www.zaluu.

com
www.zaluu.com

1.1

1.2

,
,

www.zaluu.com
www.zaluu.com

.


.

1991 4 .

.
1996
- .

,

. 1996

,

.
,
.
.
1:
: 24.3
. 15.2 62.5%
, 31.3% 7.3

93.8% 100 6
16.6
.

www.zaluu.com
www.zaluu.com
: 4.8 54.2%
100 46
.
: 24.1 90%
13.2
.
: 9.9 93% .
7.9 .
2:

70
80% , , , ,
- .
:
1992
11
29.5

1993
15
44.2

1994
13
50.4

49.60 14.10

%
%
\\
\ 5.80% 12.90 13.40
%
%
8.60% 16.00 16.30

%
%
\\

\\

26.30 47.40 37.40

%
%
%

1995
14
97.5

1996 1997
14
16
109 121.4

1998
16
113.4

1999
12
98.7

93.30 11.90 711.40 -6.60% -13.00%

%
%
%
19.70 51.30 29.90 41.10 32.40%
%
%
%
%
14.20
- 12.50 1.50% 13.50%
% 15.00
%
%
26.60 28.90 39.40 32.10 56.30%
%
%
%
%

. ?
. :
1. ,

.
2.

www.zaluu.com
www.zaluu.com
3. ,
.
4.
5. ,
.

, ,
.

.
2

. ,
.
?

. .

,
.
,




.
1.1 -


.

www.zaluu.com
www.zaluu.com
,

,
,

.
1999

,

.

.
60-80%

.

.
,
:


.
12 , 60 , 300
, 2200 40 ,
400

5000

. 12 1 ,
3 , . 4
53
.

www.zaluu.com
www.zaluu.com
, ?

1999 ,
, ,

24.1 90
, 9.9
93 5.7
13.2 .
, , -
(-4%) 10%,
Baasle- 8%-

,

, - ,
,

.

1992-12

19129.9

1993-12

31603.7

1994-12

52832.6

1995-12

62722.3

19129.
9
31603.
7
52832.
6
62652.
3

100
100
100
99.8883
9

62.7

0.09996

www.zaluu.com
www.zaluu.com
1996-12

70320.1

34841

1997-12

54283.4

1998-12

94602.1

36984.
8
57993

1999-12

153901.
2

83899

49.5462
8
68.1327
9
61.3020
2
56.901

8057.8

24890.1

4553.9

9903.8

6051.9

26587

7051.2

34000

46.8541
7
26.6337
4
34.5012
4
41.0

1994
1995
1996
1997
1998
1999

""
0
0.09
46.8
26.6
27.2
41.2

"1"

-
"2"

"3"

"4"

66.3
53.1
53.2
17.5
12.2
12.2
- 0.405

2.3
6.3
2.4
3.3
2.2
3
- 0.516

153.6
108.7
87.8
82
43.7
44.2
- 0.648

75.6
69.8
34.01
39.3
25.65
28.35
- 0.879

, -
,
,

,
.

.

.
,

.

1-: ,

www.zaluu.com
www.zaluu.com
2-: ,
3-:

, 4-: ,
5-: ,
6-:
.

,
,
,

, ,
,
, ,

. , ,
.
- 45%,
80 %-
, ,

.


,
.
98%
. 3-4%

.
,
.

www.zaluu.com
www.zaluu.com

,
.
50
1996-1997 5-6 10

. 1-
, 2- ,
3-
.
1.2


,

.

.

.

. :

,
.

www.zaluu.com
www.zaluu.com
,
.

. 1996 10-

,
.
. :
1.
2.
3.
4.
5.
6.
,
,
.
,

.

,
.
.

()
- + 15%

- + 10%

14
- + 50%
30
- + 60%

www.zaluu.com
www.zaluu.com

90
- + 65%
180

- + 70%
360

- + 90%
- 50%-
-

. -

. - ,
.
.

, , . 1999
43.4% ,
7.1% , 19.3% .

. - ,



.

.
,

.

, ,

www.zaluu.com
www.zaluu.com
, ,

.

.
.


, , ,
.

.
,
, .
, ,
.
:
1.
2.
3. ,
4. ,
5.
6.
7.
.

,
. ,
,
,

www.zaluu.com
www.zaluu.com
.
.

.


.

-
-
-
-

, .


,
.

.

.
, , .

www.zaluu.com
www.zaluu.com

-
.

.
:

,
.

, .

.
,

.
:

www.zaluu.com
www.zaluu.com

- ,

10-

.
, ,


.



. :
1.
2.
3.
4.
5.
6.
7.

.
,
,
.

www.zaluu.com
www.zaluu.com

, ,
.


.

.
5 .
, (capacity to borrow)-
.
:

, ( character)- ,

, ,
.
, (capital)-

. 3
. 1.

2.
3. .
, (condition)-
,

www.zaluu.com
www.zaluu.com

.
, - (control)-

.
.

