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  • 7/23/2019 Analisa Perbandingan Laporan Keuangan PT Ultrajaya Milk Industry and Trading Co., dan PT. Multi Bintang Indones

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg hh

    I@R@ \GEK@ER@V

    \uoh syuiur pgeuahs ud`pi`e igp`b` Run`e X`ek C`n` Gs` i`rge` `t`s

    r`nc`t b`e fgri`ney` i`ch b`p`t cgeygags`hi`e Jhe`a \rmogdt @e`ahs` A`pmr`e

    Igu`ek`e Ttubh \grf`ebhek`e \R Watr`o`y` Chai `eb Rr`bhek Dm! Rfi b`e \R

    Cuath Fhet`ek Hebmegsh`! Rfi bgek`e f`hi% Cgey`b`rh f`nw` b`a`c stubh

    pgrf`ebhek`e heh thb`i cuekihe sgags`h t`ep` `b`ey` f`etu`e! buiuek`e! f`hi sgd`r`

    cmrha c`upue c`tgrh`a! hbg b`e sgth`p c`sui`e y`ek pmshthj kue` pgeygags`h`e jhe`a

    prmogdtheh% Magn sgf`f htu i`ch cgekud`pi`e tgrhc` i`shn igp`b`?

    0% Ngebru Dn`n`ym! TG! CC sga`iu bmsge c`t` iuah`n @e`ahs` A`pmr`eIgu`ek`e 0 y`ek tga`n cgek`o`ri`e f`ey`i n`a inususey` cgekge`h c`tgrh

    pgek`e`ahs``e tgrn`b`p pgrus`n``e c`euj`itur y`ek cgeo`bh mfogi bh b`a`c

    pga`pmr`e heh%

    6% B`e igp`b` sgcu` phn`i y`ek thb`i b`p`t bhsgfuti`e s`tu#pgrs`tu! tga`ncgebuiuek tgrsgags`hi`eey`jhe`a prmogdtheh

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg hhh

    B@JR@V HTH

    N@A@C@E T@C\WA%%% h

    I@R@ \GEK@ER@V hh

    B@JR@V HTH%% hhh

    F@F H \GEB@NWAW@E% 0

    0%0 A`t`r Fga`i`ek @e`ahshs A`pmr`e Igu`ek`e%%% 00%6 \grucus`e C`s`a`n 40%4 Ruou`e @e`ahshs A`pmr`e Igu`ek`e%%% 20%2 C`ej``t @e`ahshs A`pmr`e Igu`ek`e% 7

    F@F HH A@EB@T@E RGMVH ;

    6%0 @e`ahs` V`shm Nmrhsmet`a ;

    6%0%0 Nmrhsmet`a R`nue ig R`nue ;

    6%0%6 Nmrhsmet`a Hebgis @eki` Rrge%%% ;

    6%6 @e`ahs` Zgrthi`a% >

    6%4 @e`ahs` V shm Igu`ek`e%% >

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg hv

    6%4%0 V`shm Ahiuhbht`s%%%%%%%% 8

    6%4%6 V`shm @ithjht`s%%% 00

    6%4%4 V`shm Agvgr`kg%% 04

    6%4%2 V`shm \rmjht`fhaht`s 04

    6%4%7 V`shm \`s`r 07

    6%2 @e`ahs` Tucfgr b`e \gekkue``e B`e` 0:

    6%7 @e`ahs` V`shm @rus I`s% 0;

    6%7%0 @e`ahs`sujjhdhgedy% 0;

    6%7%6 @e`ahs`Gjjgdhgedy%% 6 @e`ahs` Igf`ekirut`e_#Tdmrg%% 62

    6%8 @e`ahs` \grf`ebhek`e 6:

    F@F HHH K@CF@V@E WCWC \GVWT@N@@E 6;

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg v

    4%0 \R Watr`o`y` Chai Hebustry `eb Chai Rr`bhek Dm! Rfi 6;

    4%0%0 Tgo`r`n Theki`t 6;

    4%0%6 Ttruitur Mrk`ehs`sh \grus`n``e%% 6>

    4%0%4 @spgi Igkh`t`e \grus`n``e 68

    4%6 \R Cuath Fhet`ek Hebmegsh`! Rfi 44

    4%6%0 K`cf`r`e Wcuc 44

    4%6%6 Tgo`r`n% 47

    4%6%4 Zhsh b`e Chsh 47

    4%6%2 Ttruitur Mrk`ehs`sh%% 4;

