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;ftf}+}+ jflif{s ;fwf/0f ;ef ;DjlGw ;"rgf
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5nkmn ug{ a:g] ePsf] x'“bf ;a} z]o/wgL dxfg'efjx?sf] hfgsf/Lsf] nflu of] ;"rgf k|sflzt ul/Psf] 5 .
ldlt, :yfg / ;do M
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lx;fa / ;f]xL cjlwsf] gub k|jfx ljj/0f 5nkmn u/L kfl/t ug]{ -;+nUg_ .
#= n]vf kl/If0f ;ldltsf] l;kmfl/; adf]lhd cf= j= @)^%÷^^ sf] nflu n]vfk/LIfssf] lgo'Qm ug]{ / lghsf] kfl/>lds tf]Sg] .
$= ;+rfns ;ldltaf6 k|:tfljt gub nfef+; kfl/t ug{] .
%= ljljw .
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sDkgL ;lrj
- 1 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
;fwf/0f ;ef ;DjlGw ;fdfGo hfgsf/L
!= ;efdf efu lng OR5's z]o/wgL dxfg'efjx?nfO{ ;ef x'g] lbg z]o/ k|df0f–kq jf klqsfdf k|sflzt k|j]z–kq ;fydf lnO{
cfpg' x'g c'g/f]w 5 . ;f] b'j} k|fKt ug'{ePsf] 5}g eg] cfÇgf] kl/ro–kq ;fydf lnO{ cfpg' x'g cg'/f]w ul/G5 .
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306f cufj} cyf{t\ ldlt @)^%÷!@÷)! ut] !)M)) ah]leq sDkgLsf] z]o/ zfvf, sf7df08f} Knfhf, sdnfbL, sf7df8f}+df
btf{ u/fO;Sg' kg]{5 .
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lng jf k|ltlglw tf]Sg kfpg] 5g\ .
$= ;+o'Qm ?kdf z]o/ vl/b ul/Psf] cj:yfdf nut lstfadf klxn] gfd pNn]v ePsf] JolQm cyjf ;j{;Ddtaf6 k|ltlglw lgo'Qm
ul/Psf] Ps JolQmn] dfq ;efdf efu lng / dtbfg ug{ kfpg] 5g\ .
%= s'g} Ps z]o/wgLn] PseGbf a9L JolQmnfO{ k|ltlglw lgo'lQm u/]sf] /x]5 eg] ab/ u/]sf] cj:yfdf afx]s / k|ltlgwL lgo'Qm
ul/;Sg' ePsf] z]o/wgL cfkm}+ pkl:yt ePdf To:tf k|ltlglw kq :jtM vf/]h x'g]5 .
^= 5nkmnsf] ljifodWo] ljljw zLif{s cGtu{t 5nkmn ug{ OR5's z]o/wgLx?n] ;ef x'g'eGbf & lbg cufj} 5nkmnsf] ljifo sDkgL
;lrj dfk{mt\ lnlvt ?kdf ;+rfns ;ldltsf] cWoIfnfO{ hfgsf/L lbg'kg]{ 5 .
&= z]o/wgLx?n] JoQm u/]sf] dGtJo jf k|Zgx?sf ;DjGwdf ;+rfns ;ldltsf tk{maf6 ;fd"lxs ?kn] pQ/ lbOg] 5 .
*= sDkgLsf] z]o/ bflvn vf/]hsf] sfd @)^%÷!!÷!* b]lv @)^%÷!@÷# ut];Dd aGb /x'g] 5 .
(= ;'/Iffsf] b[li6sf]0fn] z]o/wgL dxfg'efjx? ;ef:yndf cfp“bf emf]nf -Aofu_ h:tf j:t'x? glnO{ cfpg' x'g cg'/f]w ul/G5 .
cfjZos b]lvPdf ;'/IffsdL{n] ;'/Iff hf“r ug{;Sg] ePsf] x'“bf ;f] sfo{df ;xof]u ul/lbg' x'g ;d]t cg'/f]w ul/G5 .
7 ttttth
Annual RAnnual RAnnual RAnnual RAnnual Reporteporteporteporteport
- 2 -
Ladies and Gentlemen,
On behalf of the Board of Directors of LIC (Nepal) Ltd, I takepleasure in welcoming you all to the 7th Annual GeneralMeeting of our Company. I convey to you greetings from theentire LIC family.
Assuming that you have all gone through the AuditedFinancial Results of the Company as at the end of Ashad,2065, let me now present before you the report of the Boardof the Directors for the fiscal year 2064-65. This is incompliance with the provisions of Section 109 of the Companyact of 2063.
cfb/0fLo z]o/wgL dxfg'efjx?,
nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ lnld6]8sf] ;ftf}+ jflif{s;fwf/0f ;efdf ;+rfns ;ldltsf] tkm{af6 oxf“x?nfO{ :jfutug{ kfp“bf dnfO{ cToGt} v'zL nfu]sf] 5 . ;Dk"0f{ Pn=cfO=;L=kl/jf/sf] tk{maf6 oxf“x?nfO{ xflb{s :jfut ub{5' .
z]o/wgL dxfg'efjx?n] sDkgLsf] n]vfk/LIf0f ePsf] ljQLoljj/0fx?sf] cjnf]sg ug'{ ePs} xf]nf eGg] ljZjf;sf ;fy doxf“x? ;dIf cfly{s jif{ @)^$÷^% sf] ;+rfns ;ldltsf]k|ltj]bg, sDkgL P]g, @)^# sf] bkmf !)( adf]lhd x'g] u/L k]zug{ rfxG5' .
- 3 -
cWoIfåf/fk|:t't
k|ltj]bg
Chairman'sReport
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
New Business performance of the Company
2064-65 2063-64 Growth rate
Number of policies 27975 29139 -4.0%
First Premium Income(Rs. in crores) 19.23 19.31 -0.4%
The performance of the Company has suffered dueto uncertainty in the prevalent environment duringthis year. However, there has been a marginaldegrowth in spite of focused attention on marketingparticularly at the last quarter.
Current year performance (As at the end ofPoush )
2065-66 2064-65 Growth rate
Number of policies 14442 11419 26.5%
First Premium Income(Rs. in Lakhs) 1132.30 761.37 48.7%
It may be observed that there has been a healthy growth inbusiness for the company, in both number of policies andFirst Premium Income in the current year. The Company isstriving to push the growth rates further, and we expect thatthe performance will be better if the situation remainsfavourable.
Personal and Industrial Relations
There were 63 employees working at various levels in thecompany in the last Fiscal Year. During the course of theyear as many as 6 of them left the company for variousreasons, and they have been replaced with new recruits.The employees are guided by top executives of the companywho are easily accessible to the staff members at any time.Various training programmes are held to enhance their skillsand groom them for higher responsibilities.
Changes in Board of Directors
gof“ Jofkfl/s pknlAwx?
ljj/0f @)^$÷^% @)^#÷^$ a[lbb/ % df
aLdfn]v ;+Vof @&(&% @(!#( -$=))%
k|yd aLdfz'Ns cfo !(=@# !(=#! -)=$%
-?= s/f]8df_
o; jif{df b]zdf ljBdfg clglZrttfsf] jftfj/0fsf]
sf/0f sDkgLsf] pknlAw klg k|efljt ag]sf] 5 .
oBkL clGtd q}dfl;sdf ahf/ Joj:yfdf ljz]if Wofg
k'/\ofO{Psf] sf/0f gsf/fTds ;"rsdf ;'wf/ ePsf]
lyof] .
rfn' jif{sf] pknlAw -@)^% kf}if d;fGt;Ddsf]_
ljj/0f @)^%÷^^ @)^$÷^% a[lbb/ % df
aLdfn]v ;+Vof !$$$@ !!$!( @^=%)%
k|yd aLdfz'Ns cfo !!#@=#) &^!=#& $*=&)%
-?= nfvdf_
dflysf] cf+s8fn] o; cf= j= sf] k|yd ^ dlxgfdf aLdfn]v tyf
k|yd aLdfz'Ns cfo b'a}df /fd|f] a[l4 ePsf] k|:6ofp“5 . xfdL
a[l4b/nfO{ cem dfly psf:g s8f d]xgt ul//x]sf 5f}+ / cfzfjfbL
5f}+ ls cf= j= sf] cGt;Dddf /fd|f] pknlAw xfl;n ug{] 5f}+ .
AolQmut tyf cf}Bf]lus ;DjGw
uPsf] cfly{s aif{df sDkgLdf ̂ # hgf sd{rf/Lx? laleGg txdf
sfo{/t /x]sf lyP . o;} aif{sf] cGt;Dddf tL dWo] ^ hgfn]
ljleGg sf/0f hgfO{ /flhgfdf lbP / xfn ;f] :yfgdf gof“ egf{
lnO{ ;s]sf 5f}+ . ;Dk"0f{ sd{rf/Lx? sDkgLsf] pRr sfo{sf/Laf6
lgb]{lzt / lgolGqt 5g\ . sDkgLdf laBdfg ;f}xfb{k'0f{ jftfj/0fsf
sf/0f pRr txsf sfo{sf/L;“u ;a} sd{rf/L 3'nldn ug{ ;Sg]
;xh jftfj/0f df}h'b /x]sf] 5 . sd{rf/Lx?nfO{ ;Ifd agfpg
tyf k|efjsf/Ltf a9fpgsf] ;fy} pRrt/ bfloTj axg ug{ ;Sg]
agfpgsf nflu lg/Gt/ ?kdf ljleGg tflnd k|bfg ul/b} cfPsf]
5 .
- 4 -
There has been no changes in the Board of Directors afterthe 6th Annual General Meeting.
Factors affecting our business
There has been heightened business activity in the company;with several ongoing training activities for field personnelwhich has helped in containing the deficit in New Businessduring this year, in the face of a difficult market scenario.
In order to bring more value to our policyholders andshareholders the investment opportunities in the financialmarket were encashed. Cost of operations as reflected inoverall cost ratio have shown a negartive growth consecutivelyfor the second year, and all efforts are being made to bring itdown without affecting our business so that more surpluswould accrue.
Auditors Report
The opinion of the Auditors that the accounts and records ofthe company have been maintained in accordance with thelaw of land, is appended to the Annual Report, and I am sureyou would all have gone through the same. This report of theauditors gives us ample confidence that we are working in aprofessional manner.
Shares forfeited
Since the inception of the company we have not forfeitedany shares belonging to anyone.
Life Fund
As at the end of Ashad 2065, the life fund of the companystood at 249.23 crores as against 168.89 crores at the endof Ashad 2064. This means the Life fund grew at the rate of47.57%.
Investments
The total investments of the Company (including policy loansand short term investments) as at the end of Ashad 2065stood at Rs. 287.72 crores as against Rs. 210.91 as atAshad 2064. This shows an increase of 22.19% and has
;+rfns ;ldlt
5}7f}+ aflif{s ;fwf/0f ;ef kZrft\ ;+rfns ;ldltdf s'g} klgkl/jt{g ePsf] 5}g .
sf/f]af/nfO{ c;/ kfg]{ tTjx?
o; jif{ xfdLn] ahf/;“u ;DjlGwt JolQmx?, Ph]G;L d]g]h/, ahf/k|ltlgwL tyf sd{rf/Lx?nfO{ Joj;flos lqmofsnfk ;DjlGw ljleGgtflndx? cfof]hgf u/]sf lyof}+ . o:tf] tflnd k|flKt kZrft\cfPsf] kl/jt{gn] g} Aoj;fo a[lå tyf To;af6 cfo a[lå ug{dfe'ldsf v]n]sf] 5 .
cfkm\gf] aLdfn]vwf/s tyf z]o/xf]N8/x?nfO{ clwstd nfex'g] lsl;dn] sf]ifnfO{ laQ ahf/df pko'Qm nufgL ug{]cj;/x?nfO{ plrt ;b'kof]u u/]sf 5f}+ . Joj;fo ;+rfngsf] vr{qmdzM bf];|f] jif{ klg 36\bf] 5 / sDkgLsf] Joj;fodf k|lts'nk|efj gkg{] tj/n] Joj:yfklso vr{nfO{ Go'gLs/0f ub{} sDkgLsf]d'gfkmfnfO{ a[l4 ug{ xfd|f] x/ ;Dej k|of; lg/Gt/ 5 .
n]vfkl/Ifssf] k|ltj]bg
oxf“n] n]vfkl/Ifssf] k|ltj]bg cWoog ug'{ ePsf] xf]nf pxf+“sf]k|ltj]bg cg';f/ sDkgLsf] lx;fa lstfa k|rlnt sfg'g / k|rngcg';f/ 7Ls;+“u /fv]sf] hfgsf/L u/fpg kfp“bf xfdLn] k]zfutPj+ r':t tl/sfaf6 sfd u/]sf] :ki6 x'g'sf ;fy} To;n] xfdLnfO{cem a9L cfTdlaZjf; / xf};nf k|bfg u/]sf] 5 .
z]o/sf] hkmt
sDkgLsf] z'?jftb]lv xfn;Dd s'g} klg z]o/wgLsf] z]o/ sDkgLn]hkmt u/]sf] 5}g .
hLjg aLdf sf]if
ldlt @)^$ cfiff9 d;fGt;Dddf hLjg aLdf sf]if !^*=*(s/f]8 /x]sf]df $&=%&% n] a[l¢ eO{ ldlt @)^% cfiff9d;fGt;Dddf hLjg aLdf sf]if ?= @$(=@# s/f]8 /x]sf] 5 .
nufgL
ldlt @)^$ cfiff9 d;fGt;Dddf s'n nufgL ?= @!)=(! s/f]8
/x]sf]df ldlt @)^% cfiff9 d;fGt;Dddf s'n nufgL -aLdfn]v
- 5 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
been done strictly as per guidelines and rules existing inthe county to that effect, as well as, as per directions of theBoard of Directors and the Regulator (Beema Samiti) fromtime to time. The investments have been made in Govt.Bonds, Development Bonds of Nepal Rastra Bank, NepalInvestment Bank Ltd., Fixed Deposits with variouscommercial Banks, development Banks, FinanceCompanies, Citizen's Investment Trust, and in Preferenceshares and Debentures of Banks and reputed companies. Itis our endeavour to invest our available surplus in a prudentmanner keeping the safety of funds uppermost in our mindbut without losing sight of higher returns.
