Sanima General Insurance Limited

sDkgL P]g, @)^# cGtu{t :yflkt / aLdf P]g, @)$( adf]lhd sf/f]jf/ ug]{
;flgdf hg/n OG:of]/]G; lnld6]8

k|wfg sfof{no M l;l6 PS;k|]; sDKn]S;, sdnfbL, sf7df08f} .
kmf]g g+= M (&&±!–$$@&!&)÷&!÷&@, km\ofS; g+= (&&±!–$$@&!)#
URL:https://www.sanimageneral.com, Email: sanima@sanimageneral.com
ljj/0f–kq
-lwtf]kq ;DaGWfL P]g, @)^# sf] bkmf #), lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# tyf sDkgL P]g, @)^# sf] bkmf
@# cGtu{t k|sflzt_
g]6jy{ ;DaGwL ljj/0f M
ljj/0f jf:tljs ckl/is[t k|If]lkt
)&#÷)&$ )&$÷)&% )&%÷)&^ *)&^÷)&& )&&÷)&* )&*÷)&( )&(÷)*)
k|lt z]o/ cfDbfgL – 5=59 0=74 2=66 4=54 7=84 15=82
k|lt z]o/ g]6jy{ -?=_ -0=86_ 103 103=73 106=39 109=01 116=85 132=67
;+lrt gfkmf÷-gf]S;fg_ -1,859_ 8,304 -19,740_ -29,989_ -12,761_ 18,989 86,334
-? xhf/df_
* cfiff9 d;fGt, @)&& sf] Joj:yfkgaf6 k|dfl0ft ckl/is[t ljQLo ljj/0f cg';f/ .
b/vf:t ;fy k|lt z]o/ ? !))÷– sf] b/n] zt k|ltzt e'QmfgL dfu ul/Psf] .
sDkgLsf] hf/L kF"hL ?=! cj{sf] #) k|ltztn] x'g cfpg] ?=#) s/f]8 /sd a/fa/sf] k|lt z]o/ ?=!))÷– c+lst b/sf #),)),))) lsQf
z]o/ dWo] !,@),))) lsQf z]o/ -;j{;fwf/0fnfO{ 5'6\ofPsf] z]o/sf $ k|ltzt_ sDkgLdf sfo{/t sd{rf/Lx? tyf !,%),))) lsQf z]o/ -
% k|ltzt_ ;fd"lxs nufgL sf]ifsf] nflu ;'/lIft u/L afFsL /xg] @&,#),))) lsQf ;fwf/0f z]o/ ;j{;fwf/0fx?df ;fj{hlgs lgisfzg
ul/Psf] .
nufgLdf x'g] hf]lvd ;DaGwL pb\3f]if0f M
lwtf]kqdf ul/g] nufgLdf hf]lvd x'g] ePsf]n] To:tf] hf]lvdsf] d"Nof+sg ug]{ k|d'v bfloTj nufgLstf{ :jo+sf] x'g]5 / lwtf]kqsf]
lgisfzg d"Non] ;"rLs/0f kZrft lwtf]kq ahf/df x'g] sf/f]af/ d"No ghgfpg] x'Fbf o; ljj/0fkqsf] bkmf -u=_ -*_ df pNn]lvt
hf]lvdx? ;d]tsf] cWoog u/]/ dfq nufgL ;DalGw lg0f{o lng ;'emfj ul/G5 .
lgodg lgsfosf] hjfkmb]lxtf g/xg] pb\3f]if0f M
o; ljj/0fkqdf pNn]lvt lwtf]kq ;fj{hlgs lgisfzgsf nflu tof/ ul/Psf] o; ljj/0fkqnfO{ lwtf]kq btf{ tyf lgisfzg lgodfjnL,
@)&# adf]lhd g]kfn lwtf]kq af]8{n] :jLs[lt k|bfg u/]sf] 5 . o;/L af]8{n] :jLs[lt k|bfg u/]sf] sf/0faf6 s;}n] klg g]kfn lwtf]kq
af]8{, sDkgL /lhi6«f/sf] sfof{no jf ;Dj4 cGo lgodg lgsfon] ljj/0fkqdf pNn]lvt s'/fsf] ;Totf jf lgisfzgstf{ jf kl/of]hgfsf]
cfly{s ;Ifdtf jf lwtf]kqsf] d"Nosf] af/]df s'g} k|sf/sf] k|Tofe"lt u/]sf] jf lhDd]jf/L lnPsf] dflgg] 5}g .
qm]l86 /]l6Ë ;DaGwL ljj/0f M

o; ljj/0fkq cg';f/ ;fj{hlgs ?kdf lgisfzg ug{ nfluPsf] ;fwf/0f z]o/sf] nflu æqm]l86 /]l6Ë lgodfjnL, @)^*Æ sf] lgod #
df ePsf] Aoa:yf adf]lhd g]kfn lwtf]kq af]8{af6 cg'dlt k|fKt qm]l86 /]l6Ë ;+:yf s]o/ /]l6ª g]kfn ln= sdnfbL, sf7df08f}af6
qm]l86 /]l6Ë u/fO{ ldlt @)&^÷!@÷ @^ ut] “[CARE-NP BB+ (Is)” k|df0fkq k|fKt u/]sf] 5 . h;n] sDkgLsf] bfloTj jxg ug]{
Ifdtfdf cf};t hf]lvd /x]sf] (Moderate risk of default regarding timely servicing of financial
obligations) eGg] hgfpFb5 . ;f] u|]l8Ë sf] a}Btf calw Ps aif{ /xg] 5 . s]o/ /]l6«ª g]kfn ln= n] CARE-NP AAA (IS) b]lv
CARE-NP D (IS) KjfOG6 u|]l8Ë k|bfg ub{5 . h;df u|]8 CARE-NP AAA (IS) n] alnof] cfwf/ hgfpFb5 eg] u|]8 CARE-NP D (IS)
n] sdhf]/ cfwf/x? hgfpF5 . “CARE-NP BBB(IS) b]lv CARE-NP BB (IS)] n] cf};t cfwf/x? hgfpFb5 . u|]8 CARE-NP B (IS),
CARE-NP C (IS), CARE-NP D (IS) n] cf}ift eGbf sd cfwf/x? hgfpb5 . lbO{g] cfwf/x?df k|of]u ul/g] (Plus) lrGxn] lbO{Psf]
;d"xsf] t'ngfTds ;sf/fTds l:yltnfO{ hgfpF5 .
qm]l86 /]l6Ë u|]8 k|bfg u/]sf] ldlt M @)&^÷!@÷@^ qm]l86 /]l6Ë u|]8 axfn /xg] ldlt M @)&&÷!@÷@% ;Dd
g]kfn lwtf]kq jf]8{jf6 ljj/0f–kq :jLs[t ePsf] ldlt M–@)&&÷)^÷)%
sDkgL /lhi6«f/sf] sfof{nodf ljj/0fkq btf{ ePsf] ldlt M–@)&&÷)^÷)&
lwtf]kq lgisfzg v'Nnf x'g] ldlt M–@)&&÷)^÷@!
lwtf]kq lgisfzg aGb x'g] ldlt -l56f]df_ M–@)&&÷)^÷@% a}l+sË ;do ;Dd
lwtf] kq lgisfzg aGb x'g] ldlt -l9nf]df_ M–@)&&÷)&÷)^ a}l+sË ;do ;Dd
lgisfzg tyf laqmL k|aGws
of] æ;fwf/0f z]o/ lgisfzg ;DaGwL Aoa:yf tyf ljj/0fx?Æ lwtf] kq lgisfzg tyf laqmL k|aGwssf]
Website:www.nicasiacapital.com tyf lgisfzgstf{ sDkgL ;flgdf hg/n OG:of]/]G; ln= sf] Website:
www.sanimageneral.com df ;d]t x]g{ ;Sg' x'g]5 .
-s_ != ljj/0fkqdf k|of]u ePsf k|fljlws tyf cGo zAbfjnLx?sf] kl/efiffM
s_ æljj/0fkqÆ eGgfn] sDkgL P]g, @)^# sf] bkmf -@#_ adf]lhd / lwtf]kq ;DaGwL P]g, @)^# sf] bkmf
-#)_ adf]lhd k|sflzt ljj/0fx? ePsf] k'l:tsfnfO{ ;Demg' kb{5 .
v_ ælwtf]kq lgisfzg tyf laqmL k|aGwsæ eGgfn] >L Pg cfO{ ;L Plzof Soflk6n lnld6]8, aa/dxn,
sf7df08f+}nfO{ ;Demg' kb{5 .
u_ æ;+ul7t ;+:yfÆ eGgfn] lgisfzgstf{ sDkgL ;flgdf hg/n OG:of]/]G; lnld6]8, sdnfbL, sf7df08f+}nfO{
;Demg' kb{5 .
3_ æ;+sng s]Gb|Æ eGgfn] ;fj{hlgs lgisfzgsf] nflu tof/ ul/Psf] ljj/0fkq / b/vf:t kmf/d k|fKt ug{
;lsg] tyf b/vf:t kmf/d ;fy /sd a'emfpg ;lsg] u/L tf]lsPsf ;+:yfx?nfO{ ;Demg' kb{5 .
ª_ ælgisfzg a}+sÆ eGgfn] lgisfzg tyf laqmL k|aGws;Fu ;Demf}tf u/L lwtf]kq lgisfzgsf] qmddf
cfj]bsaf6 k|fKt x'g] /sd hDdf ug{ lhDd]jf/L lng] afl0fHo a}+snfO{ ;Demg' kb{5 .
r_ ælgodg lgsfoÆ eGgfn] g]kfn lwtf]kq af]8{, aLdf ;ldlt tyf sDkgL /lhi6«f/sf] sfof{nonfO{ ;Demg'
kb{5 .
5_ æ;+:yfks, ;+rfns, sfo{sf/L k|d'v tyf Aoa:yfkg æeGgfn] lgisfzgstf{ sDkgL ;flgdf hg/n OG:of]/]G;
lnld6]8, sf=d=g=kf= !, sdnfbL, sf7df08f}+]sf ;+:yfks, ;+rfns, sfo{sf/L k|d'v tyf Joa:yfkgnfO{
;Demg' kb{5 .
h_ æaf]8{Æ eGgfn] g]kfn lwtf]kq af]8{nfO{ ;Demg' kb{5 .
-v_ @= ljj/0fkq tyf b/vf:t k|fKt ug]{ / a'emfpg] :yfg M
ljj/0f–kq x]g{ tyf k|fKt ug{ ;lsg] :yfgx? M
l;= g+= sDkgLsf] gfd tyf 7]ufgf
! >L Pg= cfO{= ;L= Plzof Soflk6n lnld6]8, aa/dxn, sf7df08f}+ .
@ >L ;flgdf hg/n OG:of]/]G; ln= l;l6 PS;k|]; sDKn]S;, sdnfbL, sf7df08f}+ .
;fy}, lgisfzg tyf laqmL k|aGws >L PgcfO{ ;L Plzof Soflk6n lnld6]8sf] j]e;fO{6
www.nicasiacapital.com tyf lgisfzgstf{ sDkgL j]e;fO{6 www.sanimageneral.com
jf g]kfn lwtf]kq af]8{sf] j]e;fO{6af6 ;d]t o; lgisfzgsf] nflu :jLs[t ljj/0fkq x]g{ ;Sg' x'g]5 .
b/vf:t cfj]bg kmf/d k|fKt ug]{ / a'emfpg] :yfg M
l;= sDkgLsf] gfd tyf 7]ufgf
g+=
g]kfn lwtf]kqaf]8{af6 cg'dlt k|fKt u/L ;L–cf:jf (C-ASBA) ;]jfdf ;xefuL ;Dk'0f{ a}+s tyf
! ljQLo ;+:yfx? / ltgsf zfvf sfof{nox? .
2
-u_ != lwtf]kq lgisfzg tyf laqmL k|aGwssf] pb\3f]if0f M
xfdLnfO{ lgisfzgstf{ sDkgL ;flgdf hg/n OG:of]/]G; ln=tyf To;sf ;+:yfks÷;+rfnsx?n] pknAw
u/fPsf] ljj/0f tyf hfgsf/Lx?sf] cfwf/df o; OG:of]/]G; sDkgLsf] Joj:yfksLo, k|fljlws / cfly{s
kIfsf] ljZn]if0ffTds cWoogaf6 xfdL ;Gt'i6 x'g'sf] ;fy} ljj/0fkqdf n]lvPsf cfly{s ljj/0fx? / cGo
hfgsf/L tYout, k"0f{ / ;xL b]lvPsf]n] nufgLstf{x?nfO{ nufgL ;DaGwL lg0f{o lng d2t k'Ug]df ljZj:t
eO{ xfdLn] of] ljj/0fkq l:js[ltsf nflu g]kfn lwtf]kq af]8{df lwtf]kq ;DjlGw P]g, @)^# / lwtf]kq btf{
tyf lgisfzg lgodfjnL, @)&# cg'?ksf] of]Uotf k'u]sf] k|lta4tf kq (Due Diligence Certificate) k|:t't
u/]sf 5f}+ .
-u_ @= ;+ul7t ;+:yfsf] pb\3f]if0f M
-s_ ;+rfnssf] lhDd]jf/L tyf hjfkmb]xLtf ;DaGwL M
of] ljj/0fkq xfdLn] k'g/fjnf]sg u/L cg'df]bg u/]sf] x'gfn] o; ljj/0fkqdf pNn]v ul/Psf ljj/0f tyf
hfgsf/Lx?sf ;fy} lgisfzg tyf laqmL k|aGwsnfO{ lbPsf] ljQLo ljj/0f, cGo ljj/0f, hfgsf/L tyf
sfuhftx?sf] ;Totf / z'4tf k|lt / lwtf]kq btf{ tyf lgisfzg cg'dltsf] k|of]hgsf nflu g]kfn lwtf]kq
af]8{df k]z ul/Psf] ljj/0fkq / ;f] ;Fu ;DalGwt cGo ljj/0f tyf hfgsf/Lx?sf] z'4tf tyf ;Totfk|lt
o; ljj/0fkqdf x:tfIf/ ug]{ xfdL ;+rfnsx? JolQmut jf ;fd"lxs ?kdf hjfkmb]lxtf axg ub{5f}+ /
lwtf]kq lgisfzgsf nflu tf]lsPsf zt{ tyf cfjZostfx?sf] ;DaGwdf cfjZos hfgsf/L lnO{ xfdL of]
pb\3f]if0f ub{5f}+ ls tf]lsPsf zt{ tyf cfjZostfx? ;a} kfngf u/]sf 5f}+ / nufgLstf{x?nfO{ nufgL
;DaGwL ;d'lrt lg0f{o lng cfjZos s'g} ljj/0f, ;"rgf tyf hfgsf/Lx? n'sfPsf 5}gf}+ .
-v_ ;+ul7t ;+:yfsf] hjfkmb]lxtf ;DaGwL M
o; ;flgdf hg/n OG:of]/]G; ln= n] k|sflzt u/]sf] ljj/0fkq, ;fj{hlgs k|:tfj, lj1fkg jf cGo s'g}
;"rgfdf pNn]v ePsf ljj/0f afx]s sDkgLsf] af/]df k|sflzt cGo s'g} ;"rgf jf hfgsf/Lsf] hjfkmb]xLtf
o; sDkgLdf g/xg] / To:tf] ;"rgf, hfgsf/L jf ljj/0fsf] cfwf/df nufgL u/]df ;f] sf] hf]lvd nufgLstf{
:jo+n] axg ug'{kg]{5 .
-u_ lgodg lgsfosf] lgodg Aoj:yfsf] kfngf ;DaGwL M
k|rlnt sfg"g cg';f/ cfkm\gf] pBf]u÷Joj;fo÷;]jf;Fu ;DalGwt lgodg lgsfo -h:t} M sDkgL /lhi6«f/sf]
sfof{nosf] z]o/ lgisfzg ;DaGwL tyf cGo lgodg Joj:yf tyf lgb{]zgx?sf] kfngf u/]sf] s'/fsf]
pb\3f]if0f ub{5f}+ . ;fy} z]o/ lgisfzg ug]{ k|of]hgsf] nflu tof/ ul/Psf] ljj/0fkq / ;f] df pNn]lvt
;Demf}+tf jf cGo ljj/0fx? g]kfn lwtf]kqaf]8{ / sDkgL /lhi6«f/sf] sfof{nodf k]z u/]sf] Joxf]/f hfgsf/L
u/fpFb5f}+ .
-3_ ;+:yfks, ;+rfnstyfsfo{sf/L k|d'v ;DaGwL pb\3f]if0f M
-s_ o; sDkgLsf]] ;+:yfks, ;+rfns jf sfo{sf/L k|d'v shf{ ;"rgf s]Gb|sf] sfnf] ;"rLdf /x]sf 5}gg\ .
-v_ o; sDkgLsf] ;+rfns jf sfo{sf/L k|d'v sfnf] ;"rLdf /x]sf] cGo ;+ul7t ;+:yfdf ;+rfns jf sfo{sf/L
k|d'v /x]sf 5}gg\ .
-u_ ;fj{hlgs lgisfzg dfkm{t ;j{;fwf/0faf6 k"FhL ;+sng u/L j]kQf ePsf jf ;+rfngdf g/x]sf jf
nufgLstf{x?sf] lxt ljk/Lt x'g] sfo{ u/]sf] ;+ul7t ;+:yfsf] ;+rfns jf sfo{sf/L k|d'v o; sDkgLsf]
;+rfns jf sfo{sf/L k|d'v 5}gg\ .
-3_ lwtf]kq ;DaGwL sfg"g ljk/Lt sfo{ u/]sf] sf/0f lwtf]kq ahf/ jf lwtf]kq Joj;foLsf] cg'dlt kq
vf/]h ePsf] bz jif{ k"/f gePsf] ;+ul7t ;+:yfsf] ;+rfns jf sfo{sf/L k|d'v o; sDkgLsf] ;+rfns jf
sfo{sf/L k|d'v 5}gg\ .
-ª_ o; sDkgLsf] ;+rfns jf sfo{sf/L k|d'v, lwtf]kq ;DaGwL P]gsf] bkmf !)* adf]lhd ;+rfns jf
sfo{sf/L k|d'v x'g cof]Uo /x]sf 5}gg\ .
3
-u_ #= ;+ul7t ;+:yf ;DaGwL hfgsf/L M
s= ;+ul7t ;+:yfsf] k[i7e"ldM
c_ ;+:yfsf] gfd M
;flgdf hg/n OG:of]/]G; ln (Sanima General Insurance Ltd.)
cf_ s'g P]g cGtu{t :yfkgf ePsf] ;f] s'/f M
sDkgL P]g, @)^# cGtu{t :yflkt .
O_ ;+:yfsf] /lhi6«8{ sfof{no M
o; sDkgLsf] /lhi6«8{ sfof{no sf7df08f} lhNnf sf=d=g=kf= j8f=g+ ! df /x]sf] 5 . cfjZostf
cg';f/ ;DalGwt lgsfoaf6 :jLs[lt lnO{ cGo 7fFpdf klg zfvf lj:tf/ ug{ ;lsg]5 .
O{_ sf/f]jf/ ug]{ d'Vo :yfg M
o; sDkgLsf] sf/f]jf/ ug]{ d'Vo :yfg sf7df08f}+ lhNnf, sf7df08f}+ dxfgu/kflnsf, j8f g+= !,
l;l6=PS;k|]; sDKn]S;, sdnfbL, sf7df08f}df /x]sf] 5 . cfjZostf cg';f/ aLdf ;ldltsf]
:jLs[tL lnP/ b]z leq zfvf, pkzfvf jf cGo sfof{no vf]ln lghL{jg aLdf ;DaGwL sf/f]af/
ug{ ;Sg]5 . xfn o; sDkgLn] k|wfg sfof{nosf] cnfjf b]xfosf :yfgx?df /x]sf] k|fb]lzs /
zfvf / pkzfvf sfof{nox?af6 cfkm\gf] lghL{jg aLdf ;DaGwL sf/f]af/ ub}{ cfO/x]sf] 5 .
qm=;+= sfof{nosf] gfd sfof{no /x]sf] :yfg
!= k|wfg sfof{no sdnfbL, sf7df08f} .
@= ;'Gwf/f zfvf ;'Gwf/f, sf7df08f}+ .
#= afg]Zj/ zfvf afg]Zj/ sf7df08f} .
$= eQmk'/ zfvf ;Nnfwf/L eQmk'/ .
%= nlntk'/ zfvf nugv]n, nlntk'/ .
^= gf/fo0fu9 zfvf e/tk'/ ! k'Nrf]s, gf/fo0fu9 lrtjg .
&= lj/f6gu/ zfvf auf5L %, lj/f6gu/ df]/Ë .
*= lj/u~h zfvf lns\/f]8, 306f3/, lj/u~h .
(= ljtf{df]8 zfvf eb|k'/ /f]8, ljtf{df]8 emfkf .
!)= a'6jn zfvf a'6jn %, ;'Vvfgu/ .
!!= hgsk'/ zfvf wg'iff !%, lk7f/Lrf]s hgsk'/ .
!@= wgu9L zfvf wgu9L @, eG;f/ /f]8 wgu9L .
!#= O6x/L zfvf O6x/L ^, ;'g;/L .
!$= lhtk'/ zfvf lhtk'/ $, slkna:t' .
!%= kf]v/f zfvf Go'/f]8 kf]v/f .
!^= sfjf;f]tL zfvf sfjf;f]tL @ yfgfrf]s, sfjf;f]tL .
!&= g]kfnu~h zfvf g]kfnu~h pk= g= kf= k'iknfnrf]s, g]kfnu~h .
!*= bdf}nL zfvf Jof; # bdf}nL .
!(= x]6f}8f}+ zfvf ?b|k'/ x]6f}8f+, dsjfgk'/ .
p_ ;+ul7t ;+:yfsf] :yfkgf sfn b]lv xfn ;Ddsf] ;+lIfKt Oltxf; M