    F@F HZ @E@AHT@ B@E \GCF@N@T@E% 4>

    2%0 @e`ahs` Nmrhsmet`a% 4>

    2%0%0 Cgtmbgyg`r#tm#yg`r 4>

    2%0%0%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm!Rfi

    2%0%0%6 \R Cuath Fhet`ek Hebmegsh`! Rfi 2>

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg vh

    2%0%6 Cgtmbg `eki` hebgis 7>

    2%0%6%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm!Rfi

    2%0%6%6 \R Cuath Fhet`ek Hebmegsh`! Rfi% :2

    2%6 @e`ahs` Zgrthi`a % :8

    2%6%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm! Rfi :8

    2%6%6 \R Cuath Fhet`ek Hebmegsh`! Rfi% ;2

    2%4 @e`ahs` V`shm Igu`ek`e ;;

    2%4%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm! Rfi ;;

    2%4%0%0Ahquhbhty V`thm %% ;;

    2%4%0%6@dthvhty V`thm ;8

    2%4%0%4Agvgr`kg V`thm % >0

    2%4%0%7C`rigt V`thm >6

    2%4%6 \R Cuath Fhet`ek Hebmegsh`! Rfi%% >4

    2%4%6%0Ahquhbhty V`thm >4

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg vhh

    2%4%6%6@dthvhty V`thm % >7

    2%4%6%4Agvgr`kg V`thm % 86

    2%4%6%2\rmjht`fhahty V`thm %%% 82

    2%4%6%7C`rigt V`thm %% 8:

    2%2 @e`ahs` Tucfgr b`e \gekkue``e %% 8>

    2%2%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm! Rfi 8>

    2%2%6 \R Cuath Fhet`ek Hebmegsh`! Rfi% 0

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    Ttubh \grf`ebhek`e \R Watr`o`y Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg vhhh

    2%;%6 \R Cuath Fhet`ek Hebmegsh`! Rfi 060

    2%> @e`ahs` igf`ekirut`e_#Tdmrg%% 064

    2%>%0 \R Watr`o`y` Chai Hebustry `eb Rr`bhek Dm! Rfi 064

    2%>%6 \R Cuath Fhet`ek Hebmegsh`! Rfi 062

    2%8 @e`ahs` pgrf`ebhek`e% 067

    F@F Z \GEWRW\ 06;

    7%0 Igshcpua`e%% 06;

    7%6 T`r`e 06;

    B@JR@V \WTR@I@%%% 06>

    A@C\HV@E%% 068

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 0

    F@F H

    \GEB@NWAW@E

    0%0 A`t`r Fga`i`ek @e`ahshs A`pmr`e Igu`ek`e@e`ahshs A`pmr`e Igu`ek`e `b`a`n prmsgs y`ek pgeun pgrthcf`ek`e b`a`c

    r`eki` cgcf`etu cgekgv`aush pmshsh igu`ek`e b`e n`sha mpgr`sh pgrus`n``e

    p`b` c`s` sgi`r`ek b`e c`s` a`au! bgek`e tuou`e uetui cgegetui`e gsthc`sh

    b`e prgbhish y`ek p`ahek cuekihe cgekge`h imebhsh b`e ihegro` pgrus`n``e p`b`

    c`s` cgeb`t`ek% Cgeurut Tt`tgcget mj Jhe`edh`a @ddmuethek Dmedgpts .T@JD(

    Emcmr 0 .J@TF! 08;>(! a`pmr`e igu`ek`e n`rus cgcfgrhi`e hejmrc`sh uetui

    .0( pgek`cfha`e igputus`e hevgst`sh b`e irgbht9 .6( cgeha`h prmspgi `rus i`s9

    b`e .4( cgeha`h sucfgr b`y`! ia`hc `t`s sucfgr b`y`! b`e pgruf`n`e sucfgr

    b`y` fgrup`? .`( sucfgr b`y` gimemch! igw`ohf`e! b`e giuth`s pgchahi9 .f(

    ihegro` b`e a`f` pgrus`n``e9 b`e .d( ihegro` b`e stgw`rbsnhp c`e`ogcge% Ruou`e

    heh tgr`ekiuc b`a`c pgey`oh`e a`pmr`e a`f` rukh! egr`d`! a`pmr`e `rus i`s! b`e

    pgekueki`p`e a`pmr`e igu`ek`e%

    Fgrb`s`ri`e tuou`e tgrsgfut! p`r` pgc`i`h a`pmr`e igu`ek`e b`p`t

    cgeha`h hejmrc`sh y`ek bhn`shai`e sgf`k`h b`s`r pgek`cfha`e igputus`e

    gimemch y`ek fgri`ht`e bgek`e pgrus`n``e% Hi`t`e @iuet`e Hebmegsh` .6

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 6

    0% Hevgstmr! y`ek fgrigpgethek`e bgek`e rhshim b`e n`sha hevgst`sh b`rhhevgst`sh y`ek