Information received from Shareholders
With our functioning being open and transparent, suggestionsfrom honourable shareholders are always welcome. Wewould be delighted to receive suggestions from yourgoodselves, for furthering growth of the company, and woulddefinitely give due consideration to these.
Share purchased by Directors
During the financial year 2064-65, no shares of the Companyhave been purchased by either directors or officers of thecompany and they have not been involved in any transactionsrelated thereto.
Financial Transactions by Directors
During the fiscal year 2064-65, the Company has not enteredinto any financial transactions with either any of the Directorsof the Company or their relatives in any manner whateverexcept payment of salaries to the CEO who is also aDirector.
Shares purchased by the Company
The company has not brought back any of its own shares inany manner.
Internal Control System
shf{ tyf 5f]6f] cjlwsf] nufgL ul/_ ?= @*&=&@ s/f]8 /x]sf]5 . o; cg';f/ o; aif{ @@=!(% n] a[lå ePsf] 5 / ;Dk"0f{nufgLx? ;+rfns ;ldltsf] lgb]{zg Pj+ ;do ;dodf k|sflztx'g] aLdf ;ldltsf] nufgL ;DjlGw gLlt lgodsf] clwgdf /xLu/]sf] 5 . sDkgLn] g]kfn ;/sf/sf] C0fkq, g]kfn /fi6« a}+s,g]kfn OGe]i6d]G6 a}+ssf] ljsfz C0fkqx?, afl0fHo a}+s, lasfza}+s, laQLo ;+:yfx?sf] d'2tL vftfx?, gful/s nufgL sf]if tyfa}+ssf] lk|km/]Gz z]o/x?df nufgL u/]sf] 5 . sDkgLn] pknAwhu]8f /sdnfO{ nufgL ubf{ laj]sk"0f{ 9+un] pRrtd k|ltkmnlbg] l;Sof]l/l6hx?df nufgL u/]sf] 5 .
z]o/xf]N8/x?af6 k|fKt hfgsf/L
z]o/xf]N8/ dxfg'efjx?af6 k|fKt x'g] ;'emfjnfO{ sDkgL ;b}j:jfut ub{5 . z]o/xf]N8/x?af6 k|fKt plrt ;'emfjx?nfO{ sDkgLsf]a[lt ljsfzdf of]ubfg k'/\ofpgsf] lglDt cjnDag ug]{ tkm{ xfd|f]k|oTg xd]zf /xg] 5 .
;+rfnsx?åf/f z]o/sf] sf/f]af/
cfly{s aif{ @)^$÷)^% df o; sDkgLsf] ;~rfns tyfkbflwsf/Lx?åf/f s'g} klg z]o/ vl/b gul/Psf] tyf z]o/sf/f]af/df lghx? ;+nUg /x]sf] 5}g .
;+rfnsx?åf/f ljQLo sf/f]af/
cfly{s aif{ @)^$÷)^% df k|d'v sfo{sf/L clws[t hf] ;+rfns;d]t /xg' ePsf] 5 jxf“nfO{ kfl/>lds lbOPsf] afx]s sDkgL;“u;DalGwt ljQLo sf/f]af/df s'g} ;~rfns / lghsf] gft]bf/sf]s'g} ;+nUgtf /x]sf] 5}g .
sDkgLåf/f z]o/sf] vl/b
cfly{s aif{ @)^$÷)^% df sDkgLåf/f s'g} klg cfkm\gf] z]o/sf]vl/b u/]sf] 5}g .
cfGtl/s lgoGq0f k|0ffnL
sDkgLn] x/]s If]qnfO{ cfGtl/s lgoGq0f k|0ffnL cGtu{t /fvLsfd ub}{ cfPsf] 5 , h'g tYosf] k'li6 n]vf kl/Ifssf] k|ltj]bgaf6kfpg ;lsG5 . olx cfly{s aif{b]lv cfGtl/s n]vf kl/If0f ;d]tz'? ul/Psf] 5 .
- 6 -
The Company has all the internal control systems in placeand this is also reflected in the audit reports. From this fiscalyear, the practice of internal audit also has started in theCompany.
Management Expenses
Though the act permits us to have 30% of premium incomeas Management expenses, the Management expenses ofthe Company has been consistently coming down. From8.17% in 2062-63, we have been able to come down to 5.98%as at the end of 2064-65, as can be seen from the AnnualReport. Our efforts will continue to keep managementexpenses at the least possible level in future also.
Audit Committee
The Company's Audit Committee constitutes of our DirectorsShri A.K. Dasgupta, Shri Ashok Agrawal and Shri RajendraAryal. No payment has been made to them for their beingmembers of the Audit Committee.
Transactions with other Company
The Company has not entered into any financial transactionswith any company where any of our Directors has financialinterest.
Payment to Directors and other Executives
A total of Rs. 44,87,724/- lakhs have been paid to Directors,CEO and other executives of the company as per laid downrules.
Purchase of Property
No property has been purchased or sold by the Companyas per Section 141 of the Companies Act 2063.
Transactions between companies
The company has no subsidiaries to enter into transactionwith them as per Section 175 of Companies Act 2063.
Any other matter to be disclosed
Aoj:yfkg vr{
;DalGwt P]gsf] k|fjwfg adf]lhd sDkgLnfO{ aLdfz'Ns cfosf]#)% ;Dd vr{ ug{ ;lsg] Aoj:yf ePtfklg sDkgLn] ug]{Aoj:yfksLo vr{ lg/Gt/ 36\bf] qmddf /x]sf] 5 . cf= j= @)^@÷)^#df *=!&% vr{ /x]sf]df cf= j= @)^$÷)^% sf] cGt;Dddf%=(*% df emfg{ ;kmn ePsf 5f} . ;fy} cfufdL lbgdf ;f] eGbfklg sd Aoj:yfkg vr{ ug]{ tkm{ xfdL k|of;/t 5f}+ .
n]vf ;ldlt
o; sDkgLn] n]vf ;ldltsf] Aoj:yf u/]sf] 5 . h; cGtu{t;+rfns >L P= s]= bf; u'Ktf, >L czf]s cu|jfn tyf /fh]Gb|cof{n /xg' ePsf 5g\ . n]vf ;ldltsf] ;b:ox?nfO{ xfn;Dd;b:otf ;DalGw s'g} e'QmfgL ul/Psf] 5}g .
cGo sDkgL;“usf] sf/f]af/
sDkgLsf] ;+rfnsx?sf] ljQLo :jfy{ ePsf] cGo sDkgL;“u o;sDkgLsf]]] ljQLo sf/f]af/ ;DalGw ;+nUgtf /x]sf] 5}g .
;+rfns tyf kbflwsf/Lx?nfO{ ul/Psf] e'QmfgL
sDkgLsf] lgodfg';f/ o; cf= j= df sDkgLsf] ;+rfns, k|d'vsfo {sf/L clws[t tyf cGo kbflwsf/Lx?nfO { hDdf?= $$,*&,&@$÷– e'QmfgL ul/Psf] 5 .
;Dklt vl/b
sDkgL P]g, @)^# sf] bkmf !$! adf]lhd sDkgLn] s'g} klg;Dklt vl/b jf laqmL u/]sf] 5}g .
sDkgLx? larsf] sf/f]af/
sDkgL P]g, @)^# sf] bkmf !&% cfslif{t x'g] ul/ cGo s'g}sDkgL;“u sf/f]af/ u/]sf] 5}g .
cGo v'nfpg' kg]{ s'/fx?
k|rlnt P]g tyf sfg'g adf]lhd sDkgLsf] cGo s'g} s'/f v'nfpg'kg]{ b]lvb}g .
aLdfsf]ifsf] d"Nof°g
aLdf P]g @)$( [1992] sf] bkmf @^ adf]lhd hLjg aLdf sDkgLn]k|To]s tLg jif{df cfkm\gf] sf]ifsf] aLdf+sLaf6 d'Nof°g u/fpg'
- 7 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
There are no other matters to be disclosed by the Companyin accordance with any of the existing laws of Nepal.
Valuation of Life Fund
A Life Insurance Company is required to undertake valuationof its funds by an Actuary once every 3 years a per theprovision of section 26 of the Insurance Act 2049 (1992) ofNepal.
The valuation exercise as at Ashad 2065 is being undertakenby the company the results of which shall be declared indue course.
Customer Service
Bank accounts
We have opened Non-operating Collecting Bank accountsat almost all important centres in the country to enable ourcustomers and agents to deposit premia. Some of thesebanks have not been able to provide expected service andhence we have subsequently closed them. All these accountshave been opened keeping the directives of Bema Samitialso in view.
Claims
During the year 2064-65, we have settled 88 death claimsfor an amount of Rs. 1.67 Cr. The total death claims settledsince inception have been 299 in which we have paidRs. 5,04,80,016.
Modernization of Corporate Office
In an effort to improve transparency and also provideconvenience to customers and staff members we havemodernized our Corporate Office and made it more customerfriendly. The branch office at Kathmandu and Janakpur alsohave been modernized.
Other Marketing Activities
During the year of review, the Company recruited 1464 newagents. As at the end of Ashadh 2065, we had 13756 agentson roll out of which only 2730 have contributed to the
kg]{ x'G5 . sDkgLn] @)^% cfiff9;Ddsf] d'Nof°g u/fO/x]sf] 5/ glthf l5§} k|sflzt ug{] 5f}+ .
Aofkf/Ls ;]jfx?
a}+s vftfx?
xfdLn] cfjZostf cg';f/ u|fxs tyf clestf{x?nfO{ /sd hDdfug{ tyf aLldtx?nfO{ gljs/0f aLdf z'Ns hDdf ug{ ;/n xf];\eGg] x]t'n] b]zsf ljleGg :yfgx?df aLdf ;ldltaf6 hf/L n]vf;DalGw lgb]{lzsf adf]lhd x'g] ul/ a}+s vftfx? vf]n]sf 5f}+ tyfvf]Ng] sfo{ hf/L /fv]sf 5f}+ . s]lx o:tf a}+s vftfx? h;af6 ;f]r]cg'?k kmfO{bf k'Ug g;s]sf] sf/0f aGb klg u/]sf 5f}+ .
d[To' bfaL
cf= j= @)^$÷)^% df sDkgLn] hDdf ** j6f d[To' bfaLx?;DkGg u/L ?= !=^& s/f]8 e'QmfgL u/]sf] 5 . ;'?jftb]lvxfn;Dd @(( j6f d[To' bfaLx? ;DkGg ul/ ?= %,)$,*),)!^÷–a/fa/sf] e'QmfgL ePsf] 5 .
k|wfg sfof{nosf] ef}lts ;+/rgf k'gM lgdf{0f
sfof{nodf kf/blz{tf a9fpgsf] nflu tyf u|fxsx?sf] lglDtcem :tl/o ;'lawfhgs xf];\, ;fy} sd{rf/Lx?nfO{ ;d]t cg's'nxf];\ eGg] x]t'n] k|wfg sfof{nosf] ef}lts ;+/rgf k'gM lgdf{0ful/Psf] 5 . sf7df08f} tyf hgsk'/sf] zfvf sfof{nox? ;d]tk'gM lgdf0f{ ul/Psf] 5 .
cGo Aofkfl/s lqmofsnfkx?
o; aif{df dfq sDkgLn] !$^$ hgf clestf{x? lgo'Qm u/]sf5g\ eg] @)^% cfiff9;Dddf sDkgLdf hDdf !#&%^ clestf{x?sfo{/t /x]sf 5g\ . h; dWo] @&#) clestf{x?n] aLdf Aofkf/dfof]ubfg k'/\ofpg' ePsf] 5 . ;fy} lgoldt ?kdf sDkgLsf] laqmLa9fpg] p2]Zon] gof“ clestf{x?nfO{ tflnd tyf laBdfgclestf{x?nfO{ cem a9L Aoj;flos agfpg k"gtf{huL tflndtyf laqmosnfx? l;sfOb} cfPsf] 5 .
xfdLn] xfd|f] !@ j6f zfvf sfof{nox?, sf7df08f}, la/f6gu/,kf]v/f, a'6jn, gf/fo0f3f6, g]kfnu+h, wgu9L, dx]Gb|gu/, nfxfg,hgsk'/, aL/u+h / latf{df]8af6 aLdf Aoj;fo ul//x]sf 5f}+ .
- 8 -
business of the company. A continuous exercise isundertaken to enhance the selling skill of agents, withrefresher trainings and also by providing them with literatureon marketing and allied subjects.
We are doing business through our 12 branches, located atKathmandu, Biratnagar, Pokhara, Butwal, Narayanghat,Nepalgunj, Dhangadi, Mahendranagar, Lahan, Janakpur,Birgunj and Birtamod. Permission has been sought from theRegulator to open branches at a few more places. The spreadof branches have helped us in insuring people from themetropolitan area to remote rural areas.
