Millat Tractors Report

8/17/2019 Millat Tractors Report

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MILLAT TRACTORS LIMITEDMILLAT TRACTORS LIMITED

INTRODUCTIONINTRODUCTIONMillat Group is Pakistan’s leading engineering concern in automobile sector & as a

istor! t at spans almost al" a centur!# Millat Group encompasses "our ma$orcompanies MI%% T TR CTOR %IMIT'D( MI%% T ')UIPM'NT %IMIT'D( MI%% T INDU*TRI %PRODUCT %IMIT'D and +O% N C *TING* %IMIT'D#

Toda! t e group manu"acturers, Tractor under licensing agreement -it Masse!.erguson( U/ 0o-ned b! GCO( U* 1( Diesel 'ngine( Diesel Generating *ets and PrimeMo2ers( .orkli"t Trucks under license "rom M3s n ui 4eli Co# %TD# C ina( a range o"

griculture Implements( Gears( +atteries and utomoti2e castings# T e compan! is alsodedicated to customi5e its products as per customer’s re6uirements

Millat Group as pla!ed a pi2otal role in trans"er o" tec nolog! & trans"ormation o" t e7edging local lig t engineering sector into a robust( 2ibrant( 6ualit! conscious uto8ending Industr!# T e "act t at Millat Tractor as a market s are o" more t an 9:; andindigeni5ation le2el o"


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+OUT T4' COMP N@,+OUT T4' COMP N@,

Millat Tractors %imited is a PakistanEbased compan! engaged in t e assembl! andmanu"acturer o" agricultural tractors( implements and multiEapplication products# Millat

Tractors %imited 0MT%1 is an I*O


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t e deletion targets set b! t e Go2ernment# ust in one !ear’s time( t e compan! tooka giant step to-ards sel" reliance b! setting up t e rst engine assembl! plant inPakistan#In K


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PRODUCTSPRODUCTS OFOF M ILLAT TRACTORS LIMITEDMILLAT TRACTORS LIMITED

Tractors

M. J9: PlusM. J9: PlusM. F :M. F :M. F>:M. F>:

M. JL9M. JL9M. JL9 > DM. JL9 > DM. J?9M. J?9

M. J :M. J :M. >99M. >99


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gricultural Implements

Disc PlougDisc Ploug Tine Tiller Tine Tiller griculturalgricultural .arm Trailor.arm Trailor

O=set DiscO=set DiscMasc ion %a-nMasc ion %a-n ib Crane ib Crane.ront +lade.ront +lade

. : . :*-inging Dra-*-inging Dra-RidgeRidgePost 4olePost 4ole

Grass 4eadGrass 4ead.odder.odder4ar2ester4ar2ester

'lectric'lectricMotor Dri2enMotor Dri2en

M. KLJ


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Industrial Produts

*pare Parts

orkli"t Truckorkli"t Trucklat Primeat Prime2ers2ersllat Generatingllat Generating


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MILLAT

TRACTORS

LIMITED

Ratio AnalysisFrom 2014 To 2006

F:K> F:KJ F:KF F:KK F:K: F::< F::L F::? F::Current Ratio

Currentssets

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JK>L::::

Current%iabilities

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Current RatioF#K ?LK

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L ?LK#??F 9

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)uick RatioC# ssetsIn2entor!

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Total ssets?:KLK:

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'6uit! Ratio:# J

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?K>>:#9>K :#J9 JKL K K K K

In2entor! Turno2er

Cost o" Goods*old KJ KJJ:9::: KL LLJL>::: K?:LFL?::: F:>JKJ:K:: : KLFK?K:LLL9>:: : :K>:::#:

:

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Total ssets Turno2er

Net *alesK (9LJ?::: ?:F9FJJKK:JK

Total ssets Turno2er

K#:9K

F#>>J>9L :?