    cgrgi` a`iui`e% Hejmrc`sh y`ek bhfutuni`e uetui cgegetui`e `p`i`n

    cgrgi` `i`e cgcfgah! cge`n`e! `t`u cgeou`a hevgst`sh tgrsgfut% X`ek

    fh`s` bhahn`t magn hevgstmr `b`a`n hejmrc`sh cgekge`h igc`cpu`e

    pgrus`n``e uetui cgcf`y`r bhvhbge9

    6% Irgbhtmr! y`ek cgekkue`i`e hejmrc`sh `iuet`esh uetui cgcf`etucgrgi` cgcutusi`e `p`i`n pheo`c`e b`e fuek`ey` b`p`t bhf`y`r p`b`

    w`itu o`tun tgcpm9

    4% \gc`smi! y`ek cgcfutuni`e hejmrc`sh cgekge`h igc`cpu`epgrus`n``e uetui cgaue`sh nut`ek#nut`ekey` p`b` s``t o`tun tgcpm9

    2% I`ry`w`e! y`ek cgcfutuni`e hejmrc`sh cgekge`h st`fhaht`s b`eprmjht`fhaht`s pgrus`n``e! b`e igc`cpu`e cgcfgrh pgeshue b`e

    igsgcp`t`e igro`9

    7% \ga`ekk`e! y`ek fgrigpgethek`e bgek`e hejmrc`sh tget`ek iga`eksuek`enhbup pgrus`n``e tgrut`c` f`kh cgrgi` y`ek cgchahih pgro`eoh`e o`eki`

    p`eo`ek bgek`e pgrus`n``e9

    :% \gcgrhet`n! y`ek fgrigpgethek`e bgek`e hejmrc`sh uetui cgek`tur`ithvht`s pgrus`n``e! cgegt`pi`e igfho`i`e p`o`i! b`e uetui cgeyusue

    st`thsthi pgeb`p`t`e e`shme`a b`e a`he#a`he9

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 4

    ;% C`sy`r`i`t! y`ek fgrigpgethek`e bgek`e hejmrc`sh tget`ekigdgebgruek`e b`e pgrigcf`ek`e tgr`inhr igc`icur`e pgrus`n``e sgrt`

    fgrf`k`h `ithvht`s y`ek cgeygrt`hey`%

    Bgek`e cgcf`d` a`pmr`e igu`ek`e sgd`r` tgp`t c`i` pgc`i`h tgrsgfut b`p`t

    cga`iui`e theb`i`e gimemch cgey`ekiut pgrus`n``e y`ek bha`pmri`e b`e

    bhn`r`pi`e cgekn`shai`e iguetuek`e f`khey`% B`a`c cgeha`h imebhsh igu`ek`e b`e

    prgst`sh pgrus`n``e! pgc`i`h cgcgraui`e fgfgr`p` hestrucge! `et`r` a`he `e`ahshs

    a`pmr`e igu`ek`e%

    Ttubh pgrf`ebhek`e heh `i`e cgeueouii`e pgrf`ebhek`e ihegro` bu`

    pgrus`n``e sgogehs b`a`c sgitmr y`ek s`c`% @b`pue `a`s`e pgeuahs cgchahn

    pgrus`n``e y`ek fgrkgr`i bhfhb`ek c`euj`itur cheuc`e i`rge` cheuc`e `b`a`n

    prmbui imesucsh c`ss`a y`ek cgeo`eki`u p`s`r au`s bh fgrf`k`h i`a`ek`e% C`i`

    pgeuahs cgchahn bu` pgrus`n``e tfi y`ek fgrkgr`i bh fhb`ek cheuc`e! y`ieh \R

    WARV@O@X@ CHAI HEBWTRVX @EB RV@BHEK DMC\@EX .sga`eoutey`

    bhsgfut sgf`k`h \R Watr`o`y`( b`e \R CWARH FHER@EK HEBMEGTH@ .sga`eoutey`

    bhsgfut sgf`k`h \R Cuath Fhet`ek(

    0%6 \grucus`e C`s`a`n@b`pue rucus`e pgrc`s`a`n`e y`ek bhf`n`s bh b`a`c a`pmr`e heh `b`a`n?

    0%6%0 F`k`hc`e` ihegro` igro` tgrn`b`p pgrus`n``e Watr`o`y`! Rfi0%6%6 F`k`hc`e` ihegro` igro` tgrn`b`p pgrus`n``e Cuath Fhet`ek! Rfi

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 2

    0%6%4 Gv`au`sh ihegro` igro` tgrn`b`p \R Watr`o`y`! Rfi b`e \R CuathFhet`ek! Rfi

    0%4 Ruou`e @e`ahshs A`pmr`e Igu`ek`eF`cf`ek Vhy`etm cgekgcui`i`e f`nw` Cgek`b`i`e hetgrprgt`sh `t`u

    `e`ahs` tgrn`b`p a`pmr`e igu`ek`e su`tu pgrus`n``e `i`e s`ek`t fgrc`ej``t f`kh

    pgek`e`ahs` uetui b`p`t cgekgt`nuh ig`b``e b`e pgrigcf`ek`e jhe`esh`a b`rh

    pgrus`n``e y`ek fgrs`ekiut`e%

    @b`pue `e`ahshs a`pmr`e igu`ek`e bhfu`t bgek`e fgfgr`p` tuou`e! bh`et`r`ey`

    `b`a`n?