of] sDkgL sDkgL P]g, @)^# adf]lhd ldlt @)^$ ;fn cfiff9 & ut] g]kfn ;/sf/, sDkgL
/lhi6«f/sf] sfof{nodf klAns lnld6]8 sDkgLsf] ?kdf btf{ ePsf] xf] . aLdf P]g, @)$( tyf
aLdf lgodfjnL, @)$( cg';f/ ldlt @)&$ df3 @$ ut] aLdf ;ldltaf6 lghL{jg aLdf ;DaGwL
sf/f]af/ ug{ :jLs[lt k|fKt u/L ldlt @)&% ;fn cfiff9 @& ut]b]lv lghL{jg aLdf ;DaGwL sf/f]af/
;~rfng ub}{ cfO/x]sf] 5 . o; sDkgLsf] ;+:yfksx?df a}+lsË÷ljQLo, aLdf, hnljB't, ko{6g,
;/sf/L, u}/ ;/sf/L, z}lIfs, s[lif pBf]u tyf Aofkf/ Pj+ Aoa:yfkg If]qdf nfdf] ;do b]lv
bVvn ePsf k|ltli7t JolQmx? /xg' ePsf] 5 .
4
OG:of]/]G; sDkgLsf] d'Vo p2]Zox? M
sDkgLsf] k|aGwkqsf] bkmf # tyf lgodfjnLsf] lgod # df pNn]v ul/P adf]lhd aLdf P]g,
@)$(, sDkgL P]g, @)^# tyf cGo k|rlnt sfg"gsf] cwLgdf /xL lghL{jg aLdf ;DaGwL sf/f]jf/
ug{ o; sDkgLsf]] d'Vo p2]Zox¿ b]xfo adf]lhd x'g]5 M
-s_ k|To]s lsl;dsf] lghL{jg aLdf Joj;fo ug]{] .
-v_ cfunfuL ;DaGwdf JolQm sfdbf/, km\ofS6«L, 3/ ;jf/L ;fwgx? Pj+ cGo rn crn
;fdfgx? tyf To;\\ cfunfuLaf6 x'g] vt/f, xfgL tyf gf]S;fgLsf] ;DaGwdf aLdf
tyf k'g{aLdfsf] sfd ug]{ .
-u_ df]6/ xjfO{ hxfh cflb ljleGg k|sf/sf oftfoft ;fwgsf] aLdf, :yndfu{, jfo'dfu{ Pj+
hndfu{sf ;fwg ;/;fdfgsf] aLdf -d]l/g / u'8\; OG6«fGhL6_ JolQmut hf]lvd b'3{6gf
aLdf yn dfu{ jfo' dfu{ Pj+ hn dfu{sf rfnsx? ;DalGw aLdf, ljleGg k|sf/sf
cf}Bf]lus sRrf kbfy{ cf}Bf]lut pTkfbg, d]l;g cf}hf/, ejg uf]bfd sf/vfgfsf]
dfn;fdfg, Jofkfl/s ;fdfg ;d]tsf] aLdf tyf k'gaL{dfsf] sfd ug]{ .
-3_ ljljw aLdf cGtu{t xjfO{ p8fg aLdf, sfdbf/sf] hf]lvd aLdf, JolQmut b'3{6gf aLdf,
dfu{ :yn, gub aLdf, Sof; OGf ;]km aLdf, PlS:kl8;g / 6«]lsË aLdf, lgi7f hdfgL
aLdf -kmfO{l8lnl6 Uof/]06L_ aLdf, t];|f] kIf bfloTj aLdf, rf]/L tyf ;]wdf/L 8s}lt
aLdf, 7]s]bf/sf] ;Dk'0f{ hf]lvd aLdf, :6«sË ?d aLdf JolQmut tyf ;fd'lxs b'3{6gf,
kmfO{l8lnl6 , kkm{d]G; tyf lj8 cflb Uof/]06L / :of]l/l6 aLdf JolQmut tyf k]zfj/
OG8]DgL6L aLdf, d]lzg/L a|]s 8fpgsf] aLdf tyf cGo ljljw tyf OlGhgLol/Ë aLdf
Joj;fo ug]{ .
-ª_ :jb]zL tyf ljb]zL aLdf tyf k'g{aLdf sDkgL;+u k"gaL{df cfbfg k|bfg ug]{] .
-r_ d]l8sn aLdf tyf czQmfj:yf tyf lgj[lte/0f h:tf JolQm ;]jfd'ns aLdf, s[lif
If]q;+u ;DalGwt kz'wg aLdf, afnL aLdf cflb .
-5_ cGo ;a} k|sf/sf aLdf Joj;fo ug]{ / aLdf Joj;fo;+u ;DalGwt cGo ;Dk'0f{ sfo{ ug]{
.
pm_ ;+ul7t ;+:yfsf] s'g} ;xfos sDkgL ePdf ;f] ;xfos sDkgLsf] gfd, Oltxf; / To;sf d'Vo
p2]Zox?sf ;fy} To;df ePsf] nufgLsf] c+z -k|ltztdf_M
;f] gePsf] .
P_ cGo ljj/0fx? -nfu' x'g] xb;Dd_ M
-!_ ;+ul7t ;+:yfn] pTkfbg ug]{ j:t' jf k|bfg ug]{ ;]jfx? M
lghL{ag aLdf ;DaGwL ;]jfx? .
-@_ k|of]u ePsf] jf ul/g] ljlw M
lghL{jg aLdf tyf k"gaL{df ;Fu ;DalGwt k|ljlwx? .
-#_ s'g} j|fG8g]d, k|ltlnlk clwsf/, 6«]8dfs{, Ohfhtkq, k|fljlws ;xof]u ;Demf}tf / ;+ul7t
;+:yf;Fu ;DalGwt af}l4s ;DklQ xs clwsf/ M
sDkgLsf] cfkm\gf] 6«]8g]d Sanima General Insurance / sDkgLsf] nf]uf] pBf]u
ljefudf btf{ /x]sf] 5 .
-$_ ;+ul7t ;+:yfn] cf]u6]sf] ahf/ If]q M
b]zsf] ;Dk"0f{ If]q .
-%_ gofF pTkfbg tyf ;]jf ;DaGwL of]hgf M
;do ;fk]If cg';f/ gofF lghL{jg aLdf of]hgf tyf ;]jfx?sf] ljsf; u/L ;DefAo u|fxsx?sf]
klxrfg u/]/ cfkm\gf] Aofkf/ lj:tf/ ug]{ of]hgf /x]sf] 5 .
-^_ pTkfbg tyf ;]jfsf] k|d'v ahf/ / To;sf] dfu / laqmL ljt/0fsf] tl/sf M
of] sDkgL aLdf P]g, @)$( tyf aLdf lgodfjnL, @)$( cGtu{t aLdf ;ldltaf6 lghL{jg aLdf
sf/f]af/ ug{ :jLs[tL k|fKt sDkgL ePsf]n] o; sDkgLsf] k|d'v ahf/ g]kfn e/ /x]sf]5 . xfnsf]
kl/k]Ifdf g]kfndf aLdf If]qsf] bfo/f km/flsnf] eO{ /x]sf] x'Fbf lghL{jg aLdf ;DaGwL gofF gofF
aLdfn]vx?sf] dfu eP adf]lhd g]kfn e/ cfkm\gf] k|fb]lzs sfof{no, zfvf / pkzfvf
sfof{nox? tyf Ph]G6x? dfkm{t aLdfn]vx? laqmL ljt/0f ug]{ Aoa:yf ul/Psf] 5 .
5
-&_ pTkfbg÷;+rfng Ifdtf / ;f] sf] pkef]u l:ylt M
ljQLo tyf aLdf If]qdf nfdf] cg'ej xfl;n ug'{ ePsf ;~rfns÷Aoa:yfkg bIftfsf] cfwf/df
o; sDkgLn] :yfkgfsf] 5f]6f] ;dodf g} lghL{jg aLdf ahf/sf] /fd|f] lx:;f cf]u6\g / cfkm\gf
;]jfu|fxLx?nfO{ pTs[i6 aLdf ;DaGwL ;]jf k|bfg ug{ ;kmn /x]sf] b]lvG5 .
-*_ sRrf kbfy{sf] >f]t, lsl;d / pknAwtf M
;f] gePsf] .
-(_ u'0f lgoGq0fsf] nflu ul/Psf] Joj:yf M
aLdf If]q, Aoa:yfkg If]q, a}+s tyf ljQLo ;+:yf, ko{6g If]q, z}lIfs If]q, ;/sf/L ;]jf, pBf]u
Pj+ Aofkfl/s If]qdf nfdf] cg'ej xfl;n ug'{ ePsf ;~rfns÷Aoa:yfkg ;d"x ;]jfu|fxLx?sf]
u'0f:t/Lo ;]jf, ;'ljwf tyf ;Gt'li6sf] nflu tTk/ /x]sf 5g\ .
-!)_ cg';Gwfg tyf ljsf; M
g]kfnsf] aLdf If]qsf] lj:tf/ tyf k|lt:kwf{Tds l:ylt /x]sf] cfhsf] k[i7 e'lddf aLdf ahf/sf]
cg';Gwfg tyf ljsf;nfO{ pRr k|fyldstf lbO{Psf] 5 . h;n] gofF ;]jfx?sf] ljsf; dfq geO{
xfn k|bfg ul/Psf ;]jf÷aLdf n]vx?df ;do ;fk]If ?kdf cfjZos kl/dfh{g ug]{ tyf gofF
aLdfn]vx?sf] pko'Qmtfsf] ;DaGwdf Aoa:yfkgnfO{ ;'emfj pknAw u/fpg'sf ;fy} sDkgLn]
u|fxs au{df gofF aLdf of]hgfx?, u|fxsd'vL ;/n bfjL e'QmfgL ;'ljwf / ljZj;gLo gofF gofF
k|ljlwsf] k|of]u u/L cfkm\gf u|fxsx?nfO{ k|lt:kwf{Tds Pj+ u'0f:t/Lo ;]jf k|bfg ug]{ nIo
/fv]sf] 5 .
-!!_ ljut !@ dlxgfsf] cjlwdf ;+:yfsf ;+rfngdf c;/ kg]{ u/L ePsf] jfwf, Jojwfg M
;f] gePsf] .
-!@_ dhb'/ ;+u7g;Fusf] ;DaGw / ljutdf s'g} cf}Bf]lus ljjfb ePsf] eP, ;f] ;DaGwL ljj/0f M
;f] gePsf] .
-!#_ ahf/, k|lt:kwf{ / cGo ;dfg pBf]ux? aLr ;+ul7t ;+:yfsf] l:ylt M
lghL{jg aLdf sf/f]af/ ;+rfngsf] lx;fjn] sl/j @ aif{ cjlwsf] sDkgL ePtf klg cGo ;dfg
aLdf sDkgLx? aLr o; sDkgLn] cfkm\gf] l:yltnfO{ dha'b agfpFb} nu]sf] 5 . ;dfg k|s[ltsf
;+:yfx? aLr cfkm\gf] 5'§} klxrfg agfpg ;kmn eO{ lghL{jg aLdfsf] ahf/df cfkm\gf] :yfg
cf]u6\g ;kmn /x]sf]5 .
-!$_ k|d'v u|fxsx?sf] ljj/0f -h:t}–;+:yfsf] s"n jflif{s sf/f]af/df !)Ü jf ;f] eGbf a9Ln]
of]ubfg ug{] jf Joj;fosf] nflu ;+ul7t ;+:yf s'g} k|d'v u|fxs;Fu lge{/ 5 eg] tt\ ;DaGwL
ljj/0f M
;f] gePsf] .
-!%_ k|d'v ;Knfo;{x?sf] ljj/0f -h:t}–;+:yfsf] s"n sf/f]af/df !)Ü jf ;f] eGbf a9Ln] of]ubfg
ug{] ;Knfo;{ jf Joj;fosf] nflu ;+ul7t ;+:yf s'g} k|d'v ;Knfo;{ ;Fu lge{/ 5 eg] t\t
;DaGwL ljj/0f M
;f] gePsf] .
6
v= ;DklQ ;DaGwL ljj/0f M
s_ ;+ul7t ;+:yfsf] pks/0f -KnfG6_ tyf cGo ;DklQ /x]sf] :yfg / pks/0f tyf ;DklQsf] cj:yf
M b}lgs sf/f]jf/ ;+rfngsf] nfuL cfjZos kg]{ ;Dk"0f{ ef}lts ;DklQ sDkgLsf] skf]{/]6 sfof{nodf
rfn' cj:yfdf /x]sf 5g\ .
xfn ;Dd sDkgLsf] gfddf >[hgf eO;s]sf] rn crn ;DklQsf] ljj/0f o; k|sf/ 5 .
;DklQ /sd ?= -cfiff9 d;fGt, @)&&_
v'b l:y/ ;Dklt 415,49,,336
nufgL 87,34,02,152
rfn" ;DklQ
gub tyf a}+s df}Hbft 3,37,08,740
clu|d e'QmfgL /sd / k]:sL -