. :
1. :
2.

SWOT

3.

4.

5.
6.
7.


.
.

.
.


.

www.zaluu.com
www.zaluu.com

.

- - - -
.
.
:

,
.

.
. :

, ,

()
-

www.zaluu.com
www.zaluu.com
,
.

.


.


. :
1.

> 1.3 : 1

< 80%

> 13%

2.

SWOT

-

.

.



.

www.zaluu.com
www.zaluu.com

,
.

.

,
.

.

.
.
:
1.

2. ,

3. -

4. - ,

.

.

.
.
,
.
,

www.zaluu.com
www.zaluu.com

.
,

,
,
.
,
. :
"
."

.

.
. , .
.
.

.
:
1.
2.
3.
1. :

, . 3-
, .
.

www.zaluu.com
www.zaluu.com
1. -
.

.
2. -
,
.

. ,
.
, :

.
4

.
,
.

.


:

www.zaluu.com
www.zaluu.com

.

.
,
, .
,
.

.
.

,
.
.

, ,

, , ,
.


.

.
.

www.zaluu.com
www.zaluu.com

.
:
1.

.
2.

.
,


.

.
.
.
-

,
.

:
1. -
2.
3. ,
4.
5. -

, ,

.

www.zaluu.com
www.zaluu.com

:
1. ,


2.


.

, ,
-
.
.


,

, , , ,
.


. ,

, ,
.
,

www.zaluu.com
www.zaluu.com

.


.
.

.


.
( )
.
,
. , ,
, ,
,
. 3 :
1.

2.

3.

.
2
. :

, ,

www.zaluu.com
www.zaluu.com
3 :
1.

2.
,
3.

.


.

,
.
5 . :
1. -


.

.
2.

.
.
3. -
.

.

www.zaluu.com
www.zaluu.com
4. -



.
5.
.

,


.

.


.
.

.


.

.

.
, ,
.

,

www.zaluu.com
www.zaluu.com

( ),
.

(), ()

( ) 50-90%-
.
,

( 50 - 10%) .

(

).

, , .

() .
( ). ,
.

,

.
.
.

.
.
:

www.zaluu.com
www.zaluu.com

. :
1.
2.
3.

.
,
, ,
, ,
,
, .
.

,

\\
, .


.
.

. 50%

www.zaluu.com
www.zaluu.com
10
.. 2 .

5
.

.


.
,
.



.

.


3
.


,
, .

. :

.
1.000.000
3 , 48%

www.zaluu.com
www.zaluu.com

85% .
1.000.000*48%/4+1.000.000=1.120.000 .
1.120.000*0.85=952.000-

.

.
.


,
.

.

,
. :
-

www.zaluu.com
www.zaluu.com


. :
- ,

-
- ,
-

, ,

:
1.

2. .

:

.



.


.

www.zaluu.com
www.zaluu.com

:
1.
2.
.



.
.
, .


.
,
.



.

.
2-
.
.
.
1-:
2-:
3-: :

() ( )

www.zaluu.com
www.zaluu.com

4-
.


. 2
.
)

, 2-

,
2-
,

. :
.

/ /
.

www.zaluu.com
www.zaluu.com

,
.

-
(CDs) t- ,
.


. 100%-
,
.

,






.



, , "" ""
,
.
10-
, .

,
30%-70% .

, ,
.

www.zaluu.com
www.zaluu.com

. :
""- .
2
.


.
.

.

.
.

.
, ,
//
.
:

60 -90%

.
40-50%- .

/
/

www.zaluu.com
www.zaluu.com



.


.

/



.



.

.
,

.
.

.

.
t- ,
50

www.zaluu.com
www.zaluu.com

.

, ,
.

.
.

.

.

/ 33
/

/
./
.

.
/ : /
.

.

www.zaluu.com
www.zaluu.com
, 2

.
:

80%-100%

.
/ : .
/







.


.
40%-

.


.

. :

,
.

www.zaluu.com
www.zaluu.com
:
40-50%- .

.

.
. :

.
: ,
.
,

.

.

.

.

www.zaluu.com
www.zaluu.com

.



. \ \

. 40

. 1991

1998
. , ,
.
, ,
,
,
,
, ,
.
:

www.zaluu.com
www.zaluu.com

,
.

1052.6
0

523.6

8.6
0

153.8

3103.3
2.4

6882.4

2340.2
1389.1

32758
0

39.8

19394
5.1

133393
4
887.8

1200.1
1566.5

1999

1302.5

5726.3
7617

4049.5

2348.5

1998

1997

1665.7

3 .