    0%4%0 Tdrggehek@e`ahshs bha`iui`e bgek`e cgahn`t sgd`r` `e`ahths a`pmr`e

    igu`ek`e bgek`e tuou`e uetui cgchahn igcuekihe`e hevgst`sh `t`u

    cgrkgr9

    0%4%6 Jmrgd`sthek@e`ahshs bhkue`i`e uetui cgr`c`ai`e imebhsh igu`ek`e

    pgrus`n``e bhc`s` y`ek `i`e b`t`ek%

    0%4%4 Bh`kemshs@e`ahshs bhc`isubi`e uetui cgahn`t igcuekihe`e `b`ey`

    c`s`a`n#c`s`a`n y`ek tgro`bh f`hi b`a`c c`e`ogcge mpgr`sh!

    igu`ek`e `t`u c`s`a`n a`he%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 7

    0%4%2 Gv`au`thme@e`ahshs bha`iui`e uetui cgeha`h prgst`sh c`e`ogcge!

    mpgr`shme`a! gjhshgesh b`e a`he#a`he9

    0%4%7 Webgrst`ebhekBgek`e cga`iui`e `e`ahshs a`pmr`e igu`ek`e! hejmrc`sh

    cget`n y`ek bhf`d` b`rh a`pmr`e igu`ek`e `i`e cgeo`bh agfhn au`s

    b`e agfhn b`a`c%

    0%2 C`ej``t @e`ahshs A`pmr`e Igu`ek`eCgeurut Bo`rw`etm .6

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg :

    0%2%2 Wetui cgekgt`nuh pmshsh b`e pgrigcf`ek`e b`rh s`tu `t`u fgfgr`p`a`pmr`e igu`ek`e sgnhekk` b`p`t bhr`c`ai`e igdgebgruek`eey` p`b`

    c`s` y`ek `i`e b`t`ek% @e`ahshs y`ek bha`iui`e tgrn`b`p egr`d` b`e

    a`pmr`e a`f` rukh cgrup`i`e pgega``n`e nufuek`e#nufuek`e b`e

    tgebgesh `t`u igdgebgruek`e uetui cgegetui`e pmshsh igu`ek`e b`e

    n`sha mpgr`sh sgrt` pgrigcf`ek`e pgrus`n``e y`ek fgrs`ekiut`e%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg ;

    F@F HH

    A@EB@T@E RGMVH

    6%0 @e`ahs` V`shm Nmrhzmet`a

    @e`ahs` nmrhsmet`a `t`u `e`ahs` bhe`chs `b`a`n a`pmr`e igu`ek`e y`ek

    bh`e`ahs` bgek`e cgek`b`i`e pgrf`ebhek`e b`rh a`pmr`e#a`pmr`e sga`c`

    fgfgr`p` pgrhmbg% @e`ahs` bhe`chs `i`e s`ek`t cgcf`etu p`r` c`e`ogr!

    i`rge` bgek`e a`pmr`e igu`ek`e y`ek bhpgrf`ebheki`e uetui fgfgr`p`

    pgrhmbg `i`e bhigt`nuh shj`t b`e tgebgesh pgruf`n`e y`ek tgro`bh b`a`c

    pgrus`n``e% @b`pue `e`ahs` nmrhzmet`a tgrf`kh `t`s 6! y`ieh ?

