प्रदेश सरकार

उद्योग, कृषि तथा सहकारी मन्त्रालय

प्रदेश सहकारी रषिष्ट्रार तथा प्रषशक्षण कायाालय
कोशी प्रदेश, इनरुवा, सनु सरी

सहकारीमा पर्लसा अनुगमन प्रणाली

(PEARLS Monitoring System in Cooperatives)
प्रस्तुतकताा
मनोि काकी
सहकारी अषिकृत, अषिकृतस्तर आठौं
 सहकारीमा पर्लसा अनुगमन प्रणाली

kN;{ cg'udg k|0ffnL

PEARLS MONITORING SYSTEM
 kN;{ (PEARLS) kl/ro
 PEARLS cfkm}df Pp6f zAb geP/ ljleGg zAbx?sf] gof ?k (Abbreviation) xf]
.
 ;fsf];x?sf] Joj:yfksLo cf}hf/ xf] .
 ;g\ !(*) df David C. Richardson n] k|ltkfbg u/]sf] l;4fGt xf] .
 ljZj C0f kl/ifb (WOCCU) n] ;g\ !(() b]lv k|of]udf NofPsf] xf] .
 ;fsf];sf] cfGtl/s Ifdtf hfFRg] s;L xf] .
 g]kfndf kN;{{
• g]kfndf g]km\:s"gn] Plzofln C0f dxf;+3sf] k|fljlws ;xof]udf
z'?jft
• g]kfndf ;g\ !((* df g]Ç:sÒgåf/f leœofOPsf]
• g]km\:s"gn] cfkm\gf ;b:o ;+3 ;+:yfx?sf] cg'udgsf nflu k|of]u ub}{ cfO{/x]sf]
sfo{s|ddf d'Vo ljifosf] ?kdf k|of]u eO{/x]sf]
• Professionalization
• ;xsf/L ljefusf] @)^% efb|sf] kl/kqdf ;fsf];n] clgjfo{ nfu' ug'{
kg]{ Aoj:yf
 PEARLS eg]sf] s] xf] <
kN;{ Pp6f ljQLo Ifdtf ;'k/Lj]If0f ug]{ k2tL xf], h'g jrt tyf C0f ;xsf/L
;+:yf tyf jrt ;+:yfx?sf] Joj:yfkgnfO{ dfu{ lgb]{zg ug{ ljsf; ul/Psf] xf] .

• kN;{ lgodgsf/Lx?sf] Pp6f ;'kl/j]]Ifs cf}hf/ xf] .

• ;+:yfx?sf] t'ngf ug{ / tx lgwf{/0f ug{ k|of]u ug{ ;lsG5 .
• ;fy} o:fn] b]z ljb]zsf ;+:yfx? aLr t'ngfTds glthf k|bfg ub{5 .
• kN;{ Pp6f ljQLo cg'kft jf ;"rfÍx?sf] ;]6 xf] .
• ;+:yfx? aLr ljlzi6Ls/0f ug{ d2t ub{5 .
 PEARLS sf kmfO{bfx?
• ;Dk"0f{ ;"rsx? kl/df0fTds ePsfn] dfkg ug{ ;lhnf]
• x/]s ;"rssf] :6f088{ tf]lsPsf] jf nIo lgwf{/0f ul/Psf]
• ;a}h;f] ;"rsx? cGt/ ;DalGwt ,nfu' ug{ ;xh
• s'g} klg ;fsf];sf] ljQLo ;Ifdtf / sdhf]/Lsf] k"0f{ ljZn]if0f ug{ ;lsg]
• ;j} ljQLo ;"rsx?nfO{ Ps k]hdf ;f/f+z ug{ ;lsg]
• kN;{{ ultlzn cg'udg k|0ffnL xf] h'g lg/Gt/ ?kdf ljZj C0f kl/ifb\åf/f
cBfjlws ul/b} cfPsf] 5 . h;n] ;fsf];sf] cfhsf] dfq geO{ ef]lnsf] ;d]t
cfjZostf k"/f ug{ d2t ub{5 .
 PEARLS
P= Protection(;'/Iff)
E= Effective financial structure (k|efjsf/L ljQLo ;+/rgf )
A= Assets quality ( ;Dkltsf] u'0f:t/ )
R= Rate of return and cost ( k|ltkmn tyf nfut b/)
L= Liquidity ( t/ntf )
S= Sign of growth ( a[l4sf] ;+s]t )
 P=Protection(;'/Iff)
• ;DklQx?sf] kof{Kt dfqfdf ;'/Iff x'g' kb{5 . vf;u/L o; ;"rf+sdf ;DklQsf] ;'/If0f
efvf gf3]sf] C0faf6 dfkg ul/G5 .
• ;+:yfsf] efvf gf3]sf] C0faf6 ;+:yfsf] ;DklQx?sf] ;'/Iff ul/Pg eg] b]lvPsf] ;+lrt
art-gfkmf_ cjf:tljs gfkmf xf] / b]lvPsf] ;DklQsf] d"No klg cjf:tljs xf] .
• w]/] ;+3 ;+:yfx? efvf gf3]sf] C0fsf] nflu ;'/If0fsf] Joj:yf ug{sf] nflu ;r]t x'g]
ub}{gg\ t/ efvf gf3]sf] C0fsf] nflu ;'/If0f gug'{ eg]sf] ;fsf];sf] b'?kof]u ug'{ xf] .
• o;af6 s] a'lemG5 eg] ;+:yfsf] gfkmf jf:tljs gfkmf xf]O{g, b]vfO{Psf] C0f nufgLsf]
/sd z'4 /sd xf]O{g / ;+:yfdf jrtstf{sf] jrt ;'/lIft 5}g .
 E= Effective Financial Structure
k|efjsf/L ljQLo ;+/rgf

