www.zaluu.

com
www.zaluu.com

1
2
3 -
:
1 : 1.1
1.2
1.3
1.4
2 :2.1
2.2
3 :
3.1
3.2
4 : 4.1
4.2
4.3
5
6 : 6.1
6.2
6.3
7
8 : 8.1
8.2
9
10
:
11.1
11.2
:
12.1
12.2
13

www.zaluu.com
www.zaluu.com

.

.

.
-
,
2007 09 10 2007 10 31 2
.


.

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

. ,
, .

.
, , , ,
. 2 .
- 10110
-
1.1
,
,
.

, . ,

2 , 1 , .
:
-
-
-

:-
-

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

:
.

. , .
, ,
.
, :
,

, ,
. ,
, , ,
,

, .
, ,
.

,
.
1.2 ,
:
-

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

- .
,

.
.
, .

1.3

. .
, 2 .
2 .
.
. ,
.

.
.
.

2 . 1,2- ,
. 1,2
-, . ,
. 1- , 2-
, 3-
.

, , , ,

www.zaluu.com
www.zaluu.com

.
:



:

.
:
.
, ,

.
.

, ,
.

.
,
.
.
:

www.zaluu.com
www.zaluu.com

, ,
. , , ,
,

:

.

1- , 2- ,
.

1.4

.
.

.
.
: - :

- :

- :

www.zaluu.com
www.zaluu.com


.
.

2.

, .
:

/1 /

/1
/

/
/

/ /

/
/

/, , ,
, ,
./

www.zaluu.com
www.zaluu.com

:
//

2.1 ,

,
.
,
.

,
.

.
.
:

,
.
, ,
,
. ,
,

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

.


.

.

.
.

, .
, .
,

,
,
, ,
,
,
.
:

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

:
/ /

2.2
, ,
. 2
.

.
.

.
.

www.zaluu.com
www.zaluu.com

3
.

,

, ,
.

.
,
.
,
, :

:


:

www.zaluu.com
www.zaluu.com

3.1

.
, // ,
, .
.
, , , ,
,

, .

, ,

.
.

1. :

.
:

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

.
: , ,
,
.
2. :
,
.

.
3. :

, , ,
.

,
.
:

www.zaluu.com
www.zaluu.com

:

, .

,
.

3,2
1.

,
.
2.

, ,
.
3.

, .
4.

,
.
5.

, ,

.
,
.
6.

www.zaluu.com
www.zaluu.com
7.

.

:

,,

,
. :

:
-
.

.

4.
,
,
, , , ,
.
80-85%-
,
.

www.zaluu.com
www.zaluu.com

4.1
,
.
:

, .
23 . , 2
.
,
2 1
, .
, , , , ,
, , , ,
, , , , ,
.

:

.

www.zaluu.com
www.zaluu.com


1-2 .
2 .
,

4 2
.

4.2

,
.

, .

.
. : , , , ,
, , , ,
.
.
-
.
.

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

#

:
:

/ /

4.3 :
, ,

, , .
.

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


.
,
, .

5.

.
.
3 1 ,
1 . 2
.

/ , /

=
.

www.zaluu.com
www.zaluu.com

2
.

.

.

.
, .

.
,
,
.

. 2
.
- .
- .
-

6.
,
, ,
.
,
.

www.zaluu.com
www.zaluu.com


.
: -
-
-
-
-
.
,
, .

.
, ,
.
, , , ,
, .

.
, .

, ,

6.1

.
.
.
.

www.zaluu.com
www.zaluu.com

-
-

.

, .
.

6.2



.

, .

6.3
.
:
/ /

www.zaluu.com
www.zaluu.com
/
/ .
3 .

-
2 .
:
.

:


.

7.
.
.

.

. : ,
, , , , , .
.
.

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

.
. .
,
.
, ,
. .

.
.

.
.
.

8.
,
.


.

www.zaluu.com
www.zaluu.com

:
.
:

10% - .
:
: -

.
:
: -

,
.
:
:

,
.

www.zaluu.com
www.zaluu.com
:

.
:

.
:

.
:

.
: -

- .
: -

.
: -

.
:

www.zaluu.com
www.zaluu.com
:

8.1
- 2007.02.01 .
.
-

13.5%

5.5%

1%

1%

0.5%

0.5%

1% - 2%

(-)

3%

3%

19% - 20%

10%

29% - 30%
. - -

.
:
, , .
:
( ), .
,
:
, ,
, .

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

8.2
2007.1.1
-
10% .

- 10%- 7000
.
10 -,
- - .
, .
.

9.
,
,
.
.

: ,

. ,
.

.

www.zaluu.com
www.zaluu.com

. :

. :

. :

.
.

.
.

.
.

www.zaluu.com
www.zaluu.com

. .
:

:
,
.

. ,
.