    6%0%0 Nmrhsmet`a R`nue ig R`nue

    Nmrhzmet`a t`nue ig t`nue `b`a`n cgcf`ebheki`e a`pmr`e

    igu`ek`e su`tu pgrus`n``e b`rh t`nue ig t`nue%

    6%0%6 Nmrhsmet`a Hebgis @eki` Rrge

    Nmrhsmet`a hebgis `eki` trge `b`a`n cgcf`ebheki`e a`pmr`e

    igu`ek`e su`tu pgrus`n``e fgrb`s`ri`e hebgis t`nue b`s`r y`ek

    bhtgetui`e%

    6%6 @e`ahshs Zgrthi`a

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg >

    Cgek`e`ahshs a`pmr`e igu`ek`e uetui su`tu pgrhmbg tgrtgetu bgek`e

    d`r` cgcf`ebhek#f`ebheki`e pms y`ek s`tu bgek`e pms a`heey`%

    \grf`ebhek`e tgrsgfut bha`iui`e bgek`e cgekkue`i`e prgsget`sg bh c`e`

    s`a`n s`tu pms bhtgt`pi`e p`tmi`e 0

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 8

    @e`ahshs r`shm igu`ek`e cgekkue`i`e b`t` a`pmr`e igu`ek`e y`ek

    tga`n `b` sgf`k`h b`s`r pgeha`h`eey`% Cgsihpue bhb`s`ri`e p`b` b`t` b`e

    imebhsh c`s` a`au! `e`ahshs r`shm igu`ek`e bhc`isubi`e uetui cgeha`h rhshim

    b`e pgau`ek p`b` c`s` y`ek `i`e b`t`ek% \gekuiur`e b`e nufuek`e s`tu pms

    bgek`e pms a`he b`a`c a`pmr`e igu`ek`e y`ek t`cp`i b`a`c r`shm#r`shm

    igu`ek`e b`p`t cgcfgrhi`e igshcpua`e y`ek fgr`rth b`a`c pgegetu`e

    theki`t igsgn`t`e igu`ek`e su`tu pgrus`n``e% Rgt`ph fha` n`ey`

    cgcpgrn`thi`e s`tu `a`t r`shm s`o` thb`ia`n duiup! sgnhekk` n`rus bha`iui`e

    pua` `e`ahshs pgrs`hek`e#pgrs`hek`e y`ek sgb`ek bhn`b`ph magn c`e`ogcge

    pgrus`n``e b`a`c hebustrh y`ek agfhn au`s! b`e bhimcfhe`shi`e bgek`e

    `e`ahshs iu`aht`thj `t`s fhsehs b`e hebustrh c`euj`itur! `e`ahshs iu`aht`thj! sgrt`

    pgegahth`e#pgegahth`e hebustrh%

    6%4%0 V`shm Ahiuhbht`s

    V`shm ahiuhbht`s `b`a`n r`shm y`ek cgeueouii`e igc`cpu`e

    pgrus`n``e b`a`c cgcgeunh igw`ohf`e o`eki` pgebgiey` .tgrc`sui

    f`kh`e b`rh igw`ohf`e o`eki` p`eo`ek y`ek tga`n fgruf`n cgeo`bh

    igw`ohf`e o`eki` pgebgi(% V`shm heh tgrf`kh `t`s 6 r`shm! y`ieh?

    `% @e`ahshs Durrget V`thm

    Durrget r`thm `b`a`n r`shm `et`r` n`rt` a`ed`r .durrget

    `ssgt( bgek`e nut`ek a`ed`r .durrget ah`fhahthgs(%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 0

    0% \gcfgah`e `ithvg tgt`p .hevgst`sh(6% \gcf`y`r`e bhvhbge .pgeb`e``e(4% \gcf`y`r`e ut`ek o`eki` p`eo`ek .pgeb`e``e(

    D sn Jamw @bgqu dy3 D`sn Jrmc Mpgr`thme

    Amek Rgrc Bgft \`hb ) \urdn`sgs mj @ssgt

    ) Bhvhbge \`hb

    f% Amek#tgrc Bgft \`ycget@e`ahshs heh cgeueouii`e sgfgr`p` fgs`r `rus i`s mpgr`sh bhkue`i`e

    uetui cgaue`sh ut`ek o`eki` p`e`oek! ouk` cged`rh i`ht`e pgeb`e``e

    o`eki` p`eo`ek bgek`e sucfgr b`e` y`ek bhkue`i`e uetui

    cgaue`shey`%

    Amek Rgrc Bgft \ ycget 3 Amek Rgrc Bgft \`ycget

    D`sn Jrmc Mpgr`thme

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 08

    d% Bhvhbgeb \`ymut@e`ahshs heh cgeueouii`e sgfgr`p` fgs`r `rus mpgr`sh bhkue`i`e

    uetui cgcf`y`r bhvhbgeb

    b% Vghevgstcget@e`ahshs heh bhkue`i`e uetui cgekuiur f`k`hc`e` sg`eb`hey` `rus

    i`s mpgr`sh bhkue`i`e uetui cgcfgah `sgt tgt`p

    g% Bgft Dmvgr`kg@e`ahshs heh bhkue`i`e uetui cgekuiur sgfgr`p` fgs`r `rus i`s

    mpgr`sh c`cpu uetui cgeutup sgaurun nut`ek pgrus`n``e%

    j% Bgprgdh`thme#@cmrthz`thme Hcp`dt

    Bhvhbgeb \ ymut 3 D`sn Bhvhbgeb \`hb

    D`sn jrmc mpgr`thme

    Vghevgstcget 3 \urdn`sg mj jhxgb `ssgts

    D`sn Jrmc Mpgr`thme

    Bgft Dmvgr kg 3 Rmt`a Bgft

    D`sn jrmc mpgr`thme

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 6 @e`ahshs Igf`ekirut`e _#Tdmrg