• ;+3 ;+:yfsf] ljQLo ;++/rgf Psdfq dxTjk"0f{ tTj xf] h;n] ;+:yfsf]
a[l4sf] ;Defjgf, sdfO{ ug]{ Ifdtf nufot ;du| ljQLo ;Ifdtfx?sf]
lgwf{/0f ub{5 .
• PEARLS k|0ffnLn] o; cf}hf/ cGtu{t ;+:yfsf] ;DklQ, bfloTj /
kF'lhx?sf] dfkg ub{5 / ;fsf];x?sf] æcfbz{Æ ljQLo ;+/rgf sfod
ug{sf] nflu ;'emfj lbG5 .
 A= Assets Quality
;DklQsf] u'0f:t/
• ;DklQsf] u'0f:t/ dxTj"0f{ tTj xf] h;n] ;+:yfsf] cfoIfdtfdf k|efj kfb{5
• efvf gf3]sf] C0fnfO{ ;xL 9+uaf6 dfkg ug'{ kb{5 / al9 dxTj lbP/ c;'nL
ug'{kb{5
• sdfO{ gug]{ ;DklQx?nfO{ Go"gLs/0f ug'{kb{5
• ;b:ox?sf] jrt, z]o/ / afXo C0f sdfO{ gug]{ ;DklQ vl/b ug{sf] nflu
slxn] klg vr{ ug'{ x'Fb}g .
 R= Rate of Return and Cost
nufgLdf k|ltkmn tyf nfut b/
• o; cGtu{tsf ;"rf+sx?n] jf;nftsf] pTkfbgd'ns-sdfO{ug]{_ ;DklQx?n]
;fsf];nfO{ lbg ;Sg] cf}ift sdfO{sf] dfkg ub{5 .
• o;sf] ;fy} o;n] jf;nftleqsf] k"FhL tyf bfloTjx?df ltg'{kg]{ nfutsf] klg dfkg
ub{5 .
• nufgLdf k|ltkmn tyf nfutaf6 ;fsf];n] ahf/b/ cg';f/ ;DklQ bfloTj /
k"FhLx?df nfut Joxf]/L/x]sf] 5 jf 5}g / sdfO{ ug{ ;ls/x]sf] 5 jf 5}g eGg]
s'/fsf] hfgsf/L u/fpF5 .
• o; ;"rf+sn] ;+:yfsf] sfo{ut Ifdtfsf] dfqf dfkg ub{5 .
 L= Liquidity Management
t/ntf Aoj:yfkg

• t/ntfsf] ;"rf+sn] ;+:yfnfO{ cfkm\gf] gubnfO{ k|efjsf/L 9+uaf6 Jojl:yt

ul/Psf] 5 ls 5}g eg]/ b]vfpF5 tfsL ;b:ox?sf] jrt lkmtf{sf] cfjZostf
;+:yfn] ;lhn} k'/f ug{ ;sf]; / ;fsf];nfO{ cfjZos t/n ;DklQsf]
Joj:yfkg ug{ ;lsof]; .
• o;sf] cnfjf lg:s[o ?kdf gub cfjZostf eGbf al9 hDdf u/L /flvPdf
o;n] ;+:yfsf] sdfO{ ug]{ Ifdtf 36fpFb5 .
 S= Sign of Growth
a[l4sf] ;+s]t
• ;DklQsf] d"NonfO{ sfod ug]{ Psdfq ;kmn tl/sf eg]sf]
;fsf];sf] ;DklQdf lta| ?kdf a[l4 ug'{ xf] .
• :jefjtM x'g] ;fwf/0f a[l4nfO{ kof{Kt dfGg ;lsFb}g .
kN;{sf ;}4flGts cfwf/x?
!= j[l4 (Growth)
@= ;'/Iff (Safety)
#= k|efjsfl/tf (Efficiency)
$= d"No (Pricing)
 kN;{n] lgDg $ ;/f]sf/jfnfx?sf] ;'/Iff ub{5M

1. Shareholders
2. Depositors
3. Borrowers
4. Employees
 != efvf gf3]sf] C0f
– ;dodf gj'emfPsf] C0f
– Aofh dfq a'emfPsf] C0f
– gljs/0f ul/Psf] C0f
– Pp6f ls:tf efvf gf3\bf af“ls ls:tfsf] C0f
 C0f ljj/0f tflnsf
========== ;fn ======dlxgf ;Ddsf]

!—#) !—!@ !@
C0fL z]o/ clGtd l:js[t efvf lbg dlxgf dlxgf
C0fsf] nufgL ls:tf nufgLdf
;=g+= ;b:ox?sf]
lzif{s ldlt
e'QmfgL
;+Vof
C0f
/x]sf] /sd
ggf3]sf] efvf efvf al9
gfd ldlt /sd C0f /sd gf3]sf] gf3]sf] efvf
C0f C0f gf3]sf]
 kN;{ cg'udg k|0ffnLsf ;"rsx?
Number of
Area Symbol
Indicator

PROTECTION P1, P2, P2X, P3, P4, P5, P6, 7

EFFECTIVE FINANCIAL
E1, E2, E3, E4, E5, E6, E7, E8, E9 9
STRUCTURE

ASSET QUALITY A1, A2, A3 3

RATES OF RETURN & COSTS R1, R2, R3, R4, R5, R6, R7, R8, R9,R10, R11, R12, R13 13

LIQUIDITY L1, L2, L3 3

SIGNS OF GROWTH S1, S2, S3, S4, S5, S6, S7, S8, S9, S10, S11 11

Total 46
Protection = 6 indicators Goal
100%
P1 = Allowance for Loan Losses / Allowances Required for Loans Delinquent >12 months
35%
P2 = Net Allowance for Loan Losses / Allowances Required for Loans Delinquent less than 12
months
1%
P2x = Net Allowance for Loan Losses / User-Defined Allowances Requirement For
Delinquency 1-12 months
100%
P3 = Total Charge-Off of Delinquent Loans >12 months
Minimal
P4 = Annual Loan Charge-offs
100%
P5 = Accumulated Loan Recoveries/Accumulated Loan Charge-offs
>=110%
P6 = Solvency
Effective Financial Structure = 9 indicators Goal
E1 =Net Loans/Total Assets 70-80%
E2=Liquid Investments / Total Assets Max 16%
E3= Financial Investments / Total Assets Max 2%
E4 =Non-Financial Investments / Total Assets 0%
E5 = Savings Deposits / Total Assets 70-80%
E6= External Credit / Total Assets Max 5%
E7=Member Share Capital / Total Assets 10-20%
E8=Institutional Capital / Total Assets Min 10%
E9= Net Institutional Capital/ Total Assets Min 10%
Assets Quality = 3 indicators Goal
A1 = Total Loan Delinquency / Gross Loan Portfolio <=5%

