! %c 1!(c ,c(#"c 1$$)12c !" !(c "!(&,& 1("c ,! c (1()( !+c )*&( !%7c $,&! &$0c 2&1$ "c ,c $*&(& $%c ,c ! !1("c 0 '"!$1$ "c 1%c %(& )21("*c )$*"!c 1, !"%1&*c 21)%"c =c &%c 1$$"8"*c( c(#&%c!" !(cc c COMPLIANCE CERTIFICATE : #"c 1$+c#1%c1'1&2"*c " !"(1!&12c 2&1$ "c"!(&,& 1("c, !c(#"c)$*"!c!"'&".c , ! c(#"c !1 (& &$0c 1$+c " !"(1!+c )!%)1$(c( c(#"c ! '&% c ,c%" (& $c>c c ,c (#"c 1$&"%c (7c; c1$*c1c +c ,c(#"c%1 "c&%c1((1 #"*c.&(#c(#&%c!" !(cc LISTING: #"c%#1!"%c ,c+ )!c 1$+c1!"c2&%("*c $c 41+c ( /c8 #1$0"c#"c2&%(&$0c ,""%c, !cc (#"c+"1!c>c#1'"c4""$c 1&*c( c#"c 41+c ( /c8 #1$0"c& &("*cc DEPOSITORY SYSTEM: )!c 1$+c #1%c "%(142&%#"*c "2" (! $& c $$" (&'&(+c .&(#c (#"c 4 (#c (#"c *" %&( !&"%7c c
!" &1(& $c1$*c0!1(&()*"c, !c(#"c "!1(& $%c
1$*c1%%&%(1$ "c"8("$*"*c4+c(#"c1$/%7c '"!$ "$(c"( c#"c 1$+c.&22c 1/"c122c c c
",, !(c( c ""(c (#"c1% &!1(& $c ,c &(%c%#1!"# 2*"!%c1$*c .&%#c( c%&$ "!"2+c(#1$/c(#" c , !c(#"&!c.# 2"c#"1!("*c c "!1(& $c1$*c%) !(c1(c122c(& "%cc &$*c+ )!c,1' !&("c%" (& $%c&$%(1$(2+c.&(#c $"c%.&,(c%"1! #c ( /c!" "$*1(& $%c 1!(c %( /c & /%c ( c 4)&2*c 1c ."12(#+c !(, 2& c #1(c .&(#c "8 "!(%c "12c (& "7c "!% $12&6"*c %( /c 1*'& "c ,! c "8 "!(%c )$*c 1$10"!c & /%c .#& #c %( /%c 1!"c ,1' !&("%c.&(#c,)$*c 1$10"!%Oc c12"$*1!c#" /c )(c122c) &$0c %c% c+ )c 1$c /"" c + )!c ,)$*%c !"1*+c *&(+c & /%c A#1(c %&(& $%c %# )2*c + )c (1/"Oc ! /"!%c!" "$*c$'"%( "$(c!"'&".c !"c+ )!c&$'"%( "$(%c4"1(&$0c(#"c 1!/"(Oc &$*c )(c$ .cc )$&(+c4)66c"(c,&!%(c#1$*c !& "c%"$%&(&'"c!) !%c $c%( /%c"0&$$"!J%c0)&*"c ( c &$'"%(&$0c &$c %#1!"%c 1!"*c ,c &$'"%(&$0c &$c %#1!"%Oc $J(c 4"c A"c 1/"c &(c "1%+c 18c 12 )21( !c ""c# .c(#"c4)*0"(c& 1 ("*c+ )!c /"(cc &$0c $ "!$cc
%c1c $%"9)"$ "c ,c(#"c 1$+E%c $%&*"!142"c,&$1$ &12c!"% )! "%7c(#"c*&!" ( !%c 4"2&"'"c(#1(c(#"c 1$+c&%c."22c 21 "*c( c 1$10"c&(%c4)%&$"%%c!&%/%c%) "%%,)22+c *"% &("c(#"c )!!"$(c)$ "!(1&$c" $ & c )(2 /c
,("!c 1/&$0c"$9)&!&"%7c(#"c*&!" ( !%c#1'"c1c!"1% $142"c"8 " (1(& $c(#1(c(#"c 1$+c#1%c1*"9)1("c!"% )! "%c( c $(&$)"c&$c "!1(& $12c"8&%("$ "c, !c(#"c !"%""142"c,)()!"c !c(#&%c!"1% $7c(#"+c $(&$)"c( c1* (c(#"c0 &$0c $ "!$c1%&%c &$c !" 1!&$0c(#"c,&$1$ &12c%(1(" "$(%cc #"c 1$+c&%c"8 " ("*c( c $(&$)"c( c0"$"!1("c %&(&'"c 1%#c,2 .%c $c&(%c .$cc 1 )$(c, !c(#"c, !"%""142"c,)()!"c#"c 1$+c 1!(& & 1("%c&$c(#"c '&'1cc ! ) E%c "$(!12&6"*c(!"1%)!+c1!!1$0" "$(%c1$*c% c%#1!"%c41$/&$0c1!!1$0" "$(%cc .&(#c,"22 .c%)4%&*&1!&"%cc #"c*&!" ( !%7c#1'&$0c1%%"%%"*c(#"c!"% $%"%c ,c(#"c*&!" ( !%c ,c1c,"22 .c0! ) cc 1$+7c '&'1c$("!$1(& $12c$%)!1$ "c& &("*7c.#& #c 1&$(1&$%c(#"c "$(!12&6"*c 1!!1$0" "$(7c#1'"c$ c!"1% $c( c4"2&"'"c(#1(c1c 1("!&12c)$ "!(1&$(+c"8&%(%c(#1(c 1+c 1%(c* )4(c14 )(c(#"c14&2&(+c( c $(&$)"c.&(#c(#"c )!!"$(c41$/&$0c1!!1$0" "$(%c &$1$ &12c %&(& $c1$*c "!, ! 1$ "cc #"c,&$1$ &12c %&(& $c ,c(#"c 1$+c1(cc" " 4"!cc&%c%# .$c&$c(#"cc %(1(" "$(c ,c,&$1$ &12c %&(& $c%# .$c4"2 .cc c c
&$1$ &12c&$%(!) "$(%cc #"c4)%&$"%%c ,c(#"c 1$+c&$ 2)*"%c)%"c ,c,&$1$ &12c&$%(!) "$(%c"(1&2%c ,c(#"c 1$+J%c!&%/c 1$10" "$(c 45" (&'"%c1$*c 2& &"%c1$*c"8 %)!"%c( c!&%/c!"21(&$0c ( c ,&$1$ &12c&$%(!) "$(%c1!"c%"(c )(c&$c$ ("c>c( c(#"c,&$1$ &12c%(1(" "$(%c &'&*"$*%cc $("!& c !*&$1!+c*&'&*"$*%c ,cP=c &22& $c."!"c*" 21!"*c1$*c 1&*c*)!&$0cc C>FcP=;c &22& $Dc#"c*&!" ( !%c* c$ (c!" "$*c1c,&$12c !*&$1!+c*&'&*"$*c , !c (#"c+"1!cC>FcP$&2Dc#"c( (12c %(c ,c*&'&*"$*%c 1&*c*)!&$0c(#"c+"1!7c&$ 2)*&$0c !","!"$ "c*&'&*"$*%7c1 )$("*c( cP &22& $cC>FcP; c &22& $7c&$ 2)*&$0c(#"c c,&$12c*&'&*"$*Dc &!" ( !%Ec&$("!"%(%cc $"c ,c(#"c*&!" ( !%c.# c#"2*c ,,& "c1(cc" " 4"!cc#"2*c1$+c&$("!"%(c&$c(#"cc 1$+E%c%#1!"%c
)(# !&(+c( c )! #1%"c .$c%#1!"%cc
(c(#"c $$)12c"$"!12c""(&$0c #"2*c $c;c !&2c 7c%#1!"# 2*"!%c!"$"."*c(#"c 1$+E%c 1)(# !&(+c ( c 1/"c 1!/"(c )! #1%"%c ,c ) c ( c =c &22& $c >L>c Bc !","!"$ "c%#1!"%c1$*c ) c( cc &22& $cL>cBc !","!"$ "c%#1!"%c#&%c1)(# !&(+c !" 1&$%c&$c 21 "c)$(&2c=c !&2cc4)(c.1%c$ (c)%"*c&$c(#"c+"1!cc !"*&( !c 1+ "$(c 2& +c1$*c !1 (& "cc #"c 1$+c#1%c$ c(!1*"c !"*&( !%cc &!" ( !%Ec&14&2&(&"%cc