    Igf`ekirut`e cgrup`i`e imebhsh bhc`e` pgrus`n``e thb`i c`cpu

    cgaue`sh igw`ohf`eey`% @a`t y`ek bhkue`i`e uetui cgekuiur igf`ekirut`e

    `b`a`n r`shm igu`ek`e b`e_#Tdmrg% Tu`tu pgrus`n``e b`p`t bhi`t`i`e sgn`t

    `p`fha` cgchahih a`f` y`ek thekkh! ahiuhbht`s y`ek cgc`b`h! ut`ek y`ek thb`i

    cgcfgf`eh! b`e `rus i`s y`ek sgn`t%

    @e`ahshs_#Tdmrg tgrf`kh `t`s thk`! y`ieh ?

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 67

    `% _#Tdmrg uetui pgrus`n``e pufahi b`e c`euj`iturf%

    _#Tdmrg uetui pgrus`n``e eme#pufahi

    d% _#Tdmrg uetui pgrus`n``e pufahi b`e eme#pufahi9 pgrus`n``e o`s`9 bhEgk`r` fgrigcf`ek

    `% Wetui pgrus`n``e pufahi b`e c`euj`itur5 4%< ? thb`i f`ekirut

    1 0%>0 ? f`ekirut

    0%>04%< ? b`gr`n `fu#`fu

    f%

    Wetui pgrus`n``e eme#pufahi

    5 4%< ? thb`i f`ekirut

    1 0%64 ? f`ekirut

    0%644%< ? b`gr`n `fu#`fu

    _#Tdmrg

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 6:

    d% Wetui pgrus`n``e pufhi b`e eme#pufahi9 pgrus`n``e o`s`9 bh Egk`r`fgrigcf`ek

    5 6%:< ? thb`i f`ekirut

    1 0%0 ? f`ekirut

    0%06%:< ? b`gr`n `fu#`fu

    _#Tdmrg :%7:^ .wmrihek d`pht`a-tmt`a `ssgt(

    )4%6:^ .rgt`hegb g`rehek-tmt`a `ssgt(

    ):%;6^ .GFHR-tmt`a ssgt(

    )0%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 6;

    F@F HHH

    K@CF@V@E WCWC \GVWT@N@@E

    4%0 \R WARV@O@X@ CHAI HEBWTRVX * RV@BHEK DMC\@EX

    4%0%0 Tgo`r`n Theki`t

    Fgr`w`a b`rh sgfu`n pgrus`n``e susu bh t`nue 087>! cgeo`bh

    \R Watr`o`y` Chai Hebustry * Rr`bhek Dmcp`ey p`b` t`nue 08;0% \R

    Watr`o`y` cgrup`i`e pgrus`n``e pgrt`c` b`e tgrfgs`r bh Hebmegsh`

    y`ek cgekn`shai`e prmbui#prmbui susu! cheuc`e! b`e c`i`e`e

    b`a`c igc`s`e `sgpthi y`ek t`n`e a`c` bgek`e cgrgi#cgrgi

    tgrige`a! y`htu Watr` Chai uetui susu! Fu`vht` uetui ous fu`n sgk`r!

    b`e tgn imt`i uetui cheuc`e tgn sgk`r%

    Ami`sh p`frhi \R Watr`o`y` s`ek`t str`tgkhs! y`ieh bh pus`t

    pgb`a`c`e pgrt`eh`e F`ebuek y`ek i`y` `i`e sucfgr b`y` `a`c y`ek

    fgriu`aht`s! cua`h b`rh susu sgk`r! b`ue tgn phahn`e! nhekk` fu`n#

    fu`n`e trmphs% Igsgk`r`e f`n`e f`iu b`e iu`aht`s khzh `a`chey` b`p`t

    bhpgrt`n`ei`e cga`auh tgiemamkh prmsgs Watr` Nhkn Rgcpgr`turg

    .WNR( b`e pgekgc`s`e `sgpthi t`ep` cgekkue`i`e f`n`e pgek`wgt

    `p`pue%

    T``t heh! 8< pgrsge b`rh sgaurun n`sha prmbuish pgus`n``e heh

    bhp`s`ri`e ig sgaurun Hebmegsh`! sgcget`r` shs`ey` bhgispmr ig

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 6>

    egk`r`#egk`r` @sh`! Grmp`! Rhcur Rgek`n! @ustr`ah`! b`e @cgrhi`

    Tgrhi`t% \rmbui#prmbui y`ek bhp`s`ri`e bmcgsthi c`upue gispmr

    `b`a`n prmbui y`ek s`c`% \R Watr`o`y` tga`n cged`p`h gcp`t s`s`r`e!