F#J


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Di2idend Per* are

Di2idendDeclared

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nota2ailabl

e

No# O" * aresOutstanding

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nota2ailable

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nota2ailabl

eDi2idend Per* are >: 99 9 >?#9 9 >9 JF#9 FF F:

Di2idend @ield

Di2idend Per* are >: 99 9 >?#9 9 >9 JF#9 FF F:Market PricePer * are

9#:F9KF9 FL

>#KF


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MILLAT TRACTORS LIMITEDMILLAT TRACTORS LIMITED

Share Prices of 10 Years

Date Open High Low Close VolumeK Dec K> JF >9 JF J9# JJ#< JL JL# K JF(K::J Dec K> >9#? 9 Dec K> 9: 99#9 JL J >9#?< >?#9 J: JL#KF F(9::L Dec K> >: >F J: J9#J9 KF(F::< Dec K> J >F#:K 99 >F > #?J K:K(:::KF Dec K> >K >L J >J#9J F9(>::K9 Dec K> >9 > >9 9L#? KFJ(?::K Dec K> F#>#9 >F >F#?< KFK(?::KL Dec K> >L 9F J JL#?? J >>#< JL#9 >?#:? FK(L::FF Dec K> >>#< > (J::FJ Dec K> >> >?#> J< J


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FK No2 K> 9: 9L >? >> J (F::F> No2 K> 9J#LJ 9 >?#9 9:#>(F::F9 No2 K> 9K : >K#9 >L# 99 99 >F >J#:> K (J::F? No2 K> J9 9: J> J9#(?::FL No2 K> J> >J FK JF#F9 LL(F::

K Oct K> 999 9L:#LK 99K 9?L#9 F(?::F Oct K> 9L< : 9L:#9 9L>#LJ FJJ(:::J Oct K> 9LJ# 9LL 9LL 9?L 9LK#?> L( ::

K: Oct K> 9L9 9L9 9?F 9?? F:(J::KJ Oct K> 9?K 9LK#9 9 9 9??#FK K ( Oct K> 9LF#< : #:? 9LF#< 9 9#L K: 9 >L 9: FL JF#F9 J?:( ::F: Oct K> F? JK K>#:K K #JJ J (?::FK Oct K> KF KF 9L9#9F 9L 9?> 9< #:9 9?> 9 :K FJ ::#KK K F: F KL#9 F: KF#F9 K #9 K> (F::F< Oct K> KJ K9 9< #9 :9#?F FK(L::J: Oct K> :: :: 9L> >L>#?< ?(>::F *ep K> >L9 >L9 >LL#:? K:( ::J *ep K> >


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FJ *ep K> 9JL 99J 9J 9>9#>9 F>>( ::F> *ep K> 9>9 9 >#J#KF 99?#KF FFJ(L::F9 *ep K> 9 F#< 9 J#9 9>L 99:#9K ( ::F *ep K> 9>> 99>#: 9>?#? 9?(J::F< *ep K> 9>?#:? 9 F#?#:? 99K# 99L#< 99L#< 99K 99J#K K (>::

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KK ug K> >L: >LK#9 > 9 >?L: >L9#< >L: >LF#JJ >( ::KJ ug K> >L>#L>#L9 J(F::K9 ug K> >LL< 9::#9 >LL >#F K:(L::K< ug K> >L9#J >L9#J >L>#:K >L9 K(L::F: ug K> >LL >LL >L >L K(J::FK ug K> > >#9 >#9 9::F9 ug K> >LL >LL K(>::F ug K> >LL >L9 >L >LK >L: >L9 >L9 > >LK#?L >LK >L #


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Mar K> >?L#9K >?L#9K > L >?K#


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F? Mar K> > 9#9 > L > 9#9 > ?#: 9(F::FL Mar K> > 9#> > ? > K#:F > F#L 9( > > #


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J: an K> > ># >#9J >9>#F9 FL(>::JK an K> >9L# F#L9 J:(9::

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Dec F> F:KJ >LJ >LJ >L:#K >LF K(L>#LL#< >LJ >L>#F L( ::Dec F: F:KJ >L:#K >LJ >?L9#9 >L9#9 >LF >LJ#:< >( 9:Dec KL F:KJ >LJ#9 >L #K >LJ >L> >(9::Dec K? F:KJ >L:#9 >LL:#9 >L>#K K:(>9:Dec K F:KJ >L< >L>#F9 >L? KJ(9::Dec KJ F:KJ >L9 >L9 >L #?9 ( ::Dec KF F:KJ >LLL>#L9 F(K::Dec KK F:KJ >LF#K >L9 >LK#9 >LF#FJ J(?::Dec K: F:KJ >L> >L?#LF >LJ#>9 9(?::Dec < F:KJ >L9 >LF#KK >L9#< KF(L9:Dec F:KJ >L9 >L >LK >LF#:9 K9( 9:Dec 9 F:KJ >L9 >L9 >LF#KF >L>#::Dec > F:KJ >L #F9 >L #F9 >LF >LF# K 9(9::Dec J F:KJ >L #L? >(F::Dec F F:KJ >L > >L >> K9(J9:

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Oct JK F:KJ >>< >9F#9 >>< >9F#:K K?(9> >9> >>L >>F( 9:Oct F< F:KJ >>>L >>> >>L >>> >>?#?9 ?::Oct F9 F:KJ >9> >9> >>L >>L# ? FK(:9:Oct F> F:KJ >9K >9K >>L >>>L >9: >> >>?#:K KK(L9:Oct FF F:KJ >>K#9 >9: >>: >> #K? K?(J> >>J >JK >>:#9L K?(>::Oct K> F:KJ >>< >9: >FL#?F >JJ#?J 9L(?::Oct KK F:KJ >9>#9 >9? >9: >9K#FL JF(F9:Oct K: F:KJ >9K >9? >9K >9 #J? ?(?9:Oct < F:KJ > K > K >9? >9?#>F KJ( 9:Oct L F:KJ >9 K >9L >9< (?::Oct ? F:KJ > : > : >9L >99:Oct > F:KJ > 9 > 9 >9 :#L> K (K::Oct J F:KJ > < > < >9 :#KK KF(:::Oct F F:KJ >?> >?>#9 > 9 > L#?? (J9:Oct K F:KJ >L: >L: >?: >?F#J< ?(>9:

*ep J: F:KJ >LJ >LJ >?F#K >?J#99 KK(>9:*ep F? F:KJ >L< >L9 >L9# L >(:9:*ep F F:KJ >L9#F >L #:L F (K::*ep F9 F:KJ >LL >L9:*ep F> F:KJ >L9 >


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un F9 F:KJ 9F9 9F #9 9FF#F9 9FJ# F:KJ 9J: 9JF 9F:#9 9FF#J< FF(K:: un FK F:KJ 9J> 9J 9F 9JF#9 (K:: un F: F:KJ 9J9 9J9#K 9JK#:F 9J9#:F (?:: un K< F:KJ 9J> 9J9# 9J9#K< FJ(J:: un KL F:KJ 9J:#:K 9J 9F::

un K? F:KJ 9JJ 9J 9J: 9J9 KF(>:: un K> F:KJ 9JF#K 9J #9 9J: 9J9#?9 J(L:: un KJ F:KJ 9J:: un KK F:KJ 9J 9J #:K 9JJ 9J9#9 J:(9:: un ? F:KJ 9J: 9J># 9J9 9F9 9F FF( F:KJ 9KL#?K 9J: 9KL#?K 9F #F K9L( :: un J F:KJ 9KL# 9FK 9KL#K 9F:#:J F(L::

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pr F9 F:KJ 9:L#L 9:L#L 9:9 9:9#>9 K(?::pr F> F:KJ 9:< 9:< 9:9#:F 9:L#>< F(L::pr FJ F:KJ 9:L 9KF#>< 9:K#FK 9:::pr K F:KJ 9K>#< 9K?#9 9KJ 9KJ (K::pr K9 F:KJ 9K?#>L 9FK 9K> 9K>#LK FK( K:(9::pr K: F:KJ 9K9#:K 9K #>< 9K9#:K 9K9#9 F(F::pr < F:KJ 9K 9K 9KJ 9K>#FL ::pr L F:KJ 9KL 9KL#F9 9K9#:K 9K9#:> J(L::pr 9 F:KJ 9K9#K 9K? 9K9 9K9#F J(F::pr > F:KJ 9FK#>L 9FJ 9K #K 9K #LL L( ::pr J F:KJ 9KL 9F:#< 9K9 9F:#LF KKK(##::Mar F? F:KJ 9K(>::Mar K> F:KJ 9KF 9K> 9: #F9 9: # > F(L::Mar KJ F:KJ 9:9#9K 9KF# < 9:9#9K 9K:#FK (:::Mar KF F:KJ >#KJ 9(J::Mar KK F:KJ >


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.eb F F:KJ 9J< 9J< 9J9 9J9#J< ?(:::

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.eb FF F:KJ 9>F#< 9>> 9>: 9>J#9K 9J(F::

.eb FK F:KJ 9>> 9>> 9JL 9JL#9 >L(>::