'&'1c 2 7c(#"c 1$+E%c 1!"$(7c#1%c0!1$("*c1$c&$*" $&(+c( c(#"c*&!" ( !%cc 101&$%(c 2&14&2&(+c &$c !"% " (c ,c ! ""*&$0%c 4! )0#(c 4+c (#&!*c 1!(&"%7c %)45" (c ( c (#"c $*&(& $%c%"(c )(c&$c(#"c 1$&"%c (c>;c#&%c&$*" $&(+c.1%c0!1$("*c&$c=c 1$*c(#"c ! '&%& $%c&$c(#"c 1$+J%c !(& 2"%c ,c %% &1(& $c $%(&()("cG9)12&,+&$0c (#&!*c 1!(+c &$*" $&(&"%Gc , !c (#"c )! %"%c ,c %" (& $%c c ( c c ,c (#"c 1$&"%c (c>;c#"%"c9)12&,+&$0c(#&!*c 1!(+c&$*" $&(+c ! '&%& $%c!" 1&$c&$c , ! "c1%c1(c(#"c*1("c ,c1
! '&$0c(#"c&!" ( !%Ec!" !(c4+c'&!()"c ,c(#"c(!1$%&(& $12c
! '&%& $%c( c(#"c 1$&"%c (c c c c
Disclosure of Information to the Auditor 1 #c "!% $c.# c.1%c1c *&!" ( !c ,c(#"c 1$+c $c(#"c*1("c(#1(c (#&%c!" !(c .1%c 1 ! '"*7c $,&! %c (#1(c % c ,1!c 1%c (#"c *&!" ( !c &%c 1.1!"7c (#"!"c &%c $ c !"2"'1$(c 1)*&(c &$, ! 1(& $7c4"&$0c&$, ! 1(& $c$""*"*c4+c(#"c1)*&( !c&$c $$" (& $c.&(#c !" 1!&$0c #&%c !" !(7c ,c .#& #c (#"c 1)*&( !c &%c )$1.1!"c 1 #c *&!" ( !c #1%c(1/"$c122c (#"c%(" %c(#1(c #"c )0#(c( c #1'"c (1/"$c1%c1c*&!" ( !c &$c !*"!c( c 1/"c #& %"2,c1.1!"c ,c1$+c!"2"'1$(c1)*&(c&$, ! 1(& $c1$*c( c"%(142&%#c(#1(c(#"c1)*&( !c&%c 1.1!"c ,c(#1(c&$, ! 1(& $c Auditor
c !"% 2)(& $c &%c ( c 4"c ! %"*c 1(c (#"c $$)12c "$"!12c ""(&$0c , !c (#"c !"1
&$( "$(c ,c!$%(c
12% c4"c ! %"*c1)(# !&6&$0c(#"c*&!" ( !%c( c*"("! &$"c(#"c1)*&( !E%c!" )$"!1(& $c c The Combined Code on Corporate Governa$ "cc #"c 1$+c&%c1c.# 22+ .$"*c%)4%&*&1!+c ,c '&'1c 2 7c1c 1$+c2&%("*cc $c(#"c $* $c ( /c 8 #1$0"c #"c 4&$"*c *"c $c ! !1("c '"!$1$ "c %"(%c )(c%(1$*1!*%c ,c0 *c !1 (& "c&$c(#"c, ! c ,c !&$ & 2"%c1$*c ! '&%& $%c $c# .c 1$&"%c%# )2*c4"c*&!" ("*c1$*c $(! 22"*c( c , 22 .c 0 *c 0 '"!$1$ "c !1 (& "c #"c&$1$ &12c "!'& "%c )(# !&(+c!"9)&!"%c 1$&"%c2&%("*c&$c(#"cc( c*&% 2 %"7c &$!"21(& $c( c " (& $cc ,c(#"c 4&$"*c *"7c# .c(#"+c#1'"c1 2&"*c&(%c !&$ & 2"%c 1$*c.#"(#"!c(#"+c#1'"c 2&"*c.&(c&(%c ! '&%& $%c(#! )0# )(c(#"c1 )$(&$0c+"1!c A#"!"c (#"c ! '&%& $%c #1'"c $ (c 4""$c 2&"*c .&(#c 1$&"%c )%(c ! '&*"c 1$c "8 21$1(& $c, !c(#&%c (c &%c (#"c 1!*E%c '&".c (#1(c '&'1c 2 c #1%c 4""$c ,)22+c 2&1$(c (#! )0# )(c (#"cc 1 )$(&$0c "!& *c .&(#c (#"c ! '&%& $%c %"(c * .$c &$c " (& $c c ,c (#"c 4&$"*c *"7c1 1!(c,! c1c "!& *c*)!&$0c(#"c+"1!c.#"$c(#"c 15 !&(+c ,c(#"c " 4"!%c ,c(#"c &$1(& $c &((""c.1%c$ (c&$*" "$*"$(c$ $"8" )(&'"c*&!" ( !%c#&%c.1%c*)"c ( c (#"c !"%&0$1(& $c ,c &/"%# ! !17c 1c $ $"8" )(&'"c *&!" ( !7c .# c !"%&0$"*c , 22 .&$0c#&%c!"2 1(& $c( c(#"c$&("*c (1("%c#"c '&'1c 2 c&!" ( !%Ec " !(c%"(%c )(c*"(1&2%c ,c# .c(#"c '&'1c0! ) c#1%c1
2&"*c(#"c !&$ & 2"%c1$*c 2&"*c.&(#c
(#"c ! '&%& $%c ,c(#"c 4&$"*c *"c*)!&$0cc#"c 1$+c#1%c2&%("*c !","!"$ "c%#1!"%c1$*c(#"c 1+ "$(c ,c*&'&*"$*%c( c(#"c !","!"$ "c%#1!"# 2*"!%c&%c !"'&"."*c4+c(#"c '&'1c 2 c )*&(c &((""c1$*c1
! '"*4+c(#"c*&!" ( !%c ,c(#"c
1$+c#"!"c1!"c$ c (#"!c%&0$&,& 1$(c!&%/%c1%% &1("*c.&(#c(#"c 1$+E%c c c
1%%"(%c1$*c2&14&2&(&"%7c1$*c(#"c 1$+c%""/%c( c 1&$(1&$c%),,& &"$(c,)$*%c( c ""(c *&'&*"$*%c 1+142"c $c(#"c !","!"$ "c%#1!"%c1%c(#"+c,122c*)"cc c Statement of Directors¶ Responsibilities #"c *&!" ( !%c 1!"c !"9)&!"*c ( c !" 1!"c ,&$1$ &12c %(1(" "$(%c , !c "1 #c 1 )$(&$0c "!& *c (#1(c 2+c .&(#c (#"c !"2"'1$(c ! '&%& $%c ,c (#"c 1$&"%c (c >;7c (#"c 1$&"%c (c c 1$*c $("!$1(& $12c &$1$ &12c " !(&$0c (1$*1!*%c C Dc 1%c 1* ("*c 4+c (#"c )! "1$c $& $c C-3D7c 1$*c .#& #c !"%"$(c ,1&!2+c (#"c ,&$1$ &12c %&(& $7c ,&$1$ &12c "!, ! 1$ "c 1$*c 1%#c ,2 .%c ,c (#"c 1$+c 1(c (#"c "$*c ,c (#"c 1 )$(&$0c "!& *c c ,1&!c !"%"$(1(& $c ,c (#"c ,&$1$ &12c %(1(" "$(%c &$c 1 !*1$ "c .&(#c c!"9)&!"%c(#"c*&!" ( !%c( Fcc Qcc %"2" (c%)&(142"c1 )$(&$0c 2& &"%c1$*c '"!&,+c(#"+c1!"c1
2&"*c $%&%("$(2+c
&$c !" 1!&$0c (#"c ,&$1$ &12c %(1(" "$(%c $c 1c 0 &$0c $ "!$c 41%&%c )$2"%%c &(c &%c &$1 ! !&1("c( c !"%) "c(#1(c(#"c 1$+c.&22c $(&$)"c&$c4)%&$"%%Ncc Qcc !"%"$(c&$, ! 1(& $7c&$ 2)*&$0c1 )$(&$0c 2& &"%7c&$c1c 1$$"!c(#1(cc ! '&*"%c!"2"'1$(7c!"2&142"7c 1!142"c1$*c)$*"!%(1$*142"c&$, ! 1(& $Ncc Qcc ! '&*"c 1**&(& $12c *&% 2 %)!"%c .#"$c 2&1$ "c .&(#c (#"c % " &,& c !"9)&!" "$(%c &$c c &%c &$%),,& &"$(c ( c "$142"c )%"!%c ( c )$*"!%(1$*c (#"c & 1 (c ,c 1!(& )21!c (!1$%1 (& $%7c (#"!c "'"$(%c 1$*c $*&(& $%c $c (#"c 1$+E%c ,&$1$ &12c %&(& $c1$*c,&$1$ &12c "!, ! 1$ "Nc1$*cc Qcc %(1("c(#1(c(#"c 1$+c#1%c 2&"*c.&(#c1