Corporate Governance
Company's Board of Directors meet regularly. 38 suchMeetings have been held till date. The Board has constitutedInvestment Committee for taking investment decisions asper the guidelines of Beema Samiti and the Board. Thedecisions of the committee are regularly placed before theBoard for approval. The company has also constituted AuditCommittee as required under the Companies Act 2063.
Expression of Gratitude
On this occasion, I on behalf of the company and its Boardof Directors, would like to place on record, our profoundgratitude to all the distinguished shareholders for theircontinued support and guidance. I would also like to thankour esteemed policyholders who have reposed their faith inus by insuring their lives with LIC (Nepal) Ltd. Our gratitudeis also due to the honourable Government of Nepal, theMinistry of Finance, Beema Samiti, Nepal Rastra Bank,Registrar of Companies, Stock Exchange and all otherconcerned Departments, for their immense support andguidance. I would also like to thank the Board of Directors ofthe Company for the interest taken by them in guiding theCompany.
And finally, I would also like to place on record the gratitudeand appreciation of the Board and myself to all the Agents,Agency Managers, Market Representatives and also allmembers of staff of the Company for their hard work andeffort without which the Company would not have scaledthese heights. I solicit patronage of public of Nepal makingthe Company emerge as market leader of the country.
T. S. VijayanChairman
s]lx gof“ :yfgx?df zfvf sfof{no vf]Ngsf] lglDt ;ldlt ;dIf
:jLs[tL dfu]sf 5f} . 5l/P/ /x]sf] zfvf sfof{nox?n] dxfgu/b]lv
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ug{df ;xof]u k'/\ofO/x]sf] 5 .
;+:yfklso Aoj:yfkg
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5 . xfn;Dd #* j6f a}7sx? ;DkGg e};s]sf 5g\ . aLdf
;ldltsf] dfu{ lgb]{zgdf /lx nufgL ;DalGw lg0f{o lngsf nflu
;+rfns ;ldltn] Pp6f nufgL ;ldlt u7g u/]sf] 5 . pQm
;ldltn] lnPsf] nufgL ;DalGw lg0f{ox? :jLs[tLsf nflu ;+rfns
;ldlt ;dIf /flvG5 . sDkgLn] sDkgL P]g @)^# adf]lhd Pp6f
n]vf ;ldlt u7g u/]sf] 5 .
cGtdf
cfhsf] o; k'gLt cj;/df d sDkgL tyf ;+rfnssf] tkm{af6
;Dk"0f{ z]o/wgL dxfg'efjx?n] sDkgLk|lt b]vfpg' ePsf] uxg
cle?lr tyf pxf“x?af6 ;do ;dodf k|fKt ax'd"No ;Nnfx /
;'emfjsf nflu wGojfb 1fkg ug{ rfxG5' . ;fy} ;Dk"0f{ aLldtx?,
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tyf pxf“x?af6 k|fKt dfu{ lgb{]zgsf] nflu wGojfb 1fkg ug{
rfxG5' .
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;Sg] lyPg . sDkgLnfO{ b]zsf] aLdf ahf/df cu|0fL aLdf sDkgLsf]
?kdf :yflkt u/fpg ;Dk"0f{ g]kfnL hgtfx?sf] ;xof]u /
;xeflutfsf] nfuL xfbL{s cg'/f]w ub{5' .
6L= P;= ljhogcWoIf
- 9 -
P.O. Box: 1989
Kathmandu, Nepal
Tel: 4421684, 4428887, 4440095
Fax: 977-1-4424247
"Shova Complex" 344/41, Dhobidhara Marg,
Kamal Pokhari (Behind Kumari Cinema Parking)
Kathmandu, Nepal
E-mail: [email protected]
RRRRR. BAJRA. BAJRA. BAJRA. BAJRA. BAJRACHARCHARCHARCHARCHARYYYYYAAAAA
& C& C& C& C& Co.o.o.o.o.
Chartered Accounts
INTERNATIONALINTERNATIONALINTERNATIONALINTERNATIONALINTERNATIONALwww.nexia.com Member of Nexia International, a worldwide network of independent accounting and consulting firms
>L nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln= sf]
z]o/wgL dxfg'efjx?df n]vfkl/Ifssf] k|ltj]bg
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g]kfnsf] n]vfk/LIf0f dfg tyf n]vfk/LIf0fsf] ;j{dfGo k|rngsf] cfwf/df xfdLn] n]vfk/LIf0f sfo{ ;DkGg u/]sf 5f}+ . ljlQoljj/0f ;f/e"t?kdf unt cf+s8f /lxt 5 eGg] s'/fdf ljZj:t x'gsf nflu tL dfgx? tyf ;j{dfGo k|rngdf /x]sf dfu{bz{g cg';f/n]vfk/LIf0f of]hgf tof/ u/L tbg';f/ n]vfk/LIf0f ;DkGg ug{' kb{5 . ljlQo ljj/0fdf pNn]lvt /sd / v'nfOPsf cGo ljj/0fnfO{k'i6ofO{ ug{] k|df0fsf] 58\s] k/LIf0f ;d]t n]vfk/LIf0fdf ;dfj]z x'G5 . ;+:yfn] cjnDag u/]sf] n]vfl;4fGt, Joj:yfkgn] u/]sfdxTjk"0f{ cg'dfg Pj+ ljlQo ljj/0f k|:t'ltn] ;du| l:yltsf] d"Nof+sg klg n]vfk/LIf0fdf ;dfj]z x'G5 . n]vfk/LIf0fn] xfd|f] dGtJonfO{kof{Kt cfwf/ k|bfg ug{] s'/fdf xfdL ljZj:t 5f}+ .
xfd|f] /fodf ;+nUg jf;nftn] cfiff9 #!, @)^% sf] cfly{s l:ylt tyf gfkmf gf]S;fg lx;fan] ;f] ldltdf ;dfKt ePsf] cfly{s jif{sf]sf/f]jf/sf] l:ylt tyf gub k|jfxsf] oyfy{ lrq0f u/]sf] / ;f] g]kfnsf] n]vfdfg tyf ;j{dfGo n]vf l;4fGt, sDkgL P]g Pj+ aLdfP]g cg';f/ tof/ ePsf] xfdLnfO{ nfu]sf] 5 .
;fy} xfd|f] ljrf/df,
s_ xfdLnfO{ n]vf kl/If0f ug{ cfjZos ;"rgf / :ki6Ls/0fx? pknAw ePsf 5g\ .
v_ k|:t't jf;nft, gfkmf gf]S;fg lx;fa tyf gub k|jfx ljj/0f sDkgL P]g, @)^# tyf aLdf P]g @)$( sf] cfjZostfg';f/ tof/ePsf 5g\ / pQm ljj/0fx? sDkgLn] /fv]sf] n]vf;“u b'?:t /x]sf 5g\ .
u_ sDkgLn] sfg"g adf]lhd lx;fa lstfa / n]vf 7Ls;“u /fv]sf] 5 .
3_ xfdLnfO{ k|fKt hfgsf/L Pj+ lbOPsf] :kli6s/0fx?sf] cfwf/df sDkgLsf] ;+rfns ;ldlt jf k|ltlglw jf s'g} sd{rf/Ln] sfg"glj?4 sfdsfh u/]sf] jf k|ToIf ?kdf a]lx;fa u/]sf] jf sDkgLsf] xfgL gf]S;fgL u/]sf] b]lv+b}g .
sf7df8f}+,@)^% kf}if @)
;'/]Gb| e"if0f >]i7, Pkm=l;=P=jl/i7 ;fem]bf/
cf/= ah|frfo{ P08 sDkgLrf6{8{ Psfp06]06;\
- 11 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
Auditor's Report to the shareholders of
Life Insurance Corporation (Nepal) Ltd.
We have audited the attached balance sheet of Life insurance corporation (Nepal) limited as of Ashad 31, 2065 (July 15,2008) and related statements of income and cash flow for the year than ended. These financial statements are the responsibilityof the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Nepal Standards on Auditing and relevant practices. Those Standards or relevantpractices require that we plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amount anddisclosures in the financial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of the financial position of the Company as of Ashad 31, 2065(July 15, 2008), and of the results of its operations and its cash flows for the year then ended in accordance with NepalAccounting Standards or relevant practices as well as comply with Company Act and Insurance Act.
We also report that, in our opinion,
a) We have obtained information and the explanations required for the purpose of our audit.
b) The enclosed balance sheet, profit and loss account and cash flow statement have been prepared as required byCompany Act, 2063 and Insurance Act, 2049, and conform to the accounts maintained by the Company.
c) The accounts and records of the Company have been maintained in accordance with the law.
d) To the best of our information and according to the explanation given to us, the Board of Directors or the representativeor any employee of the Company has not acted contrary to the provisions of law relating to accounts, nor caused directloss or damage to the Company or misappropriated the funds of the company.
Kathmandu.
January 4, 2009
P.O. Box: 1989
Kathmandu, Nepal
Tel: 4421684, 4428887, 4440095
Fax: 977-1-4424247
"Shova Complex" 344/41, Dhobidhara Marg,
Kamal Pokhari (Behind Kumari Cinema Parking)
Kathmandu, Nepal
E-mail: [email protected]
RRRRR. BAJRA. BAJRA. BAJRA. BAJRA. BAJRACHARCHARCHARCHARCHARYYYYYAAAAA
& C& C& C& C& Co.o.o.o.o.
Chartered Accounts
INTERNATIONALINTERNATIONALINTERNATIONALINTERNATIONALINTERNATIONALwww.nexia.com Member of Nexia International, a worldwide network of independent accounting and consulting firms
(Surendra Bhusan Shrestha, FCA)Senior Partner
R. Bajracharya & Co.Chartered Accountants
- 12 -
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;+efljt bfloTjx? tyf cg';"rL #, (, !! tyf !^ b]lv @( ;Dd o;sf cleGg c+u x'g\ .
;+efljt bfloTjx?
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/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
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cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
! r'Qmf jf e'QmfgL x'g af“sL nufgL@ k|Tofe"lt k|lta4tf# aLdfn]v cGtu{t eGbf afx]saf6 aLds pk/ bfjL k/]sf] t/ aLdsn] bfloTj :jLsf/ gu/]sf]$ aLdsn] jf aLdssf] tkm{af6 lbOPsf] Uof/]06L% cGo -d[To'' bfaL /]k'8]zg_
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qm=;+= ljj/0f o; aif{ ut aif{
- 13 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Annexure Current Year Previous Year
Sources1 Paid up capital 16 250,000,000.00 250,000,000.002 Reserve & Surplus 17 9,859,032.10 50,961,588.303 Life Insurance Fund 11 2,492,329,056.33 1,688,904,780.154 Catastrophe Reserve 18 -aaa -aaa5 Long term loan & Borrowing 19 -aaa -aaa
Total Sources 2,752,188,088.43 1,989,866,368.45Uses
6 Fixed Assets (Net) 20 5,860,365.36 6,220,356.987 Investment 21 2,577,194,735.24 2,109,089,453.448 Policy Loan 3 92,965,629.79 25,334,933.00
Current Assets, Loans and advances:9 Cash and Bank Balance 22 52,686,867.10 45,287,772.5310 Other Loan 23 18,959,489.62 9,741,239.3011 Other Assets 24 93,410,854.47 67,742,702.51
Total (A) 165,057,211.19 122,771,714.34Current liabilities and provisions:
12 Current Liabilities 25 135,255,960.25 304,743,253.5813 Provision for Unexpired Risk 26 -aaa -aaa14 Claims Payable 9 8,658,010.00 7,086,500.00
Total (B) 143,913,970.25 311,829,753.5815 Net Current Assets C = (A - B) 21,143,240.94 (189,058,039.24)16 Miscellaneous Expenses (To the extent not written off) 27 55,024,117.10 38,279,664.2717 Loss Transferred From Profit & Loss Account -aaa -aaa
Total Uses (6+7+8+15+16+17) 2,752,188,088.43 1,989,866,368.45
Contingent Liabilities and Annexures 3, 9, 11 & 16 to 29 are integral part of this Balance Sheet.
Contingent Liabilties
S.N. Particulars Current Year Previous Year
1 Unpaid Investment -aaa -aaa2 Underwriting Commitment -aaa -aaa3 Claim other than insurance business not accepted by the company -aaa -aaa4 Guarantee issued by insured or on behalf of insured -aaa -aaa5 Other (Death Claims Repudiated) 7,115,000.00 5,265,000.00
Total 7,115,000.00 5,265,000.00
Life Insurance Corporation (Nepal) Ltd.Balance Sheet as on Ashad End 2065 (15th July 2008)
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
- 14 -
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hDdf Joo -v_!* hLjg aLdf sf]ifdf ;f/]sf] art = -s_ – -v_
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- 15 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particular Anx Current Year Previous Year
INCOME1 Net Premium 1 899,198,707.58 722,946,301.842 Re-Insurance Commission Income -aaa -aaa3 Investment, Loan And other Income 2 130,673,519.14 84,000,140.094 Income From Policy Loan 3 5,750,621.82 1,925,050.655 Other Direct Income 6,602,780.36 5,993,435.536 Provision for outstanding claims at the begin of the year 7,086,500.00 10,271,839.007 Provision for unexpired risk at the beginning of the year -aaa -aaa
Total Income (A) 1,049,312,128.90 825,136,767.11Expenditure
8 Claim Payment (Net) 4 57,937,158.80 46,784,460.149 Agent Commision 5 110,697,677.25 96,890,386.2810 Medical Fee 2,212,388.00 2,360,265.0011 Re-Insurance Commission Expenses -aaa -aaa12 Service Charges (Net) 6 9,006,827.00 7,256,032.5113 Other Direct Expenses -aaa -aaa14 Management Expenses 7 48,451,503.55 53,027,911.5915 Income Tax 8 17,618,742.40 7,741,872.2016 Provision for Outstanding claim to be paid at the end of the year 9 8,658,010.00 7,086,500.0017 Provision for unexpired Risk to be paid at the end of the year -aaa -aaa
Total Expenditure (B) 254,582,307.00 221,147,427.7218 Surplus Transferred to Life Fund (A - B) 794,729,821.90 603,989,339.39
Annexures 1 to 9 are integral part of this Revenue Account.