cGo ;DklQ 6,94,04,136
;fdflu|sf] df}Hbft -
hDdf ;DklQ 1,01,80,64,364
v_ aF'bf -s_ df pNn]lvt ;DklQ ;+ul7t ;+:yfsf] cfkm\g} ;DklQ xf] of lnhdf lnPsf], lnhdf lnPsf]
eP lnhsf] cjlw -ldlt ;d]t pNn]v ug'{ kg]{_ M
cfkm\g} ;DklQ xf] .
u_ olb ;DklQ ;+ul7t ;+:yfsf] :jldTjdf /x]sf] ePdf pQm ;DklQ dfly s'g} lnog jf df]6{u]h eP
;f] ;DaGwL ljj/0f M
;f] gePsf] .
3_ ljj/0fkq af]8{df k]z ul/Psf] ldltdf ;+ul7t ;+:yfsf] ;DklQsf] lstfaL d"No / ahf/ d"No aLr
km/s ePdf ;f] sf] ljj/0f M
sDkgLsf] ;Dk"0f{ ;DklQ k'gd"{NofÍg gul/Psf] x'Fbf lstfaL d"No / ahf/ d"No aLr km/s gePsf] .
ª_ ;DklQsf] d"Nof+sg ul/Psf] tl/sf ;DaGwL ljj/0f M
k/n df]ndf lgodfg';f/ ug'{kg]{ x|f; s§L u/L n]vfdfg cg';f/ afFsL /x]sf] jf:tljs ;DklQnfO{
;DklQsf] ?kdf /flvPsf] 5 / ;f] sf] k'gd"{NofÍg ul/Psf] 5}g\ .
u=efjL of]hgf tyf /0fgLlt M
-s_ Aoa;fo÷;]jfsf] a[l4sf nflu ;+:yfsf] efjL of]hgf / To:tf] of]hgfsf] k|flKtsf nflu rflng]
;doj4 /0fgLltM
o; sDkgLn] g]kfndf lghL{jg aLdf Aoa;fo ug{ aLdf ;DaGwL hg r]tgf clea[l4 u/L x/]s If]qdf
aLdf k|lt cfslif{t ub}{ ;j{;fwf/0f, pBf]uL, Aofkf/L Pj+ laleGg ;+3 ;+:yfx? ;Dddf aLdf k|0ffnL
dfkm{t\ ;/n, ;'ne / l56f] 5l/6f] tl/sfaf6 e/kbf]{ Pj+ u'0f:t/Lo aLdf ;]jf k|bfg ug]{ tyf lgs6
eljiodf u|fdL0f If]q ;Dd ;]jf lj:tf/ ug]{, ;]jfdf ljljlws/0f ub}{ hfg] tyf yk ;]jf lj:tf/ ub}{
hfg] of]hgf o; sDkgLsf] /x]sf]5 . u|fxs dxfg'efjx?sf] ;]jfdf / ;fdflhs pQ/bfloTj ;d]tnfO{
Wofgdf /fvL sfo{ ul/g]5 . sDkgLsf] lb3{sflng lxt / Aoa;fo k|a4{gsf nflu lgDgfg';f/sf] sfo{
of]hgf cuf8L a9fOPsf] 5 M
• lghL{jg aLdf ;]jfnfO{ ;dfhsf x/]s If]q ;Dd la:tf/ ug{ pko'Qm aLdf of]hgfx? th{'df
u/L u'0f:t/Lo aLdf ;]jfk|bfg ug]{ sfo{df k|of;/tM /xg] .
• nufgL ljljlws/0f u/L cf};t cfo a[l4 ug]{ tyf aLldtx?sf] k|ltkmn a[l4 k|of;/tM /xg] .
• u|fxsx?af6 dfu eP adf]lhdsf aLdf ;]jf ;'ljwfx? cfkm\gf u|fxs au{df Nofpg k|oTg/tM
/xg] .
7
• n3'aLdf of]hgfsf] dfWodaf6 ;j{;fwf/0fx?df aLdf ;]jf k'/\ofpg] .
• cGt/f{li6«o ahf/ ;d]tnfO{ b[li6ut u/L gofF aLdf of]hgfx? th{'df ul/g]5 .
• sDkgLsf] ;"rgf k|ljlwsf] ljsf; / lj:tf/nfO{ yk ltj|tf lbO{ sfo{ Ifdtf / ;'/Iffdf a[l4
ul/g]5 .
• aLldtsf] ;]jf k|0ffnLdf u'0ffTds a[l4 ug{ bfjL e'QmfgL k|s[ofdf ;/nLs/0f Pj+ gljs/0f
aLdf z'Ns e'QmfgLdf ;xhtf ckgfpg] .
• sd{rf/L tyf clestf{x?sf] k]zfut bIftf clea[l4sf sfo{qmdx? th{'df ul/g]5 .
• ;]jf u|fxLx?sf] ;+Vofdf a[l4 ub}{ nlug] 5 .
• ;do ;fk]If ?kdf sfo{If]q lj:tf/ u/L sDkgLsf] bfo/f km/flsnf] agfpFb} nlug] 5 .
• eljiodf ;j{;fwf/0fx?df ;fwf/0f z]o/ hf/L u/L o; sDkgLsf] r'QmfkF"hL j[l4 u/L ?= ! cj{
k'/\ofpg] . tyf eljiodf cfjZostf cg';f/ hf/L tyf r'Qmf k"FhL yk ub} nlug] 5 .
k|aGwkqsf] bkmf # tyf lgodfjnLsf] lgod # df pNn]v eP adf]lhdsf p2]Zox? xfl;n ug{sf
nflu lghL{jg aLdf ;DaGwL sf/f]af/x? lj:tf/ ub}{ n}hfg] 5 .
;fy}, gofF lghL{jg aLdf sDkgLx?sf] k|j]zaf6 pTkGg x'g] k|lt:kwf{af6 x'g ;Sg] hf]lvdx?, aLdf
sDkgLn] k|bfg u/]sf tyf eljiodf k|bfg ul/g] aLdf ;]jfaf6 x'g ;Sg] hf]lvd, b]zsf] /fhg}lts
kl/l:yltaf6 cfpg ;Sg] hf]lvdx?, b]zsf] cfly{s cj:yfdf cfpg] ptf/ r9fjaf6 x'g ;Sg]
hf]lvdx?, g]kfn ;/sf/sf] cfly{s gLlt tyf aLdf ;ldltsf] gLltdf x'g] kl/jt{gaf6 >[hgf x'g ;Sg]
hf]lvdx?, k"FhL tyf aLdf ahf/sf] cj:yfdf cfpg] ptf/ r9fjaf6 kg{ ;Sg] hf]lvdx?, cGt/f{li6«o
ahf/df x'g] dGbLaf6 g]kfnsf] ahf/df kg{ ;Sg] c;/af6 x'g ;Sg] cfly{s hf]lvdx?, b]zsf] df}lb|s
gLlt nufot g]kfn /fi6« a}+sn] hf/L ug]{ gLlt, lgod / lgb]{zgsf] ck|Toflzt kl/jt{gaf6 l;h{gf x'g]
;Defljt hf]lvdx?, b]zsf] a}b]lzs gLltdf x'g ;Sg] kl/jt{g tyf ljb]zL d'b|fsf] ljlgdo b/df
36\a9 eO{ pTkGg x'g ;Sg] ;Defljt hf]lvdx? nufot ;Dk"0f{ hf]lvdx?sf] uxg cWoog / ljin]z0f
u/L pQm hf]lvdx? Go"lgs/0f ub}{ hfgn}hfg]] /0fgLlt sDkgLn] lnPsf] 5 .
-v_ k|lt:kwf{, ljBdfg cfly{s l:ylt / ;dfg lsl;dsf] pBf]usf] l:yltsf] cfwf/df ;+ul7t ;+:yfsf] eljio M
/fli6«o tyf cGt/f{li6«o kl/l:yltn] b]zsf] aLdf Joj;fonfO{ klg s]lx xb;Dd k|efj kg]{ b]lvG5 . of]
cj:yfn] b]zsf] aLdf Aoa;fonfO{ klg s]xL xb;Dd k|efj kfg]{ b]lvG5 eg] csf{tkm{ xfn ljZjAofkL
dxfdf/Lsf] ?kdf b]vf k/]sf] sf]/f]gf efO{/;sf] sf/0fn] ubf{ s]xL lrlGtt x'g' kg{] l:ylt ;d]t /x]sf]
5 . xfn b]zsf] aLdf ahf/sf] jftfj/0f cToGt k|lt:kwf{Tds 5 . t;y{ b]zsf] aLdf Aoa;fodf
sDkgLx? aLrsf] k|lt:kwf{ / ljBdfg cfly{s l:ylt aLraLdf If]qdf pT;fxhgs ;kmntf kfO/x]sf]
cfwf/df o; sDkgLn] :yfkgfsf] 5f]6f] cjlwdf g} aLldtx?sf] rfxgf / cfjZostf cg';f/sf :tl/o
u|fxsf]Gd'v ;]jf tyf ;'ljwfx? k|bfg u/]/ pknAw >f]t / ;fwgsf] pko'Qm kl/rfng u/L t'ngfTds
?kdf pT;fxhgs pknAwL xfl;n u/]sf] 5 . b]zdf ;+rfngdf /x]sf] laleGg lghL{jg aLdf
sDkgLx?sf] t'ngfdf sDkgLn] o; cjlwdf aLdf z'Ns, nufgL, d'gfkmf nufot bfaL km\5\of}{6, k'gaL{df
afkt s'zn hf]lvd Aoa:yfkg, aLdf lzIff, sd{rf/L, aLdf clestf{ tyf ;/f]sf/jfnf lgsfonfO{
aLdf ;DaGwL cfjZos tflnd, lgofds lgsfoaf6 cfof]hgf ul/g] laleGg sfo{qmd jf cWoog
nufot ;ldltdf sDkgLsf lj1x?4f/f ul/Psf] ;jn of]ubfg cflbnfO{ ;du| ?kdf ljZn]if0f ubf{
o; sDkgLsf] ljBdfg pknAwLx? Pj+ k|:t't efjL of]hgfx?sf] cfwf/df o; sDkgLsf] eljio ;'b[9
x'g] b]lvG5 .
8
3=;+rfns ;ldltsf] ;+/rgf / k|ltlglwTj ;DalGw Joj:yfM
o; sDkgLsf] lgodfjnLsf] lgod !! -s_ df ePsf] Joj:yf cg';f/ & -;ft_ hgf ;+rfnsx? /x]sf]
;+rfns ;ldlt b]xfo adf]lhd u7g x'g]5 .
;+:yfks z]o/wgLx?af6 dgf]lgt÷lgjf{lrt $ hgf
;j{;fwf/0f z]o/wgLx?af6 dgf]lgt÷lgjf{lrt @ hgf
:jtGq ;+rfns ! hgf
hDdf & hgf
o; sDkgLsf] lgodfjnLsf] lgod !# df Joj:yf eP cg';f/ o; sDkgLsf] ;+rfnssf] kbdf lgo'Qm
x'gsf nflu s'g} klg z]o/wgLn] cfkm\gf] gfddf sDtLdf !)) -Ps ;o_ lsQf z]o/ lnPsf] x'g' kg]{5
. t/ :jtGq ;+rfns tyf ;+ul7t ;+:yfsf] k|ltlglwTj ug]{ ;+rfnssf] xsdf of] Aoa:yf nfu' x'g]
5}g . ;+rfnssf] sfo{sfn $ -rf/_ aif{sf] x'g]5 .
gf]6M o; OG:of]/]G; sDkgLsf] ;+rfnsx?sf] ;DaGwdf sDkgL P]g, @)^# sf] bkmf *^ sf] pkbkmf
-@_ df ePsf] Joj:yf k"0f{ ?kdf kfngf ePsf] hfgsf/L u/fO{G5 .
u= $= k"FhL ;+/rgf ;DjGwL hfgsf/L M
-s_ clws[t, hf/L tyf r'Qmf k"FhL / ;+:yfsf] :yfkgf kZrft ;f] df kl/jt{g ePsf] eP tT;DaGwL ljj/0f M
!=clws[t k"FhL M o; sDkgLsf] clws[t k"FhL ?= ! cj{ %) s/f]8 /x]sf] 5, h;nfO{ k|lt z]o/ ?=!))÷– sf
b/n] hDdf ! s/f]8 %) nfv lsQf ;fwf/0f z]o/df ljefhg ul/Psf] 5 .
@=hf/L k"FhL M o; sDkgLsf] hf/L k"FhL ?= ! cj{ /x]sf] 5, h;nfO{ k|lt z]o/ ?=!))÷– sf b/n] hDdf !
s/f]8 lsQf ;fwf/0f z]o/df ljefhg ul/Psf] 5 .
#=r'Qmf k"FhL M xfn o; sDkgLsf] r'Qmf k"FhL ?= &) s/f]8 /x]sf] 5 . o; ljj/0fkq dfkm{t\ lgisfzg ul/g]
;fwf/0f z]o/sf] afF8kmfF8 kZrft\ sDkgLsf] r'Qmf kF"hL ?=! cj{ x'g]5 .
clws[t, hf/L tyf r'Qmf k"FhLdf eO{ cfPsf]÷kl/jt{g ePsf] eP tT;DaGwL ljj/0f M
o; sDkgLsf] :yfkgf kZrft\ kF"hLdf ePsf] kl/jt{g ;DaGwL ljj/0f b]xfo adf]lhd /x]sf] 5 M
qm=;+= cfly{s aif{ clws[t k"FhL -?=_ hf/L kF"hL -?=_ r'Qmf kF"hL -?=_
!= @)&$÷)&% ?=!,%),)),)),)))÷— ?=!,)),)),)),)))÷— ?=&),)),)),)))÷
—
v_ lgisfzg kl5sf]] r'Qmf k"FhL -;d"xs[t ul/Psf] cj:yfdf ;f]xL cg'?k_
r'Qmf k"FhL /sd
;d"x z]o/wgLx? z]o/ ;+Vof kF"hL ;+/rgf e'QmfgL k|ltzt
-?=_
s_ ;+:yfks z]o/wgL &),)),))) &)% &),)),)),)))÷– zt k|ltzt
;a{;fwf/0f
z]o/wgLx?
v_ #),)),))) #)% #),)),)),)))÷– e'QmfgL x'g afFsL
-sd{rf/Lx?
;d]t_
HfDdf !,)),)),))) !)) % !,)),)),)),))) /-
-u_ z]o/ lk|ldod vftf -lgisfzg k"j{ / lgisfzg kZrft\_ M
o; lgisfzg k"j{ lgisfzg ul/Psf] z]o/ Pj+ o; ljj/0f kq dfkm{t lgisfzg ul/g] z]o/ lk|ldoddf
geO{ c+lst d"Nodf hf/L ul/Psf] x'Fbf z]o/ lk|ldod vftfsf] cfjZostf g/x]sf] .
u= %= ;+:yfks÷;+rfns ;DjGwL hfgsf/LM
%=s=;+:yfks÷;+rfnsx?sf] k[i7e"dL M
-!_ cfwf/e't z]o/wgLx? tyf ;+rfnsx?sf] gfd, kb, pd]/, /fli6«otf, 7]ufgf, z]o/ :jfldTj, z}lIfs
of]Uotf, cg'ej / k|:tfljt Jofkf/÷Aoj;fodf cg'ej M
cfwf/e't z]o/wgLx?sf] ljj/0f M
9
pd]/ z]o/ z}lIfs cg'ej
qm=;+ gfd kb /fli6«otf 7]ufgf
-aif{_ :jfldTj of]Uotf k|:tfljt Aofkf/÷Aoa;fo
;flgdf k|f= ln= ;+:yfks sf=d=g=kf=!, 11,00,000 Joj;fo
!= sf=d=g=kf=!, nfu' gx'g] sf7df08f} . nfu' gx'g]
sf7df08f} .
hLjgfy nfld5fg] ;+:yfks 53 g]kfnL sf=d= g=kf=#!, 9,50,000 :gftsf]Q/ Jofkf/ tyf nufgL,
sf=d= g=kf=#!, sf7df08f} . -!((@_ sflGtk'/ 6]lnlehgdf ;g\
sf7df08f} . @))! b]lv xfn ;Dd,
@= d]l8s]o/ g]zgn xl:k6n
P08 l/;r{ ;]G6/df
@))# b]lv xfn;Dd
cfj4
dfnrGb b'u8 ;+:yfks 67 g]kfnL sf=d=g=kf #), 1,50,000 :gfts Jofkf/ Jofj;fo, b'u8
sf=d=g=kf #) , sf7df08f} . -!((@_ km'8 P08 a]e/]h k|f=ln=df
#=
sf7df08f}+ . ;g\ !(*^ b]lv xfn ;Dd
cfj4
v]d/fh nfld5fg] ;+rfns 53 g]kfnL sf=d= g=kf=#!, 4,65,000 :gftsf]Q/ Joj;fodf nufgL,
sf=d= g=kf=#!, cWoIf sf7df08f} . -!((*_ ;flgdf dfO{ xfO8«f] kfj/
sf7df08f}+ . ln= df ;g\ @)!^ b]lv
$= xfn;Dd, csfdf xf]6n
w'Daf/fxL sf7df08f}df
;g\ @)!$ b]lv xfn;Dd
cfj4
df]ltnfn b'u8 ;+:yfks 74 g]kfnL la/f6gu/ *, 7,00,000 :gfts Jofkf/ Joj;fo, sf]lxg'/
la/f6gu/ * , df]/Ë . -!(^^_ sf]N8 :6f]/]h k|f= ln= df
%=
df]/Ë . ;g\ !(&^ b]lv xfn;Dd
cfj4
laa]s b'u8 ;+:yfks 45 g]kfnL la/f6gu/ * , 3,00,000 :gfts Jofkf/ Jofj;fo, laa]s
la/f6gu/ * , df]/Ë . -!((%_ c6f] df]jfON; k|f ln=df
^=
df]/Ë . ;g\ @)!% b]lv xfn;Dd
cfj4
zfDjf nfdf ;+:yfks 56 g]kfnL sf=d= g=kf=^, 4,00,000 Jofkf/ Joj;fo, v'Da'
sf=d= g=kf=^, sf7df08f} . – sfk]{6 OG8:6«Lh, a'=g=kf
&=
sf7df08f} . sf7df08f}df ;g\ !(()
b]lv xfn;Dd cfj4
t]lGh+u bf]+8' g]kfnL ;+:yfks 51 g]kfnL sf=d=g=kf )^ , 2,00,000 – Jofkf/ Joj;fo, OG6/
sf=d=g=kf )^ , sf7df08f} . sfk]{6 OG8:6«Lh, af}4df
*=
sf7df08f}+ . ;g\ !(($ b]lv xfn;Dd
cfj4
gfDvf+u nfdf ;+:yfks 55 g]kfnL /fd]5fk !, u'Db]n . 1,00,000 Jofkf/ Joj;fo, v'Da'
/fd]5fk ! u'Db]n . – lxdfn sfk]{6 af}4df ;g\
(=
!((# b]lv xfn;Dd
cfj4
;f]gfd Uof5f] ;+rfns 58 g]kfnL uf]s0f]{Zj/ 3,00,000 :gfts nufgL tyf Jofkf/,
uf]s0f]{Zj/ ;b:o g=kf=!@, - !(*@_ afa/L s:6«S;g k|f= ln=
!)=
g=kf=!@, sf7df08f} . df ;g\ @)!^ b]lv xfn
sf7df08f} . ;Dd cfj4
8f= h'un e"t]{n ;+:yfks 54 g]kfnL eb|k'/ g=kf=!$, 10,000 ljBfjfl/lw ;]jf, ;flgdf ldl8n
eb|k'/ g=kf=!$, emfkf . -@))!_ tdf]/ xfO{8«f]kfj/ ln= df
!!=
emfkf . ;g\ @)!^ b]lv xfn;Dd
cfj4
s'df/ k|;fb ;+:yfks 66 g]kfnL ef]hk'/ $, ef]hk'/ 50,000 :gftsf]Q/ ;/sf/L ;]jf, g]kfn k|x/L
sf]O/fnf . -!(*^_ -lj=; @)#% – @)^@_
!@
ef]hk'/ $, ef]hk'/ o" Pg l8 kL 9fsf @))&
. b]lv @)!@ ;Dd
10
lbnLk >]i7 ;+rfns 61 g]kfnL l;4]Zj/ %, 50,000 :gftsf]Q/ Joj;fo tyf nufgL,
l;4]Zj/ %, ef]hk'/ ;b:o ef]hk'/ . -!((!_ afa/L sG:6«S;g k|f=ln=
!#
. df ;g\ @)!& b]lv
xfn;Dd cfj4
ab|L k|;fb cf]emf ;+:yfks 71 g]kfnL sf=d= g=kf=$, 5,000 :gftsf]Q/ ;]jf, ;flgdf a}s ln=
!$ sf=d= g=kf=$, sf7df08f} . -!(&)_ Pkm Pg l; l; cfO{ !%
sf7df08f} . aif{sf] sfo{ cg'ej
ljgos'df/ >]i7 ;+:yfks 53 g]kfnL uf]/vsfnL g=kf=!, 8,20,000 :gftsf]Q/ Joj;fo tyf nufgL
uf]/vsfnL g=kf=!, uf]/vf . -!((#_ ;flgdf ldl8n tdf]/
!% uf]/vf . xfO8«f]kfj/ ln= w'Daf/fxL
sf7df08f}df ;g\ @)!^
b]lv xfn;Dd cfj4
3gZofd yfkf ;+:yfks 46 g]kfnL sf=d= g=kf=@, 3,00,000 :gftsf]Q/ Joj;fodf nufgL,
sf=d= g=kf=@, sf7df08f} . -!((&_ ;flgdf dfO{ xfO8«f] kfj/
sf7df08f}+ . ln= df ;g\ @)!^ b]lv
!^ xfn;Dd tyf csfdf
xf]6n w'Daf/fxL sf7df08f}
;g\ @)!$ b]lv xfn;Dd
cfj4
e'jgs'df/ bfxfn ;+:yfks 50 g]kfnL a'9flgns07 !@, 1,00,000 :gftsf]Q/ ljleGg a}sx?df nfdf]
a'9flgns07 !@ skg, sf7df08f} . -!((^_ ;do;Ddsf] sfo{ cg'ej
skg, sf7df08f}+ . gljn a}s ln= ;g\ !((!
!& b]lv @)!# ;Dd .
;flgdf a}s ln= df ;g\
@)!# b]lv xfn;Dd
cfj4
;flgdf a}+s ln= ;+:yfks sf=d=g=kf=!, 10,00,000 nfu' gx'g] a}lsË Joj;fo
!* sf=d=g=kf=!, nfu' gx'g] sf7df08f} .
sf7df08f} .
;~rfnsx?sf] ljj/0f M
k|:tfljt
z]o/
/fli6«o z}lIfs of]Uotf Jofkf/
qm;+ Gffd kb pd]/ 7]ufgf :jfldTj cGo sfo{ cg'ej
tf Joj;fodf
lsQf
cg'ej
! >L v]d/fh cWoIf %$ kbdk'/ @, $,^%,))) :gftsf]Q/ cWoIf ljut ! -s_ ;flgdf dfO{
nfld5fg] lrtjg . aif{ b]lv xfO{8f« ]kfj/ ln= df
ljut $ jif{ b]lv
;+rfns /xg' ePsf]
-v_ csfdf xf]6ndf
ljut @ aif{ b]lv
;+rfns /xg' ePsf]
.
@ 8f x]dGt ;+rfns ^$ sf]6]Zj/, !!,)),))) ljBfjfl/lw ;+rfns ljut ljleGg ;+:yfx?df
s'df/ sf=d=g=kf= ! aif{ b]lv k/fdz{bftf tyf
bjf8L #% Pg cf/ Pg df
-;flgdf k|f sf7df08f} . k|d'v sfo{sf/L
ln sf] clws[t /xg' ePsf
tkm{af6_
# >L ;f]gfd ;+rfns %* hf]/kfl6 @, #,)),))) :gfts ljleGg Jofkf/ afa/L sG6«S;gdf
Uof5f] sf7df08f}+ . Joj;fodf #) ljut $ aif{ b]lv
aif{ eGbf al9 cWoIf /xg' ePsf]
cg'ej tyf
ljut ! aif{
b]lv ;+rfns
11
k|:tfljt
z]o/
/fli6«o z}lIfs of]Uotf Jofkf/
qm;+ Gffd kb pd]/ 7]ufgf :jfldTj cGo sfo{ cg'ej
tf Joj;fodf
lsQf
cg'ej
$ >L lbnLk ;+rfns ^! PsfGts'gf %),))) :gftsf]Q/ ;+rfns ljut afa/L sG6«S;g k|f=
>]i7 !#, nlntk'/ ! aif{ b]lv ln= df ljut # aif{
. b]lv ;+rfns /xg'
ePsf]
% >L bfdf]b/ :jtGq %$ Og?jf, ) :gftsf]Q/ ;+rfns ljut ;xfos tyf pk
k|;fb ;+rfns ;'g;/L . ! aif{ b]lv lgb]{zs kbdf u/L
cfrfo{ g]kfn /fi6« a}sdf
#) aif{ ;]jf
ug'{ePsf
gf]6 M dfly pNn]lvt s'g}klg ;+rfnsx? lwtf]kq Joj;foL ;+:yfx?df cfj4 gePsf] hfgsf/L u/fpb5f} .
-@_ ;+:yfksx? s'g} sDkgL÷;+:yf ePdf To:tf] sDkgL÷;+:yfsf] gfd tyf 7]ufgf ;lxtsf] ;+lIfKt ljj/0f / pQm
sDkgL÷;+:yfsf ;+rfnsx?sf] gfd, 7]ufgf -k|fs[lts AolQm gv'n] ;Dd_ M
qm= ;+:yfksx?sf] ;lIfKt ljj/0f ;+rfnsx?sf] gfd tyf 7]ufgf Jofj;fo tyf
;= gfd tyf 7]ufgf cg'ej
! ;flgdf k|f=ln ldlt @)%( ;fn >fj0f $ ut] != >L c?0f s'df/ cf]emf– cWoIf nfu' gx'g]
sf=d=g=kf=!, sDkgL /lhi6«f/sf] sfof{nodf btf{ xfn a'9flgns07 g=kf= #,
sf7df08f} . ePsf] -btf{ g+= @)@%(÷%(÷^)_ . sf7df08f} .
ljleGg sDkgLx?sf] z]o/df nufgL @= >L 6]s/fh lg/f}nf – ;+rfns
ug]{ k|d'v p2]Zo /x]sf] o; sDkgLdf xfn sf=d=g=kf=#@,
xfn % hgf z]o/wgLx? 5g\ eg] / sf7df08f} .
r'Qmf k"FhL ?= !& s/f]8 /x]sf] 5 . #= >L /fds[i0f zfx– ;+rfns
s'd/f]h &, lrtjg .
@ ;flgdf a}s ln= ldlt @)^! cfiff9 !^ ut] sDkgL != >L ljgo s'df/ >]i7– cWoIf nfu' gx'g]
sf=d=g=kf=!, /lhi6«f/sf] sfof{nodf btf{ ul/ ldlt uf]/vsfnL g=kf=!, uf]/vf .
sf7df08f} . @)^! d+l;/ !! af6 v au{sf] a}ssf] @=>L t's k|;fb kf}8]n– ;+rfns
Ohfhtkq k|fKt u/]sf] tyf ldlt ;f}l8of/ uf=lj=;=j8f g+=–!, bfª
@)^* kmfu'0f ! ut] ut]af6 s au{sf] #= >L ufoqL yfkf– ;+rfns
a}ssf] Ohfht kq k|fKt u/L ljleGg v}/xgL–&, lrtjg .
7fpFdf a}+lsË ;]jf pknAw u/fpg] $ >L e/t s'df/ kf]v/]n–
clek|fon] o; a}+ssf] :yfkgf ePsf] ;+rfns
sf=d=g=kf=j8f g+=–!), gofF jfg]Zj/
xf] %= >L dx]z lwld/]– ;+rfns
lj/f6gu/ pkdxfgu/kflnsf j8f g+=–
$, df]/ª
^=an/fd k/fh'nL– ;+rfns
xNbLaf/L–$, emfkf
-#_ ;+ul7t ;+:yfsf] ;+rfns cGo s'g} sDkgL ;+:yf, sf]if ;+u7g;+u cfj¢ eP To:tf] ;+rfns / cfj¢ ePsf]
;+:yfsf] gfd 7]ufgf M
sDkgLsf ;~rfnsx¿ cfj4 /x]sf cGo sDkgL, ;+:yf, sf]if, ;+u7g jf kmd{x?sf] ljj/0f b]xfo cg';f/ 5 M
qm=;= ;+rfnsf] gfd, 7]ufgf cfj4 /x]sf] sDkgL, ;+:yf, sf]if, ;+u7g jf kmd{x?sf] gfd, 7]ufgf
! >L v]d/fh nfld5fg] s_ ;+rfns – ;flgdf dfO{ xfO{8«f]kfj/ ln=,
sf=d= g=kf=#!, sf7df08f}+ sf=d=g=kf=!, sf7df08f} . ldlt @)!^ b]lv xfn;Dd
. v_ ;+rfns –csfdf xf]6n , w'Daf/fxL, sf7df08f}+ . ldlt @)!$ b]lv
xfn;Dd
12
@ 8f x]dGt s'df/ bjf8L s_ k|ltlglw – ;flgdf k|f= ln= sf=d=g=kf=!, sf7df08f} .
-k|ltlglw ;flgdf k|f=ln=_ ldlt ;g\ @)!* b]lv xfn;Dd
sf]6]Zj/, sf=d=g=kf= #%
sf7df08f} .
# >L ;f]gfd Uof5f] s_ ;+rfns – csfdf xf]6n, w'Daf/fxL, sf7df08f}+ .
hf]/kfl6 @, sf7df08f}+ . ldlt ;g\ @)!$ b]lv xfn;Dd
v_ cWoIf – afa/L sG:6«S;g k|f ln= sf=d=g=kf= $, r08f]n, sf7df08f}+

.
ldlt ;g\ @)!^ b]lv xfn;Dd
$ >L lbnLk >]i7 s_ ;+rfns – afa/L sG:6«S;g k|f= ln=, sf=d=g=kf= $, r08f]n,
PsfGts'gf !#, nlntk'/ . sf7df08f}+ .
ldlt ;g\ @)!& b]lv xfn;Dd
% >L bfdf]b/ k|;fb cfrfo{ gePsf] .

Og?jf, ;'g;/L .
sDkgL P]g, @)^# sf] bkmf *( -!_ -5_ tyf ;"rLs[t ;+ul7t ;+:yfx?sf] ;+:yfut ;'zf;g ;DaGwL lgb]{lzsf,
@)&$ sf] Joj:yfx? k"0f{ ?kdf kfngf u/LPsf] 5 .
-$_ ;+:yfks÷;+rfnssf] xs x:tfGt/0f aGb]h ;DaGwL ljj/0f M

-s_ sDkgLsf] z]o/ k|rlnt sfg"gsf] clwgdf /xL lwtf] aGws /fVg laqmL ug{ jf cGo s'g} Aoxf]/fn] xs
5f8L lbg ;Sg]5 . t/ ;d"x æsÆ ;+:yfks z]o/wgLx?n] cfkm\gf] z]o/ laqmL ug{ rfx]df tL z]o/df
afFsL ;+:yfksx?sf] klxnf] k|fyldstf /xg]5 .
-v_ z]o/ vl/b jf x:tfGt/0f ug]{ aGb]h ;DaGwL cGo Aoa:yf k|rlnt sfg"gdf pNn]v eP adf]lhd x'g]5
.
-u_ sDkgLsf] cfkm\gf] z]o/ cfkm} vl/b ubf{ k|rlnt sfg"gL Aoa:yfsf] clwgdf /xL ug'{ kg]{5 .
-3_ ælwtf]kqbtf{ tyf lgisfzg lgodfjnL, @)&#Æ sf] lgod -!)_ sf] pklgod -!_ df ePsf] Aoa:yf
cg'?k lwtf]kq ;fj{hlgs lgisfzg ug{ ;Sg] u/L ;+:yflkt ;+ul7t ;+:yfsf ;j{;fwf/0f afx]s cGo
;d"x -;+:yfks / cGo ;d"x_ n] lnPsf] z]o/ ;fj{hlgs lgisfzg u/]sf] z]o/ afF8kmfF8 ePsf] ldltn]
tLg aif{sf] cjlw k"/f geO{ laqmL ug{ kfOg] 5}g .
%=v=;+:yfks÷;+rfns;+usf] sf/f]af/ M
-s_ ;+ul7t ;+:yfaf6 s'g} ;+:yfks÷;+rfnsn] k|ToIf jf ck|ToIf ?kdf s'g} j:t' jf ;'ljwf -cfly{s jf
u}/cfly{s_ k|fKt u/]sf jf k|fKt ug]{ ePdf To:tf] j:t' jf ;'ljwfsf] k|s[lt tyf d"No / To:tf] ;'ljwf
lbP afkt ;+ul7t ;+:yfn] s'g} ;DklQ, ;]jf k|fKt u/]sf] jf ug]{ ePdf To; ;DaGwL ljj/0f M
sDkgLsf] ;+rfnsx?n] ;+rfns ;ldltsf] a}7s eQf afx]s cGo s'g} klg ;+:yfks÷;+rfnsn] o;
sDkgLaf6 k|ToIf jf ck|ToIf ?kdf s'g} j:t' jf ;'ljwf -cfly{s jf u}/ cfly{s_ k|fKt u/]sf 5}gg\ / ;f]
;DaGwdf sDkgLn] ;+:yfks tyf ;+rfnsaf6 s'g} ;DklQ jf ;]jf ;d]t k|fKt u/]sf] 5}g\ .
-v_ a'Fbf -s_ df pNn]lvt a:t' jf ;'ljwfsf] d"No lgwf{/0f ug{ ckgfOPsf] tl/sf M ;f] gePsf] .
u= ^= ;Lldt bfloTj ;DaGwL ljj/0f M