2& 142"c 7c%)45" (cc
( c1$+c 1("!&12c*" 1!()!"%c*&% 2 %"*c1$*c"8 21&$"*c&$c(#"c,&$1$ &12c%(1(" "$(%c #"c*&!" ( !%c1!"c!"% $%&42"c, !c 1&$(1&$&$0c ! "!c1 )$(&$0c!" !*%c.#& #c1!"c &$("$*"*c( c*&% 2 %"c.&(#c!"1% $142"c1 )!1 +7c1(c1$+c(& "7c(#"c,&$1$ &12c %&(& $c ,c (#"c 1$+c #"+c 1!"c 12% c )2(& 1("2+c !"% $%&42"c , !c (#"c %+%(" %c ,c &$("!$12c $(! 2c 1&$(1&$"*c , !c %1,"0)1!*&$0c (#"c 1%%"(%c ,c (#"c 1$+c 1$*c , !c (#"c !"'"$(& $c1$*c*"(" (& $c ,c,!1)*c1$*c (#"!c&!!"0)21!&(&"%c c c
&!" ( !%Ec!"% $%&4&2&(+c%(1(" "$(c )!%)1$(c( c(#"c&% 2 %)!"c1$*cc !1$% 1!"$ +c )2"c=cc #"c*&!" ( !%c $,&! c(#1(7c( c(#"c4"%(c ,c"1 #c "!% $E%c/$ .2"*0"Fcc 1Dcc (#"c 1$+c,&$1$ &12c%(1(" "$(%c&$c(#&%c!" !(7c.#& #c#1'"c4""$c !" 1!"*c &$c1 !*1$ "c.&(#c c1%c1* ("*c4+c(#"c7c$("!$1(& $12c&$1$ &12c " !(&$0c $("! !"(1(& $%c &((""E%c &$("! !"(1(& $%c1$*c(# %"c 1!(%c ,c(#"c 1$&"%c (c c 1
2& 142"c ( c 1$&"%c !" !(&$0c )$*"!c 7c 0&'"c 1c (!)"c 1$*c ,1&!c '&".c ,c
(#"c1%%"(%7c2&14&2&(&"%7c,&$1$ &12c %&(& $c1$*c!"%)2(%c ,c(#"c 1$+Nc1$*cc 4Dcc (#"c *&!" ( !%Ec !" !(c $(1&$"*c &$c (#&%c !" !(c &$ 2)*"%c 1c ,1&!c !"'&".c ,c (#"c *"'"2 "$(c 1$*c "!, ! 1$ "c ,c (#"c 4)%&$"%%c 1$*c (#"c %&(& $c ,c (#"c 1$+7c ( 0"(#"!c.&(#c1c*"% !& (& $c ,c(#"c !&$ & 12c!&%/%c1$*c)$ "!(1&$(&"%c(#1(c(#"+c,1 "cc c c c c c c c c Independent auditor¶s report to the members of General Accident plc A"c #1'"c 1)*&("*c (#"c ,&$1$ &12c %(1(" "$(%c ,c "$"!12c &*"$(c 2 c , !c (#"c +"1!c "$*"*c c " " 4"!c c .#& #c !&%"c (#"c )$(&$0c 2& &"%7c (#"c $ "c (1(" "$(7c(#"c (1(" "$(c ,c !"#"$%&'"c$ "7c1$*c(#"c (1(" "$(c ,c#1$0"%c &$c 9)&(+7c (#"c (1(" "$(c ,c &$1$ &12c %&(& $7c (#"c (1(" "$(c ,c 1%#c 2 .%7c 1$*c (#"c!"21("*c$ ("%cc( cc#"c,&$1$ &12c!" !(&$0c,!1 ". !/c(#1(c#1%c4""$c1
c c
2&"*c
&$c (#"&!c !" 1!1(& $c &%c 1
2& 142"c 21.c 1$*c $("!$1(& $12c &$1$ &12c " !(&$0c
(1$*1!*%cC %Dc1%c1* ("*c4+c(#"c)! "1$c$& $cc #&%c !" !(c &%c 1*"c % 2"2+c ( c (#"c 1$+E%c " 4"!%7c 1%c 1c 4 *+7c &$c 1 !*1$ "c .&(#c #1 ("!c c ,c 1!(c c ,c (#"c 1$&"%c (c c )!c 1)*&(c . !/c #1%c 4""$c )$*"!(1/"$c% c(#1(c."c &0#(c%(1("c( c(#"c 1$+E%c " 4"!%c(# %"c 1(("!%c."c1!"c !"9)&!"*c ( c %(1("c ( c (#" c &$c 1$c 1)*&( !E%c !" !(c 1$*c , !c $ c (#"!c )! %"c c (#"c ,)22"%(c "8("$(c "! &(("*c 4+c 21.7c ."c * c $ (c 1 " (c !c 1%%) "c !"% $%&4&2&(+c ( c 1$+ $"c (#"!c (#1$c (#"c 1$+c 1$*c (#"c 1$+E%c " 4"!%c 1%c 1c 4 *+7c , !c )!c 1)*&(c. !/7c, !c(#&%c!" !(7c !c, !c(#"c &$& $%c."c#1'"c, ! "*cc
"% " (&'"c!"% $%&4&2&(&"%c ,c*&!" ( !%c1$*c1)*&( !%cc
%c "8 21&$"*c !"c ,)22+c &$c (#"c &!" ( !%Ec "% $%&4&2&(&"%c (1(" "$(c C%"(c )(c $c 10"c D7c(#"c*&!" ( !%c1!"c!"% $%&42"c, !c(#"c !" 1!1(& $c ,c(#"c,&$1$ &12c%(1(" "$(%c 1$*c, !c4"&$0c%1(&%,&"*c(#1(c(#"+c0&'"c1c(!)"c1$*c,1&!c'&".c )!c!"% $%&4&2&(+c&%c( c 1)*&(c(#"c,&$1$ &12c%(1(" "$(%c&$c1 !*1$ "c.&(#c1
2& 142"c21.c1$*c$("!$1(& $12c
(1$*1!*%c $c )*&(&$0c Cc 1$*c !"21$*Dc # %"c %(1$*1!*%c !"9)&!"c )%c ( c 2+c .&(#c(#"c )*&(&$0c !1 (& "%c 1!*E%c(#& 12c (1$*1!*%c, !c )*&( !%cc "c ,c(#"c1)*&(c ,c(#"c,&$1$ &12c%(1(" "$(%cc
$c 1)*&(c &$' 2'"%c 4(1&$&$0c "'&*"$ "c 14 )(c (#"c 1 )$(%c 1$*c *&% 2 %)!"%c &$c (#"c ,&$1$ &12c %(1(" "$(%c %),,& &"$(c ( c 0&'"c !"1% $142"c 1%%)!1$ "c (#1(c (#"c ,&$1$ &12c %(1(" "$(%c1!"c,!""c,! c 1("!&12c &%%(1(" "$(7c.#"(#"!c 1)%"*c4+c,!1)*c !c"!! !c #&%c&$ 2)*"%c1$c1%%"%% "$(c ,Fc.#"(#"!c(#"c1 )$(&$0c 2& &"%c1!"c1 (#"c 1$+E%c &! ) %(1$ "%c 1$*c #1'"c 4""$c $%&%("$(2+c 1
! !&1("c( c
2&"*c 1$*c 1*"9)1("2+c
*&% 2 %"*Nc(#"c!"1% $142"$"%%c ,c%&0$&,& 1$(c1 )$(&$0c"%(& 1("%c 1*"c4+c(#"cc *&!" ( !%Nc1$*c(#"c '"!122c !"%"$(1(& $c ,c(#"c,&$1$ &12c%(1(" "$(%cc
Opinion on financial statements $c )!c &$& $c(#"c,&$1$ &12c%(1(" "$(%Fcc Qcc &'"c1c(!)"c1$*c,1&!c'&".c ,c(#"c%(1("c ,c(#"c 1$+E%c1,,1&!%c1%c1(ccc " " 4"!cc1$*c ,c&(%c ! ,&(c, !c(#"c+"1!c(#"$c"$*"*Ncc Qcc c c