Life Insurance Corporation (Nepal) Ltd.Revenue Account for the F. Y. 20664/65
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
- 16 -
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- 17 -
jflif{s k|ltj]bg
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Annual Report
S.N. Particular Anx Current Year Previous Year
Income1 Transferred from Revenue A/c 10 -aaa2 Transferred from Life Insurance fund 11 -aaa 56,623,987.003 Income From Investment Loan and Others 2 13,608,988.84 12,167,264.144 Written Back Provision 12 -aaa -aaa5 Other Income -aaa -aaa
Total Income (A) 13,608,988.84 68,791,251.14Expenses
6 Management expenses 7 5,383,500.39 5,891,990.187 Written off expenses 13 -aaa 4,706.768 Other expenses 14 -aaa -aaa9 Provision for loss 15 861,822.00 -aaa10 Provision for Employees housing11 Provision for Employees Bonus 509,189.81 5,662,398.7012 Income tax 8 1,762,578.56 1,568,578.4113 Transferred to Life Fund 11 4,701,988.79
Total Expenses (B) 8,517,090.76 17,829,662.8414 Net profit/(loss) C = (A-B) 5,091,898.08 50,961,588.3015 Expenses pertains to Prevoius year -aaa -aaa16 Profit transferred from Previous year 42,267,134.02 -aaa
Amount available for Appropriation 47,359,032.10 50,961,588.3017 (a) Capital reserve -aaa -aaa
(b) Catastrophy reserve -aaa -aaa(c) Special reserve -aaa -aaa(d) Other reserve -aaa -aaa(e) Proposed dividend 37,500,000.00 -aaa
18 Profit transferred to Balance sheet 9,859,032.10 50,961,588.30
Annexures 2, 7, 8 & 10 to 15 are integral part of this Profit & Loss Account.
Life Insurance Corporation (Nepal) Ltd.Profit and Loss Account for the year of 2064/65 (2007/2008)
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
- 18 -
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- 19 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current Year Previous Year
A Cash flow from operating activities:Premium Income 900,682,699.82 724,255,575.00Late fee Income 6,602,780.36 5,993,435.53Re-Insurance Income -aaa -aaaRe-Insurance Commission Income -aaa -aaaOther Direct Income -aaa -aaaClaimed recevory from Re-Insurer -aaa -aaaRe-Insurance Premium Paid (1,309,273.16) (1,347,501.81)Re-Insurance commission payment -aaa -aaaAgent commission payment (110,697,677.25) (96,890,386.28)Medical examination fee payment (2,212,388.00) (2,360,265.00)Death claim payment (16,724,038.00) (9,545,381.00)Maturity claim payment (5,551,366.66) (3,436,487.84)Partial-maturity claim payment (14,530,016.00) (11,400,250.00)Surrender value claim payment (21,381,735.14) (22,402,341.30)Other claim payment -aaa -aaaService fee payment (7,242,557.50) (5,428,915.27)Management expenditure payment (47,084,529.33) (60,852,581.94)Income Tax Paid -aaa -aaa(Increase)/decrese in current assets (25,668,151.96) (24,390,479.43)(Increase)/decrese in current liabilities 10,462,172.71 21,937,815.32Net Cash Flow from Operaing activities (A) 665,345,919.89 514,132,235.98
B Cash flow from Investing Activities:(Increase) Decrease in fixed assets (1,323,205.63) (2,131,821.23)(Increase) Decrease in investment in government guaranteed securities. (260,575,491.45) (264,800,000.00)(Increase) Decrease in investment in fixed deposit of bank and financial institution. (102,000,000.00) (443,000,000.00)(Increase) Decrease in investment in other deposit of bank and financial institution. (5,474,672.35) (2,065,609.29)Increase/Decrease in Equtity Share Investments (69,448,358.00) (9,855,334.00)(Increase) Decrease in investment in preference share/debenture (29,170,000.00) (45,400,000.00)(Increase) Decrease in other investment (Premium On Investment) (21,107,769.95) (39,040,671.40)(Increase) Decrease in loans against insurance Policy (67,630,696.79) (16,836,430.74)(Increase) Decrease in other loans and advances (9,218,250.32) (4,436,083.25)Interest Income From Investment 136,724,897.01 97,920,682.52Dividend Received 734,097.50 759,525.00Rental income -aaa -aaaInterest On Policy Loan 5,750,621.82 2,590,199.41Others Indirect Income 8,897,248.59 27,560.00Net Cash Flow from Investing Activities (B) (413,841,579.57) (726,267,982.98)
C Cash flow from Financing ActivitiesAmount received from Shares -aaa -aaa(Increase) Decrease in outstanding debt. -aaa -aaaIncrease/Decrease in short term debt (239,028,968.40) 239,028,968.40Interest Paid on Loan and Debt (5,076,277.35) (2,093,456.77)Dividend paid -aaaNet cash flow from Financing Activities (C) (244,105,245.75) 236,935,511.63Net cash flow from overall activities of this year = (A+B+C) 7,399,094.57 24,799,764.63Opening Balance of Cash & Bank Balance 45,287,772.53 20,488,007.90Closing Balance of Cash & Bank Balance 52,686,867.10 45,287,772.53
Life Insurance Corporation (Nepal) Ltd.Cash Flow Statement for the Period of 17th July 2007 to 15th July 2008
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
- 20 -
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jflif{s k|ltj]bg
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Annual Report
Lif
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
- 24 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
r R. B
ajra
char
ya &
Co.
Char
tere
d Ac
coun
tant
sBi
pin
Kum
ar L
alFi
nanc
e Offi
cer
Devo
jit S
anya
lAs
st. G
ener
al Ma
nage
r M
ural
eedh
aran
. PCE
O/Di
rect
orRa
jend
ra A
ryal
Dire
ctor
S.K.
Muk
harje
eDi
rect
orAs
hok A
graw
alDi
rect
orA.
K. D
as G
upta
Dire
ctor
T. S
. Vija
yan
Chair
man
Cur
rent
Yea
rsPr
evio
us Y
ears
sC
urre
nt Y
ears
Prev
ious
Yea
rss
Cur
rent
Yea
rsPr
evio
us Y
ear
1A
ll Ty
pes
Of P
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ies
900,
519,
779.
5672
3,92
3,56
5.00
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3,99
2.24
1,30
9,27
3.16
899,
035,
787.
3272
2,61
4,29
1.84
2In
sura
nce
Poo
l P
rem
ium
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2633
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84
Ann
exur
e - 1
S.N.
Type
s of
Insu
ranc
eG
ross
Insu
ranc
e Pr
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mIn
sura
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Prem
ium
(Net
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(A) I
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ET)
Cur
rent
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Prev
ious
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r-C
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nt Y
ear-
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us Y
ear-
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519,
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sura
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l P
rem
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Type
s of
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ranc
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miu
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ranc
e Pr
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mRe
-insu
rance
Prem
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ceive
d (ac
cepte
d)
(B) G
RO
SS IN
SUR
AN
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PREM
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Curre
nt Ye
ar-
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l Typ
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- 25 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current Year Previous Year
1 Income from Government Securities & Securities Guaranteed by Govt. 36,497,609.07 13,475,959.902 Income from fixed deposit of Commercial Banks 64,052,591.68 52,061,323.833 Income from fixed deposit of Development Banks 10,866,236.80 9,438,167.374 Income from Investment in CIT 1,000,000.00 1,000,000.005 Income from fixed deposit of Finance Company 11,481,665.60 10,697,456.426 Dividend income from the ordinary shares of housing finance company -aaa -aaa7 Dividend income from ordinary shares of other public company 54,372.50 79,800.008 Dividend income from preference share of bank and financial institution 679,725.00 679,725.009 Income from debenture of bank and financial institution 13,372,803.83 10,478,753.4310 Income from Others ( Advances) 1,113,915.17 665,148.7611 Income from Loan -aaa -aaa12 Income from Other Depsit (Except Fixed Deposit) 638,656.86 769,021.5713 Profit on sale of investment
Less: Loss on sale of Investment14 Profit on purchase of investment 8,879,323.59 -aaa
Less: Loss on purchase of Investment (4,363,317.12) (3,180,412.05)15 Profit on sale of fixed assets
Less: Loss on sale of Fixed Asset16 Written Off/ Amortized17 Incomes related to Previous year’s18 Other Income (Share Transaction) 8,925.00 2,460.00
Total 144,282,507.98 96,167,404.23
Appopriation of income from investment, loan and othersTransferred to profit and loss account 13,608,988.84 12,167,264.14Transferred to income and expenditure account 130,673,519.14 84,000,140.09
Total 144,282,507.98 96,167,404.23
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 2
Income from Investment, Loans and Other Sources
- 26 -
- 27 -
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
- 28 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
r R. B
ajra
char
ya &
Co.
Char
tere
d Ac
coun
tant
sBi
pin
Kum
ar L
alFi
nanc
e Offi
cer
Devo
jit S
anya
lAs
st. G
ener
al Ma
nage
r M
ural
eedh
aran
. PCE
O/Di
rect
orRa
jend
ra A
ryal
Dire
ctor
S.K.
Muk
harje
eDi
rect
orAs
hok A
graw
alDi
rect
orA.
K. D
as G
upta
Dire
ctor
T. S
. Vija
yan
Chair
man
Cur
rent
Yea
rPr
evio
us y
ear
Cur
rent
Yea
rPr
evio
us y
ear
1A
ll Ty
pes
of P
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ies
92,9
65,6
29.7
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5,33
4,93
3.00
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334,
933.
00 5
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25,0
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5
Ann
exur
e - 3
S.N.
Type
s of
Insu
ranc
eIn
com
e Fr
om P
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y Lo
anPo
licy
Loan
Poli
cy L
oan
an
d I
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Poli
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Cur
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ear
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rPr
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ear
Cur
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rPr
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ear
1A
ll Ty
pes
Of P
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ies
15,1
73,5
28.0
010
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6.66
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Ann
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laim
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cf}+&& 7 th
Annual Report
- 30 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
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char
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as G
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. Vija
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man
Ann
exur
e - 5
Agen
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nt Ye
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- 31 -
qmdzM k]h g+= #@
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current Year Previous Year
1 Employee Expenses (Anx 7.1) 14,741,407.70 10,922,670.312 Building Rent 3,952,508.90 3,509,500.403 Water & Electricity 704,532.18 561,434.534 Repair & Maintenance
A. Building 24,386.25 48,761.00B. Vehicle 763,347.92 562,537.44C. Office Equipment 319,968.75 506,812.70D. Others -aaa -aaa
5 Communication 1,551,859.78 1,393,038.066 Printing and Stationary 1,658,350.23 1,684,378.287 Non Capital Office Items -aaa 50,817.508 Transportation 262,701.00 175,767.009 Travelling Expenses (Including Allowance) 11,076.50 -aaa
A. Internal 785,966.76 608,025.85B. International 141,527.60 218,402.60
10 Agent Trainning 503,972.07 482,927.6011 Other Agents Expenses 18,604,406. 24,455,444.9512 Insurance premium 702,322.87 180,766.8613 Security Expenses 356,445.50 736,271.0014 Legal and Consultancy Fees 69,720.00 70,584.3515 Books & Periodicals 103,461.96 40,722.0016 Advertigement and Publicity 1,909,117.25 2,777,208.5017 Business promotion -aaa -aaa18 Entertainment Expenses 95,917.00 109,236.0019 Donation and Awards -aaa -aaa20 Board Committee Expenses
A. Meeting Allowance 114,000.00 6,000.00B. Others 343,452.00 208,607.60
21 Other Committee/Sub Committee ExpensesA. Meeting Allowance -aaa -aaaB. Others -aaa -aaa
22 Expenses relating general meeting 383,745.36 371,343.4023 A. Acturial Service Fee -aaa -aaa
B. Acturial Expenses -aaa -aaa24 Audit Expenses
A. Audit Fee 96,050.00 79,100.00B. Tax Audit Fee 39,550.00 33,900.00C. Long Form Audit Fee -aaa -aaaD. Other Fee -aaa -aaaE. Internal Audit Fee -aaa -aaaF. Others Expenses 12,473.00 1,800.00
Annexure - 7
Management Expenditure
- 32 -
Contd. Page No. 33
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- 33 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current year Previous year
25 Interest 5,076,277.35 2,093,456.7726 Bank charges 194,561.95 153,499.6127 Fee and charges (2,990,882.00) 3,886,706.0028 Depreciation 1,674,197.25 1,645,968.5229 Stamps 490,495.00 537,710.0030 Other 1,138,087.20 806,502.94
Total 53,835,003.94 58,919,901.77
Total for DistributionTransferred to profit and loss account 5,383,500.39 5,891,990.18Transferred to income and expenses Account 48,451,503.55 53,027,911.59
Total 53,835,003.94 58,919,901.77
Note: Last year’s Technical service fee provision has been reversed as per instruction of Beema Samiti this year and recordedunder Fee & Charges.
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 7 contd.