;flgdf hg/n OG:of]/]G; lnld6]8, sDkgL P]g, @)^# tyf aLdf P]g @)$( cGtu{t :yflkt tyf
;~rflnt klAns lnld6]8 sDkgL xf] . o;df z]o/jfnfx?sf] bfloTj ;Lldt 5 . o; sDkgLsf
z]o/jfnfsf] bfloTj lghn] vl/b u/]sf] jf vl/b ug{ saf]n u/]sf] z]o/sf] clwstd /sd ;Dd dfq
;Lldt /xg]5 .
13
u= &= ;+ul7t ;+:yfsf] sd{rf/L ;DjGwL hfgsf/L M
s=;+ul7t ;+:yfsf] pRr Joj:yfksLo txsf sd{rf/Lx? ;DjGwL ljj/0fM
-s_ ;+ul7t ;+:yfsf] pRr Aoj:yfksLo txsf sd{rf/Lsf] gfd, of]Uotf, lgo'lQm ePsf] ldlt, klxn] sfd
u/]sf] cg'ej tyf ;+ul7t ;+:yfsf] z]o/ lnPsf] eP z]o/ ;+Vof ;DaGwL ljj/0f . ;fy} To:tf] sd{rf/Lx?
cGo s'g} ;"lrs[t ;+ul7t ;+:yfsf] cfwf/e"t z]o/wgL eP jf cGo s'g} ;+ul7t ;+:yfdf nufgL u/]sf] eP
pQm ;+ul7t ;+:yfsf] gfd / nufgL u/]sf] /sd v'nfpg' kg]{ .
pRr Joj:yfksLo txsf sd{rf/Lx? ;DjGwL ljj/0f
qm=;+ z}lIfs lgo'lQm ldlt z]o/ :jfldTj
Gffd cg'ej kb
= of]Uotf
! >L ;'B'Dg :gftsf]Q/ @)&&.)@.!! g]zgn OG:of]/]G; ln= ^ aif{ k|d'v
k|;fb Pn= cfO{= ;L g]kfn ln= ! aif{ sfo{sf/L
pkfWofo Pe/]i6 OG:of]/]G; ln= & aif{ clws[t
lk|ldo/ OG:of]/]G; ln= * aif{
;flgdf hg/n OG:of]/]G; ln !
dlxgf b]lv xfn ;Dd
@ >L ;'jf]w :gfts @)&%.)!.@) g]zgn OG:of]/]G; sDkgL ln= !) gfoj dxf –
nfn >]i7 aif{ k|jGws
o'gfO{6]8 OG:of]/]G; sDkgL ln= #
aif{
;u/dfyf OG:of]/]G; sDkgL ln=
@! aif{
;flgdf hg/n OG:of]/]G; ln= @
aif{ b]lv sfo{/t
#= >L k|lj0f :gfts @)&%.)^.)! g]zgn OG:of]/]G; sDkgL ln= !@ gfoa dxf –
s'df/ aif{ k|jGws
sf]O{/fnf k|'8]lG;on OG:of]/]G; sDkgL ln= (
aif{
chf]8 @ aif{ ^ dlxgf
o'gfO{6]8 OG:of]/]G; ln= % aif{
;flgdf hg/n OG:of]/]G; ln= @
aif{
xfn s'g} klg sd{rf/Lx?sf] cGo s'g} ;"lrs[t ;+ul7t ;+:yfsf] cfwf/e"t z]o/wgL gePsf] .
v_ ljj/0fkq af]8{df k|:t't ug'{ eGbf ! jif{ cuf8Lsf] cjlwdf lgod cg';f/ cjsfz k|fKt ePsf] cj:yf afx]s
;+ul7t ;+:yfsf] pRr Aoj:yfksLo txdf /x]sf s'g} sd{rf/L kl/jt{g ePdf ;f] pNn]v ug'{kg]{M
;f] gePsf] .
-u_ sd{rf/Lsf] ;+Vof M :yfoL, c:yfoL, s/f/, Hofnfb/L / cGo -xfn ;Ddsf]_ M
s'n sd{rf/L ;+Vof :yfoL c:yfoL k|lzIffyL{ ÷ s/f/ Hofnfbf/L
k/LIf0fsfn
!)^ &* – @* – –
14
v= ;+rfns Pj+ pRr Aoj:yfksLo txsf clws[tnfO{ lbPsf] eQf tyf kfl/>lds ;DaGwL ljj/0fM
-s_ ;~rfns ;ldltsf] cWoIf nufot cGo ;b:ox? nfO{ k|bfg ul/g] jf ul/Psf] a}7s eQfsf] b/ tyf
lghx?nfO{ k|bfg ul/g] jf ul/Psf] b}lgs tyf e|d0f eQf tyf cGo ;'ljwf M
;~rfnsn] kfpg] dfl;s kfl/>lds, a}7s eQf, b}lgs tyf e|d0f eQf / cGo ;'ljwf ;fwf/0f ;efn]
tf]s] cg';f/ b]xfo adf]lhd /x]sf] 5 M
!= sDkgLsf] ldlt @)&% ;fn r}q # ut] a;]sf] k|yd aflif{s ;fwf/0f ;efsf] lg0f{o cg';f/
;+rfns ;ldltsf] a}7sdf pkl:yt eP afkt cWoIfn] ?= *,)))÷— / cGo ;+rfnsn]
kfpg] k|lt a}7s eQf ?= ^,)))÷– x'g]5 . cGo ;ldlt tyf pk ;ldltsf ;b:ox?nfO{
?= ^)))÷– k|lt a}7s eQf tyf 6]lnkmf]g, kq klqsf ;'ljwf jfkt dfl;s eQf lbg]
u/]sf] 5}g .
@= sDkgLsf] sfdsf] l;nl;nfdf ;+rfnsnfO{ k|bfg ul/g] oftfoft vr{ lan adf]lhd, b}lgs
tyf e|d0f eQf b]xfo adf]lhd x'g]5 M
-c_ :jb]zdf b}lgs eQf M 5}g .
-cf_ ef/tdf b}lgs eQf= M 5}g .
-O_ ef/t afx]ssf] cGo ljb]zL d'n'sdf b}lgs eQf M cd]l/sL 8n/ 5}g .
-O{_ oftfoft vr{ lan adf]lhd M 5}g .
v_ ;+ul7t ;+:yfsf] pRr Joj:yfklso txsf clws[tx?sf] gfd / kb / Ps cfly{s jif{sf] cjlw
leq pgLx?nfO{ kfl/>ldssf] ?kdf e'QmfgL ul/Psf] /sd M
ldlt @)&& ;fn h]7 ( df a;]sf] ;+rfns ;ldltsf] && cf}+ a}7ssf] lg0f{o cg';f/ @)&& ;fn
h]7 !!, ut]af6 k|d'v sfo{sf/L clws[t >L ;'B'Dg k|;fb pkfWofosf] kb axfnL ePsf], ldlt
@)&% ;fn a}zfv @) ut] af6 gfoa dxf k|jGws >L ;'af]w nfn >]i7sf] kb axfnL ePsf] tyf
ldlt @)&% ;fn cf;f]h ! ut]af6 gfoa dxf k|aGws >L k|lj0f s'df/ sf]O{/fnfsf] kbaxfnL
ePsf] tyf ;fy} Ps cfly{s jif{sf] cjlw leq kfl/>ldssf] ?kdf e'QmfgL ul/Psf] /sd lgDg
adf]lhd /x]sf] 5 .
l;=g+= Gffd kb jflif{s tnj cfly{s jif{ s}lkmot
eQf -?=_
>L ;'B'Dg k|;fb k|d'v sfo{sf/L $,$%,%)) @)&^.)&& h]7 !!,
!= pkfWofo clws[t @)&& af6
kb axfnL
>L ;'jf]w nfn >]i7 gfoa dxf @),%*,))) @)&^.)&&
@=
k|jGws
>L k|lj0f s'df/ gfoa dxf @$,!*,))) @)&^.)&&
#=
sf]O{/fnf k|jGws
u_ s'g} clws[t jf ;~rfnsnfO{ eljiosf] nflu s'g} /sd k|bfg ul/g] u/L s/f/ ul/Psf] eP ;f]
;DaGwL ljj/0f M xfn ;Dd To:tf] s'g} s/f/ ul/Psf] 5}g .
u= *= cGtlg{lxt hf]lvd tyf ;f]sf] Joj:yfkgsf nflu Joj:yfkgsf] wf/0ffM
cGtlglx{t hf]lvd / ;f] sf] Aoa:yfkgsf] nflu Aoa:yfkgsf] wf/0ff lgDgfg';f/ /x]sf] 5 .
-s_ ljQLo ;fwgsf] cefjaf6 x'g] hf]vLd M
lgIf]k tyf nufgLsf] Jofhb/df cfpg] kl/jt{gaf6 x'g ;Sg] hf]lvdx? /x]sf] . xfn ljZjJofkL ?kdf km}ln/x]sf]
COVID -19 sf] sf/0f kg{;Sg] cfly{s dGbLaf6 ;d]t cfufdL lbgx?df yk cfly{s hf]lvdx?df cfpg ;Sg]
b]lvG5 .
-v_ sRrf kbfy{sf] cefjaf6 x'g] hf]vLd M nfu' gx'g] .
-u_ pTkfbg tyf ;]jfsf] ahf/ l:ylt / o;df cfpg] kl/jt{gaf6 x'g] hf]lvd M
!= gofF ;dfg k|s[ltsf sDkgLx?sf] k|j]zaf6 pTkGg x'g] k|lt:kwf{af6 x'g ;Sg] hf]lvdx? .
@= b]zsf] cfly{s cj:yfdf cfpg] ptf/ r9fjaf6 x'g ;Sg] hf]lvdx? .
#= k"gaL{df sDkgLsf] g]kfnsf] aLdf sDkgL÷g]kfnsf] aLdf ahf/ k|ltsf] laZn]if0faf6 pTkGg x'g
;Sg] hf]lvdx? .
15
$= aLdf k|lt:kwL{ ahf/af6 pTkGg x'g ;Sg] hf]lvdx? .
%= COVID -19 sf] sf/0fn] Joj;fo lj:tf/df ;+s'rg cfpg] hf]lvd .
-3_ cfof]hgf ;DkGg x'g l9nfO{ x'g] ;Defjgf / To;af6 x'g] d"No clea[l4 (Cost Overrun) sf] hf]vLd M
nfu' gx']g .
-ª_ ljb]zL ljlgdosf] hf]lvdM b]zsf] a}b]lzs Aofkf/ gLltdf x'g ;Sg] kl/jt{g tyf lab]zL d'b|fsf] lalgdo
b/df 36a9 eO{ pTkGg x'g ;Sg] ;Defljt hf]lvdx? .
-r_ sfg"gL k|s[ofx? tyf O{hfhtk|fKt ug'{ kg]{ ;f] af6 kg{ ;Sg] cj/f]wx? M ;f] gePsf] .
-5_ If]qLos/0f / ljZj AofkLs/0f (Globalization) sf sf/0faf6 pTkGgx'g ;Sg] hf]lvd M

!=cGt/fli6«o ahf/df x'g] cfly{s dGbLsf] c;/af6 x'g ;Sg] cfly{s hf]lvdx? .
cGt/fli6«o ahf/df cfly{s dGbL cfpbf o; sDkgLn] ug]{ aLdf Joj;fodf ;d]t k|ToIf ck|ToIf ?kdf k|efj
kg]{ b]lvG5 .
@= cGt/f{li6«o aLdf ahf/sf] cj:yfdf cfpg] ptf/ r9fjaf6 kg{ ;Sg] hf]lvdx? .
o; sDkgLn] :jb]zL tyf ljb]zL k'gaL{df sDkgLx? ;+u sf/f]jf/ u/]sf] x'G5 cGt/fli6«o aLdf ahf/df cfpg]
ptf/ r9fan] ;d]t o; sDkgLsf] Joj;fodf k|efj kfg]{ b]lvG5 .
-h_ ;/sf/L gLlt tyf lgodx?df x'g] kl/jt{g tyf ljZjAofkL ?kdf x'g] gLltut kl/jt{gaf6 x'g] hf]vLdM
!= g]kfn ;/sf/ tyf aLdf ;ldltsf] gLlt lgoddf x'g] kl/jt{gaf6 >[hgf x'g ;Sg] hf]lvdx? .
@= b]zsf] df}lb|s gLlt nufot aLdf ;ldltn] hf/L ug]{ lgod lgb]{zgsf] ck|Toflzt kl/jt{gaf6 l;h{gf x'g]
;Defljt hf]lvdx? .
-em_ ;+rfng Oltxf;sf] cefj M
o; sDkgLn] cfkm\gf] sf/f]af/ ldlt @)&% ;fn cfiff9 @& ut] b]lv ;+rfng u/]sf]n] sDkgLsf] ;+rfng
Oltxf; sl/j @ aif{sf] dfq /x]sf] 5 .
-`_ k|ljlwsf] kl/jt{gaf6 x'g] ;Sg] hf]lvdM
!= gofF k|ljlwsf] ljsf; ;Fu} sDkgLn] k|of]u ug]{ k|ljlwdf x'g] kl/jt{gn] kg{ ;Sg] ;+rfng tyf ;fvM
;DaGwL hf]lvd .
@= k|ljlw ;DaGwL kl/jt{gaf6 sDkgLsf] ;+rfng tyf sf/f]af/ k|0ffnLdf ck|Toflzt hf]lvd /xg' :jefljs
g} xf] . sDkgLn] k|of]u ug]{ ;km\6j]o/df k|ljlwsf] kl/jt{gaf6 cfpg ;Sg] hf]lvd Aoa:yfkgsf] nflu
tYofÍx?sf] ;'/Iffy{ Data Backup df laz]if ;ts{tf ckgfO{Psf] 5 / To;af6 hf]lvdnfO{
Go"lgs/0f ug{ sDkgL ;Ifd /x]sf]5 .
-6_ cGo M
!= b]zsf] /fhg}lts cl:y/tfaf6 cfpg ;Sg] hf]lvdx? .
@= b]zsf] cfly{s cj:yfdf cfpg] ptf/ r9fjaf6 x'g ;Sg] hf]lvdx? .
#= b]ze/ dxfdf/L km}lno/ cfpg ;Sg] hf]lvdx? .
;Defljt cfly{s hf]lvdx?nfO{ Go"gLs/0f ug{ Joj:yfkgn] lgDg pkfox? cjnDjg ub}{ hfg]5 .
!= plrt hf]lvd d'Nofª\sg u/L s'zn hf]lvd Aoa:yfkg ug]{ .
@= cg'ejL tyf bIf hgzlQmåf/f plrt bfaL Aoa:yfkg ug]{ .
#= aLdf ;ldltåf/f hf/L nufgL lgb]{lzsf cg'?k nufgL ug]{ .
$= cfGtl/s lgoGq0f k|0ffnL k|efjsf/L agfO{ n]vfkl/Ifsn] cf}FNofPsf s}lkmotx? ;'wf/ ub}{ n}hfg] .
%= aLdf ;ldltn] hf/L u/]sf] ;+:yfut ;'zf;g tyf cGo lgb]{lzsfx? Kffngf ub}{ cfO/x]sf] / k/]sf
r'gf}tLx?nfO{ Aoa:yfg ub}{ cuf8L a9g] .
aLdf ;ldltaf6 hf/L k'gaL{df lgb]{lzsf cg';f/ ;Defljt cfly{s hf]lvdx? Go"lgs/0f ug{ sDkgLn] lgDg
cg';f/sf] k'gaL{df Joj:yfkg u/]sf] 5 .
sDkgLn] g]kfn k'gaL{df sDkgL ln= ;+u Direct Cession / x'nb+uf cft+sjfbsf] Direct Reinsurance
Treaty u/]sf] 5 . sDkgLn] cfˆgf] k'gaL{df ;+Demf}tf eGbf a];L x'g uPsf] hf]lvdnfO{ cGo :jb]zL aLdf
sDkgLx?;Fu Facultative Insurance cfbfg k|bfg ug]{ ul/G5 . sDkgLn] ljb]zL k'gaL{df sDkgLx?;Fu
k'gaL{df a|f]s/ dfkm{t ;xof]u k|fKt ub}{ cfPsf] 5 . sDkgLn] hd{gLsf] Hannover Re sf] dn]lzofdf /x]sf]
16
zfvf dfkm{t Lead Insurer sf] ;xof]u k|fKt u/]sf] 5 . ;fy}] Follower Reinsurer sDkgLx? lgDg adf]lhd
/x]sf 5g\ .
• GIC Re India
• GIC Re Bhutan
• East Africa Re Insurance Company
• Oman Re Insurance Company
• Kenya Re Insurance Company
• Asian Re Insurance Corporation
• Tunis Re
• New India Assurance
• Sirius International
• Nepal Reinsurance Co. Ltd.
dfly pNn]lvt k'gaL{df sDkgLx?;Fu o; sDkgLn] J.B. Boda Insurance and Reinsurance Broker Pvt
Ltd., Mumbai India, J.B. Boda & Co. (UK) Ltd. United Kingdom, J.B. Boda & Co. (S) PTE Ltd.
Singapore k'gaL{df a|f]s/x? dfkm{t k'gaL{df Joj:yf u/]sf] 5 .
lwtf]kqd"No kl/jt{g ;DaGwL hf]lvd M

?=!))÷—k|lt z]o/sf b/n] lgisfzg ul/Psf] z]o/ d"Non] ;"rLs/0f kZrft\ lwtf]kq ahf/df x'g] sf/f]af/df
ptf/ r9fj cfpg ;Sg] ePsf]n] z]o/ d"Nodf x'g ;Sg] kl/jt{gsf] hf]lvd /x]sf] 5 .
u= (= ljQLo laj/0f M
(=s=ljQLo ljj/0f / tT;DaGwdf Joj:yfkgsf] wf/0ff / ljZn]if0f
-s_ ;+ul7t ;+:yfsf] n]vfk/LIf0f ePsf] kl5Nnf] cfly{s jif{sf] jf;nft, gfkmf÷gf]S;fg lx;fa, gfkmf÷gf]S;fg
lx;fa afF8kmfF8, gubk|jfx ljj/0f M
o; sDkgLsf] cf=j=@)&%÷)&^ sf] n]vfk/LIf0f ePsf] NFRS adf]lhdsf] jf;nft, gfkmf—gf]S;fg lx;fa tyf
gfkmf gf]S;fg afF8kmfF6 lx;fa vftfsf] oyfy{ ¿k/]vf o; k|sf/ 5 M
jf;nft -cf=j= @)&%÷)&^ _
ljj/0f /sd -?=df_
;DklQ
;DklQ tyf pks/0f 38,125,094
cd't{ ;DklQ 1,280,000
:yug s/ ;Dklt 13,294,550
Aofkfl/s ;DklQ
ckn]lvt d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ 700,856,922
cGo lj:t[t cfDbfgL dfkm{t km]o/ d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ 200,000
gfkmf gf]S;fg dfkm{t km]o/ d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ -
cGo Aofkfl/s ;DklQ 12,364,561
k"gaL{df ;DklQ 91,476,367
aLdsaf6 k|fKt x'g afFsL 24,084,376
cGo ;DklQ 11,722,373
rfn' cfos/ ;DklQ -
gub tyf gub ;dfg 88,093,145
s'n ;DklQ 981,497,388
OlSjl6
Zf]o/ k"FhL 700,000,000
Zf]o/ lk|ldod -
dxf–ljklQ hu]8f 2,956,033
aLdf sf]if 29,633,408
17
hu]8f tyf sf]if -19,740,287_
cGo sf]if 13,294,550
s'n OlSjl6 726,143,704
bfloTj
aLdf s/f/ cGtu{tsf] bfloTj 170,903,247
:yug s/ bfloTj -
cGo Aofkfl/s bfloTj 6,589,430
cGo aLdsnfO lbg afFsL e'tmfgL 47,357,099
cGo bfloTj 23,563,926
rfn' cfos/ bfloTj 1,534,196
Aofkfl/s tyf cGo bfloTj 5,405,786
s'n bfloTj 255,353,684
s'n bfloTj tyf OlSjl6 981,497,388
Gffkmf÷gf]S;fg lx;fj -cf=j= @)&%÷)&^_

ljj/0f /sd -?=df_
s"n cflh{t aLdfz'Ns 196,235,967
k'gaL{df z'Ns e'QmfgL -121,476,504_
v'b cflh{t aLdf z'Ns 74,759,463
z'Ns tyf sldzg cfo 18,066,651

nufgLaf6 cfo 71,045,435
v'b ;fsf/ ePsf] gkmf -gf]S;fg_ -
km]o/ d'Nodf ePsf] kl/jt{g af6 gfkmf -gf]S;fg_ -
cGo cfDbfgL 324,163
s'n cGo cfo 89,436,249
s'n cfo 164,195,712
s'n bfjL e'QmfgL -7,346,382_
s'n bfjL e'QmfgLdf k'gaL{dssf] lx:;f 3,756,649
ladf s/f/ cGtu{tsf] bfloTjdf km/s -79,316,336_
v'b bfjL e'QmfgL tyf ladf s/f/ cGtu{tsf] bfloTjdf km/s -82,906,069_
ljQLo vr{ -
cGo ;Grfng tyf k|;f;lgs vr{ -73,917,582_
s'n cGo vr{ -73,917,582_
s'n bfjL e'QmfgL tyf cGo vr{ -156,823,651_
cfos/ cl3sf] d'gfkmf 7,372,061
cfos/ vr{ -2,215,106_

o; cjlwsf] d'gfkmf 5,156,955
18
gub k|jfx ljj/0f -cf=j= @)&%÷)&^_
ljj/0f /sd -?=df_
sf/f]af/ ;~rfngaf6 gub k|jfx M
gub k|flKt 115,939,360
v'b aLdf z'Ns cfDbfgL 74,759,463
Zf'Ns tyf sldzg cfo 40,855,734
cGo cfDbfgL 324,163
gub e'tmfgL -169,471,104_
v'b bfjL e'QmfgL -3,589,733_
sd{rf/L vr{ -38,584,347_
clestf{ sldzg e'QmfgL -4,332,890_
k'gaL{df sldzg e'QmfgL -7,689,022_
;]jf z'Ns e'QmfgL -
cGo vr{ -113,060,006_
cfos/ vr{ -2,215,106_
cGo ;dfof]hg -90,395,463_
:yug k"gaL{df sldzg cfDbfgL -22,789,083_
:yug k"gaL{df sldzg vr{
7,497,648
:yug clestf{ sldzg vr{
2,934,699
Xf; s§L -5,197,945_
c;dfKt hf]lvd jfkt Joj:yf -54,407,808_
nuflgaf6 k|fKt x'g afFsL cfDbfgL
e'QmfgL x'g afFsL bfjL afkt Joj:yfdf ePsf] kl/jt{g -18,432,973_
rfn' ;DklQdf -j[l4_÷ sdL -124,616,225_
Aofkfl/s ;DklQdf -j[l4_÷ sdL -30,230,712_
k"gaL{df ;DklQdf -j[l4_÷ sdL -91,335,483_
cGo ;DklQdf -j[l4_÷ sdL -3,050,030_
rfn' bfloTjdf j[l4÷-sdL_ 303,936,513
sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 35,393,081
nufgL ultljwLaf6 gub k|jfx

l:y/ ;DklQdf -j[l4_÷sdL -24,372,973_
cd't{ ;DklQ -j[l4_÷sdL -1,280,000_
;/sf/L / ;/sf/sf] hdfgt k|fKt ;]So"l/6Ldf nufgLdf -j[l4_÷sdL -
a}+s tyf ljQLo ;+:yfsf] d'2tL lgIf]kdf nufgLdf -j[l4_÷sdL -41,290,992_
a}+s tyf ljQLo ;+:yfsf] cGo lgIf]kdf nufgLdf -j[l4_÷sdL
19
OSo"6L z]o/ nufgLdf -j[l4_÷sdL -200,000_
cu|flwsf/ z]o/÷l8j]Gr/df nufgLdf -j[l4_÷sdL -2,611,868_
cGo nufgL -j[l4_÷sdL
k]ZsL tyf shf{df -j[l4_÷ sdL
e'QmfgL k|fKt Aofh cfDbfgL - nufgLdf _ 71,045,435
e'QmfgL k|fKt nfefF; -
ef8f cfDbfgL -
e'QmfgL k|fKt Aofh cfDbfgL - shf{df _
nufgL ultljwLaf6 v'b gub k|jfx -v_ 1,289,602
ljQLo >f]t sf/f]jf/af6 gub k|jfx
Aofh e'QmfgL -
nfef+z e'QmfgL -
OlSjl6df -j[l4_÷sdL -
ljQLo >f]t sf/f]af/af6 v"b gub k|jfx -u_ -
o; aif{sf] ;Dk"0f{{ ultljwLaf6 v"b gub k|jfx Ö -s_±-v_±-u_ 36,682,684
gub tyf gub ;dfgdf /x]sf] z'? df}Hbft 51,410,461
gub tyf gub ;dfgdf clGtd df}Hbft 88,093,145
v_ ;+rfng cjlw tLg jif{ Joltt eO;s]sf] cj:yfdf ljut tLg jif{sf] / tLg jif{ Aoltt eO{ g;s]sf]
cj:yfdf ;+rfng cjlwe/sf] n]vfkl/If0f ePsf] gfkmf gf]S;fg af;nft ;lxtsf] ;+lIfKt ljj/0f
af;nft (NFRS) adf]lhd