.eb F: F:KJ 9J:#:K 9>9# F:KJ J >: F9#:K F?#KF >L( ::.eb K F:KJ J>#? > J: J #<


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Dec F F:KF 9 K#J 9 9 99#L L:(>::Dec F> F:KF 9 F#:9 9 ? 9 :#9 9 K#:9 F (#< KJ(>::

Dec K? F:KF 9 :#:F 9 J#> 99 F:KF 9 F#FK 9 9#>9 9 K#:K 9 >#>F KF(K::Dec KJ F:KF 9 9##LJ FK(>::Dec KK F:KF 9 : 9 99L 9 F#:L >>(K::Dec K: F:KF 9>: 9 9>: 9 K#9#F 9>K 9>K#?F K?(F::Dec F:KF 9>F#K 9>J#?9 K9( ::Dec 9 F:KF 9>L 99J#J 9>L#FK K>(L::Dec > F:KF 99< 99< 9>9 9> #:? K9(K::Dec J F:KF 99 99#J9 >?(J::No2 F< F:KF 9 :#K 9 > 9 : 9 :#9K K?(9::No2 FL F:KF 9 F 9 99< 9 K#9> JK(J::No2 F? F:KF 9 >## 99L#K 9 K#J> KK(K::No2 FJ F:KF 9 L#F> 9?:#< 99F 999#L9 FJ(F::No2 FF F:KF 9 ? 9?L# JF(J::No2 FK F:KF 9 : 9?L 99< 9 >L(L::No2 K< F:KF 9JF 9J 9JK 9J9#>L ?(?::No2 K F:KF 9J>#LL 9J9#K9 9J: 9J:#>K K:( ::No2 K9 F:KF 9JJ 9J9 9J:#:K 9JK#LJ K:(K::No2 K> F:KF 9F? 9J9 9F #9 9J:#>> FF(F::No2 KJ F:KF 9J: 9J: 9F9 9F?#L JK(?::No2 KF F:KF 9F9 9J: 9FJ 9F (J::No2 L F:KF 9F: 9F 9K:(K::No2 ? F:KF 9F: 9F: 9K< 9K(>::No2 F:KF 9KL#K9 9F: 9K? 9K


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Ma! JK F:KF >##L9#?9 >L # L >(>J:Ma! J: F:KF >L> >L #:> < >< >L9#99 >L #>> J(J:?Ma! FL F:KF >L #FK >L> >L?#>J F(9FFMa! F9 F:KF 9:J 9:J >LL#9 > F:KF >9>Ma! FJ F:KF >< >< >LJ#K >LLLF >L?#: ::Ma! KL F:KF >L9 >L9#>9 >(F:9Ma! K? F:KF >


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pr K< F:KF 9: 9: 9::#:K 9::# K(L9>pr KL F:KF 9:9 9K: 9:K 9: K9(


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.eb F: F:KF >9 #9 > F >9 #9 >99 #? >FJ >9 #? K ?(:J:

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Dec FF F:KK J?J#?L J?J#?L J J#:9 J >#?> KJ(LKKDec FK F:KK J?L#FK J?JKDec F: F:KK J?> JL: J F:KK J?:Dec ? F:KK J L J?


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Oct K? F:KK JL JLJOct K> F:KK J:K >:F#< J:F >:J J::#J< L(F FOct KK F:KK >:L#:L#:J >:>#FK KJ(K:F >K> >:F >: #:K >:K J< J< #>L ( :KOct F:KK J::#?< J


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44/76

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53/76

pr J F::< KL9#::pr F F::< KL:#J9 KL9 KL: KL>#J> KK( ::pr K F::< KL:#K9 KL> KL: KLK#J> JK(J::