S.N. Particulars Current year Previous year
1 Salary 7,628,942.25 5,571,396.842 Allowances 4,485,061.81 3,538,507.843 Company Contribution Providend Fund 644,295.83 417,951.704 Training expenses 16,000.00 106,593.485 Dress Allowance -aaa -aaa6 Medical Expenses 230,154.66 62,127.007 Insurance 180,013.14 26,005.178 Provision on pension and gratuity 398,891.00 239,800.009 Provision For Leave Encashment -aaa -aaa10 Provision for Other Facilities -aaa -aaa11 Other
A. Education Expenses 71,388.00 91,690.00B. Dasain Expenses 537,372.45 469,756.33C. Incentive to Marketing Officials 162,750.00 296,137.55D. Recruiting Expenses -aaa -aaaE. Employee Benefit Misc. 120,142.29 -aaaF. Relocation Expenses 266,396.27 102,704.40
Total 14,741,407.70 10,922,670.31
Employee Expenses
Annexure - 7.1
- 34 -
- 35 -
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cf}+&& 7 th
Annual Report
- 36 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
r R. B
ajra
char
ya &
Co.
Char
tere
d Ac
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ar L
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graw
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as G
upta
Dire
ctor
T. S
. Vija
yan
Chair
man
Ann
exur
e - 8
In
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us Y
ear
Curre
nt Ye
arPr
evio
us Y
ear
Curre
nt Ye
ar-
Prev
ious
Yea
r
1Al
l Typ
es O
ff Poli
cies
7,38
8,704
.00 6,
110,0
00.00
-aaa
-aaa
-aaa
-aaa
-aaa
-aaa
Tota
l 7,
388,7
04.00
6,11
0,000
.00 -a
aa -a
aa -a
aa -a
aa -a
aa -a
aa
S.N.
Type
s of In
sura
nce
Outs
tand
ing D
eath
claim
Outst
andin
g Pa
rtial
Matur
ity cl
aimOu
tsta
ndin
g Mat
urity
claim
Outst
andin
g Su
rrend
er va
lue cl
aim
Curre
nt Ye
ar-
Prev
ious
Yea
rCu
rrent
year
-Pr
evio
us Y
ear
Curre
nt Ye
ar-
Prev
ious
Yea
rCu
rrent
Year
-Pr
evio
us Y
ear
Curre
nt Ye
ar-
Prev
ious
Yea
r
140,0
00.00
60,00
0.00
-aaa
-aaa
7,52
8,704
.00 6,
170,0
00.00
-aaa
-aaa
8,65
8,010
.00 7,
086,5
00.00
140,0
00.00
60,00
0.00
-aaa
-aaa
7,52
8,704
.00 6,
170,0
00.00
-aaa
-aaa
8,65
8,010
.00 7,
086,5
00.00
Claim
IBNR
(Est
imat
ed)
Share
of re-
insure
r on tot
al outs
tandin
g claim
Tota
l Out
stan
ding
claim
Prov
ision
for c
laim
of p
aym
ent
Othe
r Out
stan
ding
cali
m
- 37 -
cg';
"rL –
!)
cfo
Jo
o lx
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x?af
6 g
fkmf
gf]S
;fg
lx;
fad
f ;f/
]sf] /
sd
cg';
"rL–
!!h
Ljg
aLd
f sf]if
qm=;
+=aLdf
sf] ls
l;d
;dfof]h
g cuf8L
sf] hLjg
aLdf
sf]if -jif{s
f] z'?d
f_gfkmf gf]S;
fg lx;
faaf6
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f]cfo Joo
lx;
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g cuf8L
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sf]if -jif{s
f] cGTo
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o; aif{......
ut aif{{.......
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l;d
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]= d'vh
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fns
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cu|j
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fns
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f; u'Kt
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= ljh
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P08
sDkg
Lrf
6{8 P
sfp0
6]06
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
- 38 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
r R. B
ajra
char
ya &
Co.
Char
tere
d Ac
coun
tant
sBi
pin
Kum
ar L
alFi
nanc
e Offi
cer
Devo
jit S
anya
lAs
st. G
ener
al Ma
nage
r M
ural
eedh
aran
. PCE
O/Di
rect
orRa
jend
ra A
ryal
Dire
ctor
S.K.
Muk
harje
eDi
rect
orAs
hok A
graw
alDi
rect
orA.
K. D
as G
upta
Dire
ctor
T. S
. Vija
yan
Chair
man
Ann
exur
e - 1
0
Am
ou
nt
Tran
sfe
rred f
rom
Reven
ue A
ccou
nts
to P
& L
A/c
S.N.
Part
icul
ars
Cur
rent
Yea
rPr
evio
us Y
ear
1Tr
ansf
erre
d fro
m R
even
ue A
ccou
nt-a
aa-a
aa
Tota
l -a
aa -a
aa
LIF
E I
NSU
RA
NCE
FU
ND
Ann
exur
e - 1
1
Curre
nt ye
ar-
Prev
ious
year
Curre
nt ye
ar-
Prev
ious
year
Curre
nt ye
ar-
Prev
ious
year
Curre
nt ye
ar-
Prev
ious
year
1Al
l Typ
es O
f Poli
cies
1,69
7,599
,234.4
3 1,
136,8
37,43
8.97
794,7
29,82
1.90
603,9
89,33
9.39
-aaa
4,70
1,988
.79 2,
492,3
29,05
6.33
1,74
5,528
,767.1
5
Tota
l 1,
697,5
99,23
4.43
1,13
6,837
,438.9
7 79
4,729
,821.9
0 60
3,989
,339.3
9 -a
aa 4,
701,9
88.79
2,49
2,329
,056.3
3 1,
745,5
28,76
7.15
NO
TE: R
s. 8
6,94
,454
.28
(10%
of M
anag
emen
t exp
ense
s til
l 16/
07/2
005)
has
bee
n tra
nsfe
rred
From
Res
erve
& S
urpl
us to
Life
Fun
d as
per
inst
ruct
ion
of
Bee
ma
Sam
iti le
tter
date
d 20
65/0
3/19
.aa
S.N.
Type
s of In
sura
nce
Life I
nsura
nce F
und B
efore
Adjus
tmen
t (Beg
inning
Of th
e Yea
r)Tr
ansf
erre
d Fro
mpr
ofit
& Lo
ss A
/CTr
ansf
erre
d Fro
mRe
venu
e Acc
ount
Life
Insu
ranc
e Fun
d Bef
ore
Adju
stm
ent (
End O
f the
Year
)
Adju
stm
en
t i
n L
ife I
nsu
ran
ce F
un
d
Cur
rent
Yea
rPr
evio
us Y
ear
Cur
rent
Yea
rPr
evio
us Y
ear
Cur
rent
Yea
rPr
evio
us Y
ear
1A
ll Ty
pes
Of P
olic
ies
2,4
92,3
29,0
56.3
3 1
,745
,528
,767
.15
-aa
a 5
6,62
3,98
7.00
-aa
a -
aaa
Tota
l 2
,492
,329
,056
.33
1,7
45,5
28,7
67.1
5-a
aa 5
6,62
3,98
7.00
-aaa
-aaa
S.N.
Type
s of
Insu
ranc
eLife
Insura
nce Fu
nd Be
fore A
djustm
ent (En
d Of th
e Year
)Li
abili
ties
Und
er P
olic
yTr
ansf
erre
d To
Pro
fit &
Los
s Acc
ount
Cur
rent
Yea
rPr
evio
us Y
ear
Cur
rent
Yea
rPr
evio
us Y
ear
Cur
rent
Yea
rPr
evio
us Y
ear
Cur
rent
Yea
rPr
evio
us Y
ear
-aaa
-aa
a -
aaa
5,6
62,3
98.7
0 -
aaa
50,
961,
588.
30 2
,492
,329
,056
.33
1,6
88,9
04,7
80.1
5
-aaa
-aaa
-aaa
5,66
2,39
8.70
-aaa
50,
961,
588.
30 2
,492
,329
,056
.33
1,6
88,9
04,7
80.1
5
Prov
isio
n fo
r Bon
usLi
fe in
sura
nce f
und a
t the
end o
f the
year
Una
lloca
ted
Am
ount
Prov
isio
n Fo
r Sol
venc
y M
argi
n
ljlkg s'df/ nfnljQ clws[t
b]jf]lht ;fGofn;xfos dxfk|jGws
d'/nLw/g\= kLk|d'v sfo{sf/L clws[t÷;+rfns
/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
cg';"rL – !@Joj:yf lkmtf{
cg';"rL – !#ckn]vg vr{x?
cg';"rL – !$cGo vr{x?
!= nufgLdf gf]S;fgsf] nflu Joj:yf lkmtf{ –sss –sss@= shf{df gf]S;fgsf] nflu Joj:yf lkmtf{ –sss –sss#= z+sf:kb cf;fdL Joj:yf lkmtf{ –sss –sss$= cGo Joj:yf lkmtf{ –sss –sss
hDdf –sss –sss
qm=;+= ljj/0f o; aif{ ut aif{
!= k|f/lDes vr{x? –sss $,&)^=&^@= k"j{ ;+rfns vr{x? –sss –ss#= k/ ;fl/Psf vr{x? –sss –ss$= ckn]vg ul/Psf] nufgL –sss –ss%= ckn]vg ul/Psf] shf{ –sss –ss^= ckn]vg ul/Psf] cf;fdL –sss –ss&= cGo ckn]vg –sss –ss
hDdf –sss $,&)^=&^
qm=;+= ljj/0f o; aif{ ut aif{
!= b08 hl/jfgf –sss –sss@= ljnDa z'Ns hl/jfgf –sss –sss#= cGo –sss –sss
hDdf –sss –sss
qm=;+= ljj/0f o; aif{ ut aif{
- 39 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current Year Previous Year
1 Provision For Loss on Investment Written Back -aaa -aaa2 Provision For Loss on Loan WrittenBack -aaa -aaa3 Provision For Doubtful Debt Written Back -aaa -aaa4 Other Provision Written Back -aaa -aaa
TOTAL -aaa -aaa
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 12
Provision Written Back
S.N. Particulars Current Year Previous Year
1 Preliminary expenses -aaa 4,706.762 Pre-operating expenses -aaa -aaa3 Deferred expenses -aaa -aaa4 Investment Written Off -aaa -aaa5 Loan Written Off -aaa -aaa6 Debtors Written Off -aaa -aaa7 Other Written Off -aaa -aaa
Total -aaa 4,706.76
Annexure - 13
Written Off Expenditure
S.N. Particulars Current Year Previous Year
1 Fine & Penalties -aaa -aaa2 Late Fee & Fine -aaa -aaa3 Other -aaa -aaa
Total -aaa - aaa
Annexure - 14
Other Expenditures
- 40 -
qm=;+= ljj/0f o; aif{ ut aif{
!= clws[t k"“hLs_ ?= !)) b/sf] @%,)),))) yfg ;fwf/0f z]o/ @%),))),)))=)) @%),))),)))=))v_ ?============ b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ –sss –sssu_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ –sss –sss
@= hf/L k"“hLs_ ?= !)) b/sf] @%,)),))) yfg ;fwf/0f z]o/ @%),))),)))=)) @%),))),)))=))v_ ?============ b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ –sss –sssu_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ –sss –sss
#= r'Qmf k"“hLs_ ?= !)) b/sf] @%,)),))) yfg ;fwf/0f z]o/ @%),))),)))=)) @%),))),)))=))Go"g e'QmfgL k|fKt x'g af“sL ?==== b/sf] ===yfg ;fwf/0f z]o/ –sss –sssv_ ?============ b/sf] ====yfg ckl/jt{gLo cu|flwsf/ z]o/ –sss –sssu_ ?========== b/sf] ====== yfg kl/jt{gLo cu|flwsf/ z]o/ –sss –sss
hDdf @%),))),)))=)) @%),))),)))=))
cg';"rL – !^-s_ z]o/ k"“hL
ljlkg s'df/ nfnljQ clws[t
b]jf]lht ;fGofn;xfos dxfk|jGws
d'/nLw/g\= kLk|d'v sfo{sf/L clws[t÷;+rfns
/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
cg';"rL – !%gf]S;fgLsf] nflu Joj:yf
!= nufgLdf gf]S;fgLsf] nflu Joj:yf *^!,*@@=)) –sss@= shf{df gf]S;fgLsf] nflu Joj:yf –ss –sss#= z+sf:kb cf;fdL Joj:yf –ss –sss$= cGo Joj:yf –ss –sss
hDdf *^!,*@@=)) –sss
qm=;+= ljj/0f o; aif{ ut aif{
- 41 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
S.N. Particulars Current Year Previous Year
1 Provision For loss on Investment 861,822.00 -aaa2 Provision For loss on loan -aa -aaa3 Provision For Doubtful Debt -aa -aaa4 Other Provision -aa -aaa
Total 861,822.00 -aaa
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 15Provision for Losses
S.N. Particulars Current Year Previous Year
1 Authorised capitalA. 2500000 Equity Shares worth Rs. 100/- Each 250,000,000.00 250,000,000.00B. …………. Non Reedeemable Preferred worth Rs. …. Each -aaa -aaaC. …………. Reedeemable Preferred worth Rs. …. Each -aaa -aaa
2 Issued CapitalA. 2500000 Equity Shares worth Rs. 100/- Each 250,000,000.00 250,000,000.00B. …………. Non Reedeemable Preferred worth Rs. …. Each -aaa -aaaC. …………. Reedeemable Preferred worth Rs. …. Each -aaa -aaa
3 Paid up capitalA. 2500000 Equity Shares worth Rs. 100/- Each 250,000,000.00 250,000,000.00Less: Receivable Paid up ….. Shares worth ….B. …………. Non Reedeemable Preferred worth Rs. …. Each -aaa -aaaC. …………. Reedeemable Preferred worth Rs. …. Each -aaa -aaa
Total 250,000,000.00 250,000,000.00
Annexure - 16
A. Share Capital
- 42 -
g]kfnL ;+ul7t ;+:yfx? ̂ @%,)))=)) @%=)) ̂ @%,)))=)) @%=))g]kfnL gful/s –sss –s –sss –sljb]zL !,#&%,)))=)) %%=)) !,#&%,)))=)) %%=))hDdf @,))),)))=)) *)=)) @,))),)))=)) *)=))
;j{;fwf/0f %)),)))=)) @)=)) %)),)))=)) @)=))cGo –sss –s –sss –ss"n @,%)),)))=)) !))=)) @,%)),)))=)) !))=))
z]o/wgLo; aif{ ut aif{
;fwf/0f z]o/ ;+Vof :jfldTjsf] % ;fwf/0f z]o/ ;+Vof :jfldTjsf] %
!= ef/tLo hLjg aLdf lgud %%% !#&,%)),)))=)) %%% !#&,%)),)))=))@= lazfn u|'k @%% ̂ @,%)),)))=)) @%% ̂ @,%)),)))=))
ljj/0fo; aif{
:jfldTjsf] %qm=;+=
/sd
qm=;+= ljj/0f o; jif{ ut jif{
!= k"“hLut hu]8f –ss –sss@= ljz]if hu]8f –ss –sss#= cGo hu]8f –ss –sss$= z]o/ lk|ldod –ss –sss%= k|:tfljs jf]gz z]o/ –ss –sss^= gfkmf gf]S;fg lx;faf6 ;f/]sf] gfkmf (,*%(,)#@=!) %),(^!,%**=#)
hDdf (,*%(,)#@=!) %),(^!,%**=#)
cg';"rL – !&hu]8f tyf sf]if
cg';"rL – !^-v_ z]o/ k"“hL
;+:yfks
Ps k|ltzt jf a9L z]o/ :jfldTj ePsf z]o/wgLx?sf] ljj/0f
ut aif{
:jfldTjsf] % /sd
!= ef/tLo hLjg aLdf lgud %%% !#&,%)),)))=)) %%% !#&,%)),)))=))@= lazfn u|'k -g]kfn_ @%% ̂ @,%)),)))=)) @%% ̂ @,%)),)))=))
ljlkg s'df/ nfnljQ clws[t
b]jf]lht ;fGofn;xfos dxfk|jGws
d'/nLw/g\= kLk|d'v sfo{sf/L clws[t÷;+rfns
/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
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- 43 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 16 cond.