A2=Non-Earning Assets / Total Assets <=5%

>200%
A3= Net Institutional & Transitory Capital + Non
Interest-Bearing Liabilities / Non-earning Assets
Rate of Return & Cost = 13 indicators Goal
R1 = Net Loan Income / Average Net Loan Portfolio Entrepreneurial Rate
R2 = Total Liquid Investment Income / Average Liquid Investments Market Rates
R3 = Total Financial Investment Income / Average Financial Investments Market Rates
R4 = Total Non-Financial Investment Income / Average Non-Financial Investments Greater than R1
R5 = Total Interest Cost on Savings Deposits / Average Savings Deposits Market Rates >Inflation
R6 = Total Interest Cost on External Credit / Average External Credit Market Rates
R7 = Total Interest (Dividend) Cost on Shares / Average Member Shares Market Rates >= R5
R8 = Total Gross Income Margin / Average Total Assets Variable - Linked toR9, R11,
R12
R9 = Total Operating Expenses / Average Total Assets 5%
R10 = Total Loan Loss Provision Expense / Average Total Assets Dependent on Delinquent
Loans
R11 = (Non Recurring Income – Non Recurring Expense) / Average Total Assets Minimal
R12 = Net Income / Average Total Assets Linked to E9
R13 = Net Income / Average Institutional Capital + Average Transitory Capital > Inflation rate
Liquidity Management = 3 indicators Goal
L1 = Short Term Investments + Liquid Assets - Short term 15-25%
Payables /Savings Deposits
L2 = Liquidity Reserves / Savings Deposits 10%
L3 = Non-Earning Liquid Assets / Total Assets <1%
Sign of Growth = 11 indicators Goal
S1 = Growth in Loans to Members Dependent on E1
s2 = Growth in Liquid Investments Dependent on E2

S3 = Growth in Financial Investments Dependent on E3

S4 = Growth in Non-Financial Investments Dependent on E4
S5 = Growth in Saving Deposits Dependent on E5
S6 = Growth in External Credit Dependent on E6
S7 = Growth in Share Capital Dependent on E7
S8 = Growth in Institutional Capital Dependent on E8
S9 = Growth in Net Institutional Capital Dependent on E9
S10 = Growth in Membership >15%
>Inflation+10%
S11 = Growth in Total Assets
 PEARLS
P = Protection
-;'/Iff_
25
P1: Ps aif{ eGbf a9L efvf gf3]sf] v/fa C0fsf nfuL C0f ;'/If0f sf]ifsf] Aoj:yf
Goal : 100%

 p2]Zo M !@ dlxgfeGbf jl9 ;do efvf gf3]sf] C0fsf] nflu cfjZos ;'/If0fsf] Joj:yf ePsf]
5 5}g eg]/ hfFRg
cfjZos ;"rgfx? M
a. !@ dflxgf eGbf al9 ef=gf=C0f ;'/If0fsf]nflu 5'6\ofPsf] C0f ;'/If0f sf]if
b. !@ dlxgf eGbf jl9 ;do efvf gf3]sf] C0f
;"q M a x100 cyf{t M !@ dlxgf al9 ef=gf=C0fsf]
b nflu ;'/If0f sf]if /sd x!))
!@ dlxgf eGbf jl9 ;do
efvf gf3]sf] C0f
 C0f ljj/0f tflnsf
========== ;fn ======dlxgf ;Ddsf]
!—#) !—!@ !@
C0fL z]o/ clGtd l:js[t efvf lbg dlxgf dlxgf
C0fsf] nufgL ls:tf nufgLdf
l;=g+= ;b:ox?sf]
lzif{s ldlt
e'QmfgL
;+Vof
C0f
/x]sf] /sd
ggf3]sf] efvf efvf al9
gfd ldlt /sd C0f /sd gf3]sf] gf3]sf] efvf
C0f C0f gf3]sf]
/0fgLltx?
cNksflng bL3{sflng
 lgoldt ?kdf C0f ;'/If0f sf]if vr{  ;~rfns ;ldltsf] lgoldt a}7sx?df
n]vL Joj:yf ug]{, k|fylds?kdf 5nkmn ug]{,
 ;~rfns ;ldltsf] lgoldt a}7sx?df  efvf gf3]sf] C0f c;'nL k|fyldstf
k|fylds?kdf 5nkmn ug]{, tf]sL c;'nL ug]{,
 C0f efvf gf3\g'sf] sf/0f klxrfg u/L
;dfwfgsf] pkfox? canDag ug]{,
P2: !–!@ dlxgf ;Dd efvf gf3]sf] ;+sf:kb C0fsf nfuL C0f ;'/If0f sf]ifsf] Aoj:yf
Goal 35%

• p2]ZoM !–!@ dlxgf ;Dd efvf gf3]sf] C0fsf] nflu cfaZos C0f ;'/If0f sf]ifsf]
Joj:yf ePsf] 5 5}g eg]/ hfRg] .
• cfjZos ;"rgfx? M
a. !–!@ dlxgf ;Dd efvf gf3]sf] C0f
b. !–!@ dlxgf ;Dd efvf gf3]sf] C0fsf nfuL C0f ;'/If0f sf]if /sd

;"q M bx100 cyf{t M C0f ;'/If0f sf]if – !@ dlxgf eGbf al9

a !–!@ dlxgf ;Dd efvf gf3]sf] C0fsf nfuL C0f ;'/If0f sf]if /sdx!00
!–!@ dlxgf ;Dd efvf gf3]sf] C0f
/0fgLltx?
/0fgLltx?
cNksflng bL3{sflng
 c;n C0fsf] nflu ;d]t lgoldt  ! b]lv !@ dlxgf efvf gf3]sf
?kdf C0f ;'/If0f sf]if vr{ n]vL C0fx?sf] cj:yf ljZn]if0f ug]{,
Joj:yf ug]{,  ! b]lv !@ dlxgf efvf gf3]sf] C0fsf]
hf]lvd ef/sf] cfwf/df ;'/If0f
Joj:yfsf] nflu gLltut Joj:yf ug]{,
P2 x c;n C0fsf nfuL C0f ;'/If0f sf]ifsf] Aoj:yf Goal 1%
• p2]ZoM efvf ggf3]sf] C0f / ! lbg b]vL #) lbg ;Dd efvf gf3]sf] C0fsf] nflu
C0f ;'/If0f sf]ifsf] Joj:yf ePsf] 5 5}g eg]/ hfRg] .
• cfjZos ;"rgfx? M
;"q M efvf ggf3]sf] C0f / ! lbg b]vL #) lbg ;Dd efvf gf3]sf] C0fsf] nflu C0f ;'/If0f sf]ifsf] Joj:yf
efvf ggf3]sf] C0f / ! lbg b]vL #) lbg ;Dd efvf gf3]sf hDdf C0f