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54/76

an J: F::< K 9# K?:#L K 9# K?:#L (?:: an F< F::< K?: K?: K 9#K K L# J9(>:: an FL F::< K >#9 K?:#? K >#9 K?: FJ(J:: an F? F::< K : K > K : K F#?K 9#9 K9J K>9#9 K>L#:: an K F::< K9J K >#>9 K9F#? K9J J9(K:: an K9 F::< K 9 K 9 K :#9K K :#9K F F::< K?K K?K K 9 K (::: an KJ F::< K?9#F9 K??#< K ?#KK K?:#F? J?(K:: an KF F::< K?>#LJ K?>#LJ K?K#F9 K?>#LJ L?( :: an < F::< K #9K K #9K K #9K K #9K >( :: an 9 F::< K>< K9K#:> K>L K9K#:> K?( :: an F F::< KJL K>J#L9 KJL K>J#L9 K:J(?:: an K F::< KJJ#?9 KJL KJJ#?9 KJ? >9(:::Dec JK F::L KJF#9 KJ9#9 KJ:#99 KJJ#::Dec J: F::L KJK KJF#LL KF KF::Dec F< F::L KJL KJL KF< KJK#L> 9:(?::Dec F F::L KJL#9 K>: KJF#9 KJJ# KF>#L> K(K::Dec K< F::L KF #LL KF #LL KF #LL KF #LL >(9::Dec KL F::L KJJ#99 KJJ#99 KJJ#99 KJJ#99 ?(9::Dec K? F::L K>:#9 K>:#9 K>:#9 K>:#9 L::Dec K F::L K>?#?#?#?# F::L K J#


55/76

Oct KJ F::L FF>#< FF>#< FF>#< FF>#< F( ::Oct K: F::L FF>#< FF>#< FF>#< FF>#< K(#< FF>#< FF>#< FF>#< K?(>::Oct L F::L FF>#< FF>#< FF>#< FF>#< K(J::Oct ? F::L FF>#< FF>#< FF>#< FF>#< F(#< FF?#>< >J(F::

*ep J: F::L FF? FJJ#L< FF>#< FF< FJ(:::*ep F< F::L F>?# F>?# FF>#< FF9#K #< FJ #K> FF>#< FJ #K> :(?::*ep F> F::L FF>#< FF>#< FF>#< FF>#< K(:::*ep FJ F::L FF>#< FF>#< FF>#< FF>#< K(?::*ep FF F::L FF>#< FF>#< FF>#< FF>#< ( ::*ep KL F::L FF>#< FF>#< FF>#< FF>#< F(F::*ep K? F::L FF>#< FF>#< FF>#< FF>#< F:(:::*ep K9 F::L FF>#< FFL FF>#< FF>#< >(:::*ep KF F::L FF#< >(>::*ep KK F::L FF>#< FF#< FF>#< K(K::*ep 9 F::L FF>#< FJK FF>#< FF>#< (:::*ep > F::L FF>#< FF>#< FF>#< FF>#< #< FF>#< FF>#< FF>#< ?::*ep K F::L FF>#< FF>#< FF>#< FF>#< K(K::ug F< F::L FF>#< FF>#< FF>#< FF>#< K9(F::ug FL F::L FF FF FF>#< FF>#< K(J::ug F? F::L FJ9#> FJ9#> FK9 FF>#< F(J::ug F F::L FF>#F FJ< FF>#F FF>#F KF( ::ug F9 F::L F>K F>K#:9 FJ FJ 9(J::ug FF F::L F>J F>?#:#:9 F>:#:9 (?::ug FK F::L F>F F>F F>F F>F F::ug F: F::L F9F F9F F>F F>F (9::ug K< F::L F>F F9F F>F F9F L(>::ug KL F::L FJ #>J FJ #>J J9( ::ug K9 F::L FF FJ>#? FF> FJ>#? KK(?::ug KJ F::L FF FF FF FF K::ug KF F::L FF: FFK FKL FFK K(J::

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56/76

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57/76

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Mar F F::L F


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an FJ F::L F?: F?:#9 F L#:9 F?:#9 KJ( :: an FF F::L F?9 F?9 F?: F?: KF(L:: an FK F::L FL:#J FL:#J F?: F?L#L9 (9:: an KL F::L F?L#9 FL: F?L#9 FL: F(F:: an K? F::L F?F#:9 F?L F?: F?L >(::: an K F::L F?9 F?9 F?J#K F?9 K(>::

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60/76

No2 F: F::? F J#? F J#< F : F J#9 (K::No2 K< F::? F K F K F9>#:9 F9 #9 J(J::No2 K F::? F K F F F9> F : >(L::No2 K9 F::? F?: F?: F : F : >(J::No2 K> F::? F?:# F?F F?: F?: 9(?::No2 KJ F::? F?9#9 F?L F?: F?> #L F??#< F?>#L F?>#L ?(K::No2 L F::? F?9#9 F? #9 F?K F?J#9 >(?::No2 ? F::? F?< FL: F?9 F?9 J(9::No2 F::? F?9 F? #K F?9 F? F(L::No2 9 F::? F?9 FL: F?F F? J(F::No2 F F::? FLK#J FLJ#::No2 K F::? FLJ FL> F?< FLK#F9 L(:::Oct JK F::? FLJ FL FL: FLF#9 L(F::Oct J: F::? F