#1'"c4""$c ! "!2+c !" 1!"*c&$c1 !*1$ "c.&(#c %c1%c1* ("*c4+c(#"cc )! "1$c$& $Nc1$*cc Qcc #1'"c4""$c !" 1!"*c&$c1 !*1$ "c.&(#c(#"c!"9)&!" "$(%c ,c(#"cc 1$&"%c (c cc &$& $c $c (#"!c 1(("!%c !"% !&4"*c4+c(#"c 1$&"%c (c cc $c )!c &$& $7c(#"c&$, ! 1(& $c0&'"$c&$c(#"c&!" ( !%Ec " !(c, !c(#"c,&$1$ &12c+"1!c , !c .#& #c (#"c ,&$1$ &12c %(1(" "$(%c 1!"c !" 1!"*c &%c $%&%("$(c .&(#c (#"c ,&$1$ &12c %(1(" "$(%cc c c c c c c c c c c c c
AUDITOR'S REPORT c A"c #1'"c 1)*&("*c (#"c 1((1 #"*c 4121$ "c %#""(c ,c @@ c c 7c c1%c1(c%(c1! #c>7c(#"c ! ,&(c1$*c2 %%c1 )$(c1$*c12% c (#"c C 1%#c ,2 .c %(1(" "$(Dc , !c (#"c +"1!c "$*"*c $c (#1(c *1("c 1$$"8"*c (#"!"( c #"%"c ,&$1$ &12c %(1(" "$(%c 1!"c (#"c !"% $%&4&2&(+c ,c (#"c 1$+%c 1$10" "$(c )!c c c
!"% $%&4&2&(+c &%c( c"8 !"%%c1$c &$& $c $c (#"%"c ,&$1$ &12c%(1(" "$(%c41%"*c $c )!c 1)*&(cc c A"c $*) ("*c )!c 1)*&(c &$c 1 !*1$ "c .&(#(#"c 1)*&(&$0c %(1$*1!*%c 0"$"!122+c 1 " ("*c &$c $*&1c # %"c (1$*1!*%c !"9)&!"c (#1(c ."c 21$c 1$*c "!, ! c (#"c 1)*&(c ( c 4(1&$c !"1% $142"c 1%%)!1$ "c 14 )(c .#"(#"!c (#"c ,&$1$ &12c %(1(" "$(%c 1!"c ,!""c ,c 1("!&12c &%%(1(" "$(c $c 1)*&(c &$ 2)*"%c "81 &$&$07c $c 1c ("%(c 41%&%7c "'&*"$ "c %) !(&$0c (#"c 1 )$(%c 1$*c *&% 2 %)!"c &$c (#"c ,&$1$ &12c %(1(" "$(c $c 1)*&(c 12% c &$ 2)*"%c1%%"%%&$0c(#"c1 )$(&$0c !&$ & 12c)%"*c1$*c%&0$&,& 1$(c"%(& 1("%c 1*"c4+c 1$10" "$(7c1%c."22c1%c"'12)1(&$0c(#"c '"!122c,&$1$ &12c%(1(" "$(c !"%"$(1(& $FcA"c 4"2&"'"c(#1(c )!c1)*&(c ! '&*"%c1c!"1% $142"c41%&%c, !c )!c &$& $cc c %c !"9)&!"*c 4+c (#"c 1$&"%c C )*&( !%c " !(Dc !*"!7c c &%%)"*c 4+c (#"c "$(!12c '"!$ "$(c ,c $*&1c &$c ("! c ,c %)4c c %" (& $c C= Dc ,c %" (& $c c ,c (#"c 1$&"%c (7c ; 7c ."c "$ 2 %"c &$c (#"c $$"8)!"c 1c %(1(" "$(c $c (#"c 1(("!%c % " &,&"*c&$c 1!10!1 #%c=c1$*c;c ,c(#"c%1&*c !*"!cc =c)!(#"!c( c )!c "$(%c&$c(#"c $$"8)!"c!","!!"*c( c14 '"7c."c!" !(c(#1(cc C&DcA"c#1'"c 4(1&$"*c122c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%7c.#& #c( c(#"c4"%(c ,c )!cc /$ .2"*0"c1$*c4"2&",c."!"c$" "%%1!+c, !c(#"c )! %"%c ,c )!c1)*&(cc C&&Dc$c )!c &$& $7c ! "!c4 /%c ,c1 )$(7c1%c!"9)&!"*c4+c21.c#1'"c4""$c/" (c4+c (#"cc 1$+c% c,1!c1%c1 "1!%c,! c )!c"81 &$1(& $c ,c(# %"c4 /%cc C&&&Dc#"c4121$ "c%#""(7c ! ,&(c1$*c2 %%c1 )$(c1$*c 1%#c,2 .c%(1(" "$(c*"12(c.&(#c 4+cc (#&%c!" !(c1!"c&$c10!"" "$(c.&(#c(#"c4 /%c ,c1 )$(cc C&'Dc $c )!c &$& $7c (#"c 4121$ "c %#""(7c ! ,&(c 1$*c 2 %%c 1 )$(c 1$*c 1%#c ,2 .c %(1(" "$(c*"12(c.&(#c4+c(#&%c!" !(c 2+c.&(#c(#"c1 )$(&$0c%(1$*1!*%c!","!!"*c ( c&$c%)4cR%" (& $cCDc ,c%" (& $cc ,c(#"c 1$&"%c (7c; cc C'Dc $c(#"c41%&%c ,c.!&(("$c !" !"%"$(1(& $c !" "&'"*c ,! c(#"c*&!" ( !%7c1%c $c%(c 1! #c>c1$*c(1/"$c $c!" !*c4+c(#"c 1!*c ,c&!" ( !%7c."c!" !(c(#1(c$ $"c ,c (#"c *&!" ( !%c %c *&%9)12&,&"*c 1%c $c %(c 1! #c >7c ,! c 4"&$0c 1
c c
&$("*c 1%c 1c c
*&!" ( !c&$c("&&)%c ,c 21)%"cC0Dc ,c%)4cc%" (& $cCDc ,c%" (& $c=c ,c(#"c 1$&"%c
(7c; cc C'&Dc $c )!c &$& $c 1$*c ( c (#"c 4"%(c ,c )!c &$, ! 1(& $c 1$*c 1 !*&$0c ( c (#"c "8 21$1(& $%c 0&'"$c ( c )%7c (#"c %1&*c 1 )$(%c 0&'"c (#"c &$, ! 1(& $c !"9)&!"*c 4+c (#"c 1$&"%c (7c; 7c &$c(#"c 1$$"!c% c!"9)&!"*c1$*c 0&'"c1c(!)"c1$*c ,1&!c '&".c &$c $, ! &(+c.&(#c(#"c1 )$(&$0c !&$ & 2"%c0"$"!122+c1 " ("*c&$c$*&1cc C1Dc&$c(#"c 1%"c ,c(#"c4121$ "c%#""(7c ,c(#"c%(1("c ,c1,,1&!%c ,c(#"c 1$+c1%c1(c%(cc 1! #c>cc C4Dc&$c(#"c 1%"c c(#"c ! ,&(c1$*c2 %%c1 )$(7c ,c(#"c %%c, !c(#"c+"1!c"$*"*c $c(#1(cc *1("cNc1$*cc C Dc&$c(#"c 1%"c ,c(#"c 1%#c,2 .c%(1(" "$(7c ,c(#"c 1%#c,2 .%c, !c(#"c+"1!c"$*"*c $c (#1(cc *1("cc
$$"8)!"c!","!!"*c( c&$c 1!10!1 #cc ,c )!c!" !(c ,c"'"$c*1("cc C&DcC1Dc#"c 1$+c#1%c 1&$(1&$"*c ! "!c!" !*%c%# .&$0c,)22c 1!(& )21!%7c &$ 2)*&$0cc 9)1$(&(1(&'"c*"(1&2%c1$*c%&()1(& $c ,c,&8"*c1%%"(%Ncc C4Dc 22c(#"c1%%"(%c#1'"c$ (c4""$c #+%& 122+c'"!&,&"*c4+c(#"c 1$10" "$(c*)!&$0c(#"c +"1!cc 4)(c(#"!"c&%c1c!"0)21!c ! 0!1 "c ,c'"!&,& 1(& $c.#& #7c&$c )!c &$& $7c&%c !"1% $142"cc #1'&$0c!"01!*c( c(#"c%&6"c ,c(#"c 1$+c1$*c(#"c$1()!"c ,c&(%c1%%"(%c c 1("!&12cc *&% !" 1$ &"%c."!"c$ (& "*c( c%) #c'"!&,& 1(& $cc C Dc "c 1!(c ,c 2*c ,&8"*c 1%%"(%c #1%c 4""$c *&% %"*c ,,c *)!&$0c (#"c "!& *c