31
P3- खराब ऋण अपलेखन
ckn]vg ul/Psf] v/fa C0f ÷!jif{ eGbf a9L efvf gf3]sf] C0f /sd
p2]ZoM ! jif{ eGbf a9L efvf gf3]sf] s"n v/fa C0fsf] nflu slt C0f ckn]vg ul/Psf] 5 eg]/
hfFRg .
cfjZos ;"rgf M
a. ! jif{ eGbf a9L efvf gf3]sf] C0f

nIf M 100% -! jif{ eGbf a9L efvf gf3]sf] C0fsf] nflu k"0f{ Joj:yf_

ckn]vg u/]sf] C0f z'Go x'g' kb{5 jf Ps jif{ eGbf a9L efvf gf3]sf] C0fsf] nflu !)) k|ltzt
C0f ckn]vg -CHARGE-OFFS _ ug'{ kb{5 .
P4 अपलेखन गररएको ऋणको मात्रा मापन Goal : Minimize

• p2]ZoM aflif{s ckn]vg u/LPsf] C0fsf] dfqf yfxf kfpg o;sf] k|of]u u/LG5 .
• cfjZos ;"rgfx? M
a. of] aif{ ;Ddsf] ckn]vg u/LPsf] s'n C0f
b. ut aif{ ;Ddsf] ckn]vg u/LPsf] C0f
c. cf}ift s'n C0f nuflg
;"q M (a-b) x100
c
cf}ift s'n C0f nuflg Ö
@
P5 अपलेखखत कर्ााको असूली दरको मापन Goal : 100%

• p2]ZoM xfn ;Dd ckn]vg u/LPsf] C0f c;'nL sf] cj:yf hfFr ug{sf]
nflu o;sf] k|of]u u/LG5 .
• cfjZos ;"rgfx? M

a. ckn]vg u/LPsf] C0f dWo] p7]sf] C0f .

b. xfn ;Dd ckn]vg u/LPsf] C0f .
;"q M a x100
b
P6 आर्थाक क्षमता (Solvency Power) =>110%
• p2]ZoM h'g;'s} ;dodf ;b:osf] z]o/ / art /sd lkmtf{ ug{ ;Sg] l:ylt 5 jf 5}g
eg]/ o;sf] kl/If0f u/LG5 .
• cfjZos ;"rgfx? M
a. s'n ;DkQL b. s'n C0f hf]lvd ;'/If0f sf]ifdf ePsf] Joj:yf,
c. ! aif{ eGbf a9L efvf gf3]sf] C0fsf] nflu cfjZos !)) k|ltzt
d. ! b]vL !@ dlxgf efvf gf3]sf] C0fsf] nflu #% k|ltzt cfjZos /sd+c;n C0fsf] !%
e. s"n bfloTj -k'FhL afx]s_ f. ;d:ofu|:t ;DklQ g. s'n art h. s'n z]o/

;"q M (a+b)-(c+d+e+f)x100
(g+h)
/0fgLltx?
cNksflng bL3{sflng
 efvf gf3]sf] C0f / ;d:ofu|:t  ckn]vgof]Uo C0fsf] ckn]vg ug]{,
;DkQLsf] nflu cfjZos ;'/If0fsf]  ;d:ofu|:t ;DkQL /fkm;fkm ug]{,
Joj:yf ug]{,
P7 खुद पूूँर्ी लक्ष्य १०%
• p2]ZoM सहकारी संस्थाको बास्तविक पूँविको मापन गनुन
• cfjZos ;"rgfx? M
a. संस्थागत पूँजी b. s'n C0f hf]lvd ;'/If0f sf]ifdf ePsf] Joj:yf,
c. ! aif{ eGbf a9L efvf gf3]sf] C0f /sd
d. ! b]vL !@ dlxgf efvf gf3]sf] C0f /sd
e. समस्यायुक्त सम्पत्ति f. जम्मा सम्पत्ति
अथवा
;"q M (a+b)-(c+d+e)x100 खुद पिूँ ी × १००
f िम्मा सम्पषि
 EP ARLS
= Effective Financial Structure
-k|efjsf/L ljQLo ;+/rgf_
 प्रभावकारी र्वर्िय संरचना
Effective financial Structure
• सस्ं थाको आय-आिुन गने क्षमता, आम्दानी बवृ िका सभं ािनाहरु र समग्र वित्तीय क्षमताको महत्िपर्ु
पक्षलाई प्रभािकारी वित्तीय संरचनामा समेविएको छ ।
• यसलाई सम्पवत्त, दावयत्ि, शेयरपूँवि तथा संस्थागत पूँविको बनाििका आधारमा अध्ययन गरीन्छ ।

1/4/2018 39
• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd v'b C0f nufgLdf nufOPsf] 5 eg]/
hfFRgsf] nflu .
• cfjZos ;"rgfx? M
a. nufgLdf /x]sf] s"n C0f -jf;nft_
b. C0f ;'/If0fsf] nflu cfjZos s'n /sd
c. s"n ;DklQ
• ;"q M(a-b) x100 cyf{t M
c
/0fgLltx?
cNksflng
 efvf gf3]sf] C0f /sd c;'n ug]{,
 *)Ü eGbf a9L ePsf] cj:yfdf 7'nf
C0f nufgL /f]Sg],
 Jofh b/ k'g/fjnf]sg ug]{,
bL3{sflng
 C0f gLltsf] k'g/fjnf]sg ug]{,
 ;b:o dfusf] cfwf/df C0f ;]jfsf] ljsf;
ug]{,
 5f]6f] cjwL / ;fgf /sdsf C0fnfO{
k|fyldstf lbg],
 jflif{s of]hgf / ah]6df cfwfl/t eO{ nufgL
ug]{,
 *)Ü eGbf a9L ePsf] cj:yfdf Jofh b/
j[l4 ug]{ / art j[l4sf] ljz]if of]hgf ljsf;
ug]{,
E2 : s'n ;DklQdf s'n t/n nufgLsf] cg'kft
• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd t/n nuflg 5 eg]/ yfxf
kfpFgsf] nflu o;sf] k|of]u ul/G5 .
• cfjZos ;"rgfx? M
a. t/n nufgL -a}+s tyf ljlQo ;+:yfdf Aofh cfh{g x'g] u/L art vftfdf
/flvPsf] /sd_
b. s'n ;DkQL
• ;"q Ma x100 cyf{t M
b