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62/76

ul K? F::? JJK JJ< JJJ JJ9 (>:: ul K F::? J>: JJ?#K JJK JJK 9(F J>9 JJ J>: KK( :: ul KF F::? JJF J>? JJ>#F JK(K:: ul KK F::? JJ>#< JJ9 JJK#? JJF F(K:: ul K: F::? JJ>##< 9( ::

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64/76

Mar KF F::? F


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an L F::? FL9#9 FLL#< FL #9 FL?#> J( :: an 9 F::? FLL F F::? FL? FL< FLL FLL J:: an J F::? FLF FL? FL? FL? F::Dec F< F:: F?9 FL? FL: FLF KK(::Dec FK F:: FLJ FLF#K FLK FLK 9::Dec F: F:: F? FLJ F?9 FL #9 FL9 FL9 K(K::Dec K> F:: FL< FLL#>9 FLL FLL#>9 L::Dec KJ F:: FL9#J FL< FL9#K FL< K(J::Dec KF F:: FL? FL? FL9#K FL9#J K(F::Dec KK F:: F F FL> FL> F::

No2 J: F:: FL9 F< #9 FLL FL< F((J::No2 F> F:: FL< FLL#::No2 FJ F:: FL #K FL< FLL#L9 FL< F(F::No2 FF F:: FL #K FL #K FL #K FL #K K::No2 FK F:: F


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67/76

ug F9 F:: JJ? JJ JJ JJ 9::ug F> F:: J>J#> JJ? JJ? K(J::ug FJ F:: J>: J>J#J#9 J>J J>: J>: K(L::ug FK F:: J>: J>?#< J>:#K J>9 L(: JJ?#9 J>: 9::

ug K? F:: JJ9 JJ< JJ9 JJ9 K(>::ug K F:: JJ9 JJ JJ9 JJ9 9::ug K9 F:: JJL JJ9 JJ9 JJ9 ::ug KK F:: JJ9 JJL JJ: JJL K(?::ug K: F:: J>F#F9 J>J JF< JJ9 >(:::ug < F:: J>F J>J JJF#F9 F(>::ug L F:: J>F J>? J>F J>F >(F::ug ? F:: J>J J>9 JJL J>F (K::ug > F:: J> J9J JJJ J>J KJ(J::ug J F:: JF J> (F::ug F F:: JF? JF J:: ul F9 F:: JFJ# F:: JF9 JF9 JKL JFJ#(F:: ul K> F:: JF: JF: JF: JF: J(9:: ul KJ F:: JK9#F9 JF: JF: JF: KK( :: ul KF F:: JK9 JK9#F9 JK9 JK9 F(?:: ul KK F:: JK9 JK9 JK9 JK9 F:: ul K: F:: JF: JK9 JK9 JK9 K(>:: ul ? F:: JF? JF: JF: JF: F(K:: ul 9 F:: JK9 JF< JF:#9 JF? F(L:: ul > F:: JK9 JK9 JK9 JK9 K::

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69/76

pr K< F:: J:L JK: J:? J:?#9 F(L::pr KL F:: J:L#F9 J:< J:L J:L K(F::pr K? F:: J:< JK: J:L J:L#F9 9(L::pr K> F:: J:L J:< J:L J:< K(L::pr KK F:: FL: FLF FL: FL: F(J::pr K: F:: J: J:< F9 J:?#9 L( ::pr > F:: J:K J:9#L J:F J:9#L K?( ::pr J F:: J:: J:K J:: J:K ?::

Mar JK F:: J:: J:: J:: J:: F::Mar J: F:: F J:> F(?::Mar F> F:: J:L J:L J:L J:L K(F::Mar FF F:: JKK JK9 J:? J:L J(L::Mar FK F:: JKK JKJ JK: JKJ 9(K::Mar F: F:: J:< JKK J:? JKK J(9::Mar K? F:: J:9 J:< J:9 J:< F(J::Mar K F:: J:9 J:? J:: J:9 K:(>::Mar K9 F:: J: J:< J:: J:9 J( F:: J:: J: F