!*&$0c( c(#"c &$, ! 1(& $c1$*c"8 21$1(& $%c 0&'"$c( c )%7c."c1!"c ,c(#"c &$& $c (#1(c (#"c %12"c ,c (#"c %1&*c 1!(c ,c ,&8"*c 1%%"(%c #1%c $ (c 1,," ("*c (#"c 0 &$0c $ "!$c %(1()%c ,c(#"c 1$+cc C&&DcC1Dc#"c&$'"$( !+c#1%c4""$c #+%& 122+c'"!&,&"*c*)!&$0c(#"c+"1!c4+c(#"c 1$10" "$(cc $c )!c &$& $c(#"c,!"9)"$ +c ,c'"!&,& 1(& $c&%c!"1% $142"cc C4Dc #"c ! "*)!"%c ,c #+%& 12c '"!&,& 1(& $c ,c &$'"$( !&"%c , 22 ."*c 4+c (#"c 1$10" "$(c1!"c!"1% $142"c1$*c1*"9)1("c&$c!"21(& $c( c(#"c%&6"c ,c(#"c 1$+c1$*c (#"c$1()!"c ,c&(%c4)%&$"%%cc c c
C Dc#"c 1$+c%c 1&$(1&$&$0c ! "!c!" !*%c ,c&$'"$( !+c#"c*&% !" 1$ &"%c $ (& "*cc $c'"!&,& 1(& $c4"(.""$c(#"c #+%& 12c%( /%c1$*c(#"c4 /%c!" !*%c."!"c$ (c 1("!&12cc C&&&DcC1Dc#"c 1$+c#1%c$ (c0!1$("*L(1/"$c2 1$%c( L,! c 1$&"%7c,&! %c !c (#"!cc 1!(&"%c2&%("*c&$c(#"c!"0&%("!c 1&$(1&$"*c)$*"!c%" (& $cc ,c(#"c 1$&"%c (7c ; cc C&'Dc$c )!c &$& $c1$*c1 !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%7c (#"!"c 1!"c 1*"9)1("c &$("!$12c $(! 2c ! "*)!"%c "$%)!1("c .&(#c (#"c %&6"c ,c (#"c 1$+c1$*c(#"c$1()!"c ,c&(%c4)%&$"%%c.&(#c!"01!*c( c )! #1%"%c ,c&$'"$( !+7c,&8"*c 1%%"(%c1$*c.&(#cc !"01!*c( c(#"c%12"c ,c0 *%c)!&$0c(#"c )!%"c ,c )!c1)*&(7c."c#1'"c$ ( 4%"!'"*c 1$+cc $(&$)&$0c,1&2)!"c( c !!" (c 15 !c."1/$"%%"%c&$c&$("!$12c $(! 2%cc C'Dc C1Dc !*&$0c( c(#"c &$, ! 1(& $c1$*c"8 21$1(& $%c 0&'"$c( c )%7c."c1!"c ,c (#"c &$& $c (#1(c (#"c (!1$%1 (& $%c (#1(c $""*c ( c 4"c "$("!"*c &$( c (#"c !"0&%("!c 1&$(1&$"*c )$*"!c%" (& $cc ,c(#"c 1$&"%c (7c; c#1'"c4""$c c"$("!"*cc C4Dc$c )!c &$& $c1$*c1 !*&$0c( c(#"c&$, ! 1(& $%c1$*c"8 21$1(& $%c0&'"$c( c)%7c (#"cc (!1$%1 (& $%c 1*"c &$c )!%)1$ "c ,c (#"c $(!1 (%c !c 1!!1$0" "$(%c "$("!"*c &$c (#"c !"0&%("!c 1&$(1&$"*c)$*"!c%" (& $cc ,c(#"c 1$&"%c (7c; c1$*c"8 ""*&$0c (#"c '12)"c ,c !) ""%c ,&'"c 21 %c $c !"% " (c ,c 1$+c 1!(+c *)!&$0c (#"c +"1!c #1'"c 4""$ 1*"1( !& "%c.#& #c1!"c!"1% $142"c#1'&$0c!"01!*c( c !"'1&2&$0c 1!/"(c !& "%c 1(c(#"c!"2"'1$(c(& "cc C'&Dc$c )!c &$& $c1$*c1 !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%7c (#"c 1$+c #1%c 2&"*c .&(#c(#"c ! '&%& $%c ,c%" (& $%c;> c1!&*c;>
c ,c(#"c 1$&"%c (N; c1$*c(#"c 1$&"%cC1 " (1$ "c ,c" %&(%Dc )2"%7c;cc '&&Dc$c )!c &$& $7c(#"c 1$+c#1%c1$c&$("!$12c $(! 2c%+%(" c "$%)!1("c.&(#c (#"cc %&6"c1$*c$1()!"c ,c&(%c4)%&$"%%cc C'&&&Dc &$ "c(#&%c&%c4"&$0c!1*&$0c)$&(7c#"$ "c%" ccCDcC*Dc ,c(#"c 1$&"%c (7c ; cc c c
&%c$ (c1
2& 142"cc
C&8Dc C1Dc #"c 1$+c &%c !"0)21!c &$c *" %&(&$0c .&(#c 1
! !&1("c 1)(# !&(&"%c
)$*&% )("*c %(1()( !+c *)"%c &$ 2)*&$0c &$ "c (187c %12"%c (187c )%( c *)(+7c "%%c 1$*c (#"!c 1("!&12c%(1()( !+c*)"%c1
2& 142"c( c&(cc
C4Dc !*&$0c ( c (#"c &$, ! 1(& $c 1$*c "8 21$1(& $%c 0&'"$c ( c )%7c $ c )$*&% )("*c 1 )$(%c 1+142"c&$c!"% " (c&$ "c(187c."12(#c(187c%12"%c(187c )%( c*)(+7c"8 &%"c *)(+c1$*c "%%c."!"c&$c1!!"1!%7c1%c1(c%(c1! #7c>c, !c1c "!& *c ,c !"c(#1$c%&8c $(#%c ,! c (#"c *1("c (#"+c 4" 1 "c 1+142"7c (#"!c (#1$c &$ "c (18c , !c (#"c & "*&1("c !"'& )%c+"1!cc C Dc !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $c0&'"$c( c)%7c(#"!"c1!"c$ c*)"%c ,c %12"c (187c )%( %c *)(+7c ."12(#c (187c "8 &%"c *)(+c 1$*c "%%7c .#& #c #1'"c $ (c 4""$c *" %&("*c $c1 )$(c ,c1$+c*&% )("cc C8Dc#"c 1$+c#1%c&$ )!!"*c 1%#c2 %%"%c*)!&$0c(#"c,&$1$ &12c+"1!c '"!"*c4+c )!c 1)*&(cc 1$*c& "*&1("2+c !" "*&$0c,&$1$ &12c+"1!c1$*c12% c 1$+c#1%c$ c1 ) )21("*c 2 %%"%c C8&Dc$c )!c &$& $c1$*c1 !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%7c (#"c 1$+c#1%c$ (c*",1)2("*c&$c!" 1+ "$(c ,c*)"%c( c1c,&$1$ &12c&$%(&()(& $7c41$/c !c*"4"$()!"c# 2*"!%cc C8&&Dc#"c 1$+c#1%c$ (c0!1$("*c2 1$%c1$*c1*'1$ "%c $c(#"c41%&%c ,c%" )!&(+c4+c .1+cc ,c1c 2"*0"c ,c%#1!"7c*"4"$()!"%c1$*c (#"!c%" )!&(&"%cc C8&&2Dc #"c 1$+c &%c $ (c 1c #&(c ,)$*c !c 1c $&*#&c )()12c 4"$",&(c ,)$*L% &"(+c #"!", !"Nc (#"c ! '&%& $%c ,c 21)%"c =c C8&&2Dc ,c (#"c 1$&"%c C )(# !%c " !(Dc !*"!7cc1!"c$ (c1