jf:tljs -?=df_
ljj/0f @)&#÷)&$ @)&$÷)&% @)&%÷)&^
;DklQ
;DklQ tyf pks/0f 22,916 8,554,176 38,125,094
cd't{ ;DklQ - 1,280,000
:yug s/ ;Dklt - 13,294,550
Aofkfl/s ;DklQ
ckn]lvt d'Nodf dfkg ul/Psf] - 656,954,062 700,856,922
Aofkfl/s ;DklQ
cGo la:t[t cfDbfgL dfkm{t km]o/ - - 200,000
d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ
gfkmf gf]S;fg dfkm{t km]o/ d'Nodf - -
dfkg ul/Psf] Aofkfl/s ;DklQ
cGo Aofkfl/s ;DklQ 839,367 12,000 12,364,561
k"gaL{df ;DklQ - 140,884 91,476,367
aLdsaf6 k|fKt x'g afFsL - 24,084,376
cGo ;DklQ 8,672,343 11,722,373
rfn' cfos/ ;DklQ 46,178 1,067,802 -
gub tyf gub ;dfg 108,334 51,410,461 88,093,145
s'n ;DklQ 1,016,795 726,811,728 981,497,388
OlSjl6
Zf]o/ k"FhL 1,000,000 700,000,000 700,000,000
20
Zf]o/ lk|ldod - -
dxf–ljkQL hu]8f 1,138,939 2,956,033
aLdf sf]if 11,544,066 29,633,408
hu]8f tyf sf]if -1,858,915_ 8,303,744 -19,740,287_
cGo sf]if - 13,294,550
s'n OlSjl6 -858,915_ 720,986,749 726,143,704
bfloTj
aLdf s/f/ cGtu{tsf] bfloTj - 251,428 170,903,247
:yug s/ bfloTj 141,170 -
cGo Aofkfl/s bfloTj 708,500 1,878,275 6,589,430
cGo aLdsnfO{ lbg afFsL e'tmfgL 111,865 47,357,099
cGo bfloTj 260,700 3,307,846 23,563,926
rfn' cfos/ bfloTj - 1,534,196
Aofkfl/s tyf cGo bfloTj 906,510 134,395 5,405,786
s'n bfloTj 1,875,710 5,824,979 255,353,684
s'n bfloTj tyf OlSjl6 1,016,795 726,811,728 981,497,388
gfkmf gf]S;fg lx;fa (NFRS) adf]lhd

ljj/0f
jf:tljs -?=df_
@)&#÷)&$ @)&$÷)&% @)&%÷)&^
s"n cflh{t aLdfz'Ns - 255,442 196,235,967
k'gaL{df z'Ns e'QmfgL - -143,021_ -121,476,504_
v'b cflh{t aLdfz'Ns - 112,421 74,759,463
z'Ns tyf sldzg cfo - 561 18,066,651

nufgLaf6 cfo 23,701 40,865,734 71,045,435
v'b ;fsf/ ePsf] gkmf -gf]S;fg_ - -
km]o/ d'Nodf ePsf] kl/jt{gaf6 gfkmf - -
-gf]S;fg_
cGo cfDbfgL 260,940 324,163
s'n cGo cfo 23,701 41,127,235 89,436,249
s'n cfo 23,701 41,239,656 164,195,712
s'n bfjL e'QmfgL - - -7,346,382_
s'n bfjL e'QmfgLdf k'gaL{dssf] lx:;f - - 3,756,649
ladf s/f/ cGtu{tsf] bfloTjdf km/s - -110,544_ -79,316,336_
v'b bfjL e'QmfgL tyf ladf s/f/ - -110,544_ -82,906,069_
cGtu{tsf] bfloTjdf km/s
ljQLo vr{– -
cGo ;Grfng tyf k|;f;lgs vr{ -1,393,168_ -8,528,312_ -73,917,582_
s'n cGo vr{ -1,393,168_ -8,528,312_ -73,917,582_
s'n bfjL e'QmfgL tyf cGo vr{ -1,393,168_ -8,638,856_ -156,823,651_
21
cfos/ cl3sf] d'gfkmf -1,369,467_ 32,600,800 7,372,061
cfos/ vr{ – -9,755,136_ -2,215,106_
o; cjlwsf] d'gfkmf -1,369,467_ 22,845,664 5,156,955
u_ cfly{s jif{ ;dfKt ePsf] ^ dlxgf kZrft ljj/0fkq :jLs[ltsf] nflu k]z u/]df pQm cGtl/d cjlwsf]
Joj:yfkgaf6 k|dfl0ft u/]sf] ckl/is[t ljQLo ljj/0f M
o; sDkgLsf] cf=a= @)&^÷)&& sf] Joj:yfkgaf6 k|dfl0ft ljQLo ljj/0f o; k|sf/ /x]sf] 5 .
jf;nft
ljj/0f /sd -?=df_
;DklQ
;DklQ tyf pks/0f 40,508,163
cd't{ ;DklQ 1,041,173
:yug s/ ;Dklt 31,907,521
Aofkfl/s ;DklQ
ckn]lvt d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ 805,600,000
cGo lj:t[t cfDbfgL dfkm{t km]o/ d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ 1,000,000
gfkmf gf]S;fg dfkm{t km]o/ d'Nodf dfkg ul/Psf] Aofkfl/s ;DklQ -
cGo Aofkfl/s ;DklQ 19,042,621
k"gaL{df ;DklQ 211,183,302
aLdsaf6 k|fKt x'g afFsL 19,696,990
cGo ;DklQ 8,355,932
rfn' cfos/ ;DklQ 3,330,962
gub tyf gub ;dfg 101,805,397
s'n ;DklQ 1,243,472,061
OlSjl6
Zf]o/ k"FhL 700,000,000
Zf]o/ lk|ldod -
dxf–ljklQ hu]8f 3,885,393
aLdf sf]if 38,927,005
hu]8f tyf sf]if -29,989,021_
cGo sf]if 31,907,521
s'n OlSjl6 744,730,898
bfloTj
aLdf s/f/ cGtu{tsf] bfloTj 378,946,054
:yug s/ bfloTj -
cGo Aofkfl/s bfloTj 12,484,863
cGo aLdsnfO lbg afFsL e'tmfgL 57,573,987
cGo bfloTj 43,665,637
rfn' cfos/ bfloTj -
Aofkfl/s tyf cGo bfloTj 6,070,622
s'n bfloTj 498,741,163
s'n bfloTj tyf OlSjl6 1,243,472,061
22
Gffkmf÷gf]S;fg lx;fj
ljj/0f /sd -?=df_
s"n cflh{t aLdfz'Ns 352,677,138
k'gaL{df z'Ns e'QmfgL -217,136,469_
v'b cflh{t aLdf z'Ns 135,540,669
z'Ns tyf sldzg cfo 45,627,025

nufgLaf6 cfo 75,596,758
cGo cfDbfgL 1,097,416
s'n cGo cfo 122,321,199
s'n cfo 257,861,868
s'n bfjL e'QmfgL -65,650,218_
s'n bfjL e'QmfgLdf k'gaL{dssf] lx:;f 38,307,406
ladf s/f/ cGtu{tsf] bfloTjdf km/s -88,335,872_
v'b bfjL e'QmfgL tyf ladf s/f/ cGtu{tsf] bfloTjdf km/s -115,678,684_
ljQLo vr{ -
cGo ;Grfng tyf k|;f;lgs vr{ -117,532,339_
s'n cGo vr{ -117,532,339_
s'n bfjL e'QmfgL tyf cGo vr{ -233,211,023_
cfos/ cl3sf] d'gfkmf 24,650,845
cfos/ vr{ -6,063,651_

o; cjlwsf] d'gfkmf 18,587,194
gub k|jfx ljj/0f

ljj/0f /sd -?=df_
gub k|flKt 200,638,944
v'b aLdf z'Ns cfDbfgL 135,540,669
Zf'Ns tyf sldzg cfo 64,000,859
cGo cfDbfgL 1,097,416
gub e'tmfgL -236,938,692_
v'b bfjL e'QmfgL -27,342,812_
sd{rf/L vr{ -58,779,029_
clestf{ sldzg e'QmfgL -7,761,781_
k'gaL{df sldzg e'QmfgL -3,751,989_
;]jf z'Ns e'QmfgL -
cGo vr{ -131,705,234_
cfos/ vr{ -7,597,847_
23
cGo ;dfof]hg -199,538,199_
:yug k"gaL{df sldzg cfDbfgL -18,373,834_
:yug k"gaL{df sldzg vr{ 1,751,476
:yug clestf{ sldzg vr{ -5,621,654_
Xf; s§L 8,696,803
c;dfKt hf]lvd jfkt Joj:yf -44,148,100_
nuflgaf6 k|fKt x'g afFsL cfDbfgL
e'QmfgL x'g afFsL bfjL afkt Joj:yfdf ePsf] kl/jt{g -141,842,890_
rfn' ;DklQdf -j[l4_÷ sdL 1,267,789
Aofkfl/s ;DklQdf -j[l4_÷ sdL 117,608,283
k"gaL{df ;DklQdf -j[l4_÷ sdL -119,706,935_
cGo ;DklQdf -j[l4_÷ sdL 3,366,441

sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 54,499,617

l:y/ ;DklQdf -j[l4_÷sdL -10,841,045_
cd't{ ;DklQ -j[l4_÷sdL -
;/sf/L / ;/sf/sf] hdfgt k|fKt ;]So"l/6Ldf nufgLdf -j[l4_÷sdL -
a}+s tyf ljQLo ;+:yfsf] d'2tL lgIf]kdf nufgLdf -j[l4_÷sdL -99,854,946_
a}+s tyf ljQLo ;+:yfsf] cGo lgIf]kdf nufgLdf -j[l4_÷sdL
OSo"6L z]o/ nufgLdf -j[l4_÷sdL -800,000_
cu|flwsf/ z]o/÷l8j]Gr/df nufgLdf -j[l4_÷sdL -4,888,133_
e'QmfgL k|fKt Aofh cfDbfgL - nufgLdf _ 75,596,759
e'QmfgL k|fKt nfefF; -
ef8f cfDbfgL -
nufgL ultljwLaf6 v'b gub k|jfx -v_ -40,787,365_
ljQLo >f]t sf/f]jf/af6 gub k|jfx
Aofh e'QmfgL -
nfef+z e'QmfgL -
OlSjl6df -j[l4_÷sdL -
ljQLo >f]t sf/f]af/af6 v"b gub k|jfx -u_ -
o; aif{sf] ;Dk"0f{{ ultljwLaf6 v"b gub k|jfx Ö -s_±-v_±-u_ 13,712,252
gub tyf gub ;dfgdf /x]sf] z'? df}Hbft 88,093,145
gub tyf gub ;dfgdf clGtd df}Hbft 101,805,397
gf]6M cf=j= @)&^÷)&& cfiff9 d;fGtsf] Joj:yfkgaf6 k|dfl0ft ljQLo ljj/0f g]kfn ljQLo ljj/0f k|ltj]bgdfg
(NFRS) cg';f/ tof/ ul/Psf] .
24
3_ cfDbfgL / vr{ lx;fjsf] s'g} zLif{sdf 7'nf] dfqfdf kl/jt{g ePdf To;sf] ljZn]if0ffTds sf/0f M
;f] gePsf]
-ª_ kl5Nnf] ljQLo ljj/0fsf] n]vfk/LIf0f eP kZrft ;+ul7t ;+:yfsf] sf/f]af/, gfkmf gf]S;fg, ;DklQsf]
d"No jf cfufdL !@ dlxgfsf] bfloTj e'QmfgLdf c;/ kg]{ u/L s'g} cj:yf l;h{gf ePsf] 5÷5}g ;f]
;DaGwdf ;+rfnsx?sf] wf/0ff M ;f] gePsf] .
-r_ cfly{s jif{ ;dfKt ePkl5 ljj/0fkq k]z u/]df, ljj/0fkq k]z u/]sf] ldltaf6 :jLs[tL x'g] ldlt
;Dddf jf;nftsf] ldlt kl5sf] 36gfsf] jf/]df 5'§} hfgsf/L ljj/0fkqdf ;dfj]z ug'{kg]{ M;f] gePsf]
.
-5_ ljut % jif{df ;DklQsf] k'gd"{Nof+sg ul/Psf] 5÷5}g, olb ul/Psf] eP
-c_ ;DklQsf] ljj/0f, -cf_ ;DklQsf] k"gd"{Nof+sg cl3 / kl5sf] lstfjL d"No,
-O{_ k"gd"{Nof+sgsf] cf}lrTo,
ljut % jif{df ;DklQsf] k'gd"{Nof+sg ul/Psf] 5}g .
-h_ cfufdL tLg jif{sf] k|If]lkt jf;nft, gfkmf gf]S;fg lx;fasf ;fy} To;sf u0fgfsf] cfwf/x?M
sDkgLsf] cfufdL # cfly{s jif{sf] nflu k|If]lkt NFRS adf]lhdsf] ljQLo l:ylt b]xfo adf]lhd
/x]sf] 5 M
af;nft
ljj/0f k|If]lkt -?=df_
@)&&÷)&* @)&*÷)&( @)&(÷)*)
;DklQ
;DklQ tyf pks/0f 41,764,571 37,846,251 33,000,752
cd't{ ;DklQ 703,173 365,173 27,173
:yug s/ ;Dklt 35,098,273 38,608,100 42,468,910
Aofkfl/s ;DklQ
ckn]lvt d'Nodf dfkg ul/Psf] 1,229,839,900 1,413,190,885 1,695,693,537
Aofkfl/s ;DklQ
cGo lal:t[t cfDbfgL dfkm{t km]o/ 1,000,000 1,000,000 1,000,000
d'Nodf dfkg ul/Psf] Aofkfl/s
;DklQ
gfkmf gf]S;fg dfkm{t km]o/ d'Nodf
dfkg ul/Psf] Aofkfl/s ;DklQ
cGo Aofkfl/s ;DklQ 60,514,326 89,824,008 126,368,910
k"gaL{df ;DklQ 368,003,382 503,125,238 629,274,653
aLdsaf6 k|fKt x'g afFsL 24,621,238 30,776,547 38,470,684
cGo ;DklQ 18,648,131 27,041,419 33,402,202
rfn' cfos/ ;DklQ 745,280 6,596,315 -
gub tyf gub ;dfg 97,538,738 110,267,024 124,030,185
s'n ;DklQ 1,878,477,011 2,258,640,960 2,723,737,005
OlSjl6
Zf]o/ k"FhL 1,000,000,000 1,000,000,000 1,000,000,000
Zf]o/ lk|ldod - - -
dxf–ljkQL hu]8f 6,154,095 10,071,950 17,983,661
aLdf sf]if 61,614,028 100,792,580 179,909,691
25
hu]8f tyf sf]if -12,761,452_ 18,989,418 86,334,008
cGo sf]if 35,098,273 38,608,100 42,468,910
s'n OlSjl6 1,090,104,944 1,168,462,048 1,326,696,270
bfloTj
aLdf s/f/ cGtu{tsf] bfloTj 618,564,310 846,545,000 1,062,418,750
:yug s/ bfloTj
cGo Aofkfl/s bfloTj 20,540,961 29,826,502 40,435,731
cGo aLdsnfO lbg afFsL e'tmfgL 69,702,255 104,206,116 143,116,602
cGo bfloTj 63,592,913 88,163,155 120,390,487
rfn' cfos/ bfloTj - - 1,892,124
Aofkfl/s tyf cGo bfloTj 15,971,628 21,438,139 28,787,041
s'n bfloTj 788,372,067 1,090,178,912 1,397,040,735
s'n bfloTj tyf OlSjl6 1,878,477,011 2,258,640,960 2,723,737,005
gfkmf gf]S;fg lx;fa

k|If]lkt -?=df_
ljj/0f
@)&&÷)&* @)&*÷)&( @)&(÷)*)
s"n cflh{t aLdfz'Ns 700,000,000 1,000,000,000 1,250,000,000
k'gaL{df z'Ns e'QmfgL -424,707,367_ -604,876,338_ -760,239,109_
v'b cflh{t aLdf z'Ns 275,292,633 395,123,662 489,760,891
z'Ns tyf sldzg cfo 80,998,270 116,573,526 151,950,415

nufgLaf6 cfo 72,977,438 87,689,053 105,102,656
v'b ;fsf/ ePsf] gkmf gf]S;fg
km]o/ d'Nodf ePsf] kl/jt{g af6
gfkmf gf]S;fg
cGo cfDbfgL 1,053,530 1,316,913 1,646,141
s'n cGo cfo 155,029,238 205,579,492 258,699,212
s'n cfo 430,321,871 600,703,154 748,460,103
s'n bfjL e'QmfgL -261,077,390_ -397,185,000_ -496,481,250_

s'n bfjL e'QmfgLdf k'gaL{dssf] 152,854,888 230,388,609 287,985,760
lx:;f
ladf s/f/ cGtu{tsf] bfloTjf]df -82,798,176_ -92,858,834_ -89,724,335_
km/s
v'b bfjL e'QmfgL tyf ladf s/f/ -191,020,678_ -259,655,225_ -298,219,825_
cGtu{tsf] bfloTjf]df km/s
ljQLo vr{
cGo ;Grfng tyf k|;f;lgs vr{ -179,039,345_ -233,667,426_ -229,205,428_
s'n cGo vr{ -179,039,345_ -233,667,426_ -229,205,428_
s'n bfjL e'QmfgL tyf cGo vr{ -370,060,023_ -493,322,651_ -527,425,253_
cfos/ cl3sf] d'gfkmf 60,261,848 107,380,503 221,034,850
26
cfos/ vr{ -14,887,802_ -29,023,399_ -62,800,628_
o; cjlwsf] d'gfkmf 45,374,046 78,357,104 158,234,222
gub k|jfx ljj/0f

k|If]lkt -?=df_
ljj/0f @)&&÷)&* @)&*÷)&( @)&(÷)*)
gub k|flKt 373,710,609 532,872,478 664,219,343
v'b aLdfz'Ns cfDbfgL 275,292,634 395,123,662 489,760,890
Zf'Ns tyf sldzg cfo 97,364,445 136,431,903 172,812,312
v'b ;fsf/ ePsf] gfkmf -gf]S;fg_ - - -
km]o/ d'Nodf ePsf] kl/jt{g af6 gfkmf - - -
-gf]S;fg_
cGo cfDbfgL 1,053,530 1,316,913 1,646,141
gub e'tmfgL -394,892,430_ -530,525,202_ -594,458,991_
v'b bfjL e'QmfgL -108,222,502_ -166,796,391_ -208,495,490_
sd{rf/L vr{ -95,298,253_ -116,706,353_ -139,170,491_
clestf{ sldzg e'QmfgL -26,961,982_ -42,631,913_ -53,334,517_
k'gaL{df sldzg e'QmfgL -1,518,404_ -1,670,244_ -1,837,269_
cGo vr{ -148,003,487_ -173,696,902_ -130,712,720_
cfos/ vr{ -14,887,802_ -29,023,399_ -60,908,504_
cGo ;dfof]hg -135,934,123_ -280,615,264_ -199,231,067_
:yug k"gaL{df sldzg cfDbfgL -16,366,176_ -19,858,377_ -20,861,897_
:yug k"gaL{df sldzg vr{ 10,985,477 8,095,640 6,033,370
:yug clestf{ sldzg vr{ -1,040,872_ 83,512 91,864
Xf; s§L 9,542,774 10,463,251 11,475,776
c;dfKt hf]lvd jfkt Joj:yf -76,234,806_ -66,004,810_ -64,095,910_
e'QmfgL x'g afFsL bfjL afkt Joj:yfdf -62,820,520_ -213,394,480_ -131,874,270_
ePsf] kl/jt{g
rfn' ;DklQdf -j[l4_÷ sdL -151,292,781_ 25,053,482 -42,139,461_
Aofkfl/s ;DklQdf -j[l4_÷ sdL 15,819,498 168,568,626 90,370,737
k"gaL{df ;DklQdf -j[l4_÷ sdL -156,820,080_ -135,121,856_ -126,149,415_
cGo ;DklQdf -j[l4_÷ sdL -10,292,199_ -8,393,288_ -6,360,783_
rfn' bfloTjdf j[l4÷-sdL_ 365,865,710 367,811,655 369,065,609

rfn' bfloTjdf j[l4÷-sdL_ 365,865,710 367,811,655 369,065,609
sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 57,456,985 114,597,149 197,455,433

l:y/ ;DklQdf -j[l4_÷sdL -10,461,182_ -6,206,931_ -6,292,277_
cd't{ ;DklQ -j[l4_÷sdL
;/sf/L / ;/sf/sf] hdfgt k|fKt
;]So"l/6Ldf nufgLdf -j[l4_÷sdL
27
a}+s tyf ljQLo ;+:yfsf] d'2tL lgIf]kdf -424,239,900_ -183,350,985_ -282,502,652_
nufgLdf -j[l4_÷sdL
a}+s tyf ljQLo ;+:yfsf] cGo lgIf]kdf - - -
nufgLdf -j[l4_÷sdL
OSo"6L z]o/ nufgLdf -j[l4_÷sdL - - -
cu|flwsf/ z]o/÷l8j]Gr/df nufgLdf - -
j[l4_÷sdL
e'QmfgL k|fKt Aofh cfDbfgL - nufgLdf _ 72,977,438 87,689,053 105,102,657
e'QmfgL k|fKt nfefF;
ef8f cfDbfgL
nufgL ultljwLaf6 v'b gub k|jfx -v_ -361,723,644_ -101,868,863_ -183,692,272_
ljQLo >f]t sf/f]jf/af6 gub k|jfx 300,000,000 - -