B. Ownership Structure of Share
PromotorNepali Organised institution 625,000.00 25% 625,000.00 25%Nepalese citizen -aaa -aa -aaa -aaForeigner 1,375,000.00 55% 1,375,000.00 55%Total 2,000,000.00 80% 2,000,000.00 80%General public 500,000.00 20% 500,000.00 20%Other
Total 2,500,000.00 100% 2,500,000.00 100%
Details Having One or more than one percentage of Shares
Share HolderCurrent Year Previous Year
No.of equity share % of ownership No.of equity share % of ownership
1 Life Insurance Corporation Of India 55% 137,500,000.00 55% 137,500,000.002 Vishal Group ( Nepal) 25% 62,500,000.00 25% 62,500,000.00
ParticularCurrent year Previous year
% of ownershipS.N.
Amount % of ownership Amount
S.N. Particulars Current year Previous year
1 Capital reserve -aaa -aaa2 Special reserve -aaa -aaa3 Other reserve ( Details) -aaa -aaa4 Share premium -aaa -aaa5 Proposed Bonus Share -aaa -aaa6 Profit transferred from profit and loss a/c 9,859,032.10 50,961,588.30
Total 9,859,032.10 50,961,588.30
NOTE: Rs. 86,94,454.28 (10% of Management expenses till 16/07/2005) Transferred to Life Fund A/c asper instruction of BeemaSamiti letter dated 2065/03/19.
Annexure - 17
Reserve and Surplus
- 44 -
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- 45 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 18
- - - - - -- - - - - -
Catastrophe Reserve at the Beginning Of the Year Transferred From P& L A/c Catastrophe Reserve at the End Of the Year
Catastrophe Reserve
Current Year Previous Year Current Year Previous Year Current Year Previous Year
S.N. Particulars Current Year Previous Year
1 Debenture / Bond -aaa -aaa2 Bank -aaa -aaa3 Financial Institution -aaa -aaa4 Others (Detail to be disclosed) -aaa -aaa
Total -aaa -aaa
Annexure - 19
Long Term Loan and Borrowing
- 46 -
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cf}+&& 7 th
Annual Report
As p
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of e
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date
Sure
ndra
Bhu
san
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, FCA
Sr. P
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- 49 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
S.N. Particulars Current Year Previous Year
(A) Long term investment:1 Government Securities & Securities Guranteed by Government 666,038,986.05 403,164,912.602 Fixed deposit of commercial bank 1,197,500,000.00 1,034,000,000.003 Fixed deposit of development bank 175,000,000.00 251,500,000.004 Unit of Citizen Investment Trust 16,000,000.00 16,000,000.005 Fixed diposit of financial institutuion 184,400,000.00 169,400,000.006 Equity share of housing finance company -aaa -aaa7 Equity share of Other company 77,444,100.00 9,855,334.008 Preference share/debenture of bank and financial institution 252,317,770.00 222,150,000.009 Other -aaa -aaa
Total (A) 2,568,700,856.05 2,106,070,246.60
(b) Short term investment1 Government Securities & Securities Guranteed by Government -aaa -aaa2 Interest Bearing Deposit Of Commercial Bank 8,385,797.62 2,915,143.113 Interest Bearing Deposit Of Development Bank 108,081.57 104,063.734 Interest Bearing Deposit of Other Fianancial Institution -aaa -aaa5 Other Interest Bearing Investment -aaa -aaa
Total (B) 8,493,879.19 3,019,206.84
Total (A+B) 2,577,194,735.24 2,109,089,453.44
Annexure - 21
(A) Investment
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gL
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
- 52 -
As p
er o
ur re
port
of e
ven
date
Sure
ndra
Bhu
san
Shre
stha
, FCA
Sr. P
artn
erFo
r R. B
ajra
char
ya &
Co.
Char
tere
d Ac
coun
tant
sBi
pin
Kum
ar L
alFi
nanc
e Offi
cer
Devo
jit S
anya
lAs
st. G
ener
al Ma
nage
r M
ural
eedh
aran
. PCE
O/Di
rect
orRa
jend
ra A
ryal
Dire
ctor
S.K.
Muk
harje
eDi
rect
orAs
hok A
graw
alDi
rect
orA.
K. D
as G
upta
Dire
ctor
T. S
. Vija
yan
Chair
man
1K
umar
i Ban
k Lt
d. 4
439
Uni
t of S
hare
(Incl
udin
g 88
8 U
nit o
f Bon
us S
hare
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lime
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ro P
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dhar
tha
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k Lt
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t of S
hare
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g 54
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nit o
f Bon
us S
hare
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al S
BI B
ank
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nit o
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re(In
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ank
Of K
athm
anu
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t of S
hare
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06
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ima
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ash
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k Lt
d. 5
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t of S
hare
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0.00
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94,7
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ank
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abil
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k Lt
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00 U
nit o
f Sha
re (
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mot
er)
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0.00
200
,000
.00
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00,0
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9H
imal
ayan
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k Lt
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nit o
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rest
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k Lt
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nit o
f Pre
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re C
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nit o
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ni B
ank
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00 1
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re B
ank
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t of S
hare
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ank
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AC
E D
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hare
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IC B
ank
Ltd.
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t of S
hare
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792.
00 5
3,80
0.00
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.00
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00.0
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2.00
115
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,193
.00
Note
:1)
In
sure
r's in
vest
men
t in
shar
e of
si
ster
/Hol
ding
com
pany
and
join
t inv
estm
ent c
ompa
ny h
as to
be
men
tione
d se
para
tely
.2)
in
vest
men
t mad
e in
sha
re n
ot e
nlis
ted
as p
er r
ule
has
to b
e m
entio
ned
sepe
retly
.3)
S
eper
atel
y to
be
disc
lose
d of
pro
mot
or s
hare
and
oth
er o
rdin
ary
shar
e.
Ann
exur
e - 2
1 co
nd.
(B
) I
nvestm
en
t in
sh
are
com
pany
S.N.
Purc
hase
pric
eM
arke
t Pr
ice
Face
Val
ueN
et A
mou
nt
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qm=;+= ljj/0f o; aif{ ut aif{
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/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
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l6=P;= ljhogcWoIf
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cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
- 53 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
S.N. Particular Current year Previous year
1 Loan to Agents 16,093,700.62 8,241,654.302 Loan to Employees 2,865,789.00 1,499,585.003 Other
Total 18,959,489.62 9,741,239.30
Annexure - 23
Other Loan
S.N. Particulars Current year Previous year
1 Cash Balance 7,499,715.49 2,218,263.80
Total (A) 7,499,715.49 2,218,263.80
2 Bank BalanceDeposit In Commercial Banks 44,062,023.01 41,851,322.17Deposit In Development Banks 1,125,128.60 1,218,186.56Deposit in Financial Institutions -aaa -aaaOther -aaa -aaa
Total (B) 45,187,151.61 43,069,508.73
Total (A+B) 52,686,867.10 45,287,772.53
Annexure - 22
Cash and Bank Balance
- 54 -
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hDdf
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qm=;+= ljj/0f o; aif{ ut aif{
ljlkg s'df/ nfnljQ clws[t
b]jf]lht ;fGofn;xfos dxfk|jGws
d'/nLw/g\= kLk|d'v sfo{sf/L clws[t÷;+rfns
/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
- 55 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
S.N. Particular Current Year Previous Year
1 Interest Receivable Against Investment 31,902,774.61 28,997,614.122 Interest Receivable Against Policy Loan 4,919,584.01 1,714,335.203 Other Interest Receivable against loan(except of Policy Loan) -aaa -aaa4 Receivable From Other Insurer (Insurance Pool) -aaa 332,010.005 Due from re-Insurer -aaa 838,336.006 Miscellaneous Debtors -aaa -aaa7 Advance Tax 56,282,695.28 35,331,429.448 Staff advance 21,612.00 32,563.009 Other advance 60,688.57 377,914.7510 Security Deposit 223,500.00 118,500.0011 Outstanding insurance premuim -aaa -aaa12 Less: outstanding insurance premium suspense -aaa -aaa13 Others -aaa -aaa
Total 93,410,854.47 67,742,702.51
Annexure - 24Other Assets
S.N. Particular Current Year Previous Year
1 Due to Agent 3,919,105.96 1,698,646.42 Due to other Insurer -aaa -aaa3 Due to re-insurer 1,233,995.24 1,309,273.164 Deposit Premium 6,912,686.79 3,970,649.745 Unidentified Premium 24,762,075.85 21,311,443.996 Miscellaneous creditor 4,593,226.19 2,770,229.947 Short term loans -aaa 239,028,968.408 Due to Associate/Holding company -aaa 4,705,882.009 TDS Payable 4,747,154.12 244,199.1110 Income Tax Payable 41,405,624.29 22,024,303.3211 Service Charges Payable to Beema Samiti 9,006,827.00 7,242,557.5012 Payable To Employee (Bonus) 509,189.81 -aaa13 Payable To Directors -aaa -aaa14 Provision for employee benefit (Gratuity) 666,075.00 437,100.0015 Others -aaa -aaa
Dividend Payable 37,500,000.00 -aaa
Total 135,255,960.25 304,743,253.58
Annexure - 25Current Liability
- 56 -
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qm=;+= ljj/0f o; aif{ ut aif{
–sss–sss–sss
–sss
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P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
- 57 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
S.N. Particular Current Year Previous Year
1 Unxpired risk provision of ……………… insurance -aaa -aaa2 Unxpired risk provision of ……………… insurance -aaa -aaa3 Unxpired risk provision of ……………… insurance -aaa -aaa
Total -aaa -aaa
Annexure - 26
Provision for Unexpired Risk
S.N. Particular Current Year Previous Year
1 Preliminaryry expenditure (To the extent not written off) -aaa -aaa2 Pre-operation expenditure (To the extent not written off) -aaa -aaa3 Deferred expenses(To the extent not written off) 55,024,117.10 38,279,664.274 Other (To the extent not written off) -aaa -aaa
Total 55,024,117.10 38,279,664.27
Annexure - 27
Miscellaneous expenses (To the not adjusted /amortize)
- 58 -
Annexure - 28
Life Insurance Corporation (Nepal) Ltd.
Significant Accounting Policies
Background of the Company :
Life Insurance Corporation (Nepal) Limited was establishedunder the Companies Act of Nepal on December 26, 2000.The principal promoters of the company are Life InsuranceCorporation of India (55%) and Vishal Group of Nepal (25%).The General Public holds 20% shares in the company. Thecompany is licensed and monitored by Insurance Board ofNepal and commenced its operation on September 1, 2001.
Significant Accounting Policies :
1. Basis of Accounting : Financial Statements areprepared in accordance with the historical costconvention, an accrual basis of accounting (exceptotherwise disclosed otherwise) and in accordance withrelevant Nepalese Accounting Standards, presentationrequirements of the Company Act, 2063 and InsuranceRules 2049 and Financial Directives 2065 of InsuranceBoard of Nepal.
2. Fixed Assets : Fixed Assets are accounted inaccordance with historical cost concept.
3. Depreciation : Fixed Assets are depreciated ondiminishing balance method at the rate prescribed byIncome Tax Act 2058, and as considered adequate bythe management.