2& 142"c( c(#"c 1$+cc
C8&'Dc #"c 1$+c &%c $ (c *"12&$0c &$c !c (!1*&$0c &$c %#1!"%7c %" )!&(&"%7c *"4"$()!"%c 1$*c (#"!c &$'"%( "$(%c "8 " (c 1%c 1$c &$'"%( "$(c !*&$02+7c (#"c ! '&%& $%c ,c 21)%"c=cC8&'Dc ,c(#"c 1$&"%cC )*&( !%c " !(Dc !*"!7cc1!"c$ (c1
22 142"c
( c(#"c 1$+cc C8'Dc&$c )!c &$& $c1$*c&$, ! "*c4+c(#"c 1$10" "$(7c(#"c 1$+c#1%c$ (c0&'"$cc 0)1!1$(""%c, !c2 1$%c(1/"$c4+c (#"!%c,! c41$/%c !c,&$1$ &12c&$%(&()(& $%cc c c
C8'&Dc$c )!c &$& $7c(#"c("! c2 1$%c#1'"c4""$c1 2&"*c, !c(#"c )! %"c, !c.#& #c (#"+cc ."!"c!1&%"*ONcc C8'&&Dc !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%c1$*c $c1$c '"!122cc "81 &$1(& $c ,c(#"c4121$ "c%#""(c ,c(#"c 1$+7c."c!" !(c(#1(c(#"c$ c,)$*%c !1&%"*c $cc %# !(c c("! c41%&%c#1'"c4""$c)%"*c, !c2 $0c c("! c&$'"%( "$(c c2 $0cc("! c,)$*%c#1'"c4""$c)%"*c( c,&$1$ "c%# !(c c("! c1%%"(%c"8 " (c "! 1$"$(c. !/&$0c 1 &(12c C8'&&&Dc !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%7c(#"c 1$+c#1%c $ (cc 1*"c1$+c122 ( "$(c ,c !","!"$(&12c%#1!"%c*)!&$0c(#"c,&$1$ &12c+"1!cc C8&8Dc#"c 1$+c#1%c$ c&%%)"*c1$*cLc !c )(%(1$*&$0c*"4"$()!"%c1(c(#"c"$*c ,c(#"c +"1!cc C88Dc#"c 1$+c#1%c$ (c&%%)"*c1$*c!1&%"*c $"+c4+c )42& c&%%)"%c*)!&$0c(#"c +"1!cc C88&Dc !*&$0c( c(#"c&$, ! 1(& $c1$*c"8 21$1(& $%c0&'"$c( c)%7c$ c,!1)*c $c !c4+c (#"c 1$+c #1%c 4""$c $ (& "*c !c !" !("*c *)!&$0c (#"c )!%"c ,c )!c 1)*&(c &$*c + )!c
,1' )!&("c
%" (& $%c
&$%(1$(2+c
.&(#c
$"c
%.&,(c
%"1! #c
( /c
!" "$*1(& $% 1!(c %( /c & /%c ( c 4)&2*c 1c ."12(#+c !(, 2& c #1(c .&(#c "8 "!(% "12c (& "7c
"!% $12&%"*c %( /c 1*'& "c ,! c "8 "!(%c )$*c 1$10"!c
& /%A#& #c%( /%c1!"c,1' )!&("%c.&(#c,)$*c 1$10"!%Oc c12"$*1!#" /c )(c122c ) &$0c %c% c+ )c 1$c/"" c+ )!c,)$*%c!"1*+c *&(+c & /%A#1(c %&(& $%c %# )2*c + )c (1/"Oc ! /"!%c !" "$*c $'"%( "$(c !"'&". !"c + )!c &$'"%( "$(%c 4"1(&$0c (#"c 1!/"(Oc &$*c )(c $ .c )$&(+c 4)66"(c ,&!%(c #1$*c !& "c %"$%&(&'"c !) )!%c $c %( /%c "0&$$"!J%c 0)&*"c ( c &$'"%(&$0c &$c %#1!"% 1!"*c ,c &$'"%(&$0c &$c %#1!"%Oc $J(c4"cA"c 1/"c&(c"1%+cc c c c c c c
c c c c c c c c c c c c c c c c c c c c c c c c c c c c
ACCOUNTING POLICIES "$"!12c &*"$(c 2 c C-(#"c 1$+3Dc &%c 1c )42& c 2& &("*c 1$+c &$ ! !1("*c 1$*c* & &2"*c&$c(#"c$&("*c&$0* cC-3Dc#"c, 22 .&$0c1 )$(&$0c 2& &"%c #1'"c4""$c1
2&"*c $%&%("$(2+c&$c*"12&$0c.&(#c&(" %c.#& #c1!"c $%&*"!"*c 1("!&12c
&$c!"21(& $c( c(#"c 1$+E%c,&$1$ &12c%(1(" "$(%c c 1. GENERAL &Dc#"c&$1$ &12c (1(" "$(%c#1'"c0"$"!122+c4""$c !" 1!"*c $c(#"c#&%( !& 12c %(cc $'"$(& $cc c c
&&Dc )$(&$0c 2& &"%c$ (c% " &,& 122+c!","!!"*c( c (#"!.&%"c1!"c&$c $% $1$ "c .&(#cc 0"$"!122+c1 " ("*c c 6. BASIS OF ACCOUNTING #"c 1$+c, 22 .%c(#"c "! 1$(&2"c%+%(" c ,c1 )$(&$0c0"$"!122+c"8 " (cc (#"!.&%"c%(1("*c#"!"&$c4"2 .c c 3. FIXED ASSETS &8"*c %%"(%c1!"c%(1("*c1(c %(c2"%%c1 ) )21("*c*" !" &1(& $cc c 4. DEPRECIATION 1Dc" !" &1(& $c $c ,&8"*c1%%"(%c #1%c4""$c ! '&*"*c1(c(#"c!1("%c1$*c &$c1 !*1$ "c .&(#c(#"c ! '&%& $%c ,c #"*)2"cS@c ,c(#"c 1$&"%c (7; c $c c"(# *c $c*1+%c ! !1(1c $c41%&%c ,c*1("c )(c( c)%"c ,c(#"c1%%"%(%c ."'"!7c$ c*" !" &1(& $c #1%c 4""$c #1!0"*c $c ,&8"*c 1%%"(%c *)!&$0c (#"c +"1!c 1$*c ! ,&(c ,c (#"c 1$+c #1%c 4""$c1,," ("*c1*'"!%"2+c( c(#1(c"8("$(cc 5. INVENTORIES #"c&$'"$( !+c#1%c4""$c'12)"*c1(c2 ."!c ,c %(c !c$"(c!"2&%142"c !& "7c# ."'"!c(#"!"cc &%c$ c 2 %&$0c%( /c1(c(#"cc c c c c c 6.REVENUE AND EXPENDITURE RECOGNITION
"'"$)"c %!" 0$&%"*c 1$*c "8 "$*"&()!"c &%c 1 )$("*c , !c $c (#"&!c 1 !)12c "8 " ( 21& %c &$c !"% " (c ,c 0 *%c )! #1%"*c 1$*c % 2*c
#"c ,&$1$ &12c %(1(" "$(%c ,c (#"c 1$+c #1'"c 4""$c !" 1!"*c &$c 1 !*1$ ".&(#c $("!$1(& $12c &$1$ &12c " !(&$0c (1$*1!*%c C Dc &%%)"*c 4+c (#"$("!$1(& $12c
)$(&$0c (1$*1!*%c 1!*c C Dc 1$*c 1
2& 142"c 1(c " " 4"!c 7c 1$*c