Aofh e'QmfgL - - -
nfef+z e'QmfgL
OlSjl6df -j[l4_÷sdL 300,000,000
ljQLo >f]t sf/f]af/af6 v"b gub k|jfx -u_ 300,000,000 - -
o; aif{sf] ;Dk"0f{{ ultljwLaf6 v"b gub -4,266,659_ 12,728,286 13,763,161

k|jfx Ö -s_±-v_±-u_
gub tyf gub ;dfgdf /x]sf] z'? df}Hbft 101,805,397 97,538,738 110,267,024
gub tyf gub ;dfgdf clGtd df}Hbft 97,538,738 110,267,024 124,030,185
aLdf ;ldltsf] ljQLo ljj/0f lgb]{lzsf la=;+ r=g+= !!!* -@)&%÷&^_ adf]lhd NFRS df tof/ ul/Psf]
ljQLo ljj/0f tyf aLdf P]g @)$( tyf aLdf lgodfjnL @)$( cg';f/ tof/ ul/Psf] ljQLo ljj/0fsf] v'b
d'gfkmf sf] %) k|ltzt /sd aLdf sf]ifdf -a9L cfpg] ljQLo ljj/0f cg';f/sf] /sd_ /sdfGt/ (Transfer)
ug'{ kg]{ Joj:yf ePsf] / pQm adf]lhdsf] /sd NFRS cGtu{t tof/ ul/Psf] ljQLo ljj/0f af6 aLdf sf]ifdf
/sdfGt/0f ubf{ hu]8f tyf sf]if C0ffTds b]lvg uPsf] xf] .
ljQLo k|If]k0fsf cfwf/sf] cf}lrTo k'i6L x'g] ljj/0fx? M

k|If]lkt -k|ltztdf_
@)&&÷)& @)&*÷)& @)&(÷)*
ljj/0f * ( )
s"n cflh{t aLdfz'Nsdf a[l4b/ -k|ltztdf_ 98.48 42.86 25.00
v"b aLdfz'Ns÷s'n aLdfz'Ns -k|ltztdf_ 39.33 39.51 39.18
nufgLdf a[l4b/ -k|ltztdf_ 52.66 14.91 19.99
nufgL / shf{af6 cfo÷s'n nufgL / shf{ 5.93 6.21 6.20
-k|ltztdf_
v"b gfkmf÷s'n aLdfz'Ns -k|ltztdf_ 6.54 7.84 12.66
s'n aLdfz'Ns÷s'n ;DklQ -k|ltztdf_ 37.28 44.28 45.89
k'gaL{ds sldzg cfo÷s'n k'gaL{dfz'Ns 19.07 19.27 19.99
28
-k|ltztdf_
Joj:yfkg vr{÷s'n aLdfz'Ns -k|ltztdf_ 22.19 19.12 18.34
sd{rf/L vr{÷Aoj:yfkg vr{ -k|ltztdf_ 60.99 61.04 60.72
Joj:yfkg vr{df j[l4b/ -k|ltztdf_ 55.45 23.08 19.88
sd{rf/L vr{df j[l4b/ -k|ltztdf_ 59.65 23.19 19.25
cfos/ Aoj:yf -k|ltztdf_ 30.00 30.00 30.00
dfly pNn]lvt ljQLo k|If]k0fsf cfwf/sf] cf}lrTo k'i6L x'g] ljj/0fx?
!=s'n aLdfz'Nsdf a[l4b/
sDkgLn] Joj;fo j[l4 ug{sf nflu yk zfvf sfof{nox?sf] lj:tf/ Pj+ bIf sd{rf/Lx?sf]
;+Vofdf a[l4 ub}{ n}hfg] Joj:yfkgsf] of]hgf /x]sf] cfwf/df s"n aLdfz'Nsdf cf=j=@)&&÷)&*,
cf=j=@)&*÷)&( / cf=j=@)&(÷)*) df s|dzM(*=$*, $@=*^ / @%=)) k|ltzt a[l4b/ u0fgf
ul/Psf] 5 .
@= nufgL tyf shf{ jf6 cfo÷s'n nufgL tyf shf{
k|If]lkt ul/P cg';f/ cf= j=@)&&÷)&* df k|fylds z]o/ lgisfzgaf6 k|fKt x'g] /sd /
aLdfz'Ns ;+sngaf6 nufgLdf %@.^^Ü sf] j[l4 / To;}ul/ cf= j= @)&*÷)&( / cf= j=
@)&(÷)*) df pNn]v ul/P adf]lhd aLdfz'Ns ;+sngaf6 !$=(!Ü / !(=((Ü sf] j[l4 xfl;n
x'g] ck]Iff ul/Psf] 5 . o;} u/L nufgL tyf shf{sf] k|If]lkt ef/Lt cf}zt k|ltkmn
cf=j=@)&&÷)&*, cf=j=@)&*÷)&(, / cf=j=@)&(÷)*) df s|dzM%=(#, ^=@! / ^=@)
k|ltzt x'g] ck]Iff ul/Psf] 5 .
#= cGo
s= ut jif{x?sf] jf:tljs cf+s8f tyf cfpFbf] jif{sf] ;+rfng of]hgfsf] cfwf/df sDkgL
Joj:yfkg4f/f ljQLo ljj/0f k|If]k0f ul/Psf] xf] .
v=sDkgLsf] Aoj:yfkg vr{ d"No a[l¢, d'b|f l:kmtL tyf sDkgLn] cfkm\gf] Aoj;flos ;+hfndf ug{
;Sg] a[l¢sf] cg'dfgsf] cfwf/df cg'dfg ul/Psf] 5 .
(=v=ljQLo cg'kft ;DaGwL ljj/0fM
-s_ ;~rfng cjlw tLg aif{ AotLt e};s]sf] cj:yfdf ljut tLg aif{sf] / tLg aif{ AotLt e}g;s]sf] cj:yfdf
;~rfng cjlwsf] tyf cfufdL # aif{sf] k|If]lkt k|lt z]o/ cfDbfgL (EPS) tyf k|lt z]o/ g]6jy{ M
jf:tljs ckl/is[t k|If]lkt
ljj/0f cf=a= cf=a= *@)&^÷)&& cf=a= cf=a= cf=a=
)&$÷)&% )&%÷)&^ )&&÷)&* )&*÷)&( )&(÷)*)
k|lt z]o/ cfDbfgL -?=_ 5=59 0=74 2=66 4=54 7=84 15=82
k|lt z]o/ g]6jy{ -?=_ 103=00 103=73 106=39 109=01 116=85 132=67
*cfiff9 d;fGt, @)&& sf] Joj:yfkgaf6 k|dfl0ft ckl/is[t ljQLo ljj/0f cg';f/ .
-v_ ljut # aif{sf] g]6jy{df ePsf] cf};t k|ltkmn M
jf:tljs -?= xhf/df_ ckl/is[t k|If]lkt -?= xhf/df_
ljj/0f cf=a= cf=a= *cf=a= cf=a= cf=a= cf=a=
)&$÷)&% )&%÷)&^ )&^÷)&& )&&÷)&* )&*÷)&( )&(÷)*)
r'QmfkF"hL 700,000 700,000 700,000 700,000 1,000,000 1,000,000
hu]8f tyf sf]ifx? 20,987 26,144 44,731 90,105 168462 326,696
s'n 720,987 726,144 744,731 1,090,105 1,168,462 1,326,696
36fpg] M ckn]vg ug{ - - - - -
afFsLvr{
s'n g]6jy{ 720,987 726,144 744,731 1,090,105 1,168,462 1,326,696
29
z]o/ ;+Vof -xhf/df_ 7,000 7,000 7,000 10,000 10,000 10,000
k|lt z]o/ g]6jy{ -?=_ 103=00 103=73 106=39 109=01 116=85 132=67
k|lt z]o/ r'QmfkF"hL 100 100 100 100 100 100
g]6jy{df cf}ift
k|ltkmn 3=17 0=71 2=50 4=16 6=71 11=93
-Ü_
ljut # jif{sf] g]6jy{df ePsf] cf}ift k|ltkmn M @=((
-cf=j= @)&$÷)&%, @)&%÷)&^ / @)&^÷)&&
sf] cf}ift_
lgisfzg k"j{sf] k|lt z]o/ cfDbfgL (EPS) sfod
/fVg cfjZos Go"gtd k|ltkmn -Ü_ @=()
*cfiff9 d;fGt, @)&& sf] Joj:yfkgaf6 k|dfl0ft ckl/is[t ljQLo ljj/0f cg';f/ .
Dffly pNn]lvt ljQLo ljj/0f tyf k|If]k0fsf] cg'dfg tyf cfwf/x? xfnsf] aLdf ahf/sf] l:ylt,
lgisfzgstf{ sDkgLsf] xfnsf] bIftf / lgisfzg stf{n] k|fKt u/]sf] xfn ;Ddsf] sfo{ k|ultsf] cfwf/df
k'g/fjnf]sg u/L ljj/0f 7Ls 5 egL P;= P= cf/= P08 Pzf]l;P6\; rf6{8{ Psfp06]06;\sf rf6{8{ PsfpG6]06
>L ;'lg/ s'df/ 9'Ë]n 4f/f k|dfl0ft u/]sf] xf] .
sDkgLsf] ljQLo ljj/0f k|If]k0f ljut aif{sf] sf/f]jf/sf] cfwf/df lgisfzg sDkgLn] tof/ u/]sf] xf] . pQm
ljQLo k|If]k0fsf] cfwf/x? tyf tl/sf k'g/fjnf]sg u/L l7s 5 elg CA Sunir Kumar Dhungel (SAR
& Associates) Ho"n] k|dfl0ft ug'{ ePsf] 5 .
u= !)= lwtf]kq lgisfzg ;DalGw laj/0f M

s= lwtf]kq hf/L ug'{sf] p2]Zo M
c_ sDkgLsf] hf/L k"FhL ?= ! cj{ dWo] k|aGwkqdf Aoj:yf eP cg'?k hf/L kF"hLsf] #) k|ltzt z]o/
;j{;fwf/0fdf laqmL ug'{ kg]{ ePsf] sf/0f hf/L k"+hLsf] #) k|ltzt cyf{t ?=#),)),)),)))÷— -cIf?kL ?
tL; s/f]8 dfq_ /sd a/fa/sf] k|lt z]o/ ?= !))÷— b/sf] #),)),))) -tL; nfv_ lsQf ;fwf/0f z]o/x?
;j{;fwf/0fx?df laqmL u/L sDkgLsf] ;~rfngdf ;j{;fwf/0fx?nfO{ ;d]t ;+nUg u/fpg .
cf_ sDkgLsf] k|aGwkq tyf lgodfjnLdf pNn]v ePsf p2]Zox? cg'?k ug'{kg]{ sfo{x?sf] nflu cfjZos k"FhL
;+sng ug{ .
O_ sDkgLn] cfkm\gf] ;]jf lj:tf/ ug]{ qmddf aLdf Aoa;fosf] hf]lvd wf/0f Ifdtf a9fpg tyf ljQLo Pj+
cfly{s ultljlwx? nfO{ lj:tf/ ug{ cfjZos kg]{ kF"hLsf] Aoj:yf ug{ .
v= lwtf]kq lgisfzgaf6 k|fKt k"FhLsf] pkof]u M
-s_ ;fwf/0f z]o/ lgisfzg u/L k|fKt x'g] k"FhL k|aGwkq tyf lgodfjnL / cGo k|rlnt sfg"g
adf]lhd o; sDkgLn] ug{ kfpg] sfo{sf] clwgdf /xL sDkgLsf] Joj;fo la:tf/df k|of]u
ul/g] 5 h'g b]xfo adf]lhd x'g]5 .
qm=;+= ljj/0f /sd -?=_
! a}+s tyf ljQLo ;+:yfsf] d'2tL lgIf]k ?=@(,)),)),)))÷—
@ zfvf lj:tf/ tyf ef}lts k"jf{wf/sf] clea[l4 ?=!,)),)),)))÷—
hDdf ?= #),)),)),)))÷—
-v_ ;fj{hlgs lgisfzg ul/g] lwtf]kq k"0f{ ?kdf laqmL gePdf z]o/ lgisfzgsf] nflu
p2]Zo k|fKtL ug{sf] nflu ckgfOg] a}slNks Joj:yf M
aLdf sDkgLx?sf] z]o/ bf]>f] ahf/df pRr d'Nodf sf/f]jf/ e}/x]sf] tyf o; cl3
lgisfzg ul/Psf] OG:of]/]G; sDkgLx?df dfu u/]sf] z]o/ eGbf clws dfqfdf cfj]bg
k|fKt x'g] u/]sf] b]lvPsf]n] o; sDkgLsf] lgisflzt z]o/x? klg k"0f{ ?kdf laqmL x'g]
wf/0ff sDkgLsf] /x]sf] 5 . sy+sbflrt lgisfzg ul/g] ;fwf/0f z]o/x? k"0f{ ?kdf
30
laqmL gePdf cf/ lj lj dr]{G6 a}+lsË lnld6]8, sf=d=g=kf j8f g+ !@ 6]s', sf7df08f}n]
lgisfzg u/]sf] zt\k|ltzt z]o/ vl/b ug]{ k|Tofe"lt ;Demf}tf ul/Psf] 5 .
-u_ cfof]hgfsf] ;+rfng :yfg, cfof]hgf r/0fa4 ?kdf sfof{Gjog ul/g] eP k|To]s
r/0fdf nfUg] vr{, s'g} r/0f ;dfKt e};s]sf] eP ;f] ;DaGwL ljj/0f pNn]v ug'{ kg]{
M ;f] gePsf] .
-3_ cfof]hgf ;DkGg x'g], kl/If0f pTkfbg z'? x'g] / k"0f{ Joj;flos pTkfbg z'? x'g]
cg'dflgt ldlt pNn]v ug'{ kg]{ M ;f] gePsf] .
-ª_ ;+ul7t ;+:yfn] s'g} pks/0f vl/b u/]sf] jf ug{ nfu]sf] ePpQm pks/0fsf] d'Nojf
k|:tfljt d"No, ;Knfo;{sf] gfd / ;Knfo;{ ;+u ;Demf}tf ePsf] eP ;f] sf] d"Vo
a"+bfx? M ;f] gePsf] .
-r_ s'g} kf6L{;+u k|ltlnlk clwsf/, 6«]8dfs{, Ohfhtkq, /f]oN6L, ;xsfo{ ;DaGwdf jf
ljQLo jf k|fljlws ;Demf}tf ul/Psf] eP ;f] sf] k|d'v zt{x? / kf6L{sf] gfd, 7]ufgf
;DaGwL lj:t[t ljj/0f M ;Demf}tf gul/Psf] .
-5_ pTkfbg ;DaGwL cfof]hgf eP, ;f] sf] k|s[tL, k|of]ustf{, k|lt:kwf{, nlIft ;d"x, pTkfbg
Ifdtf, ljutsf aif{x?sf] Ifdtf pkef]u jf eljiodf ul/g] Ifdtf pkef]u ;DaGwL
ljj/0f M;f] gePsf] .
-h_ cfof]hgfsf] nflu cfjZos sRrf kbfy{sf] pknAwtf / To;sf] >f]t M ;f] gePsf] .
-em_ cfof]hgfsf] nflu cfjZos x'g] ljB't, kfgL, Uof;sf] dfqf / To;sf] >f]t M ;f] gePsf]
.
-`_ ;fj{hlgs lgisfzgsf] nflu ul/g] vr{ k|d'v ?kdf b]xfodf pNn]lvt kIfx?nfO{ lbg]
z'Nsx? 5'§f5'§} ?kdf k|:t't ug'{kg]{ .
c_ lgisfzg tyf ljqmL k|aGwsnfO{ M !,)),)))÷–
lbOg] z'Ns
cf_ k|Tofe'ltstf{ z'Ns M !,)),)))÷–
O{_ lj1x?sf] kfl/>lds jf ;]jf z'Ns M 5}g .
p_ n]vf kl/Ifssf] z'Ns M cg'dflgt cfly{s ljj/0f k|dfl0ft u/] afkt
z'Ns ? $),)))÷— -s/ afx]s_
pm_ afF8kmfF8df k/]sf] z]o/ ;DalGwt M afF8kmfF8df k/]sf] z]o/ ;DalGwt
z]o/wgLsf] lxtu|fxL vftfdf /fVbf nfUg] z]o/wgLx?sf] lxtu|fxL vftfdf k7fpgsf]
z'Ns nflu k|zf]wg ubf{ nfUg] z'Ns l; l8 P; P08
lSnofl/Ë lnld6]8n] tf]s] adf]lhd x'g]5 .
u= ;fj{hlgs lgisfzgaf6 k|fKt /sdnfO{ kl/of]hgfdf k|of]u ug'{ k"j{ cGo s'g} Aoj:yf ug{
nfluPsf] 5 eg] tT;DjGwL laj/0f M ;f] gePsf] .
3= lk|ldoddf lwtf]kq hf/L ug'{ kg]{ ePdf -sf/0f / cf}lrTo_M ;f] gePsf] .
ª lwtf]kqsf] afF8kmfF8, lkmtf{ e'QmfgL tyf ;"rLs/0f ;DaGwL ljj/0fM
-s_ cToflws dfu jf Go"g dfu ePsf] cj:yfdf afF8kmFf8sf] k|s[of Mo; ljj/0fkq dfkm{t
hf/L ul/Psf] ;fwf/0f z]o/ ;+Vof eGbf a9L ;+Vofdf ;fwf/0f z]o/ vl/bsf] nflu
b/vf:t k|fKt x'g cfPdf g]kfn lwtf]kq af]8{sf] k|rlnt ælwtf]kq lgisfzg tyf
aFf8kmFf8 lgb]{lzsf, @)&$Æ df ePsf] Aoj:yf cg';f/ ;fwf/0f z]o/x? afF8kmFf6
ul/g]5 / z]o/ afF8kmfF6 ;DaGwL ;"rgf /fli6«o :t/sf] b}lgs klqsfdf k|sflzt ul/g]5
.
! z]o/ afF8kmfF8 ubf{ ;a{ k|yd ;a} cfj]bsnfO{ bz lsQfsf] b/n] afF8kmfF8 ul/g] 5 .
31
@ a'Fbf -!_ adf]lhd afF8kmfF6 u/] kZrft afFsL /x]sf] lgisflzt z]o/ cfj]bsx?nfO{ k'gM
bz lsQfsf] b/n] afF8kmfF8 ul/g] 5 .
#= a'Fbf -@_ adf]lhd z]o/ afF8kmfF6sf] k|s[of ;DkGg eP kZrft\ lwtf]kq afFsL ePdf
;f]lx k|s[of ckgfO{ afF8kmfF9 ul/g] 5 .
$= pk/f]Qmfg';f/ z]o/ afF8kmfF6 ubf{ !) lsQfsf b/n] ;a} cfj]bsx?nfO{ afF8kmfF6 ug{
ck'u x'g] cj:yfdf Go"gtd bz lsQf kfpg] ul/ uf]nf k|yfaf6 cfj]bs 5gf}6 ul/
ul/g] 5 .
%= z]o/ afF8kmfF8 ;km\6j]o/ tyf afF8kmfF6 tflnsfsf ;DaGwdf af]8{sf] ;xdlt lnO{g]5
^= z]o/ afF8kmfF6sf] hfgsf/L afF8kmfF6 u/]sf] ef]nL kN6 ;Dddf af]8{, lwtf]kq ahf/ tyf
;j{;fwf/0f nfO{ hfgsf/L u/fOg] 5 .
-v_ cToflws dfu ePsf] jf afF8kmfF6 gePsf] cj:yfdf lkmtf{ e'QmfgL ;DjGwL Joj:yfM
z]o/ jfktsf] cfj]bg lng] sfo{ lwtf]kq v/Lb -;fj{hlgs lgisfzg_ ;DalGw lgb]{lzsf,
@)&# -cf:jf_ df ePsf] Joj:yf adf]lhd ;xeflu a}+saf6 x'g]5 . pQm lgb]{lzsfsf]
Joj:yf adf]lhd cfj]bssf] vftfdf g} cfj]bg /sd /f]Ssf /flvg] ePsf]n] z]o/sf]
cToflws dfu eO{ k|To]s cfj]bsn] dfu u/] adf]lhdsf] z]o/ afF8kmfF6 ug{ g;lsg]
cj:yfdf lghnfO{ afF8kmfF6 ePsf] z]o/ jfktsf] /sd dfq dfu u/L afFsL /sd ;f]xL
vftfdf sfg'g adf]lhd ;xeflu a}+saf6 g} /f]Ssf km's'jf x'g] Joj:yf ldnfO{g]5 .
-u_ lgj]bg ;fy k|fKt /sdsf] lkmtf{ e'QmfgLdf l9nfO{ ePdf lbOg] Aofh b/ M
ælwtf]kq lgisfzg tyf afF8kmfF6 lgb]{lzsf, @)&$Æ n] lgwf{l/t u/]sf] ;do leq
z]o/sf] afF8kmfF6kq tyf /sd lkmtf{ e'QmfgL lbg g;lsPdf z]o/sf] ljqmL aGb ePsf]
ldlt b]lv /sd lkmtf{ e'QmfgL lbg z'? u/]sf] cl3Nnf] lbg;Ddsf] ;/sf/L C0fkqsf]
k|rlnt clGtd Jofh b/sf] cfwf/df x'g cfpg] Jofh ;lxt lx;fj u/L /sd lkmtf{
e'QmfgL ul/g] Joj:yf /x]sf]df o; lgisfzgdf lwtf]kq v/Lb -;fj{hlgs
lgisfzg_ ;DalGw lgb]{lzsf, @)&# -cf:jf_ n] u/]sf] Joj:yf adf]lhd cfj]bg dfu
ug'{kg]{ ePsf], h;cg';f/ cfj]bss} a}+s vftfdf /sd /f]Ssf x'g] Joj:yf /x]sf] .
-3_ lwtf]kqsf] afF8kmfF6 tyf k|df0f kq hf/L ;DaGwL k|s[of / ;dofjlw M
lgisf;g ul/g] ;fwf/0f z]o/ ælwtf]kq lgisfzg tyf aFf8kmFf8 lgb]{lzsf, @)&$Æ df
Joj:yf cg';f/ ;fwf/0f z]o/sf] afF8kmfF6 u/L ;"lrs/0f eP kZrft ælwtf]kq s]lGb|o
lgIf]k ;]jf lgodfjnL, @)^&Æ sf] lgod @$ sf] pklgod & adf]lhd ;DalGwt
z]o/wgLsf] lxtu|fxL vftfdf cef}lts ?kdf z]o/ hDdf ul/g]5 .
-ª_ lwtf]kq ;"lrs/0f e};s]sf] eP To:tf] lwtf]kq ;"lrs/0f ul/Psf] lwtf]kq ahf/sf]
gfd lwtf]kq sf/f]jf/ z'? x'gsf] nflu ;+ul7t :f+:yfn] k"/f ug'{kg]{ zt{x? ;DalGw
ljj/0f M ;f] gePsf] .
-r_ lwtf]kq ;"lrs/0f e} g;s]sf] eP, ;+ul7t ;+:yfn] lgisfzg tyf laqmL ul/g]
lwtf]kqx? k|rlnt P]g, lgod cg';f/ ;xh v/Lb / laqmL jf ljlgdo x'g ;Sg]
u/fpgsf] nflu ul/g] Joj:yf ;DaGwL ljj/0f M
ælwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$Æ df ePsf] Joj:yf cg';f/
;fwf/0f z]o/sf] afF8kmfF6 u/] kZrft g]kfn :6s PS;r]Gh lnld6]8 tyf l;=l8=P;=
P08 lSnol/Ë lnld6]8df k|rlnt ;"lrs/0f ;DaGwL Joj:yf cg';f/ ;"lrs/0f u/fO{
z]o/ vl/b laqmLsf] ug]{ Joj:yf ldnfOg]5 .
r= k|Tofe"lt ;DaGwL ljj/0f M
-s_ lwtf]kq k|Tofe"lt ug]{ ;+ul7t ;+:yfsf] gfd, 7]ufgf / k|Tofe"lt ug]{ lwtf]kqsf] ;+Vof
/ /sd M o; ljj/0f-kqåf/f lgisfzg tyf laqmL ul/g] ;fwf/0f z]o/x?sf] k|Tofe"tL
(Underwriting_ >L cf/ lj lj dr]{G6 a}+lsË lnld6]8 sf=d=g=kf=j8f g+ !@ 6]s'
sf7df08f}+ dfkm{t #),)),))) lsQf z]o/sf] k|lt z]o/ ?=!))/- c+lst d"Nodf
?=#),)),)),)))/- a/fa/sf] k|Tofe"lt ul/Psf] 5 .
32
-v_ lwtf]kq k|Tofe"ltstf{;Fu ul/Psf] ;Demf}tfsf] d"Vo d"Vo a'Fbfx? M
-!_ k|Tofe"ltstf{sf] k|Tofe"lt ug{ ;Demf}tfåf/f sa'n u/]sf] z]o/ lsQf ;Ddsf] dfq
bfloTj x'g]5 .
-@_ s"n k|Tofe'lt lwtf]kqx?sf] nflu k|Tofe"lt z'Ns jfktsf] /sd ;d]t lgisfzg
tyf laqmL k|aGws z'Nsdf ;dfj]z u/]sf] dflgg]5 .
-#_ lgisfzg cjlw leq ;a} jf s]lx z]o/x? laqmL gePdf lgisfzg ul/g]
#),)),))) lsQf ;fwf/0f z]o/sf] !))Ü z]o/ cyf{t #),)),))) lsQf z]o/sf]
k|lt z]o/ ?=!))/- df k|Tofe"ltstf{n] k|Tofe"lt ug{ dGh'/ ul/Psf] 5 .
-$_ o; ljj/0fkq cg';f/ hf/L ul/g] ;fwf/0f z]o/x? k"0f{ ?kdf laqmL gePdf
k|Tofe"ltstf{n] k|Tofe"ltt lsQf z]o/x? ;Dd l;ldt x'g] u/L vl/b ug]{ ;xdlt
hgfPsf]] 5 .
-%_ lgisflzt z]o/ ;j{;fwf/0fdf laqmL ubf{ ;Dk"0f{ z]o/ laqmL ePdf k|Tofe"ltstf{sf]
bfloTj :jt M k"/f x'g]5 .
-^_ k|Tofe"lt ;DjlGw cGo Joj:yfx? k|rlnt sfg"g tyf k|Tofe"lt ;DaGwL
;Demf}tfdf pNn]v eP adf]lhd x'g]5 .
5= cfj]bg lb+bf Wofg lbg'kg]{ s'/fx? M