4. Non Capitalized Assets : Capital Items for less thanRs. 2000/- has been treated as Revenue Expenditureand charged to Profit & Loss Account in the year ofpurchase.
5. Income Tax Provision and Appropriation : Incometax provision has been made at the rate prescribed byIncome tax act 2058 on the surplus derived from theincome from other than insurance business after
cg';"rL – @*
nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=
ljQLo ljj/0f;+u ;DalGwt k|d'v n]vf gLltx?
sDkgLsf] k[i7e'ld M
nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln= sDkgL P]g cg';f/ @^l8;]Dj/ @))) df :yfkgf ul/Psf] xf] . o; sDkgLsf k|d'v;+:yfks z]o/wgLx?df ef/tLo hLjg aLdf lgud -%%%_/ ljzfn u|'k -@%%_ sf] nufgL /x]sf] 5 . o; sDkgLdf;j{;fwf/0fsf] @)% z]o/ /x]sf] 5 . of] ;+:yf aLdf ;ldtLaf6Ohfht kq k|fKt eO{ / ;f] ;ldltaf6 cg'udg ug]{ hLjg aLdfsDkgL xf] . ! ;]K6]Dj/ @))! b]lv sDkgL ;+rfngdf cfPsf]lyof] .
k|d'v n]vf gLltx? M
!= n]vfdfgsf cjwf/0fx? M ljQLo ljj/0fx? P]ltxfl;s nfutl;4fGt tyf :ki6 ?kdf pNn]v ul/Psf] cj:yfdf afx]sk|f]befjL (Accrual) l;4fGtsf] cfwf/df laBdfg g]kfnn]vfdfgx?, sDkgL P]g @)^#, aLdf lgodfjnL @)$( /aLdf ;ldltsf] laBdfg ljQLo ljj/0f ;DjlGw lgb]{zg@)^% cg';f/ tof/ ul/Psf] 5 .
@= l:y/ ;DklQ n]vf°g gLlt M l:y/ ;DklQnfO{ P]ltxfl;sd"No cjwf/0ff cg';f/ n]vf°g ul/Psf] 5 .
#= x|f; s§L gLlt M l:y/ ;DklQdf 36\bf] x|f; k|0ffnLsf]cfwf/df cfos/ P]g @)%* df tf]lsPsf] b/n] x|f; s§Lul/Psf] 5 / o;nfO{ sDkgL Aoj:yfkgn] kof{Kt 7fg]sf] 5 .
$= k“ "hLs[t gul/g] ;DklQx? ;DjlGw n]vf°g gLlt M¿= @,))).)) eGbf sd d"No kg]{ k'“hLut ;fdfgsf]vl/bnfO{ vl/b u/]sf] jif{df g} gfkmf gf]S;fg lx;fadf vr{n]lv n]vf°g ug]{ gLlt lnOPsf] 5 .
%= cfos/ Joj:yf tyf af“8kmF“8 gLlt M cfos/ Joj:yf;DaGwdf aLdf Aoj;fo afx]ssf] cfDbfgLdf Aoj:yfkgvr{ / :yug vr{nfO{ 36fO cfPsf] artdf cfos/ P]g
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
deducting management expenditure and deferredexpenditure. Income Tax has been divided into Profit &Loss Account and Income Expenditure Account as perthe derived weightages of Profit & Loss Account andIncome & Expenditure Account as prescribed byfinancial directives 2065 of Insurance Board of Nepal.
6. Policy on Investment Accounting :
a. Accounting Policy regarding Investment inGovernment Saving Bond/ Debenture inPublic Companies : As per Financial directives2065 of Insurance Board of Nepal, the companyhas adopted the policy of accounting for investmentmade in Government Saving Bonds andDebentures at cost price or face value which everis less. In case cost price is higher than face value,such excess amount has been accounted asdeferred expenses and amortized within thetenure of Bond / Debenture and in case face valueis higher than cost price, such amount has beenaccounted as gain on investment on accrualbasis. If the market price of such investment isless than the book value, provision on Investmenthas been made for the shortfall amount.
b. Accounting Policy of investment made inFixed Deposit of Banks/ Financial Institutions :As per Financial directives 2065 of InsuranceBoard of Nepal, such investment amount has beenaccounted on principal amount.
c. Accounting Policy of Investment made inShares of public Companies : The investmentmade in ordinary shares of public companies hasbeen accounted on market price or cost pricewhich ever is less. In case the market price isless than cost price, provision for loss oninvestment has been made by the company.
d. Accounting Policy of Investment made inDebentures of Public Companies : As perFinancial directives 2065 of Insurance Board ofNepal, the company has adopted the policy of
@)%* cg';f/s} b/af6 cfos/ Aoj:yf ul/Psf] 5 .ljQLo ljj/0f ;DaGwdf aLdf ;ldtLsf] lgb]{zg @)^%cg';f/ ef/ lgwf{/0f u/L s"n cfos/ /sdnfO{ gfkmfgf]S;fg lx;fa / cfo Aoo lx;fadf lgwf{l/t ef/sf] cg'kftdfaf“8kmf“8 ul/Psf] 5 .
^= nufgL n]vf°g gLlt M
s_ ;/sf/L artkq÷C0fkqdf nufgL n]vf°g gLlt MljQLo ljj/0f ;DjlGwt aLdf ;ldtLsf] lgb]{zg @)^%cg';f/ sDkgLn] ;/sf/L artkq÷C0fkqdf ul/Psf]nufgLnfO{ nfut d"No jf c+lst d"No dWo] h'g sd5 ;f]xL b/df n]vf°g ug]{ gLlt lnPsf] 5 . c+lstd"No eGbf nfut d"No al9 ePsf] v08df To:tf] al9/sdnfO{ :yug vr{df /fvL To:tf] artkq÷C0fkqsf]e'QmfgL cjlw leq k|To]s aif{ ;dfg'kflts ?kdf vr{n]lvg] / nfut d"No eGbf c+lst d"No al9 ePsf]v08df To:tf] /sdnfO{ k|f]befjL (Accrual) cfwf/dfnufgLdf d'gfkmf lzif{s cGt/ut n]vf°g ug]{ gLltlnOPsf] 5 . o:tf] nufgLsf] ahf/ d"No lstfaL d"NoeGbf sd ePdf sd ePsf] /sd a/fa/ ;DefljtnufgL gf]S;fgL Aoj:yfdf hDdf ug]{ u/]sf]] 5 .
v_ a}+s÷ljQLo ;+:yfsf] d'2tL lgIf]kdf nufgL n]vf°ggLlt M ljQLo ljj/0f;+u ;DjlGwt aLdf ;ldtLsf]lgb]{zg @)^% cg';f/ sDkgLn] a}+s÷ljQLo ;+:yfsf]d'2tL lgIf]kdf u/]sf] nufgLnfO{ ;f“jf /sddf n]vf°gug]{ gLlt lnPsf] 5 .
u_ klAns lnld6]8 sDkgLsf] z]o/df nufgL n]vf°ggLlt M klAns lnld6]8 sDkgLsf] ;fwf/0f z]o/dful/Psf] nufgLnfO{ nfut d"No jf ahf/ d"No h'gsd 5 ;f]xL cg';f/ n]vf°g ul/Psf] 5 . nfut d"NoeGbf ahf/ d"No sd ePsf] cj:yfdf sd ePsf]/sd a/fa/ ;Defljt nufgL gf]S;fgL Aoj:yfdfhDdf ug]{ u/]sf] 5 .
3_ klAns lnld6]8 sDkgLn] hf/L u/]sf] C0fkqx?dfnufgL n]vf°g gLlt M ljQLo ljj/0f ;DalGwt aLdf
- 60 -
accounting for investment made in Bonds andDebentures of public Companies on cost price orface value which ever is less. In case cost price ishigher than face value, such excess amount hasbeen accounted as deferred expenses andamortized within the tenure of Bond / Debentureand in case face value is higher than cost price,such amount has been accounted as gain oninvestment on accrual basis. If the market price ofsuch investment is less than the book value,provision on Investment has been made for theshortfall amount.
7. Adjustment Policy for Exchange Fluctuation : Thecompany has no such assets and liabilities in foreignexchange this year.
8. Accounting Policy on Premium Income : PremiumIncome has been recognized on cash basis as requiredby Insurance Act. This is not in arrangement with NepalAccounting Standards, which requires recognition ofincome under accrual basis.
9. Accounting Policy on Re-Insurance Commission :Regular Re-insurance commissions are recognized onaccrual basis and profit commissions of Re-insuranceare recognized on cash basis and no suchcommission has been received in this year.
10. Accounting Policy on Other Income andallocation : Interest income has been recognized onaccrual basis. Dividend income has been recognizedon cash basis and interest on Call Deposit has beenrecognized on accrual basis. Allocation of this type ofincome has been as per the financial directives 2065 ofInsurance Board of Nepal.
11. Loan against Insurance Policies and Others :Income on loan against insurance policies areaccounted on accrual basis and other loans providedto agents and staffs are recognized on cash basis.
12. Management Expenditure allotment policy : As perFinancial directives 2065 of Insurance Board of Nepal,
;ldltsf] lgb]{zg @)^% cg';f/ sDkgLn] klAnslnld6]8 sDkgLn] hf/L u/]sf] C0fkqx¿df u/]sf]nufgLnfO{ nfut d"No jf c+lst d"No dWo] h'g sd5 ;f]xL b/df n]vf°g ug]{ gLlt lnPsf] 5 . nfutd"No c+lst d"No eGbf al9 ePsf] cj:yfdf To:tf]al9 /sdnfO{ :yug vr{ b]vfO{ ;f] C0fkq e'StfgLsf]cjlw el/df ;dfg'kflts ¿kn] vr{ hgfpg] / nfutd"No c+lst d"No eGbf sd ePdf To:tf] km/s/sdnfO{ nufgLdf d'gfkmf lzif{s cGtu{t cfDbfgLafWg] gLlt lnOPsf] 5 . olb ahf/ d"No lstfaL d"NoeGbf sd ePdf To:tf] sd /sdsf] nfuL ;DefljtnufgL gf]S;fgL Aoj:yfdf hDdf ug]{ u/]sf] 5 .
&= ;6xL 36a9 ;dfof]hg gLlt M o; aif{ lab]zL d'b|fdfsDkgLsf] s'g} ;DkQL jf bfloTj /x]sf] 5}g .
*= aLdfz'Ns cfDbfgL n]vf°g gLlt M aLdfz'Ns cfDbfgLlx;fa aLdf P]g cg';f/ gub k|flKtsf] cfwf/df n]vf°gul/Psf] 5 . g]kfn n]vfdfg cg';f/ k|f]befjL (Accrual)
cfwf/df cfDbfgL n]vf°g x'g' kg]{df ;f] gePsf]n] n]vfdfgn]Aoj:yf u/] cg';f/ ePsf] 5}g .
(= k'gaL{df sldzg cfDbfgL n]vf°g gLlt M aLdsn] k'gaL{dfu/] afkt k|fKt ug]{ lgoldt sldzgsf] n]vf°g ubf{ k|f]befjL(Accrual) cfwf/df ul/g] gLlt lnOPsf] 5 eg] k'gaL{dfjfktsf] d'gfkmf sldzg gub k|fKtLsf] cfwf/df n]vf°gug]{ gLlt /x]sf] 5 / of] aif{ sDkgLn] o:tf] sldzg afkts'g} /sd k|fKt u/]sf] 5}g .
!)= cGo cfo n]vf°g tyf af“8kmF“8 gLlt M Aofh cfDbfgLnfO{k|f]befjL (Accrual) cfwf/df n]vf°g ul/Psf] 5 . nfef+zcfDbfgLnfO{ gub k|fKtLsf] cfwf/df n]vf°g ul/Psf] 5 /a}+ssf] sn vftfaf6 k|fKt Aofh cfDbfgLnfO{ k|f]befjL(Accrual) cfwf/df n]vf°g ul/Psf] 5 . ljQLo ljj/0f;DjlGwt aLdf ;ldtLsf] lgb]{zg @)^% cg';f/ o:tf] ;a}cfDbfgLsf] af“8kmf“8 ug]{ gLlt lnOPsf] 5 .
!!= shf{ n]vf°g gLlt M aLdfn]vsf] lwtf]df k|bfg u/]sf]shf{df k|fKt Aofh cfDbfgLsf] k|f]befjL (Accrual) cfwf/df
- 61 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
10% of management expenditure incurred during theyear has been allotted to Profit & Loss Account andrest 90% has been allotted to Income & ExpenditureAccount.
13. Accounting Policy on Claim Payment : Insuranceclaim has been accounted on accrual basis.
14. Accounting Policy on provision for insuranceclaim :
a. The company has not made any provision for IBNRinsurance claim.
b. The company has made provision for 115% ofoutstanding claim as per Insurance rules 2049,section 15 (D).
15. Surplus Allotment Policy on Insurance Business :The company has adopted the policy regarding surplusallotment on insurance business as per Financialdirectives 2065 of Insurance Board of Nepal.
16. Accounting Policy regarding Employee gratuity,Leave and Other Facilities : Employee Gratuityaccounted on accrual basis and leave and otherfacilities are accounted on cash basis at the time ofpayment.
17. Policy on Doubtful Debts : The company has not madeany such provision for doubtful debts in the F. Y. 2065.
18. Amortization Policy :
a. Accounting Policy for Deferred RevenueExpenditure :
Deferred Revenue Expenditure is provided foramortization over five year period from the date ofcommercial operation. According to the policy allthe expenses are amortized.
b. Premium paid on acquisition of governmentsecurities (Investment) is amortized over thematurity period of investment. During the year, thecompany has purchased NRB Bonds by paying
n]vf°g ul/Psf] tyf clestf{ / sd{rf/LnfO{ k|bfgul/Psf] shf{df k|fKt cfDbfgL gub k|flKtsf] cfwf/dfn]vf°g ul/Psf] 5 .