42
E3 : s'n ;DklQdf s'n ljlQo nufgLsf] cg'kft
• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd laQLo nuflg 5 eg]/ yfxf
kfpFgsf] nflu o;sf] k|of]u ul/G5 .
• cfjZos ;"rgfx? M
a. laQLo nuflg -5ftf ;+3df lsg]sf] z]o/, lgoldt art, d'4lt
vftfdf /flvPsf] /sd_
b. s'n ;DkQL
• ;"q Ma x100 cyf{t M
b

43
E4 : s'n ;DklQdf u}x| ljlQo nufgLsf] cg'kft Goal: 0%
• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd u}x|laQLo nuflg 5
eg]/ yfxf kfpFgsf] nflu o;sf] k|of]u ul/G5 .
• cfjZos ;"rgfx? M
a. u}|x| laQLo nuflg -;'k/dfs]{6, cf}iflw k;n, cfjf;, ;'kmt
d'No k;n, PDa'n]G;\, :6];g/L k;n_
b. s'n ;DkQL
• ;"q Ma x100 cyf{t M u}x| laQLo nuflgx!))
b s"n ;DklQ
E5 : s'n ;DklQdf s'n art lgIf]ksf] cg'kft Goal: 70-80%
p2]ZoM s"n ;DklQs]f slt k|lt;t /sd art ;+sng ePsf]5
eg]/ hfRg o;sf] k|of]u u/LG5 .
• cfjZos ;"rgfx? M
a. s'n art tyf lgIf]k - jf;nft_
b. s"n ;DklQ

• ;"qM a x100 cyf{t M s"n art tyf lgIf]k /sd x!))

b s"n ;DklQ
/0fgLltx?
cNksflng bL3{sflng
 sd x'Fbf M  art gLltsf] k'g/fjnf]sg ug]{,
 JolQmut e]63f6 dfkm{t art j[l4  ;b:o dfusf] cfwf/df art ;]jfsf]
ug]{, ljsf; ug]{,
 5f]6f] cjlwsf cfjlws art  lgoldt artnfO{ k|f]T;flxt ug]{,
of]hgf ljsf; ug]{,  7'nf] / cNksflng artnfO{ k|f]T;fxg
 a9L x'Fbf M gug]{,
 cfjlws art of]hgf :ylut ug]{,
 Jofh b/ ;do ;fk]If cBfjlws ug]{,
E6: s'n ;DklQdf s'n afXo C0fsf] cg'kft Goal: Max.5%

• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd afXØ C0f 5 eg]/ hfFr ug{ .
• cfjZos ;"rgfx? M
a. s"n afxØ C0f - jf;nft_
b. s"n ;DklQ

• ;"q M a x100 cyf{t M s"n afXo C0f x!00

b s"n ;DklQ
/0fgLltx?

cNksflng
 cfj4 ;+3 jf cGo ljQLo
dWo:ystf{x?af6 C0f k|fKt ug]{,
bL3{sflng
 afXo C0f gLlt dfkm{t C0f lng]
cj:yf / k|fyldstf lgwf{/0f ug]{,
 cg'alGwt C0fx? glng],
 art j[l4sf] of]hgf dfkm{t afXo
C0fnfO{ lg?T;flxt ug]{,
 E7 : s'n ;DklQdf s'n z]o/ kF"hLsf] cg'kft Goal: 10-20%
• p2]ZoM s"n ;DklQsf] slt k|ltzt /sd ;b:ox?sf] z]o/ kF"hLn] cf]u6]sf] 5
eg]/ gfKg
• cfjZos ;"rgfx? M
a.s'n z]o/ k"h
+ L -jf;nft_
b.s"n ;DklQ
• ;"q M a x100 cyf{t M s"n z]o/ k"FhL x!00
b s"n ;DklQ
/0fgLltx?
cNksflng bL3{sflng
 sd x'Fbf M  lgoldt z]o/ yk ug]{ of]hgf ljsf;
 JolQmut e]63f6 dfkm{t z]o/ yk ug]{,
u/fpg],  ;fgf /ssf] z]o/nfO{ k|f]T;flxt ug]{,
 C0f k|jfx ubf{ z]o/ yk u/fpg],  of]ubfgsf] cfwf/df b}lgs lx;fan]
 7'nf artstf{x? dfkm{t z]o/ yk nfef+z k|bfg ug]{,
ug]{,  k|lt:kwL{ nfef+z lbg] of]hgfsf]
 a9L x'Fbf M cfwf/df ljQLo ;+/rgf tof/ ug]{,
 7'nf] /sdsf] z]o/ yk gug]{,
 E8 :s'n ;DklQdf s'n ;+:yfut kF"hLsf] cg'kft
E8 ≠ s'n ;+:yfut kÒ“hL
X !))
s'n ;DklQ
nIo M slDtdf !)∞

;+:yfut kÒ“hL M hu]8f sf]if, 3f6fk"lt{ sf]if, 3/hUuf sf]if, cg'bfg, k'/:sf/
/ vr{ gx'g] cGo sf]ifx¿
/0fgLltx?

cNksflng bL3{sflng
 vr{ eP/ hfg] sf]ifdf /x]sf] afFsL  ljQLo ;Gt'ng sfod u/L v'b art -
/sdnfO{ hu]8f sf]ifdf ;fg]{, gfkmf_ j[l4 ug]{,
 ;b:ox?;Fu ;+:yfut k'FhLdf  art afF8kmfF8df ;+:yfut k'FhLdf yk
of]ubfgsf] nflu cg'/f]w ug]{, k|ltzt /sd 5'l6\6g] Joj:yf ug]{,
 C0f nufgLdf k|fKt Joj:yfkg z'Ns /
k|j]z z'Nssf] /sd hu]8f sf]ifdf ;fg]{,
E9 : s'n ;DklQdf s'n ;+:yfut kF"hLsf] cg'kft Goal: equals to E8