3 :
t

-
-

1997
428.5
273.6
289.8
187.5
20.7
1998
619.4
62.3
290.0
479.9
114.9
1999
512.9
68.8
185.2
164.5
370.9

1997
1998
1999

1200.1
428.5 35.70%
771.6 64.30%
1566.5
619.4 39.50%
947.1 60.50%
1302.5
512.9 39.30%
789.6 60.60%

www.zaluu.com
www.zaluu.com

1997
1998
1999

0
0.6
1.2

0
0.7
3.6

3.1
1.6
2.1

16.9
2.9
1.8

4.7
6
8

3.6
5.2
4.1

5.1
27.8
32.1

54283.4
94602.1
97680.4

1997
1998
1999

1200.1
2.2%
4563.8
771.6
16.9%
1566.4
1.7%
32638.9
947.1
2.9%
1338.8
1.4%
42919
788.3
1.8%

1.3
0.9
1.2

4.3
5.7
6.8

2

.
.
. :

4%
5%
6%
6%

5%
5%
6%
6%

\.\
1999

619,360.15

1,478,169.53

1,210,082.80

512,942.68

www.zaluu.com
www.zaluu.com
2

62,306.72

94,724.00

68,861.43

290,024.34

164,502.10

185,245.94

479,895.00

209,892.10

164,512.16

35,914.39
1,715,115.39

370,975.41

114,886.51
1,566,472.72

1,478,169.53

......

433,718.05

7,986.51

1,302,537.63

76,306.40

502,037.95

2000

512,942.68

4- 30-

9,000.00
362,650.13

76,793.20

31,458.50

69,324.20

43,001.10

126,142.40

6,831.70

86,716.60

3,025.20
446,966.63

504,733.20

68,861.43

185,245.94
164,512.16
370,975.41
1,302,537.63

9,000.00

......

863,709.60

587,223.06

502,037.95

85,185.12

1999 :
-

- 39%

- 4%

19%

--- 31%

www.zaluu.com
www.zaluu.com
-

7%

2000 :
-

- 40%

- 5%

14%

--- 13%

28%

1999.01
100

1999.12
145

2000.04
111

91

92

82

53

29

28

21

14

20

2000


.
1999- 2000
. 1999 1478.2 2000
.

.
. 2000 21
:
-

,
1999

,
78.8
.

145 20
53%

www.zaluu.com
www.zaluu.com
-

2000
.

.

.
1.

,
.
2.
, ,

()- ,
.
3. ,
,
,

.
4. ,
.
.

1. ,

, ,

www.zaluu.com
www.zaluu.com

2.

3.

4.

5.

,

.
,
,
.
,

.

, ,
.
,
,
,

.
.

,
.
1. ,

.
2.

, , ,
,
, , ,

, . ,

.
.

.
3.
,


.
4.
,
,

,
.

www.zaluu.com
www.zaluu.com

.
,
.
5.


.


.
6.
.
7.
.
,

.
8. , ,
.
9. ,

.
10.
.
11.
, .
12. , ,
, ,


.
13. , ,
, ,
,
,
.
.
,
2

.
.

www.zaluu.com
www.zaluu.com

:
50 .
6 .
3 , 3
.
.
\ , \ .
5 , 20
10
6 . \
.\
0.5 .

.
1
2
3

12000000
24000000
48000000
50000
120000
240000

\0.5%\
60000
120000
240000

.
:

\\

1650000 4

25%

1
2
2

350000 25
310000
10000
2320000

4%

\\

30

60000 120000

www.zaluu.com
www.zaluu.com
""

1\8
1\8

2
3

25000 50000
22000 66000

236000

5-20
90000
21000
8500
119500
.

86000
21000
8500
115500
.
235000

:

4
3

3500
10500
20000
20000
9000
20000

18000
20000
68500

1
.
50000

.

. :
90% 5%
93% 10%
95% 15%
98% 20%
. :

2320000
236000
235000
68500
50000
2909500

www.zaluu.com
www.zaluu.com

.
:
1
2
3

570000
1140000
2280000

50000
120000
240000

11400
22800
45600

631400
1282800
2565600

95
. 95

.
:

15%

1
2
3

631400
1282800
2565600
495500
595500
695500
135900
687300
1870100
20385
103095
280515
115515
584205
1589585

100000 .


.
.
1 - 115515
2 - 584205
3 1589585

2289305-

3
.

www.zaluu.com
www.zaluu.com

:
:

:
,
, .

, .

.

.
-

, , ,
, , ,
.
. :

, ,
. .

www.zaluu.com
www.zaluu.com

. .


.

www.zaluu.com
www.zaluu.com

12
. 4 , 8
.

1991 2

.
,

.
. .

, .
.

.
.

.
,
, ,

.

,
,
.
5 ,

www.zaluu.com
www.zaluu.com

.

.

,
2-3

, .

,
,

.
,

, , , ,
.

, , ,

.

, ,
.
.
,

www.zaluu.com
www.zaluu.com

. :
1. ,
, ,

2.

3. -

,
.

,
, , ,
.
4.
,

.
,
.
5.

.
.
.
6.
7. .
-

www.zaluu.com
www.zaluu.com

10.
1) ,
. . 1997

2)
3)
. 1997

4)
5)
. 2000

6)
GTZ 2000

., .

7) . 1999