. :

.
:

. :

www.zaluu.com
www.zaluu.com

:
,
.

.
, ,
. ,
,
.

. :
/ /

. :

. :

www.zaluu.com
www.zaluu.com

. .
:

:

, , , ,
.
2 .
1, ,
, .
2, , ,
3 .

10,1 :
.
.

, ,

, ,

.
:

www.zaluu.com
www.zaluu.com


. ,
.


.


.
: :

. ,

,
,

10,2
, ,

,
,

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

.
. :

. 2
.
.


.

,
.
:
.
4 .
1,
2,
3,
4,

.

www.zaluu.com
www.zaluu.com

.
.
2 :

. : ,
, , 40

/30%/

2683

1640

32751

3150

3400
62040

3100

. : -

:

,
. ,
.

, ,
.

www.zaluu.com
www.zaluu.com

.
:
-
-
-
- .
-
-

,
,
.

1.1

= 741511755.37 1866742759.58 = -1125231004.21

12.31 = 865648806.83 2059896432.03= -1194247625.2

1.1

25800729.6 0
1866742759.58

0.01382

12.31

37969538.72 0
2059896432.03

0.018432

www.zaluu.com
www.zaluu.com
1.1

25800729.6 0 191538471.33
1866742759.58

12.31

2059896432.03

741511755.37
1866742759.58

0.39722

741511755.37

3599196422.54

12.31

2059896432.03

741511755.37

12.31

865648806.83
3831744076.14

0.22591

- 1.51748

- 1194247625.2
865648806.83

0.42023

0.206

1125231004.21

12.31

865648806.83

1.1 -

0.13222

1.1

37969538.72 0 234393329.36

1.1

0.11642

- 1.37959

-1125231004.21

-1194247625.2

-69016621

0.01382

0.018432

0.004612

0.11642

0.13222

0.0158

0.39722

0.42023

0.02301

0.206

0.22591

0.01991

-1.51748

-1.37959

0.13789

1.1

100670162.96
3599196422.52

0.0279

12.31

180674657.56
3831744076.14

0.04715

www.zaluu.com
www.zaluu.com

( )

1.1

3599196422.54
100670162.96

35.75

12.31

3831744076.14
180674657.56

21.20

= + -
,

1.1 = 100670162.96 + 1631783500 2856484667.17-1200000 = -1125231004.21

12.31 = 180674657.56 + 1591172986.55 2964895269.31-1200000 = -1194347625.2

1.1

- 1125231004.21
100670162.96

- - 11.1774

12.31

- 1194347625.2
180674657.56

- 6.61

= +

1.1 = 3493526259.58
12.31 = 3651009418.58

1.1

3493526259.58
3599196422.54

( )

0.97064

12.31

1.1

1631783500
100670162.96

12.31

15911729860.55
180674657.56

3593526259.58
100670162.96

12.31

3831744076.14

0.95283

16.2092
8.80684

1.1

3651009418.58

34.70269

3651009418.58
180674657.56

20.20764

0.0279

0.04715

0.01925

www.zaluu.com
www.zaluu.com

35.75

21.2

14.55

-11.1774

-6.61

4.5674

0.97064

16.2092

8.80684

7.40236

34.70269

20.20764

-14.49505

0.95283

-0.01781

()

1.1 ()

212965900.34

360
5.09338

479280003.54

360
()

1.85582

42.98291

2.49596

360
()

193.98433

1084717633.37
803580281.1

12.31 ()

8.37542

1.85582

()

1.1 ()

360

554393387.85

360

12.31 ( )

( )

1383747107.89

( )

1.1 ( )

8.37542

70.6799

889458881.44

12.31 ()

212965900.34

()

1.1 ()

5.09338

1783680187.27

( )

1.1 ( )

1084717633.37

12.31 ()

12.31 ( )

803580281.1

2.49596

144.23272

1.34985

1783680187.27

360

2.21966

www.zaluu.com
www.zaluu.com

( )

1.1 ( )

1084717633.37
3599196422.54

0
3572267839.08

( )

1.1 ( )

360
0

12.31 ( )

360
2.21966

162.89592

( )

0.30137

()

1.1 ()

1.34985

()

266.69629

1.1

360

360

12.31

1783680187.27

0.4655

3831744076.14

12.31 ()

0
3572267839.08

360
()

12.31 ( )

360
0

= () + ()
1.1 = 5.09338+193.98433 = 199.07771
12.31 = 8.37542 + 144.23272 = 152.60814

() = () + ()
()

1.1 () =199.07771 -0 = 199.07771

12.31 () = 152.60814 - 0 =152.60814

()

5.09338

8.37542

3.28204

()

70.6799

42.98291

-27.69699

()

1.85582

2.49596

0.64014

()