• p2]ZoM s"n ;DklQs]f slt k|ltzt /sd v'b ;+:yfut k+"hLn] cf]u6]sf] 5 eg]/ gfKg
• cfjZos ;"rgfx? M
a. ;+:yfut k"+hL
b. -gf]S;fg + gk'u ;'/If0f sf]if +;d:ofu|:t ;DklQ _
c. s"n ;DklQ
• ;"qM (a-b) x100 cyf{t M v"b ;+:yfut k"FhL x!00
c s"n ;DklQ
 /0fgLltx?
cNksflng bL3{sflng
 ;+qmd0fsflng sf]ifdf /x]sf] afFsL  ljQLo ;Gt'ng sfod u/L v'b art
/sdnfO{ hu]8f sf]ifdf ;fg]{, -gfkmf_ j[l4 ug]{,
 ;b:ox?;Fu ;+:yfut k'FhLdf of]ubfgsf]  art afF8kmfF8df ;+:yfut k'FhLdf yk
nflu cg'/f]w ug]{, k|ltzt /sd 5'l6\6g] Joj:yf ug]{,
 C0f nufgLdf k|fKt Joj:yfkg z'Ns /
k|j]z z'Nssf] /sd hu]8f sf]ifdf ;fg]{,
 PE ARLS
= Assets Quality
-;DkQLsf] u'0f:t/_
A1 s"n nuflgdf /x]sf] C0fdf s'n efvf gf3]sf] C0fsf] cg'kft Goal: Max 5%
• p2]ZoM s"n C0f nufgLsf] slt k|ltzt efvf gf3]sf] C0f 5 eg]/ hfFRgsf] nflu .
• cfjZos ;"rgfx? M
a.s"n efvf gf3]sf] C0f - jf;nft_
b.s"n nufgLdf /x]sf] C0f
• ;"q M a x100 cyf{t M s'n efvf gf3]sf] C0f x!))
b s"n nuflgdf /x]sf] C0f
gf]6 M efvf gf3]sf] C0f u0fgf ug]{ tl/sf :ki6 x'g' kg]{ .
s_ efvf gf3]sf] ls:tf dfq <
v_ Ps ls:tf gf3] klg ;Dk"0f{ afFsL ;fFjf /sd <
u_ Jofh afFsL ePdf dfq <
3_ ;a} ls:tf efvf gf3] kl5 dfq <
/0fgLltx?
cNksflng
 C0f c;'nLnfO{ k|fyldstf lbg] .
 6]lnkmf]g tyf kqdfkm{t C0f
c;'nLsf] tfs]tf ug]{ .
 ;b:o;Fu e]63f6 3/b}nf} ug]{
 lwtf] lnnfd nufotsf sfg'gL
pkrf/ dfkm{t C0f c;'nL ug]{ .
bL3{sflng
 sfg'gL k|lqmof dfkm{t c;'nL ug]{,
 ;'/lIft / Ifdtfdf cfwfl/t
nufgL dfq ug]{,
 nufgLdf /x]sf] s'n /sd j[l4
ug]{,
 C0fsf ;]jfx?, C0f gLlt, ls:tf
h:tf e'QmfgLsf zt{x?
k'g/fjnf]sg ug]{,
 A2 s"n ;DklQdf s'n cfo cfh{g gug]{ ;DklQsf] cg'kft Goal Max.5%
p2]Zo M s"n ;DklQsf] slt k|ltzt ;DklQ cfo cfh{g ub}{g eg]/ dfkg ug{
• cfjZos ;"rgfx? M
a. eN6df /x]sf] gub
b. Kffpg'kg]{ lx;fj
c. :yL/ ;DklQ -3/ hUuf, kmlg{r/, d]lzg cf}hf/ / cGo ;DklQ_
d. cu|Ld e'StfgL ePsf] vr{
e. s"n ;DklQ
• ;"qM ( a+b+c+d) x100 cyf{t M -eN6df /x]sf] gub + Kffpg'kg]{ lx;fj +l:y/ ;DklQ+ k]ZsL_ x!))
e s"n ;DklQ
 /0fgLltx?
cNksflng
 gsdfpg] t/n ;DkQLnfO{ Jofh cfpg]
vftfdf Joj:yfkg ug]{,
 pkof]udf gePsf l:y/ ;DkQLx? laqmL
jf /fkm;fkm ug]{,
bL3{sflng
 ljQLo ;Gt'ng sfod ug]{ u/L dfq l:y/
;DkQL cfh{g ug]{,
 s'n ;DkQL j[l4 ug]{,
 Go"g ePsf] cj:yfdf k"jf{wf/ / k|ljlwdf
cfw'lglss/0fsf] nflu nufgL yk ug]{,
 A3 s'n cfo cfh{g gug]{ ;DklQdf z'4 nfut /lxt sf]if -;+:yfut kF"hL_ sf] cg'kft Goal: 200%
• p2]ZoM ;+:yfut k"hLsf] slt k|ltzt /sd cfo cfh{g gug]{ ;DklQdf nufgL ePsf] 5 eg]/ dfkg ug{
• cfjZos ;"rgfx? M
a. z'4 ;+:yfut kF"hL -hu]8f sf]if, 3f6fk"lt{ sf]if, 3/hUuf sf]if, cg'bfg, k'/:sf/ / vr{ gx'g] sf]ifx?_
b. s"n cfo cfh{g gug]{ ;DklQ
;"q M a x 100
b
gf]6M s"n ;+:yfut k"FhLsf] %)Ü ;Dd dfq l:y/ ;DklQdf nufgL ug{ ;S5 .
/0fgLltx?
cNksflng
 z'4 nfut /lxt sf]ifx?sf] %)Ü
eGbf a9L gx'g] u/L dfq
gsdfpg] ;DkQL cfh{g ug'{x'g
bL3{sflng
 s'n ;DklQdf ;+:yfut kF"hLsf]
cg'kft lg/Gt/ j[4L ub}{ hfg'x'g
 s'n ;DklQdf cfo cfh{g gug]{
;DklQ lg/Gt/ %Ü eGbf sd
sfod u/fpb} hfg'x'g .
 PEA RLS
= Rate of Return & Cost
-k|ltkmn tyf nfutsf] b/_
R1: s'n C0f nufgL jf6 k|fKt cfDbfgL/cf}ift z'4 C0f nufgL
nIo M pBdlzntf b/ a/fa/

p2]Zo M Ps cf=j= df cf}ift z'4 C0f nufgLaf6 slt k|ltzt cfDbfgL k|fKt eof] dfkg ug{
cfjZos ;"rgfx? M
a. C0f nufgL jf6 k|fKt s'n cfDbfgL -jif{ el/sf] Jofh, xh{gf,;]jf z'Ns ;d]t_
b. C0f ljdfz'Ns lt/]sf]
c. cf=j= sf] ;'?df nufgLdf /x]sf] z'4 C0f
d. cf=j= sf] cGtdf nufgLdf /x]sf] z'4 C0f
;'qM (a-b) x 100
c+d
2
 R2: t/n nufgLaf6 k|fKt cfDbfgL / cf}ift t/n nufgL nIo M ahf/b/ cg';f/
p2]Zo M t/n nufgLaf6 slt cfDbfgL eO{ /x]sf] 5 eg]/ dfkg ug{
cfjZos ;"rgfx? M
a. rfn' cf=jdf s'n t/n nufgLaf6 ePsf] cfDbfgL
b. cf=j= ;'?sf] s"n t/n nufgL
c. cf=j= cGtsf] s"n t/n nufgL