-s_ lwtf]kqjfnfsf] tyf k|ltaGwfTds Joj:yfx? h:t} dtflwsf/, nfef+z, xsk|b z]o/,
lwtf]kqjfnfsf] clwsf/df kl/jt{g ug]{ k|s[of tyf lwtf]kqsf] vf/]hL cflb ;DaGwL
ljj/0fM
-c_ o; ljj/0f–kq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/x? afF8kmfF6 u/] kZrft
sfod x'g] z]o/wgLx?n] dfq ;j{;fwf/0f z]o/wgLx?sf] tkm{af6 lgjf{lrt x'g]
;~rfnsx?sf] lgjf{rgdf efu lnO{ dtbfg ug{ kfpg]5g\ .
-cf_ k|rlnt sDkgL sfg"g tyf g]kfn lwtf]kq af]8{sf] af]g; z]o/ ;DaGwL lgb]{lzsfsf]
clwgdf /xL o; ljQLo ;+:yfn] cfh{g u/]sf] d'gfkmfaf6 af]g; z]o/ jf nfef+z
ljt/0f ug{ ;Sg]5 / cfjZostf cg';f/ g]kfn lwtf]kqaf]8{ tyf cGo ;DalGwt
lgodg lgsfox?sf] :jLs[lt lnO{ xsk|b z]o/ ;d]t hf/L ug{ ;Sg]5 .
-O_ o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/x? ……lwtf]kq lgisfzg tyf
afF8kmfF6 lgb]{lzsf, @)&$Æ df ePsf] Joj:yf cg';f/ afF8kmfF6 u/L tf]lsPsf]
cjlw leq afF8kmfF6df k/]sf] z]o/ ;DaGwLt z]o/wgLn] pknAw u/fPsf] lxtu|fxL
vftfdf hDdf u/fO{ g]kfn :6s PS;r]Gh lnld6]8 tyf l; l8 P; P08 lSnol/Ë
lnld6]8df ;"lrs/0f u/fO{ z]o/ vl/b laqmLsf] Joj:yf ldnfOg]5 .
-v_ lgodfjnL, k|aGwkqk|fKt ug]{ jf x]g{ ;Sg] 7fpF, e'QmfgL ug]{ tl/sf, lng'kg]{ Go"gtd
lwtf]kq ;+Vof / ;f] eGbf dfly lng] ePdf s'g u'0ffÍdf lng ;Sg] xf] ;f] ;DaGwL
ljj/0fM
-!_ sDkgLsf] k|aGwkq tyf lgodfjnL o; sDkgLsf] skf]{/]6 sfof{no l;l6 PS;k|];
sDKn]S;, sdnfbL, sf7df08f} / o; lgisfzg sfo{sf nflu lgo'Qm lwtf]kq
lgisfzg tyf laqmL k|jGws Pg cfO{ ;L Plzof Soflk6n lnld6]8, aa/dxn,
sf7df08f}+df sfof{no ;do leq ;Dks{ /fvL k|fKt ug{ jf x]g{ ;lsg]5 .
-@_ cfj]bsn] cfj]bg ;fy cfkm"n] vl/b ug{ rfx]sf] ;fwf/0f z]o/ ;+Vofsf] k|lt
;fwf/0f z]o/ ?=!))÷— sf b/n] x'g cfpg] /sd jf ;f] a/fa/sf] /sd hDdf
u/]sf] ef}r/ jf a}+s 8«fk\m6 ;+nUg ul/ ;DalGwt ;+sng s]Gb|df cfj]bg lbg'
kg]{5 .
33
-#_ k|To]s cfj]bsn] sDtLdf !) lsQf tyf clwstd !,))) lsQf ;Dd z]o/ vl/b
ug{sf nfuL b/vf:t lbg ;Sg]5g\ . !) lsQf eGbf a9L z]o/sf nflu b/vf:t
lbFbf !) c+sn] u'0ffÍ ;+Vofdf lbg' kg]{5 .
-u_ cfj]bg lbFbf kfngf ug'{kg]{ zt{ aGb]hx? h:t} Ps eGbf a9L b/vf:t lbg gkfOg],
nufgL stf{sf] klxrfgsf] nflu gful/stf÷hGd btf{sf] k|dfl0ft k|df0fkqsf] gDa/
clgjfo{ ?kdf cfj]bg kmf/ddf pNn]v ug'{kg]{ jf lwtf]kq bnfn Joj;foLn] lbPsf]
u|fxssf] kl/ro gDa/ / ;DalGwt Joj;foLsf] gfd v'nfpg'kg]{ / a}+s vftf dfkm{t
sf/f]jf/ ul/g'kg]{ h:tf kIfx?
!= s'g} klg g]kfnL gful/sn] o; ljj/0fkq dfkm{t hf/L ul/g] ;fwf/0f z]o/ vl/bsf
nflu b/vf:t lbg ;Sg]5g .
@= cfj]bsn] l;—cf:jf k|0ffnLaf6 cfkm\gf] vftf /x]sf] a}+s tyf ljQLo ;+:yf dfkm{t
dfq cfj]bg lbg' kg]{5 .
#= cfj]bsn] cfa]bg lbg' k"j{ cfkm\gf] vftf /x]sf] ;DalGwt a}+s tyf ljQLo ;+:yfdf
uO{ ælwtf]kqsf] ;fj{hlgs lgisfzgsf] s]lGb|s[t ljB'lto ;]jf sfo{ ;~rfng
lgb]{lzsf, @)&$Æ sf] cg';"rL $ adf]lhdsf] l;—cf:jf /lhi6«]zg kmf/d e/L
l;=cf/=Pg= g+= lng' kg]{5 .
$= cfj]bssf] a}+s vftfdf ePsf] ljj/0f / cg';"rL $ df pNn]v u/]sf] ljj/0f
ldNg'kg]{5 .
%= cfj]bsn] l;=cf/=Pg= g+= k|fKt u/] kZrft z]o/ vl/bsf nflu tf]lsPsf] 9fFrfdf
;DalGwt a}+s tyf ljQLo ;+:yfdf lwtf]kq vl/bsf nflu cfj]bg lbg' kg]{5 .
^= cfj]bsn] cfj]bgdf pNn]v u/]sf] lxtu|fxL kl/ro g+= / cGo ljj/0f l;—cf:jf
;km\6 j]o/df /x]sf] cfj]bssf] lxtu|fxL vftf / cGo ljj/0f;Fu ?h' x'g' kg]{5 .
gePsf] cj:yf cfj]bg :jt /2 x'g]5 .
&= cfj]bsn] cfj]bg kmf/d a'emfpFbf b]xfosf s'/fx?df ljz]if Wofg lbO{ :ki6 ;Fu
cfj]bg kmf/d e/L a'emfpg' kg]{5M
s= lwtf]kq lgisfzgstf{ sDkgLsf] gfd .
v= cfj]bssf] gfd, y/, 7]ufgf, gful/tf g+=, b/:tvt, ;Dks{ kmf]g g+=, Od]n .
u= gfjfns / ljlIfKt AolQmsf] xsdf ;+/Ifssf] gfd, y/ / gftf .
3= vl/b ug{ rfx]sf] lwtf]kqsf] ;+Vof -c+s / cIf/df_ .
ª= vl/b ug{ rfx]sf] lwtf]kq afktsf] /sd -c+s / cIf/df_ .
r= cfj]bssf] vftf /x]sf] a}+s÷ljQLo ;+:yfsf] gfd, 7]ufgf, vftf g+= / vftfsf]
lsl;d
5= cfj]bssf] lxtu|fxL -l8Dof6_ vftf gDa/ .
*= cfa]bsn] cfj]bg lbFbf l;—cf:jf ;b:o a}+s÷ljQLo ;+:yfx?df /x]sf] cfj]bg
afktsf] /sd /f]Ssf /flvg] vftf cGo s'g} k|sf/n] /f]Ssf /x]sf] jf lgis[o
(Dormant) /x]sf] x'gx'Fb}g .
(= cfj]bg lbPsf] /sd a/fa/sf] /sd vftfdf x'g' kg]{5 .
!)=Ps JolQmn] cfkm"n] vl/b ug{ rfx]sf] ;fwf/0f z]o/sf] nflu Ps eGbf a9L b/vf:t
lbg] kfOg] 5}g . olb Ps JolQmsf] gfddf Ps eGbf a9L cfj]bg k|fKt x'g cfPdf
;Dk"0f{ b/vf:tnfO{ /2 ul/g]5 .
!!= lwtf]kq vl/bsf nflu b/vf:t lbFbfsf] cj:yfdf jf b/vf:t lbO{;s] kl5 vl/b
u/]sf] lwtf]kq afktsf] /sd e'QmfgL gx'Fb} k|rlnt sfg"g adf]lhd clwsf/ k|fKt
clwsf/L jf lgosfoaf6 nufgLstf{sf] vftf /f]Ssf /fVg] cfb]z k|fKt ePdf
lgisfzg tyf laqmL k|aGwsn] To:tf] b/vf:t kmf/dnfO{ cfb]z adf]lhd ul/g]5
.
34
!@= lwtf]kq afF8kmf6 ug'{ k"j{ clVtof/ k|fKt lgsfoaf6 s'g} nufgLstf{sf] vftf /f]Ssf
/fVg cfb]z jf lgb]{zg k|fKt ePdf ;DalGwt a}+s jf ljQLo ;+:yfn] To:tf] cfb]z
jf lgb]{zg cg';f/ ;DalGwt nufgLstf{sf] vftf /f]Ssf u/L To;sf] hfgsf/L
t'?Gt lgisfzg tyf laqmL k|aGwsnfO{ lbg'kg]{5 .
!#= l; l8 P; P08 lSnol/Ë lnld6]8af6 pknAw u/fOPsf] æd]/f] z]o/Æ ;km\6j]o/af6
klg cfa]bsn] cfj]bg ug{ ;Sg]5g\ . To;sf nflu cfj]bsn] cfkm\gf] lxtu|fxL
vftfdf a}+s vftfsf] ljj/0f pNn]v ul/;s]sf] x'g'kg]{5 / ;DalGwt a}+s tyf
ljQLo ;+:yfaf6 CRN g+= lnO{;s]sf] x'g'kg]{5 .
!$= z]o/ afF8kmfF6 u/L ;"lrs/0f eP kZrft afF8kmfF6df k/]sf cfa]bsx?nfO{
afF8kmfF6df k/]sf] z]o/ gLhx?sf] lxtu|fxL vftfdf hDdf ug]{ Aoa:yf ul/g]5 .
!%= o; ljj/0fkq dfkm{t lgisfzg ul/g] z]o/sf nflu Go"gtd !) -bz_ lsQf tyf
;f] eGbf a9Lsf nflu !) -bz_ c+sn] efu hfg] ;+Vofdf clwstd !,))) -Ps
xhf/_ lsQf ;Ddsf nflu cfj]bg lbg ;lsg]5 .
!^= cfj]bsn] ?= kfFr nfv eGbf dfly cfj]bg lbbf clgjfo{ ?kdf Kofg (PAN No.)
gDa/ pNn]v ug'{kg]{ 5 .
u= !!= ;DalGwt kIf aLrsf] sf/f]af/ ;DaGwL ljj/0f M

lgisfzgstf{ ;+ul7t ;+:yf / lgDg lnlvt kIf aLr ljut @ jif{sf] cjlwdf s'g} k|sf/sf]
a:t'ut sf/f]jf/ ePsf] jf s'g} sf/f]jf/ ug{ k|:tfj ul/Psf] eP sf/f]jf/df ;+nUg JolQmx?sf]
gfd, ltgLx?sf] ;+ul7t ;+:yf ;+usf] ;DaGw, sf/f]af/sf] k|s[lt / /sd M ;f] gePsf] .
s_ ;+ul7t ;+:yfsf] sfo{sf/L, clws[t jf ;+rfnssf] ?kdf /x]sf] JolQm M gePsf] .
v_ cfwf/e"t z]o/wgL M gePsf]
u_ v08 -s_ / -v_ df pNn]lvt s'g} JolQmsf] Psf3/ kl/jf/ ;b:o M gePsf] .
3_ ;+ul7t ;+:yfsf] sfo{sf/L clws[t jf ;+rfns jf cfwf/e"t z]o/wgLn] #) k|ltzt jf ;f] eGbf
a9L dtflwsf/ x'g] u/L z]o/ :jfldTj u|x0f u/]sf] sDkgL jf ;+ul7t ;+:yf M gePsf] .
ª_ ;+ul7t ;+:yf jf To;sf] ;xfos sDkgLn] xfnsf] ;+rfns jf gLhsf] Psf3/sf] kl/jf/sf]
;b:osf nflu s'g} sf/f]jf/ jf ;Demf}tf u/]sf] 5 eg] ;f] jf ljj/0fkq k|sfzg ug'{ eGbf # jif{
cufl8sf] cjlwdf ;+:yfsf] ;+rfns jf ;+rfnssf] Psf3/ kl/jf/sf] ;b:osf nflu s'g} sf/f]af/
jf ;Demf}tf u/]sf] eP ;f] s'/f M s'g} sf/f]jf/ jf ;Demf}tf u/]sf] 5}g .
r_ s'g} ;+rfns jf ;+rfnssf] Psf3/ kl/jf/sf] ;b:onfO{ s'g} C0f lbPsf] jf lgh;+u lnPsf] eP
pQm C0f e'QmfgL cjlw cflb s'/f ljj/0fkqdf v'nfpg' kg]{ M sf/f]jf/ u/]sf] 5}g .
u= !@= ljb]zL nufgL / Aoj:yfkg ;DaGwL ljj/0f M
ljb]zL nufgL / Joj:yfkgdf ;+ul7t ;+:yf ;+rfng x'g] eP ;f] sf] ljj/0fsf ;fy} ;DalGwt
;Demf}tfsf] d'Vo tyf tflTjs a"+bfx? M
sDkgLdf ljb]zL nufgL / ljb]zL Aoj:yfkg g/x]sf] .
u= !#= ;"rLs[t ;+ul7t ;+:yfn] ;fj{hlgs lgisfzg ug]{ ePdf ;f] sf] ljj/0f M
s_ ;+ul7t ;+:yfsf] ljut # cfly{s jif{sf] k|To]s q}dfl;s cjlwsf] pRrtd, Go"gtd, clGtd
ahf/ d"Nosf ;fy} sf/f]af/ ePsf] z]o/ ;+Vof M
lgisfzgstf{ sDkgL ;"rLs[t ;+ul7t ;+:yf gePsf] .
v_ af]8{df ljj/0fkq btf{sf] nflu k|:t't ug'{ eGbf ^ dlxgf cufl8sf] cjlwsf] dfl;s ?kdf
pRr, Go"g / clGtd d"Nosf ;fy} k|To]s dlxgfdf sf/f]jf/ ePsf] s"n lbg / s"n sf/f]af/ ePsf
lwtf]kq ;+Vof M lgisfzg stf{ sDkgL ;"rLs[t ;+ul7t ;+:yf gePsf .
35
u= !$= kl5Nnf] ;fj{hlgs lgisfzgsf] cg'dfg tyf pknAwL ;DaGwL ljj/0f M
;+ul7t ;+:yfn] o; eGbf cufl8 lwtf]kq lgisfzg ubf{ tof/ u/]sf] ljj/0fkq jf cGo ljj/0fx?df
pNn]vLt ul/Psf nIo tyf sfo{qmdx? tyf v'b d'gfkmf xfl;n ug{ ;s]÷g;s]sf], g;s]sf] cj:yfdf
nIo tyf sfo{qmdsf ;fy} ljj/0fkq jf cGo ljj/0fx?df k|If]lkt v'b d'gfkmf eGbf aL; k|ltzt
jf ;f] eGbf a9Ln] Go"g x'g uPsf] eP o;/L km/s kgf{sf] sf/0f .
– xfn ;Dd s'g} ;fj{hlgs lgisfzg gul/Psf] .
u= !%= k/fdz{bftf÷ljz]if1 ;DaGwL ljj/0f M
-s_ n]vfkl/Ifs, k|d'v a}+s, lgisfzg sfo{;Fu ;+nUg a}+s, k|If]lkt ljQLo ljj/0f 7Ls 5 egL
k|dfl0ft ug]{ lj1 cflbsf] gfd tyf 7]ufgf M
-c_ n]vfk/LIfs Mo; ljQLo ;+:yfsf] cf=j= @)&%÷)&^ sf] n]vfk/LIf0f sfo{sf nflu >L ;+lhj
s'df/ ld> ;fem]bf/ l6=cf/=pkfWofo P08 s+ rf6{8{ Psfp06]06\; Pzf]l;o6\;sf n]vf kl/Ifs
rf6{8{ Psfp06]06 >L ;+lhj s'df/ ld> Ho"n] n]vfk/LIf0fsf] sfo{ ug'{ ePsf] 5 .
-cf_ k|d'v a}+s M o; lgisfzgsf] nflu k|d'v a}+ssf] Joj:yf ul/Psf] 5}g .
-O_ lgisfzg a}+s -Bankers to the Issue_ M
ælwtf]kq vl/b -;fj{hlgs lgisfzg_ ;DaGwL lgb]{lzsf, @)&#” k"0f{ ?kdf nfu'
eO{;s]sf] ;Gbe{df of] Aoa:yf nfu' gx'g] .
O{_ ljQLo k|If]k0fsf] ljj/0f tof/ kfg]{ lj1 M o; ljj/0fkqdf pNn]v ul/Psf] ljQLo
ljj/0f lgisfzgstf{ sDkgL cfkm}n] tof/ u/]]sf] xf] .
-p_ ljQLo k|If]k0fsf] cg'dfg tyf cfwf/x? k'g/fjnf]sg u/L ljj/0f 7Ls 5 egL k|dfl0ft ug]{
lj1 M
o; ljj/0f–kqdfpNn]v ul/P adf]lhd tof/ ul/Psf] ljQLo ljj/0f tyf k|If]k0fsf]
cg'dfg tyf cfwf/x? k'g/fjnf]sg u/L ;f] cfwf/df tof/ ul/Psf ljQLo k|If]k0fsf
ljj/0f oyfy{k/s /x]sf] egL k|dfl0ft ug]{ ljz]if1 >L ;'lg/ s'df/ 9'+Ë]n rf68{ Psfp06]06
cl86/sf] gfd P; P cf/ P;f]l;o6\; x'g'x'G5 .
u= !^= kl/of]hgf ;DkGg ug{sf] nflu ;fj{hlgs lgisfzg afx]s cGo ljQLo >f]tx? k|of]u ul/Psf]
5÷5}g, tT;DaGwL ljj/0f M
;f] gul/Psf] .
u= !&= d'2f tyf ljjfb ;DaGwL ljj/0f M

s_ ;+ul7t ;+:yfsf] t/ntf, df}Hbft, sfo{ ;+rfngdf tflTjs c;/ kg]{ vfnsf] s'g} d'2f dfldnf
jf ljjfb eP ;f] ;DaGwL ljj/0f tyf pk/f]Qm d'2f jf ljjfbsf] sf/0faf6 kg{ ;Sg] k|efj
;DaGwdf Joj:yfkgsf] wf/0ff M xfn;Dd s'g} k|sf/sf] ljjfb, d'2f dfldnf k/]sf] 5}g .
v_ ;+ul7t ;+:yfnfO{ c;/ kg]{ u/L ;+:yfsf] ;+:yfks÷;+rfnsn] jf nfO{ bfo/ ul/Psf] d'2f
;DaGwL ljj/0f M
– ;+ul7t ;+:yfnfO{ c;/ kg]{ u/L ;+:yfsf] ;+:yfks÷;+rfnsn] jf nfO{ d'2f ljrf/flwg 5}g .
u_ ljut kfFr jif{df ;+ul7t ;+:yfsf] s'g} ;+:yfks÷;+rfns sfnf] ;"rLdf k/]sf] jf s'g} g}lts
jf cfly{s sf/0faf6 s'g} lgodg lgsfo jf cbfntn] ;hfo u/fPsf] eP, To:tf] ;+rfnssf]
gfd / ;hfo ug]{ lgodg lgsfo jf cbfntsf] gfd pNn]v ug'{ kg]{ M
– ljut kfFr jif{df ;+ul7t ;+:yfsf] s'g} ;+:yfks÷;+rfns sfnf] ;"rLdf k/]sf] jf s'g} g}lts
jf cfly{s sf/0faf6 s'g} lgodg lgsfo jf cbfntn] ;hfo u/fPsf] 5}g .
36
3_ ;+ul7t ;+:yf a}+s jf ljQLo ;+:yfdf C0f glt/L l8kmN6 ePsf], lgod cg';f/sf] z'Ns
glt/]sf], lwtf] kqjfnfx?sf] s'g} /sd e'QmfgL gul/Psf] eP tT;DaGwL ljj/0fx? M
– ;f] gePsf] .
u= !*= u'gf;f] ;'Gg] / ;dfwfg ug]{ k|q[mof M
lgisflzt lwtf]kq ;DalGw nufgL stf{x?sf] u'gf;f] tyf ;'emfj ;'Gg tyf ;f] sf] ;dfwfgsf
nflu lwtf]kq lgisfzg tyf ljqmL k|jGwssf] sfof{nodf Ps ljz]if sIfsf] Joj:yf ul/Psf] 5
. nufgL stf{x?n] b]xfosf] dfWod dfkm{t cfkm\gf] u'gf;f] tyf ;'emfjx? k|]lift ug{ ;Sg]5g\ .
u'gf;f] ;'Gg] clwsf/LM
gfdM bfdf]b/ /fodfemL
kbM k|d'v dr]{06 a}+lsË
kmf]g g+= )!–%&)%(($÷%&)%^^$
E-mail : info@nicasiacapital.com
u= !(= gub glnO{ s;}nfO{ lwtf]kq lgisfzg ul/Psf] 5 eg] To:tf] AolQm jf ;d"xsf] gfd, v/Lb ul/Psf]
;DklQ jf ;]jf ;DaGwL ljj/0f, lgisfzg ul/Psf] lwtf]kqsf] ;+Vof / b/ ;DaGwL ljj/0fM
– ;f] gePsf] .
u= @)= C0fkq lgisfzg ;DaGwL ljj/0f M
– xfn;Dd C0fkq hf/L ul/Psf] 5}g .
u= @!= cu|flwsf/ z]o/ lgisfzg ;DaGwL Aoj:yf M
– xfn;Dd cu|flwsf/ z]o/ hf/L ul/Psf] 5}g .
u= @@= cGo ;fdfGo hfgsf/L M