193.98433

144.23272

-49.75161

1.34985

2.21966

0.86981

382.98

318.58

64.4

0.30137

0.4655

0.16413

()

()

www.zaluu.com
www.zaluu.com
()

()

199.07771

152.60814

-46.46957

()

199.07771

152.60814

-46.46957

( )

1.1

1084717633.37
2910689968.24

12.31

1.1

516836695.69

12.31

2910580281.1

1084717633.37

0.37266

1783680187.27

0.61282

-
2.09876

1783680187.27
516836695.69

3.45114

1.1

80149494.6
100670162.96

0.7961

12.31

125889435.56
180674657.56

0.69677

0.37266

0.61282

0.24016

2.09876

3.45114

1.35238

0.7961

0.69677

-0.09933

www.zaluu.com
www.zaluu.com
1.1

2856484667.17
3599196422.54

0.79364

12.31

2964895269.31
3831744076.14

0.77377

1.1

1064915585
2856484667.17

1195650549.63
2964895269.31

0.372806

0.40326

1.1

256232274.83
2856484667.17

12.31

0.0897

12.31

311498563.91
2964895269.31

0.10506

0.79364

0.77377

-0.01987

0.372806

0.40326

-0.30454

0.0897

0.10506

0.01536

www.zaluu.com
www.zaluu.com

1.1

80149494.6
1084717633.37

0.07388

80149494.6

12.31

889458881.44

0.09011

1.1

1.1

80149494.6
3599196422.54

12.31

100670162.96

0.07057

125889435.56
1383747407.89

0.09097

0.02226

80149494.6

1783680187.27

12.31

1.1

125889435.56

0.79615

125889435.56
3831744076.14

0.03285

12.31

125889435.56
180674657.56

0.69677

2005.01.01

2005.12.31

0.07388

0.07057

0.00331

0.09011

0.09097

0.00086

0.02226

0.03285

0.01059

0.79615

0.69677

0.09938

= -

1.1 = 741511755.37 1866742759.58 = -1125231004.21

www.zaluu.com
www.zaluu.com
12.31 = 865648806.83 2059896432.03= -1194247625.2

1.1 -

3599196422.54

0.31263

75081711.61
1084717633.37

75081711.61

0.06921

3599196422.54

0.02086

- 1194247625.2
1783680187.27

0.66954

12.31

- 1194247625.2
3831744076.14

0.31167

12.31

1.1

- 1125231004.21

12.31

1.1

1084717633.37

1.03734

1.1

1125231004.21

75081711.61
1783680187.27

0.04209

12.31

75081711.61
3831744076.14

0.01959

1.1

3144587.45
3346678.26

0.94

12.31

4070355.28
4771246.79

0.85

1.03734

0.66954

-0.3678

0.31263

0.31167

-0.00096

0.06921

0.04209

-0.02712

0.02086

0.01959

-0.00127

0.94

0.85

0.09

www.zaluu.com
www.zaluu.com

1.1 1

12.31 1

3831744076.14

12.31 2

0.02881

12.31 3

3831744076.14

0.4655

100670162.96
3493526259.58

180674657.56
3651009418.58

0.04948

56305129.34 84360257.48
3599196422.54

110827290.36 132507563.75
3831744076.14

0.03908

0.0635

1.1 5

35991996422.54

1783680187.27

0.30137

12.31 1

1084717633.37

1.1 1

0.0635

0.03908

1.1 3

3599196422.54

110827290.36 132507563.75

1.1 2

56305129.34 84360257.48

66270162.96
3599196422.54

0.01841

12.31 5

146274657.56
3831744076.14

0.03817

Z = 3.3K1 + 1.0K2 + 0.6K3 + 1.4K4 + 1.2K5

1.1 Z = 3,3 * 0.03908 + 1.0 * 0.30137 + 0,6 * 0,02881 + 1.4 * 0.02881 + 1.2 * 0.01841 = 0,510046
12.31 Z = 3,3 * 0.0635 + 1.0 * 0.4655 + 0,6 * 0,04948 + 1.4 * 0.04948 + 1.2 * 0.03817 = 0,7505042

www.zaluu.com
www.zaluu.com

4 1 0.02 6
30 0.04 0.02- .
0.5-0.6
. 0.01

.
0.21 .
.
0.07 0.08 11.4%- .
0.09 .
1 1 286216548.65 6
30 5168725.07 .
0.0015 0.0057 0.0042-
. . 4 1 5.09 70.67
8.37 42.98
. .


.
. 2.675 .

www.zaluu.com
www.zaluu.com
0.75050042
.

.
.
.
.

,
.
.
.

?

.
.

.

,
.

www.zaluu.com
www.zaluu.com

2007 09 10 2007 10 31 2


, ,



.

. :
1,
2, .
3,
4,
5,
6, 51
49
.

.

.

www.zaluu.com
www.zaluu.com

.