    y`htu pgrt`c` cgc`sthi`e f`nw` n`ey` f`n`e f`iu tgrf`hi y`ek

    bhkue`i`e uetui prmsgs prmbuish% Igbu`! cgcprmbuish ogehs prmbui

    sgf`ey`i cuekihe uetui imesucge% Igthk`! cgchahih tgiemamkh tgp`t

    y`ek cgcf`etu b`a`c pgekgcf`ek`e b`e prmbuish! b`e tgr`inhr

    c`cpu cgekhrhci`e prmbui#prmbui heh ig sgaurun imesucge%

    \ged`p`h`e heha`n y`ek cgcfu`t \R Watr`o`y` suisgs bhc`s` a`cp`u!

    nhekk` c`s` y`ek `i`e b`t`ek%

    4%0%6 Ttruitur Mrk`ehs`sh \grus`n``e

    Ttruitur mrk`ehs`sh cgrup`i`e n`a y`ek s`ek`t pgethek b`a`c

    pgrus`n``e! kue` cgekk`cf`ri`e pgr`e`e c`shek#c`shek f`kh`e

    sgrt` c`ekgt`nuh wgwge`ek b`e t`ekkuek o`w`f b`a`c pga`is`e``e

    tuk`sey`% Magn i`rge` htu struitur mrk`ehs`sh fhfu`t b`e bhsgsu`hi`e

    bgek`e pgrigcf`ek`e! igc`cpu`e! b`e ig`b``e pgrus`n``e% Fgrhiut

    heh `b`a`n k`cf`r`e struitur mrk`ehs`sh \R Watr`o`y`%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 68

    Tucfgr ? A`pmr`e R`nue`e \R Watr`o`y`

    K`cf`r 4%6 Ttruitur Mrk`ehs`sh \R Watr`o`y`

    4%0%4 @spgi Igkh`t`e \grus`n``e

    \R Watr`o`y` fgrkgr`i b`a`c hebustrh c`i`e`e b`e cheuc`e%

    Bhfhb`ek c`i`e`e c`i`e`e! pgrsgrm`e cgcprmbuish `egi` cgetgk`!

    susu fufui! b`e susu iget`a c`ehs% Bhfhb`ek cheuc`e! pgrsgrm`e

    cgcprmbuish cheuc`e `sgpthd y`ek bhprmsgs bgek`e tgiemamkh WNR

    b`e bhigc`s b`a`c igc`s`e i`rtme! sgpgrth susu d`hr! cheuc`e s`rh

    fu`n! tgn! b`e cheuc`e igsgn`t`e% \grsgrm`e ouk` cgcprmbuish tgn

    dgaup b`e imesgetr`t fu`n#fu`n`e trmphs%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 4! pgru``n``e heh cua`h `ithj

    cgcgsuih p`s`r gispmr ig egk`r`#egk`r` tgrtgetu%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 40