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71/76

Dec < F::9 F


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Oct J F::9 JJ> J9J K9(J::*ep J: F::9 J>< J>L JJL JJ J L#> J> J>< FL(#< J L#9 J9L J > JJ(?::*ep F? F::9 J>K J9>#< J9: J9>#< F>(>::*ep F F::9 JJ> J>9 JJ?#K J>K FK(J::

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73/76

ul F F::9 K F:> F:> : un ? F::9 F:J F:J F:J F:J :: un F::9 F:: F:J F:J F:J K:: un J F::9 F:9 F:: F:: F:: K:: un F F::9 F:: F:9 F:9 F:9 K::

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Ma! 9 F::9 F:K FK: K F::9 FF: FF9 FF: FF: ::pr KJ F::9 FF: FF: FK9 FF: K(L::pr KF F::9 FKJ#?9 FF: FF: FF: F::pr KK F::9 FF9 FKJ#?9 FKJ#?9 FKJ#?9 J::pr ? F::9 FF9 FF9#F9 FF9 FF9 ?::pr F::9 FJ: FF9 FF9 FF9 9::pr 9 F::9 FF9 FJ: FJ: FJ: F::pr > F::9 FF: FF9 FF: FF9 J::pr K F::9 FK< FF: FF: FF: K(:::

Mar J: F::9 FKF FK< FK: FK< ?(?::Mar F< F::9 FKF FKF F:? FKF K9(J::Mar FL F::9 F: FKF F:? FKF F::Mar F9 F::9 FK9 FKK F: F: (L::Mar F> F::9 FK:#< FK9 FK9 FK9 J(:::Mar FF F::9 FFF FK:# FFL#:9 FFL FFL#:9 L::Mar K F::9 FJJ#9 FJ> FJF FJ> F::Mar K9 F::9 FJF#K FJJ#9 FFL FJJ#9 F(>::Mar K> F::9 FJF FJF#K FJ: FJF#K ::Mar KK F::9 FJ9 FJF FJF FJF K::Mar K: F::9 FJ9 FJ FJ9 FJ9 K(>::Mar < F::9 FJ9#K FJ FJ: FJ9 K(?::Mar L F::9 FJ9 FJ9#F FJ9 FJ9#K K(L::

Mar ? F::9 FJ9 FJ FJ9 FJ9 F(L::Mar > F::9 FJ: FJ9 FJ9 FJ9 F(:::Mar F F::9 FJ9 FJK#9 FJ: FJ: K(:::

.eb FL F::9 FJ?#9 FJ9 FF< FJ9 F(L::

.eb F9 F::9 F>># F::9 F9F#K F9: FJ># F9F#:9 F9F#K >(K::


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.eb FF F::9 F?9 FL: F 9#J F 9#J K:(F::

.eb FK F::9 F?9 F?? F?> F?9 K(F::

.eb KL F::9 F : F?L F?: F?9 >(>::

.eb K? F::9 F9F F K#9 F99 F : F( ::

.eb K F::9 F9: F9F F9F F9F K(J::

.eb K9 F::9 F>? F9: F>L F9: ?( F::9 F>? F>? F>> F>? >(J::

.eb KK F::9 F>9 F>? F>9 F>? J(K::

.eb K: F::9 F>9 F>?#9 F>J F>9 F(L::.eb < F::9 F> F>9 F>9 F>9 K::.eb ? F::9 F>9#9 F> #9 F> F> 9::.eb > F::9 F>J F> F>9#9 F>9#9 J(K::.eb J F::9 F>F#F F>J F>J F>J :

an FL F::9 F>F#K F>>#9 F>F#F F>F#F >:: an F? F::9 F>? F>9 F>F#K F>F#K >:: an F> F::9 F>F#K9 F>L F>F#F9 F>L K(K:: an K< F::9 F>F#9 F>F#F F>F#K9 F>F#K9 >:: an KL F::9 F>F#9 F>F#?9 F>F#F9 F>F#9 K(K:: an K? F::9 F>> F>L F>F#9 F>F#9 J( :: an KJ F::9 F>>#9 F>>#9 F>> F>> J(::: an KF F::9 F> F>9 F>>#9 F>>#9 9:: an KK F::9 F> F9F F>J#K F> F>: F> >(J:: an ? F::9 F>9 F>K FJ? FJL K(F F>9 F>9 F>9 K:: an J F::9 F>F F>F F>F F>F K::


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Millat Tractors Report