-s_ ljz]if1sf] s'g} /fo ePdf, ;f] sf] ljj/0f M ;+nUg ul/Psf] .
-v_ ut tLg cfly{s jif{ leqdf s'g} ;+rfns, n]vfk/LIfs kl/jt{g ePsf] eP, ;f] sf] sf/0f M—
!= ;~rfnsdf ePsf] kl/jt{gM

ljut ltg cfly{s jif{df ;+rfnsx?sf] kl/j{tg / ;f]sf] sf/0f ;DaGwL ljj/0f M
qm=; ;+rfnssf] gfd cfly{s jif{ sf/0f
! >L df]ltnfn @)&@÷)&# JolQmut sf/0fn] /flhgfdf lbg' ePsf]
b'u8
@ >L c?0f s'df/ @)&%÷)&^ k|yd aflif{s ;fwf/0f ;efaf6 sfo{sfn cGTo
cf]emf ePsf]
# 8f= h'un e't]{n @)&%÷)&^ k|yd aflif{s ;fwf/0f ;efaf6 sfo{sfn cGTo
ePsf]
$ >L zfDaf nfdf @)&#÷)&$ JolQmut sf/0fn] /flhgfdf lbg' ePsf]
% 8f= dfl0fs nfn @)&%÷)&^ k|yd aflif{s ;fwf/0f ;efaf6 sfo{sfn cGTo
>]i7 ePsf]
37
@= n]vf k/LIfsdf ePsf] kl/jt{gM–
qm=;= aif{ n]vf k/LIfsx? -kl5Nnf] $ aif{ b]lv_ kl/jt{sf sf/0fx?
! @)&@÷&# l;= ;'a]bL P08 P;f]l;P6\; ;+rfns ;ldltsf] lg0f{o adf]lhd
@)&# ÷&$
@ @)&$÷)&% ;'hg sfˆn] Pn cf/ P;f]l;p6\; ;+rfns ;ldltsf] lg0f{o adf]lhd
# @)&%÷)&^ sDkgLsf] jflif{s ;fwf/0f ;efaf6
l6 cf/ pkfWofo P08 s= lgo"QmL ePsf]n]
-u_ sDkgL ;lrjsf] gfd, 7]ufgf / of]Uotf M

gfd M >L ;'jf]w nfn >]i7
7]ufgf M afn'jf6/ $, sf7df08f}+ .
of]Uotf M :gfts
-3_ ;fj{hlgs lgisf;g ug{sf nflu ;~rfns ;ldltaf6 ePsf] lg0f{o ;DaGwL ljj/0f M
;+rfns ;ldltsf] ldlt @)&^ ;fn kf}if @@ ut] a;]sf] &# cf}+ a}7ssf] l;kmfl/; adf]lhd tyf
sDkgLsf] ldlt @)&^ ;fn df3 @$ ut] xf]6n Pnf] k]uf]8f, sflGtky, sf7df08f}df a;]sf] bf];|f]
aflif{s ;fwf/0f ;efsf] lg0f{o adf]lhd ;fy} sDkgLsf] k|aGw kqdf Joj:yf eP cg'?k hf/L
k"FhL dWo] #)Ü cyf{t #),)),))) lsQf ;fwf/0f z]o/ z]o/ lgisfzgsf] nflu cGo s'g} klg
lgofds lgsfo;+u kqfrf/ ug{, ;Demf}tf ug{ tyf ;f] ;DaGwL ;+:yfsf] tkm{af6 cGo ;Dk"0f{
sfuhftx?df x:tfIf/ ug{ o; sDkgLsf] k|d'v sfo{sf/L clws[t >L ;'B'Dg k|;fb pkfWofo Ho"
clVtof/L k|bfg ug]{ lg0f{o ul/of] .
-ª_ ;+ul7t ;+:yf jf o;sf z]o/wgLnfO{ s'g} ljz]if s/ ;'ljwf lbOPsf] eP, ;f] ;DaGwL ljj/0f M
;f] gePsf] .
-r_ ;+ul7t ;+:yfsf] kl5Nnf] cfly{s jif{sf] n]vfk/LIf0f ePsf] jf;nft, gfkmf gf]S;fg lx;fj /
gub k|jfx ljj/0f k|fKt ug{ jf x]g{ ;Sg] 7fpF / ;do M
sfof{no ;do leq lgDg lnlvt :yfgx?df sDkgLsf] kl5Nnf] cfly{s jif{sf] n]vfk/LIf0f ePsf]
jf;nft, gfkmf–gf]S;fg lx;fj tyf gub k|jfxsf] ljj/0f k|fKt ug{ jf lg/LIf0f ug{ ;lsg]5 .
! sDkgLsf] k|wfg sfo{nfo sf=d=g=kf= !, sdnfbL, sf7df08f}+ .
@ lwtf]kq lgisf;g tyf laqmLk|aGws– Pg cfO{ ;L Plzof Soflk6n lnld6]8, aa/dxn,
sf7df8f}+, g]kfn l:yt sfof{no .
-5_ af]g; z]o/ ;DaGwL Joj:yf M
o; sDkgLn] xfn;Dd af]g; z]o/ hf/L ul/Psf] 5}g . eljiodf k|rlnt P]g / g]kfn lwtf]kqaf]8{sf]
k|rlnt af]g; z]o/ lgisf;g ;DaGwL Joj:yf cg';f/ af]g; z]o/ hf/L ug{ ;Sg]5 .
-h_ z]o/jfnf, sd{rf/L jf c¿ s;}sf nflu z]o/ ;'/lIft ug]{ Joj:yf ul/Psf] ePdf ;f] s'/f M
-!_ o; ljj/0fkq cg';f/ lgisfzg ul/g] #),)),))) lsQf z]o/ ;j{;fwf/0fdf
-sd{rf/Lx?nfO{ $ k|ltzt tyf % k|ltzt Do'Ro'cn km08 ;d]t _ nufgLstf{sf] nfuL lgisf;g
ul/Psf] 5 .
-@_ o; ljj/0fkq adf]lhd lgisfzg ul/g] z]o/x? o; ljj/0fkqdf tf]lsPsf] ;d"xnfO{ k"/f
laqmL x'g g;s]df dfq afFsL /x]sf z]o/x¿ k|rlnt sfg"g adf]lhd laqmL ul/g]5 .
-em_ sDkgLn] sDkgL P]gn] u/]sf] Joj:yfx¿, cfˆgf] sf/f]af/;Fu ;DalGwt P]g, lgod tyf
lgodg Joj:yf k"0f{ kfngf u/]sf] ;DaGwdf u/]sf] pb\3f]if0f M
38
sDkgLn]] sDkgL P]g, @)^# n] u/]sf] Joj:yfx¿ cfkm"n] ug]{ Joj;fo;+u ;DalGwt P]g, lgod tyf
lgodg Joj:yf tyf lgodg lgsfox?n] lbPsf] lgb]{zgx?sf] k"0f{ ?kdf kfngf u/]sf] 5 / ;f]xL
lgb]{zgx¿sf] bfo/f leq /lx sfo{ ul//x]sf] / o; ljj/0f–kqdf pNn]v ul/Psf] ljj/0fx¿ ;d]t
;f]xL cg'?k tof/ ul/Psf] xf] eGg] sDkgLsf] pb\3f]if0f /x]sf] 5 .
-`_ lwtf]kq laqmL ljt/0f ;DaGwL Joj:yf M

o; ljj/0fkq dfkm{t\ lgisflzt ;fwf/0f z]o/ laqmL ljt/0fsf nflu g]kfn lwtf]kq af]8{af6
Ohfhtkq k|fKt cf:jf ;b:o a}+s tyf ljQLo ;+:yfx?sf tyf ltgsf tf]lsPsf] zfvf
sfof{nox?af6 cfa]bg lbg;Sg] Aoa:yf ul/Psf] 5 .
-6_ ljj/0f–kq tof/ ug]{ JolQmsf] gfd, y/, z}lIfs of]Uotf / cg'ejsf] ljj/0f M
o; ljj/0fkq tof/ kfg]{ Jofj;flos ;+:yfdf lgisf;g tyf laqmL k|aGws– Pg cfO{ ;L Plzof
Soflk6n lnld6]8, aa/dxn sf7df08f+} /x]sf] 5 .
-7_ ;sf/fTds kIfx¿ M
!_ b]zsf] cg'ejL tyf bIf AolQmx?åf/f :yflkt ePsf]n] o; sDkgLsf] Aoa:yfkg ;Ifd tyf
k|efjsf/L ePsf] .
@_ :yfkgf sfn b]lv g} k"0f{ sDo"6/Ls[t k|ljlwaf6 aLdf Aoj;fo ;]jf k|bfg ub}{ cfO/x]sf] .
#_ l56f] 5l/tf] bfjL e'QmfgL ug{ ;Ifd .
$_ sDkgLsf] ;~rfns ;ldlt / Aoj:yfkgdf /x]sf ;b:ox? cGt/{fli6«o, /fli6«o tyf :yfgLo
:t/sf] 1fg / cg'ej .
%_ gLltut kf/blz{tf / alnof] ;+:yfut z';f;g .
^_ ;fdflhs lhDd]jf/L / bfloTj jf]w ul/Psf] .
-8_ lwtf]kq l; l8 P; df btf{ ug]{ ;DaGwdf M
g]kfn lwtf]kq af]8{df btf{ ePsf] lwtf]kq ;j{;fwf/0fdf lgisfzg eO{ afF8kmfF6 eP kZrft l; l8
P; P08 lSnofl/Ë lnld6]8df btf{ u/fO{ afF8kmfF6df k/]sf] z]o/ cef}lts ?kdf ;DalGwt
z]o/wgLsf] lxtu|fxL vftfdf pknAw u/fO{ lwtf]kqsf] sf/f]jf/ tyf /fkm ;fkmsf] sf/jfxL cufl8
a9fpg] sfo{ ug]{ Joj:yf ldnfO{g] 5 .
-9_ lwtf]kq lgisfzgsf] qmddf af]8{af6 :jLs[t ePsf] ljj/0fkq nufgL stf{x?n] ;xh ?kdf x]g{
;Sg] / pgLx?nfO{ ;"lrt lg0f{o -Informed Decision_ df k'Ug ;xh ug]{ p2]Zon] To:tf
ljj/0fx? lgisfzg tyf laqmL k|aGwssf] website: www.nicasiacapital.com tyf
lgisfzgstf{ sDkgLsf] website: www.sanimageneral.com df ;d]t /fVg] Joj:yf
ldnfOg] 5 .
-0f_ lwtf] kqaf]8{af6 :jLs[t ePsf] ljj/0fkq ;fj{hlgs lgisfzgsf] nflu k|sfzg ug'{ @ lbg cufl8
;f]sf] Ps k|lt -Soft Copy_ af]8{sf] j]e;fO6df /fVg] k|of]hgsf] nflu pknAw u/fpg] 5 .
-t_ z]o/ /lhi6«f/ ;DaGwL Joj:yf M
g]kfn :6s PS;r]Gh lnld6]8df ;"lrs/0f u/] kZrft\ z]o/sf] gfd;f/L nufot ;f] ;Fu
;DalGwt ;Dk"0f{ sfo{ ug{sf nflu sDkgLsf] cfˆg} sfof{noaf6 jf sDkgLsf] ;~rfns
;ldltsf] lg0f{o adf]lhd g]kfn lwtf]kq af]8{af6 ;f] sfo{ ug{ :jLs[lt k|fKt ;+:yfnfO{ z]o/
/lhi6«f/ tf]Sg ;lsg] 5 .
-y_ lwtf]kq laqmL v'Nnf cjlw M
z]o/sf] nflu cfj]bg lng] sfo{ sDtLdf rf/ -$_ sfo{ lbgsf] nflu v'Nnf ul/g] 5 . pQm
cjwLdf o; ljj/0f-kqåf/f lgisfzg ul/Psf] ;fwf/0f z]o/sf] nflu cfj]bg gk/]df lwtf]
kq laqmL v'Nnf cjlw af]8{nfO{ hfgsf/L u/fO{ lgisfzg v'Nnf ePsf] ldltaf6 clwstd
!% lbg;Dd ul/g]5 .
39
-b_ qm]l86 /]l6Ë ;DaGwL Joj:yf M
o; ljj/0fkq cg';f/ ;fj{hlgs ?kdf lgisfzg ug{ nfluPsf] ;fwf/0f z]o/sf] nflu æqm]l86
/]l6Ë lgodfjnL, @)^*Æ sf] lgod # df ePsf] Aoa:yf adf]lhd g]kfn lwtf]kq af]8{af6 cg'dlt
k|fKt qm]l86 /]l6Ë ;+:yf s]o/ /]l6ª g]kfn ln= sdnfbL, sf7df08f}af6 qm]l86 /]l6Ë u/fO{ ldlt
@)&^÷!@÷ @^ ut] “[CARE-NP BB+ (Is)” k|df0fkq k|fKt u/]sf] 5 . h;n] sDkgLsf] bfloTj
jxg ug]{ Ifdtfdf cf};t hf]lvd /x]sf] (Moderate risk of default regarding timely
servicing of financial obligations) eGg] hgfpFb5 h;n] sDkgLsf] cfwf/ cf};t eGbf /fd|f]
/x]sf] hgfpFb5 . ;f] u|]l8Ë sf] a}Btf calw Ps aif{ /xg] 5 . s]o/ /]l6«ª g]kfn ln= n] CARE-
NP AAA (IS) b]lv CARE-NP D (IS) KjfOG6 u|]l8Ë k|bfg ub{5 . h;df u|]8 CARE-NP AAA
(IS) n] alnof] cfwf/ hgfpFb5 eg] u|]8 CARE-NP D (IS) n] sdhf]/ cfwf/x? hgfpF5 .
“CARE-NP BBB(IS) b]lv CARE-NP BB (IS)] n] cf};t cfwf/x? hgfpFb5 . u|]8 CARE-
NP B (IS), CARE-NP C (IS), CARE-NP D (IS) n] cf}ift eGbf sd cfwf/x? hgfpb5 . lbO{g]
cfwf/x?df k|of]u ul/g] (Plus) lrGxn] lbO{Psf] ;d"xsf] t'ngfTds ;sf/fTds l:yltnfO{ hgfpF5
.
40
u= @#=;+rfns tyf lj1x?sf] gfd tyf b:tvt M
o; ljj/0fkqdf pNn]lvt tYo tyf ljj/0fx? 7Ls / b'?:t 5g\, ;f] df s'g} km/s k/]df xfdL
;+rfnsx? k"0f{ ?kdf lhDd]jf/ x'g]5f}+ egL ;xL 5fk ug]{ ;+rfnsx?sf] gfd tyf b:tvt .
qm=;= ;+rfns kb b:tvt
!= >L v]d/fh nfld5fg] cWoIf
@= 8f= x]DfGt s'df/ bjf8L ;~rfns

-k|ltlglw ;flgdf k|f= ln=_
#= >L ;f]gfd Uof5f] ;~rfns
$= >L lbnLk >]i7 ;~rfns
%= >L bfdf]b/k|;fb cfrfo{ :jtGq–;~rfns
41
u= @$= lgisfzg tyf laqmL k|aGwssf] k|:t't u/]sf] k|lta4tf kq -8\o' 8]lnh]G;\ ;l6{lkms]6_ sf] k|lt M
ldlt M @)&&÷)#÷!$
>L g]kfnlwtf]kqaf]8{,
Hffjnfv]n, nlntk'/ .
laifo M 8\o' 8]lnh]G;\\ ;l6{lkms]6 af/] .
dxf]bo,
sDkgL P]g, @)^# jdf]lhd :yfklt, sf=d=g=kf=j8f g+= !, sdnfbL, sf7df08f}df k|wfg sfof{no /x]sf]
;flgdf hg/n OG:of]/]G; lnld6]8n] ;fj{hlgs lgisfzg ug{ nfu]sf] ?=!))÷–clÍt b/sf #),)),)))
yfg ;fwf/0f z]o/ lgisfzg tyf laqmL k|aGwssf] ¿kdf ;]jf lbg xfdL d~h'/ ub{5f}+ . ;fwf/0f z]o/
lgisfzg ug]{ qmddf lwtf]kq ;DaGwL P]g, @)^#, lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# tyf
lwtf]kq lgisfzg tyf afF8kmfF6 lgb]{lzsf, @)&$ df ePsf] Joj:yf cg';f/ ;fwf/0f z]o/ laqmL ljt/0f
ug]{ Joj:yf ldnfOg]5 . o; lgisfzg ;DaGwdf b]xfosf s'/fx? hfgsf/L u/fpFb5f}+ .
!= sDkgLsf] ljj/0f–kqdf pNn]v ul/Psf ljj/0f tyf hfgsf/Lx? xfdLnfO{ pQm sDkgLaf6 k|fKt
hfgsf/L cg'?k tYout, k"0f{ / ;xL ePsf] / o;af6 nufgLstf{x¿nfO{ nufgL ;DaGwdf ;xL
lg0f{o lng d2t x'g] b]lvG5 . ;fy} sDkgLsf] Joj:yfksLo, k|fljlws / cfly{s kIfsf] laZn]if0ffTds
cWoog ubf{ sDkgLn] u/]sf] jf ug{ nfu]sf] Joj;fo ;DaGwdf xfd|f] ;sf/fTds wf/0ff /x]sf] 5 .
@= k|rlnt lwtf]kq sf/f]jf/ ;DaGwL sfg"g cg';f/ k]z ug'{kg]{ ;Dk"0f{ sfuhft / ljj/0fx¿ k|dfl0ft
u/L txfF k]z ul/Psf] / k|To]ssf] Ps÷Ps k|lt ;fj{hlgs hfgsf/Lsf] nflu o; sfof{nodf
/flvPsf] 5 .
#= xfd|f] larf/df sDkgLåf/f lgisfzg ug{ nfu]sf] lwtf]kq, lwtf]kq ;DaGwL P]g, @)^# tyf g]kfn
:6s PS;r]Gh lnld6]8sf] k|rlnt lwtf]kq ;"rLs/0f ;DaGwL Joj:yf adf]lhd ;"rLs/0f x'g of]Uo
/x]sf] b]lvG5 .
$= sDkgLn] lgisfzg ug{ nfu]sf] ;fwf/0f z]o/sf nflu cfj]bg lbg] cfj]bsx?nfO{ ljj/0f–kq tyf
cGo hfgsf/L pknAw u/fpg] ;DaGwdf sDkgL;+u ;dGjo u/L cfjZos Joj:yf ldnfOg] 5 .
%= xfdLn] af]8{af6 hf/L ul/Psf] lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# tyf lwtf]kq lgisfzg
tyf afF8kmfF6 lgb]{lzsf, @)&$ df pNn]v ul/Psf ;a} s'/fx?sf] cWoog u/]sf 5f}+ . pQm Joj:yfx?
;Fu cg'¿k x'g] u/L sDkgLn] e/]sf] ljj/0f / lbPsf] hfgsf/L ;Gtf]ifhgs kfPsf 5f}+ .
lwtf]kq lgisfzg tyf laqmL k|aGws M

Pg cfO{ ;L Plzof Soflk6n lnld6]8sf] tkm{af6
gfd M /d]Gb| /fodfemL
kb M k|d'v sfo{sf/L clws[t
;xL M ========================
sfof{nosf] 5fk M
42
u= @%= ljj/0fkq, ljQLo ljj/0f tyf cGo s'g} s'/fdf la1n] /fo lbPsf] eP ;f] ;DaGwL kq M
43

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sDkgL P]g, @)^# cGtu{t :yflkt / aLdf P]g, @)$( adf]lhd sf/f]jf/ ug]{

;flgdf hg/n OG:of]/]G; lnld6]8

qm]l86 /]l6Ë ;DaGwL ljj/0f M

p_ ;+ul7t ;+:yfsf] :yfkgf sfn b]lv xfn ;Ddsf] ;+lIfKt Oltxf; M

clu|d e'QmfgL /sd / k]:sL -

v_ cWoIf – afa/L sG:6«S;g k|f ln= sf=d=g=kf= $, r08f]n, sf7df08f}+

% >L bfdf]b/ k|;fb cfrfo{ gePsf] .

-$_ ;+:yfks÷;+rfnssf] xs x:tfGt/0f aGb]h ;DaGwL ljj/0f M

u= ^= ;Lldt bfloTj ;DaGwL ljj/0f M

-5_ If]qLos/0f / ljZj AofkLs/0f (Globalization) sf sf/0faf6 pTkGgx'g ;Sg] hf]lvd M

lwtf]kqd"No kl/jt{g ;DaGwL hf]lvd M

s'n bfloTj tyf OlSjl6 981,497,388

Gffkmf÷gf]S;fg lx;fj -cf=j= @)&%÷)&^_

z'Ns tyf sldzg cfo 18,066,651

s'n bfjL e'QmfgL tyf cGo vr{ -156,823,651_

cfos/ cl3sf] d'gfkmf 7,372,061

cfos/ vr{ -2,215,106_

rfn' bfloTjdf j[l4÷-sdL_ 303,936,513

rfn' bfloTjdf j[l4÷-sdL_ 303,936,513

sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 35,393,081

nufgL ultljwLaf6 gub k|jfx

af;nft (NFRS) adf]lhd

s'n bfloTj tyf OlSjl6 1,016,795 726,811,728 981,497,388

gfkmf gf]S;fg lx;fa (NFRS) adf]lhd

z'Ns tyf sldzg cfo - 561 18,066,651

s'n bfjL e'QmfgL tyf cGo vr{ -1,393,168_ -8,638,856_ -156,823,651_

s'n bfloTj tyf OlSjl6 1,243,472,061

z'Ns tyf sldzg cfo 45,627,025

s'n bfjL e'QmfgL tyf cGo vr{ -233,211,023_

cfos/ cl3sf] d'gfkmf 24,650,845

cfos/ vr{ -6,063,651_

gub k|jfx ljj/0f

rfn' bfloTjdf j[l4÷-sdL_ 289,069,775

sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 54,499,617

nufgL ultljwLaf6 gub k|jfx

gfkmf gf]S;fg lx;fa

z'Ns tyf sldzg cfo 80,998,270 116,573,526 151,950,415

s'n bfjL e'QmfgL -261,077,390_ -397,185,000_ -496,481,250_

s'n bfjL e'QmfgL tyf cGo vr{ -370,060,023_ -493,322,651_ -527,425,253_

cfos/ cl3sf] d'gfkmf 60,261,848 107,380,503 221,034,850

gub k|jfx ljj/0f

rfn' bfloTjdf j[l4÷-sdL_ 365,865,710 367,811,655 369,065,609

sf/f]af/ ;+rfngaf6 v"b gub k|jfx -s_ 57,456,985 114,597,149 197,455,433

nufgL ultljwLaf6 gub k|jfx

nufgL ultljwLaf6 v'b gub k|jfx -v_ -361,723,644_ -101,868,863_ -183,692,272_

ljQLo >f]t sf/f]jf/af6 gub k|jfx 300,000,000 - -

ljQLo >f]t sf/f]af/af6 v"b gub k|jfx -u_ 300,000,000 - -

o; aif{sf] ;Dk"0f{{ ultljwLaf6 v"b gub -4,266,659_ 12,728,286 13,763,161

ljQLo k|If]k0fsf cfwf/sf] cf}lrTo k'i6L x'g] ljj/0fx? M

u= !)= lwtf]kq lgisfzg ;DalGw laj/0f M

5= cfj]bg lb+bf Wofg lbg'kg]{ s'/fx? M

u= !!= ;DalGwt kIf aLrsf] sf/f]af/ ;DaGwL ljj/0f M

u= !&= d'2f tyf ljjfb ;DaGwL ljj/0f M

u= @@= cGo ;fdfGo hfgsf/L M

!= ;~rfnsdf ePsf] kl/jt{gM

-u_ sDkgL ;lrjsf] gfd, 7]ufgf / of]Uotf M

-`_ lwtf]kq laqmL ljt/0f ;DaGwL Joj:yf M

@= 8f= x]DfGt s'df/ bjf8L ;~rfns