;'qM a x 100
b+c
2
 R3: ljlQo nufgLaf6 k|fKt cfo / cf}ift ljlQo nufgL nIo M ahf/b/ cg';f/

p2]Zo M ljQLo nufgLjf6 k|fKt k|ltkmn dfkg ug]{ .

cfjZos ;"rgfx? M
a. s"n ljlQo nufgLaf6 k|fKt cfDbfgL
b.cf=j= ;'?sf] s"n ljlQo nufgL
c. cf=j= cGtsf] s"n ljlQo nufgL
;'qM a x 100
b+c
2
 R4 :u}X| ljlQo nufgLaf6 k|fKt cfo / cf}ift u}X| ljlQo nufgL
nIo M C0f nufgLsf] k|ltkmn b/ eGbf a9L
p2]Zo M u}X| ljQLo nufgLjf6 k|fKt k|ltkmn dfkg ug]{ .

cfjZos ;"rgfx? M
a. s"n u}X| ljlQo nufgLaf6 k|fKt cfDbfgL
b. cf=j= sf] ;'?sf] s"n u}X| ljlQo nufgL
c. cf=j= sf] cGtsf] s"n u}X| ljlQo nufgL
;'qM a x 100
b+c
2
 R5: ;b:ox?sf] artsf] ljlQo nfut / cf}ift s"n art
nIo M d"No a[l4 wfGg ;Sg] tyf k|ltikwf{Tds ahf/ b/
p2]Zo M ;b:ox?sf] artsf] nfut dfkg ug]{ .
cfjZos ;"rgfx? M
a. artdf lt/sf] s"n Jofh
b. artdf lt/sf] aLdf z'Ns
c. artdf tL/]sf] s/ bfloTj
d. cf=j=sf] ;'?sf] s"n art
e. cf=j=sf] cGtsf] s"n art
;'qM (a+b+c) x 100
d+e
2
 R6: afX\o C0fsf] ljlQo nfut / cf}ift jfX\o C0f
nIo M ;b:ox?sf] jrtdf lt/]sf] Jofh eGbf jl9 x'g gx'g] .
p2]Zo M afX\o C0fsf] ljlQo nfut dfkg ug]{ .
cfjZos ;"rgfx? M
a. afX\o C0fdf lt/sf] s"n Jofh
b. cf=j= ;'?sf] s"n afX\o C0f
c. cf=j= cGtsf] s"n afX\o C0f
;'qM a x 100
b+c
2
 R7: z]o/ nfef+z sf]ifsf nfuL ljlgof]lht /sd ÷cf}ift z]o/ kF"hL
nIoM jrtsf] Jofhb/ eGbf a9L .
p2]Zo M ;b:ox?sf] z]o/ nfef+z b/ u0fgf ug]{ .
cfjZos ;"rgfx? M
a. z]o/ nfef+z sf]ifsf nfuL ljlgof]lht /sd
b. ut cfjsf] cGt ;Ddsf] z]o/ /sd
c. o; cfjsf] cGt;Ddsf] z]o/ /sd
;'qM a x 100
b+c
2
/0fgLltx?
cNksflng
 z]o/ kF"hLsf] cg'kft sd ug]{,
 u}/ljQLo vr{x? Go"lgs/0f ug]{,
bL3{sflng
 ;+:yfut k'FhL j[l4 ug]{,
 ljlQo ;+/rgf k|efjsf/L agfpg]
 nfut /lxt bfloTjx? j[l4 ug]{,
 ;+:yfut k'FhLsf] %)Ü eGbf sd /sd
dfq cfocfh{g gug]{ If]qdf Joj:yfkg
ug]{,
 R9: ;+rfng vr{ / cf}ift s"n ;DklQ
p2]Zo M ;Dk"0f{ ;DklQ Joj:yfkg tyf kl/rfng ug{ nfUg] nfut dfkg ug]{ .
cfjZos ;"rgfx? M
a. s"n ;+rfng vr{ -C0f ;'/If0f vr{ afx]s_
b. cf=j=sf] ;'?sf] s"n ;DklQ
c. cf=j=sf] cGtsf] s"n ;DklQ

;'qM a x 100
b+c
2
nIo M 5%, /fd|f] #–$Ü
/0fgLltx?
cNksflng bL3{sflng
 sd x'Fbf M  of]hgfdf cfwfl/t sfo{qmd ;~rfng ug]{,
 ;b:o s]lGb|t sfo{qmdx? ;~rfng  vr{nfO{ sfo{qmlds, k|zf;lgs, ;'zf;g
ug]{, nufotsf If]qdf ljefhg ug]{,
 sd{rf/L ;]jf ;'ljwfx? j[l4 ug]{,  x|f; vr{ Go"g ug{ gsdfpg] ;DkQL Go"g
 a9L x'Fbf M ug]{,
 sd k|efjsfl/tf /xg] sfo{qmdx?  ;~rfng vr{sf] %) b]lv ^) k|ltzt
;~rfng gug]{, sd{rf/L vr{ ug]{,
 sfo{qmdx? Go"g nfut / ;fem]bf/Ldf  s'n ;DkQL j[l4 ug]{,
;DkGg ug]{
R12: v'b cfo / cf}ift s"n ;DklQ nIo M E8 k|fKt ug]{ u/L
p2]Zo McfDbfgLsf] kof{Kttf / ;+:yfut k"+hLsf] dfkb08 sfod u/fpg] Ifdtf dfkg ug]{ .
cfjZos ;"rgfx? M
a. v"b cfDbfgL
b. o; cf=j sf] cGtsf] s"n ;DklQ
c. ut cf=jsf] cGtsf] s"n ;DklQ