"$* !%"*c 4+c (#"c )! "1$c $& $c #"c *1("c ,c (!1$%&(& $c ( c .1%c c I1$)1!+c =c c (B)Use of estimates #"c !" 1!1(& $c ,c ,&$1$ &12c %(1(" "$(%c !"9)&!"%c (#"c 1$+c ( c 1/"c "%(& 1("%c 1$*1%%) (& $%c (#1(c 1,," (c &(" %c !" !("*c &$c (#"c %(1(" "$(c ,c ,&$1$ &12c %&(& $c 1$*&$ "c %(1(" "$(c 1$*c (#"c *&% 2 %)!"c ,c $(&$0"$(c 1%%"(%c 1$*c 2&14&2&(&"%c 1(c (#"c *1("c ,(#"c ,&$1$ &12c %(1(" "$(%c 2(# )0#c (#"%"c "%(& 1("%c 1!"c 41%"*c $c 1$10" "$(E%4"%(c/$ .2"*0"c ,c )!!"$(c,1 (%7c &! ) %(1$ "%c1$*c( 7c% "c"8("$(7c ,)()!""'"$(%c 1$*c 1 (& $%7c 1 ()12c !"%)2(%c )2(& 1("2+c 1+c *&,,"!c ,! c (# %"c "%(& 1("%7 %%&42+c%&0$&,& 1$(2+c (C)Investment income $'"%( "$(c&$ "c $%&%(%c ,c&$("!"%(c!" "&'142"c, !c(#"c+"1!$("!"%(c!" "&'142"c&%cc !" 0$&6"*c1%c&(c1 !)"%7c(1/&$0c&$( c1 )$(c(#"c",," (&'"c+&"2*c $c(#"c&$'"%( "$(cc c (D)Financial instruments 1$%c ( 7c !c ,! c (#"!c '&'1c ! ) c 1$&"%c 1!"c !" 0$&6"*c .#"$c 1%#c &%1*'1$ "*c ( 7c !c !" "&'"*c ,! c (#"%"c 1$&"%c #"%"c 2 1$%c 1!"c %)4%"9)"$(2+ 1!!&"*c1(c1 !(&6"*c %(c#"c 1$+c!"'&".%c(#"c 1!!+&$0c'12)"c ,c 2 1$%c $c 1!"0)21!c 41%&%c ,c (#"c 1!!+&$0c '12)"c ,c (#"c 2 1$c &%c 0!"1("!c (#1$c (#"c !" '"!142"c1 )$(7(#"c 1!!+&$0c '12)"c &%c !"*) "*c (#! )0#c1c #1!0"c( c(#"c &$ "c %(1(" "$(c&$c(#"c "!& * ,c& 1&! "$(c c (E)Cash and cash equivalents 1%#c1$*c 1%#c"9)&'12"$(%c $%&%(c ,c 1%#c1(c41$/%c1$*c&$c#1$*c c (F) Income taxes c c
#"c )!!"$(c (18c "8 "$%"c &%c 41%"*c $c (#"c (18142"c !"%)2(c , !c (#"c +"1!7c 1,("!c 1$+1*5)%( "$(%c &$c !"% " (c ,c !& !c +"1!%c 187c &$ 2)*&$0c (18c !"2&",c , !c 2 %%"%c &,1
2& 142"7c &%c 122 1("*c '"!c ! ,&(%c 4", !"c (181(& $c 1$*c 1 )$(%c #1!0"*c
! !"*&("*c( c!"%"!'"%c1%c1
! !&1("c
! '&%& $c&%c 1*"c, !c*","!!"*c(18c2&14&2&(&"%7c !c !"*&(c(1/"$c, !c*","!!"*c(181%%"(%7c )%&$0c (#"c 2&14&2&(+c "(# *7c $c 122c 1("!&12c (" !1!+c *&,,"!"$ "%c 4"(.""$(#"c (18c 41%"%c ,c1%%"(%c1$*c2&14&2&(&"%c1$*c(#"&!c 1!!+&$0c1 )$(%c&$c(#"c,&$1$ &12%(1(" "$(%c ","!!"*c(18c1%%"(%c1!"c!" 0$&6"*c( c(#"c"8("$(c(#1(c&(c&%c ! 4142"c(#1(,)()!"c(18142"c ! ,&(c.&22c4"c1'1&2142"c101&$%(c.#& #c(#"c(" !1!+c*&,,"!"$ "%c 1$c4")(&2&6"*c (G) Share capital Equity instruments
$c"9)&(+c&$%(!) "$(c&%c1c $(!1 (c(#1(c"'&*"$ "%c1c!"%&*)12c&$("!"%(c&$c(#"1%%"(%c ,c 1$c "$(&(+c 1,("!c *"*) (&$0c 122c &(%c 2&14&2&(&"%c !*&$02+7c 1c ,&$1$ &12&$%(!) "$(c &%c (!"1("*c1%c"9)&(+c&,Fc cc #"!"c&%c$ c $(!1 ()12c 42&01(& $c( c*"2&'"!c 1%#c !c (#"!c,&$1$ &121%%"(%c !c( c "8 #1$0"c,&$1$ &12c1%%"(%c !c2&14&2&(&"%c $c("! %c(#1(c 1+c4")$,1' !142"Nc1$*c c #"c &$%(!) "$(c &%c 1c $ $*"!&'1(&'"c (#1(c $(1&$%c $ c $(!1 ()12c 42&01(& $( c *"2&'"!c1c'1!&142"c$) 4"!c ,c%#1!"%7c !c&%c1c*"!&'1(&'"c(#1(c.&22c4"c%"((2"* $2+c4+c(#"c 1$+c"8 #1$0&$0c1c,&8"*c1 )$(c ,c 1%#c !c (#"!c1%%"(%c, !c1,&8"*c$) 4"!c ,c (#"c 1$+E%c .$c"9)&(+c&$%(!) "$(%c &'&*"$*%cc &'&*"$*%c $c !*&$1!+c%#1!"%c1!"c!" 0$&6"*c&$c"9)&(+c &$c(#"c "!& *c &$c.#& #(#"+c 1!"c 1&*c 1$*7c , !c (#"c ,&$12c *&'&*"$*7c 1
! '"*c 4+c %#1!"# 2*"!%c &'&*"$*% $c
!","!"$ "c %#1!"%c 1!"c !" 0$&6"*c &$c (#"c "!& *c &$c .#& #c (#"+c 1!"c *" 21!"*1$*c 1 c c c c
! !&1("2+c1
! '"*c
c c c c c c c c c c c c c c c c
RESEARCH METHODOLOGY 1!/"(c !"%"1! #c &%c (#"c ! "%%c ,c %+%(" 1(& c 01(#"!&$07c !" !*&$0c 1$*c 1$12+6&$0c ,*1(1c 14 )(c )%( "!%7c "(&( !%c 1$*c (#"c 1!/"(c 1!/"(&$0c !"%"1! #c C12% c 122"* $%) "!c !"%"1! #Dc &%c 1c , ! c ,c 4)%&$"%%c !"%"1! #c (c &%c 1c , ! c ,c 1
2&"*c
% & 2 0+.#& #c $ "$(!1("%c $c )$*"!%(1$*&$0c (#"c 4"#1'& !%7c .#& %c 1$*c !","!"$ "%7c , $%) "!%c &$c 1c 1!/"(41%"*c " $ +c 1!/"(c !"%"1! #c 1$c #"2 c !"1("c1c4)%&$"%%c 21$7c 21)$ #c 1c $".c ! *) (c !c %"!'& "7c ,&$"c ()$"c "8&%(&$0c ! *) (%c 1$*c %"!'& "%7c "8 1$*&$( c $".c 1!/"(%c "( c (c 1$c 4"c )%"*c ( c *"("! &$"c .#& #c !(& $c ,c (#"c )21(& $c .&22 )! #1%"c (#"c ! *) (L%"!'& "7c 41%"*c $c '1!&142"%c 2&/"c 10"7c 0"$*"!7c c c
2 1(& $c 1$*c &$ "2"'"2c (c 1$c 4"c , )$*c )(c .#1(c 1!/"(c #1!1 ("!&%(& %c + )!c (1!0"(c 1!/"(c #1%c A&(# 1!/"(c !"%"1! #c 1$&"%c 1$c 2"1!$c !"c 14 )(c )!!"$(c 1$*c ("$(&12c )%( "!%c #"c )! %"c ,c 1!/"(c !"%"1! #c &%c ( c #"2 c 1$&"%c 1/"c 4"(("!c 4)%&$"%%c *" &%& $%14 )(c(#"c*"'"2 "$(c1$*c 1!/"(&$0c ,c$".c ! *) (%c1$*c&$c(#"c 1%"c ,c ,&$1$ &12 1!/"(c!"%"1! #7c&(c%# .%c(#"c 1$+c. !(#&$"%%c1$*c %&(& $c&$c,! $(c ,c " 2"c 1!/"(c "%"1! #c ! "%%cc :cc ",&$&$0c(#"c "%"1! #c ! 42" cc :cc "2" (&$0c1$*c%(142&%#&$0c "%"1! #c"%&0$cc :cc "2" (c(#"c "%"1! #c"%&0$cc :cc *"$(&,+c$, ! 1(& $c(+ "%c1$*c )! "%cc :cc "("! &$&$0c1$*c"%&0$c "%"1! #c$%(!) "$(cc :cc 22" (&$0c1$*c $12+6&$0c1(1cc :cc ! )21("c&$*&$0%cc c