    N`a heh bhd`p`h bgek`e `b`ey` shstgc bhstrhfush y`ek tgrbhrh

    b`rh 67

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 46

    pgeyhcp`e`eey`% Cgekhek`t pgebubui Hebmegsh` y`ek c`ymrht`s

    Cusahc! \R Watr`o`y` pue fgrtgi`b fua`t uetui sga`au cgcgeunh

    pgrsy`r`t`e n`a`a% Tgcu` prmbui pgrus`n``e heh tga`n cgeb`p`ti`e

    Tgrthjhi`t N`a`a y`ek rgsch bhigau`ri`e magn C`ogahs Wa`c`

    Hebmegsh` .CWH(% Igsgaurun`e shstgc iu`aht`s \R Watr`o`y` heh

    tga`n cgeb`p`ti`e rgput`sh tgrf`hi b`rh sgcu` imesucge

    Hebmegsh`%

    d% Rgiemamkh Hebustrh\R Watr`o`y` tga`n cga`iui`e hevgst`sh y`ek s`ek`t fgs`r

    b`a`c shstgc pgekma`n`e b`e pgekgc`s`eey`% \`frhi y`ek sgrf`

    mtmc`ths! pgekkue``e cgshe y`ek d`ekkhn b`e fgrtgiemamkh thekkh

    cgcfu`t pgrus`n``e heh bh`iuh sgf`k`h pgchahi tgiemamkh

    pgekma`n`e c`i`e`e b`e cheuc`e p`ahek d`ekkhn bh Hebmegsh`%

    Tgcu` tgiemamkh heh bhkue`i`e uetui cgcpgrt`n`ei`e igsgk`r`e

    b`e eha`h khzh b`rh f`n`e f`iu phahn`e bgch cekn`shai`e prmbui

    y`ek tgrf`hi f`kh imesucge%

    Tgo`i f`n`e f`iu cua`h bhprmsgs sgd`r` mt tmc`ths nhekk`

    prmbui sh`p cgehekk`ai`e kub`ek pgeyhcp`e`e! thb`i `b` imet`i

    a`eksuek bgek`e t`ek`e c`eush` y`ek cgeo`che imebhsh nhkhgehs

    prmbui% Tgr`eki`h`e uoh a`fmr`tmrhuc y`ek ageki`p b`e igt`t

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 44

    cua`h b`rh f`n`e f`iu nhekk` prmbui o`bh sga`au bha`iui`e magn \R

    Watr`o`y` bgch cgc`sthi`e iu`aht`s y`ek bhhekhei`e uetui

    cgcpgrf`hih iu`aht`s igsgn`t`e imesucge b`p`t bhd`p`h sgd`r`

    imeshstge%

    b% \gegrhc``e I`ry`w`e\R Watr`o`y` cgchahih 00

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 42

    Tur`f`y`% \`b` t`nue 084: Nghegige EZ cgeo`bh pgcgk`ek s`n`c

    ut`c`! b`e cgekuf`n e`c` \grsgrm`e cgeo`bh Nghegige Egbgra`ebs

    Hebhsdng Fhgrfrmuwgrhoge C``tsdn`pphh% Tga`eoutey` \grsgrm`e

    cgek`a`ch fgfgr`p` i`ah pgruf`n`e e`c`! sgo`i t`nue 08>0 bhige`a

    bgek`e e`c` \R Cuath Fhet`ek Hebmegsh` Rfi! b`e tgrb`jt`r bh Furs`

    Gjgi O`i`rt` b`e Tu`r`f`y` p`b` fua`e Bgsgcfgr t`nue y`ek s`c`%

    T``t heh \R Cuath Fhet`ek Hebmegsh` Rfi cgrup`i`e pgekn`sha fhr

    tgrigcui` bh Hebmegsh`! y`ek cgcprmbuish b`e `t`u cgc`s`ri`e

    sgr`eki`h`e prmbui tgrige`a! sgpgrth Fhr Fhet`ek! Fhet`ek _grm!

    Nghegige! Kuheegss Ttmt b`e Krgge T`ebs%

    \`b` fua`e Bgsgcfgr 6

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 47

    Tgsu`h bgek`e `ekk`r`e b`s`rey`! getht`s `e`i fgrmpgr`sh

    sgf`k`h bhstrhfutmr ut`c` cheuc`e% Getht`s `e`i cgcua`h mpgr`sh

    imcgrsh`a p`b` t`ekk`a 0 O`eu`rh 6

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 4:

    y`htu Cgeo`bh \grus`n``e Fhr y`ek Cgedhpt`i`e Eha`h R`cf`n bh

    Hebmegsh` b`e a`eki`n y`ek bh`cfha magn \R Cuath Fhet`ek Hebmegsh`

    cga`auh chshey` `b`a`n Cgedhpt`i`e \mrtmjmahm Cgrgi y`ek Iu`t b`e

    Cgcf`ekue Iguekkua`e b`a`c Iu`aht`s! A`y`e`e b`e

    Igshe`cfuek`e%

    B`e eha`h#eha`h y`ek sga`au bhpgk`ek magn \R Cuath Fhet`ek

    Hebmegsh` `b`a`n Vgspgi! Igkgcfhr``e! Tgc`ek`t Fgrhemv`sh! b`e

    Cgekut`c`i`e Iu`aht`s% Cgeo`bh b`s`r f`kh pgrus`n``e uetui tgrus

    fgigro` b`e fgrhemv`sh bgek`e tgt`p cgcpgrt`n`ei`e iu`aht`s y`ek

    tga`n bho`k` sga`c` fgrt`nue#t`nue%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

    \R Cuath Fhet`ek Hebmegsh`! Rfi \`kg 4;

    4%6%2 Ttruitur Mrk`ehs`sh

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    pgeheki`t`e b`a`c fh`y` heh bh`ekk`p w`o`r ohi` sghrhek

    bgek`e pgeheki`t`e pgeou`a`e%

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    pgeou`a`e%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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    f`kus p`b` t`nue 6

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    p`b` t`nue 6

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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    t`nue 6

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    R`nue 6

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    R`nue 6

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    R`nue 6

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    R`nue 6

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    R`nue 6

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    R`nue 6

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    Oueh 6

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    R`nue 6

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    Fmmi Z`aug

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    b`rh n`rk` fmmi v`aug%

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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    F`kh`e Nut`ek O`eki` \`eo`ek X`ek

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    Ttubh \grf`ebhek`e \R Watr`o`y` Chai Hebustry `eb Rr`bhek! % Dm! Rfi b`e

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