;'qM a x100
b+c
2
/0fgLltx?
cNksflng
 ljQLo km/stf b/ j[l4 ug]{,
 u}/ljQLo vr{x? Go"lgs/0f ug]{,
bL3{sflng
 ;+:yfut k'FhL j[l4 ug]{,
 nfut /lxt bfloTjx? j[l4 ug]{,
 ;+:yfut k'FhLsf] %)Ü eGbf sd /sd
dfq cfocfh{g gug]{ If]qdf
Joj:yfkg ug]{,
 PEAR SL
= Liquidity Management -
t/ntf Aoj:yfkg_
 L1: -t/n nufgL ± t/n ;DklQ – tTsfn ltg'{ kg]{ bfloTj_ ÷s'n art lgIf]k
p2]Zo M #) lbg eGbf cuf8L ltg'{ kg]{ bfloTj lt/]/ ;b:ox?sf] dfu adf]lhd art lkmtf{ ug{ / ;fdfGo C0f
nufgL ;Sg] Ifdtf 5 5}g eg]/ dfkg ug{ .
cfjZos ;"rgfx? M
a. Aofh kfpg] u/L nufgL ul/Psf] t/n ;DklQ
b. cfo cfh{g gug]{ t/n ;DklQ
c. #) cufj} e'QmfgL ug'{ kg]{ cfsfl:ds bfloTj
d. s"n art lgIf]k
;'qM (a+b-C) x 100
d
nIo M 15–@%% s'n art lgIf]ksf cg'kftdf / !)–@)% s'n ;DklQsf] cg'kftdf
 L2 : t/ntf sf]if ÷s'n art lgIf]k
p2]Zo M s]Gb|Lo a}+s, ;fsf];x?sf] s]Gb|Lo ljQk|0ffnL -CFFI_ sf] lgodfg';f/ jf cGo t/n sf]ifsf] dfkg ug]{ .

cfjZos ;"rgfx? M
a. s"n t/n nufgL -sdfpg] ;DklQ_
b. s"n t/n ;DklQ -gsdfpg] ;DklQ_
c. s"n art lgIf]k

;'qM (a+b) x 100

c
nIo M !) b]vL @)%
 L3: cfo cfh{g gug]{ t/n ;DklQ ÷s'n ;DklQ
nIo M a9Ldf !%

p2]Zo M cfo cfh{g gug]{ ;DklQdf slt k|ltzt t/n ;DklQ nufgL ePsf] 5 eg]/ hf+Rg .
cfjZos ;"rgfx? M
a. cfo cfh{g gug]{ t/n ;DklQ
b. s"n ;DklQ

;'qM a x 100
b
 PEARL S
= SIGN of GROWTH
-j[l4sf] ;+s]t_
 S10: ;b:o ;+Vofsf] aflif{s j[l4b/
p2]Zo M ;b:odf ePsf] aflif{s j[l4b/ dfkg ug{ .

cfjZos ;"rgfx? M
a. ut cf=j= cGtdf sfod /x]sf] ;b:o ;+Vof
b. ut cf=j= ;'?df sfod /x]sf] ;b:o ;+Vof

( a-b) x 100%
;'qM b
nIo M sDtLdf !% k|ltzt
 S11: s"n ;DklQsf] aflif{s j[l4b/
p2]Zo M s"n ;DklQdf ePsf] jflif{s j[l4b/ dfkg ug{ .

cfjZos ;"rgfx? M
a. ut cf=j= cGtdf sfod /x]sf] s"n ;DklQ
b. ut cf=j= ;'?df sfod /x]sf] s"n ;DklQ
;'qM ( a-b) x 100 %
b
nIo M d'b|f l:k|mtLsf] b/ + !)Ü eGbf j9L
 sf]if lx;fa Joj:yfkg M
ljj/0f b/ /sd
s'n gfkmf 425,000.00
s/ vr{ -% k|ltzt_ 5% 21,250.00
v'b gfkmf 403,750.00
hu]8f sf]if 25% 100,937.50
hu]8f sf]if kl5sf] gfkmf 100% 302,812.50
;+/lIft kF"hL lkmtf{ sf]if 25% 75,703.13
;xsf/L k|j4{g sf]if 0.50% 1,514.06
afFsL 100% 225,595.31
z]o/ nfef+z sf]if 60% 135,357.19
3f6fk"lt{ sf]if 5% 11,279.77
;xsf/L lzIff sf]if 5% 11,279.77
;+:yf ljsf; sf]if 5% 11,279.77
sd{rf/L af]g; sf]if 10% 22,559.53
;fd"bflos ljsf; sf]if 5% 11,279.77
:yL/ls/0f sf]if 5% 11,279.77
cGo hf]lvd a]xf]{g] sf]if 5% 11,279.77
 s'n C0f nufgLsf] efl/t cf}ift Aofhb/ u0fgf
qm=;= C0f nufgLsf k|sf/x? /sd Aofhb/ ef/ Aofhb/*ef/
1 s[ifL tyf kz'kfng 1,500,000 13.00% 0.1875 2.44%
2 :j/f]juf/ C0f 1,000,000 14.00% 0.1250 1.75%
3 Aofkf/ Aoj;fo C0f 4,000,000 15.00% 0.5000 7.50%
4 n3' pBd C0f 500,000 16.00% 0.0625 1.00%
5 z}lIfs C0f 200,000 14.00% 0.0250 0.35%
6 ;fdflhs C0f 300,000 15.00% 0.0375 0.56%
7 j}b]lzs /f]huf/L C0f 500,000 16.00% 0.0625 1.00%
8 0.00% 0.0000 0.00%
9 0.00% 0.0000 0.00%
10 0.00% 0.0000 0.00%
s'n C0f nufgL 8,000,000 1.0000
14.60%
s'n C0f nufgLsf] efl/t cf}ift Aofhb/
 s'n art lgIf]ksf] efl/t cf}ift Aofhb/ u0fgf
qm=;= artsf k|sf/x? /sd Aofhb/ ef/ Aofhb/*ef/
1 sf/f]af/ art 2,000,000 7.00% 0.2667 1.87%
2 lgoldt art 1,500,000 8.00% 0.2000 1.60%
3 afn art 500,000 9.00% 0.0667 0.60%
4 gf/L ljz]if art 1,000,000 10.00% 0.1333 1.33%
5 cfjlws art ! aif]{ 1,250,000 11.00% 0.1667 1.83%
6 cfjlws art @ aif]{ 750,000 12.00% 0.1000 1.20%
7 cfjlws art # aif]{ 500,000 13.00% 0.0667 0.87%
8 0.00% 0.0000 0.00%
9 0.00% 0.0000 0.00%
10 0.00% 0.0000 0.00%
s'n art lgIf]k 7,500,000 1.0000
9.30%
s'n art lgIf]ksf] efl/t cf}ift Aofhb/
 efl/t cf}ift km/stf b/ u0fgf M
= s'n C0f nufgLsf] efl/t cf}ift Aofhb/ - s'n art
lgIf]ksf] efl/t cf}ift Aofhb/
= 14.60% - 9.30%
= 5.30%