Method Adopting of Data Collection #"!"c1!"c(. c(+ "%c ,c*1(1c 22" (& $c(" #$&9)"c&"c :cc !& 1!+c1(1c1$*cc :cc " $*1!+c1(1c $c +c!"%"1! #c ! 5" (c(#"!"c&%c$ c$""*c( c 22" (c !& 1!+c*1(1cc.1$(c $2+c %" $*1!+cc *1(1c(#1(cc#1'"c4""$c 22" ("*c4+c*&,,"!"$(c% )! "%cc $("!$"(c! c(#"c&$("!$"(c."c#1'"c(1/"c(#"c#&%( !&"%c ,c 1$&"%c, !c(#"c &$(! *) (& $c 1!(cA"c%"1! #c% "c*1(1c,! c(#"c."4%&("c ,c 1$+c1$*c%"1! #c"$0&$"c2&/"c 02"cc c c
/%c /%c1!"c12% c#"2 ,)2c)%c, !c(#"c*1(1c!"%"1! #cA"c#1'"c(1/"$c#"2 c ,c 4 /%c( c 12 )21("c(#"c!1(& %c1$*c1$12+6&$0c(#"c,&$1$ &12c%(1(" "$(%c2&/"c ! ,&(c
FINANCIAL STATEMENTc ! ,&(c
'&'1c2&,"c&$%)!1$ "cc
c c
c
c c
c c
ccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc1! ccccccc1!cccccccc1!>cccc1!cccc
c c c
c c
c
c c c c c c c c c c
c c c
c
c c c c c c c c
c c
c c
c
c c
c c
c c c
c c c c c c c c c c c c c c c c c c c c c c c
c
c c c c
c c c c c c c c c c c
c c
c #"&!c c"1!$&$0%c "!c%#1!"c, !cc."!"c>c "$ "cC>Fc >c "$ "c2 %%Dc #&%c 1&$2+c!",2" (%c(#"c& ! '" "$(c&$c,&$1$ &12c 1!/"(%c&$cc $ & c1$*c &$'"%( "$(c !"()!$c1%%) (& $%c*)!&$0c(#"c+"1!c."!"c&$c2&$"c.&(#c )!c2 $0("! c"8 " (1(& $%c .&(#c1c %&(&'"c'1!&1$ "c ,cPc &22& $cC>FcP7;==c &22& $c1*'"!%"Dc
%c $*&(& $c ,c&$%)!1$ "c 1!/"(c.1%c'"!+c41*c&$c c( c>c &*c1,("!c(#1(c&(c & ! '"*c1c2 (c1$*c,! c(#1(c0!1 #c."c 1$c)$*"!%(1$*c(#1(c4" 1)%"c ,c 1!/"(c %2 .* .$c &(c#1 c c c
"$"*c
c c "4(c"9)&(+c!1(& c&%c12% c%1+&$0c(#1(c&(c& ! '"*c1c2 (c,! c(#"c+"1!cc &*c (&22c>cc 4)(c1,("!c(#1(c4" 1)%"c ,c!"()!$c(#"c#1'"c,1 "*c(#"c%2 .* .$c c c c c c c c c c c
c
c c
c c c T)& /c!1(& c%# .%c12% c*" 2&$"c %&(& $c&(c "1$%c(#1(c(#"c14&2&(+c( c #1$0"c )!!"$(c1%%"(%c &$( c $"+c !c2&9)&*1("c ."!c&%c*" 2&$&$0c4" 1)%"c ,c 1!/"(c(!"$*%c#"c2&9)&*c 1%%"(%c 1!"c'"!+c,".c1$*c(#"+c1!"c$ (c)(&2&6&$0c ! "!2+c %c 1!/"(c* .$c&$c+"1!c;c% c &(%c % ""*&2+c*" 2&$"*c1,("!c+"1!c c&(%c%2 .2+c!" '"!"*c4)(c&$c(#"c+"1!c>c1$*c c&(c .1%c%(10$1$(c c c c c
c c c c c c
c c c c #"c*&,,"!"$ "c ,c )!!"$(c1%%"(%c1$*c )!!"$(c2&14&2&(&"%c%# .%c(#1(c!1(& c %c&(c%# .%c (#1(c &,c. !/&$0c 1 &(12c&%c#&0#c% c2&9)&*&(+c ,c4)%&$"%%c&%c!"% " (&'"2+c#&0#c+c(#&%c c c
0!1 #cc 1$c)$*"!%(1$*c(#"c,&$1$ &12c %&(& $c ,c(#"c 1$+c2&/"c&$c(#"c+"1!c;c(#"c!1(& c %# .%c(#"c0 *c %&(& $c4)(c4" 1)%"c ,c 1!/"(c%2 .* .$c&(E%c,2) ()1(&$0c1$*c1,("!c >c &(c4" "c%(142"c#1(c%# .%c(#1(c 1$+c&%c!" '"!&$0c&(%c,&$1$ &12c %&(& $c c c c c c c c c c c c c c c c c c c c c c
c
c a a a
c c
c V ! " # !$ % &'() * + , * + % - * + "&'()$
c c c c c c c c
c c
- . / 0/ 1 a - - a 2 a
c c c c c c c c c c c c c c c c c c
+c(#&%c ! 5" (cc, )$*c(#1(c 1$+c %&(& $c&%c$ (c(#1(c ) #c0 *c!&0#(c$ .c4" 1)%"c ,c %2 .* .$c&$c+"1!c; c1$*c(#1(c& 1 ("*c1c2 (c $c 1$+E%c!1(& cc ^c #"c!1(& c2&/"c)!!"$(c 1(& 7cT)& /c 1(& 7c1!$&$0c 1!c%#1!"7c "()!$c $c1 &(12c 2 +"*c !c #1!"# 2*"!c)$*%7c "!1(&$0c ! ,&(7c"(c ! ,&(c1!0&$c1$*c"4(9)&(+c 1(& c1!"c&$c *" 2&$"c %&(& $cc ^c #"%"c!1(& %c%# .c(#1(c 1$+c&%c$ (c)(&2&6&$0c&(%c,)$*c ! "!2+c1$*c(#"c. !/&$0c 1 &(12c !"9)&!" "$(c&%c#&0#2+cc ^c +c(#&%c ! 5" (cc, )$*c(#1(c(#"c "!1(&$0c"8 "$%"%c1!"c'"!+c#&0#c*)"c( c!" '"!+c "!& *c ,! c02 412c%2 .* .$cc ^c c, )$*c(#1(c&,c 1$+c.&22c, )%c $c&(%c2&14&2&(&"%c% c(#"+c 1$c '"! "c,! c(#"c $"01(&'"c0! .(#cc ^c #"c !"*&(c!1(&$0c(#1(c(#"c 1$+c0 (c&$c+"1!c;c.1%c'"!+c0 *c)(c1,("!c(#1(c !" "%%& $c&(c #1$0"*7c#"!"c !"*&(c!1(&$0c 21+c'"!+c& !(1$(c! 2"c4" 1)%"c12 %(c Bc &$'"%( !%c&$'"%(c(#"&!c $"+c $c(#"c41%&%c ,c0 *.&22c !c !"*&(c!1(&$0c(#1(c1c 1$+c# 2*c &$c(#"c 1!/"(
^c
c
c c c c c c c c c c c c c c
c c c c
Limitation ^c #"c*1(1c 22" (& $c.1%c2&((2"c4&(c( )0#c4" 1)%"c21("%(c*1(1c&%c$ (c 1'1&2142"c $c(#"c&$("!$"(
^c &$*&$0c(#"c*1(1c ,c$%)!1$ "c%" ( !c&%c'"!+c*&,,& )2( ^c ! 42" c )!!"*c*)"c( c21 /c ,c(& "c1$*c,1 &2&(+c ,c&$("!$"( c
c c