!@= Joj:yfkg vr{ af“8kmF“8 gLlt M ljQLo ljj/0f ;DjlGwtaLdf ;ldtLsf] lgb]{zg @)^% cg';f/ s"n Aoj:yfkg vr{sf]!) k|ltzt /sd gfkmf gf]S;fg lx;fadf ;fl/Psf] / ()k|ltzt /sdnfO{ cfo Aoo lx;fadf ;fl/Psf] 5 .
!#= aLdf bfjL e'QmfgL vr{ n]vf°g gLlt M aLdf bfjL e'QmfgLvr{ ubf{ k|f]befjL (Accrual) cfwf/df n]vf°g ul/Psf] 5 .
!$= aLdf bfjL afkt bfloTj Joj:yf n]vf°g gLlt M
s_ sDkgLn] of] aif{ IBNR aLdf bfaL afkt s'g} /sdAoj:yf u/]sf] 5}g .
v_ aLdf lgodfjnL @)$( sf] v08 !% -3_ cg';f/aLdf bfjL bfloTj afkt e'QmfgL x'g af“sL d[To'bfaLsf]/sd sf] !!% k|ltztsf] b/n] Joj:yf ug]{ gLltlnOPsf] 5 .
!%= aLdf Joj;fodf art af“8kmF“8 gLlt M ljQLo ljj/0f;DjlGwt aLdf ;ldtLsf] lgb]{zg @)^% cg';f/ sDkgLn]aLdf Joj;fodf art af“8kmf“8 ug]{ gLlt lnPsf] 5 .
!^= sd{rf/L pkbfg, ljbf tyf cGo ;'ljwf afkt Joj:yfgLlt M sd{rf/L pkbfg jfktsf] /sdnfO k|f]befjL (Accrual)
cfwf/df / labf / cGo ;'ljwf afktsf] /sdnfO{ gube'StfgLsf] cfwf/df n]vf°g ul/Psf] 5 .
!&= z+sf:kb cf;fdL Joj:yf gLlt M of] aif{ sDkgLn] z+sf:kbcf;fdLsf] nfuL s'g} /sd Aoj:yf u/]sf] 5}g .
!*= ckn]vg vr{ n]vf°g gLlt M
s_ :yug vr{sf] ckn]vg vr{ n]vf°g gLlt M
:yug vr{nfO{ vr{ n]v]sf] ldltaf6 % aif{df ckn]vgug]{ gLlt cg';f/ ckn]vg vr{ hgfOPsf] 5 .
v_ ;/sf/L C0fkqsf] vl/bdf e'StfgL ul/Psf] lk|ldod/sdnfO{ ;f] C0fkqsf] e'Stfg cjlw leq ckn]vg
- 62 -
premium of Rs. 21,107.71 thousand against theface value of Rs. 291,975 thousand. As per thepolicy taken total 4,363.32 thousand has beenamortized this year.
19. Other Policy : The financial Statement have beenprepared in accordance with new financial directives2065 of Insurance Board of Nepal as mentioned abovein number 5 and 12. The effect of such change inaccounting policies to Surplus of revenue transferred tolife fund is Rs. (-1929) thousand.
ul/g] gLlt /x]sf] 5 . of] aif{ sDkgLn] c+lst d"No@(!,(&% xhf/sf] ;/sf/L C0fkqsf] vl/bdf lk|ldodafkt @!,!)&=&! xhf/ e'StfgL u/]sf] 5 . o;;DjGwdf lnOPsf] gLlt cg';f/ of] aif{ $,#^#=#@xhf/ ckn]vg ul/Psf] 5 .
!(= dfly bkmf % / !@ df pNn]v ul/P cg';f/ ljQLoljj/0fx? ljQLo ljj/0f ;DjlGwt aLdf ;ldtLsf] lgb]{zg@)^% cg';f/ tof/ ul/Psf] 5 . o;/L n]vfgLlt kl/jt{gn]ubf{ sDkgLsf] hLag sf]ifdf ;fl/Psf] artdf ¿= -–!(@(_xhf/n] km/s kg{ uPsf] 5 .
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
Annexure - 29
Life Insurance Corporation (Nepal) Ltd.
Notes to Accounts related to
Financial Statements
1. Contingent Liabilities :
A. There are no unpaid investments.
B. The company has no underwriting commitments.
C. There is no claim beside the insurance policies.
D. There is no guarantee given by the company or onbehalf of the company.
E. There are no other liabilities except repudiateddeath claims of Rs. 71.15 lacs.
2. Basis adopted by Actuary while evaluatingInsurer's liabilities : In the last valuation, they haveadopted the modified Net Premium method ofvaluation.
3. There are no disputes and limitations regardingthe company's property. The company has ownedall the properties and assets that are purchased byThe Company and there are no disputes on that.
4. The company has not made any commitments on itsloans, investments and fixed assets.
5. Amount of Investment related purchase / saleagreements :
i. There are no acquired properties / assetsownership of which has not been obtained by thecompany.
ii. There is no amount due against sales of thecompany's property.
cg';"rL – @(
nfOkm OG:of]/]G; skf]{/]zg -g]kfn_ ln=
ljQLo ljj/0f;+u ;DjlGwtn]vf ;DjlGw l6Kk0fLx?
!= ;Defljt bfloTjx? M
c_ r'Qmf jf e'QmfgL x'g af“sL nufgL 5}g .
cf_ sDkgLsf] s'g} k|Tofe"lt k|lta4tf (underwriting
commitments) /x]sf] 5}g .
O_ sDkgLsf] aLdfn]v cGtu{t bfaL afx]s cGo bfjL/x]sf] 5}g .
O{_ sDkgLn] jf sDkgLsf] tk{maf6 s'g} hdfgt (Guarantee)
lbOPsf] 5}g .
p_ ;Defljt bfloTj cGtu{t :jLs[t gePsf] d[To' bfaL¿= &!=!% nfv afx]s cGo bfloTj /x]sf] 5}g .
@= aLdf°Ln] aLdssf] bfloTj d"Nof°g ubf{ cjnDag u/]sf]cfwf/x¿ M ut aLdf°L d"Nof°gdf aLdf°Låf/f df]l8kmfO8g]6 lk|ldod ljlw (Modified Net Premium Method)
ckgfOPsf] 5 .
#= sDkgLsf] ;DklQdf s'g} ls;Ldsf] ljjfb /x]sf] 5}g .sDkgLn] xfn;Dd vl/b u/]sf] ;Dk"0f{ ;DklQ sDkgLsf]gfddf gfd;f/L u/fO;s]sf] / To;df s'g} ljjfb /x]sf] 5}g .
$= shf{, nufgL tyf l:y/ ;DklQsf] nflu sDkgLn] xfn;Dds'g} ls;Ldsf] k|lta4tf AoQm u/]sf] 5}g .
%= nufgL;+u ;DalGwt b]xfosf v/Lb laqmL ;Demf}tfx¿sf]d"No M
c_ v/Lb ul/Psf] ;DklQsf] :jfldTj k|fKt gePsf] s'g};DklQ g/x]sf] .
cf_ laqmL ul/Psf] ;DklQsf] e'QmfgL k|fKt gePsf] s'g}/sd af“ls gePsf] .
- 64 -
^= o; jif{ e/L ul/Psf] nufgL tyf laqmL÷lkmtf{ lnPsf] nufgLsf];DjGwdf ;+:yf, ldlt, kl/df0f / /sd ;d]t v'n]sf] ljj/0f M
s= nufgL M
qm=;+= ;+:yfsf] gfd /sd
! g]kfn P;=lj=cfO=a}+s ln= @^),))),)))=))@ Pg=Pd=lj= a}s ln= @),))),)))=))# glan a}+s ln= %),))),)))=))$ a}+s ckm sf7df8f}+ ln= (&,%)),)))=))% nIdL a}+s ln= &),))),)))=))^ l;4fy{ a}+s ln= !#),))),)))=))& a}+s ckm Plzof g]kfn ln= !),))),)))=))* 8]enkd]G6 qm]l86 a}+s ln= !%,))),)))=))( k|fOd sdl;{on a}+s ln= @%,))),)))=))!) l;4fy{ kmfOgfG; ln= #),))),)))=))! ! dxfnIdL kmfOgfG; ln= $,))),)))=))!@ PrlaPn C0fkq !),))),)))=))!# s]laPn C0fkq !(,!&),)))=))!$ cfO{=Pn=Pkm=;L ln= @&,%)),)))=))!% o'lgog kmOgfG; ln= #!,%)),)))=))!^ ;flgdf ljsf; a}+s ln= $%,))),)))=))!& lj/+uh kmfOgfG; ln= #),))),)))=))!* g]kfn ;/sf/ C0fkq @(!,(&%,)))=))! ( klAns sDkgLsf] ;fwf/0f z]o/
s'df/L a}}+s ln= sf] !%#! lsQf ;fwf/0f z]o/ !,)$&,**%=))l;4fy{ a}+s ln=sf] *#@ lsQf ;fwf/0f z]o/ *#,@))=));flgdf ljsf; a}+s ln= sf] **@ lsQf ;fwf/0f z]o/ **,@))=))g]kfn P;=lj=cfO= a}+s ln= sf] ^() lsQf ;fwf/0f z]o/ !,%((,%%^=))a}+s ckm sf7df8f}+ ln= sf] %)) lsQf ;fwf/0f z]o/ !,)@),)))=))PgcfOlaPn sf] !)%$ lsQf ;fwf/0f z]o/ !,#)$,^*)=))Pe/]i6 a}+s ln= sf] !&$) lsQf ;fwf/0f z]o/ $,(%^,*(#=))P]e/]i6 a}+s ln=sf] (&% lsQf c3|flwsf/ z]o/ ((&,&&)=))a'6jn kfj/ sDkgL ln= sf] ^)) lsQf ;fwf/0f z]o/ (*$,)))=))g];gn xfO8«f] kfj/ s+= ln= sf] @))) lsQf ;fwf/0f z]o/ (#^,)))=))lxdfno a}+s ln= sf] !&)$ lsQf ;fwf/0f z]o/ #,%&$,^))=))n'lDagL a}+s ln= sf] !))) lsQf ;fwf/0f z]o/ $%^,)))=))dfR5fk'R5|«] a}+s ln= sf] !)## lsQf ;fwf/0f z]o/ !,)##,*%(=))PgPdla a}+s ln= ^))) lsQf ;fwf/0f z]o/ #,^)),)))=))8]enkd]G6 qm]l86 a}+s ln= sf] !@!* lsQf ;fwf/0f z]o/ &$&,!^)=)):6f088{ rf68{ a}+s g]kfn ln= sf] ^@#) lsQf ;fwf/0f z]o/ #&,)!*,(^)=))lsi6 dr]{G6 a}+ls· P08 kmfOgfG; ln= sf] @))) lsQf;fwf/0f z]o/ (!(,%))=))o'lglne/ g]kfn ln= sf] !) lsQf ;fwf/0f z]o/ #(,^))=))g]kfn OG8;l6«on sdl;{on a}+s ln= sf] %$( lsQf;fwf/0f z]o/ &@@,)#(=))P; 8]enkd]G6 a}+s ln= sf] ^^^ lsQf ;fwf/0f z]o/ %!*,$%^=))gljn a}s ln= sf] @))) lsQf ;+:yfks z]o/ &,*)),)))=))
hDdf nufgL !,@#,^),(#,#%*=))
6. Detail of investments made in this year is as follows.
A. Investments :
S.No. Name of Institution Amount
1. Nepal SBI Bank Ltd. 26,00,00,000.002. NMB Bank Ltd. 2,00,00,000.003. Nabil Bank Ltd. 5,00,00,000.004. Bank of Kathmandu Ltd. 9,75,00,000.005. Laxmi Bank Ltd. 7,00,00,000.006. Siddhartha Bank Ltd. 13,00,00,000.007. Bank of Asia Nepal Ltd. 1,00,00,000.008. Development Credit Bank Ltd. 1,50,00,000.009. Prime Commercial Bank Ltd. 2,50,00,000.0010. Siddhartha Finance Ltd. 3,00,00,000.0011. Mahalaxmi Finance Ltd. 40,00,000.0012. HBL Debenture 1,00,00,000.0013. KBL Debenture 1,91,70,000.0014. ILFC 2,75,00,000.0015. Union Finance Ltd. 3,15,00,000.0016. Sanima Bikash Bank Ltd. 4,50,00,000.0017. Birgunj Finance Ltd. 3,00,00,000.0018. Nepal Government Bonds 29,19,75,000.0019. Ordinary Shares of Public Limited Co.
Kumari Bank Ltd. 1531 Unit 10,47,885.00Siddhartha Bank Ltd. 832 Unit 83,200.00Sanima Bikash Bank Ltd. 882 Unit 88,200.00Nepal SBI Bank Ltd. 690 Unit 15,99,556.00Bank of Kathmandu Ltd. 500 Unit 10,20,000.00NIBL 1054 Unit 13,04,680.00E.B. Ltd. 1740 Unit 49,56,893.00E.B. Ltd. CP 975 Unit 9,97,770.00Butwal Power Co. Ltd. 600 Unit 9,84,000.00National Hydro power Co. 2000 Unit 9,36,000.00Himalayan Bank Ltd. 1704 Unit 35,74,600.00Lumbini Bank Ltd. 1000 Unit 4,56,000.00MPBL 1033 Unit 10,33,859.00DCBL 1218 Unit 7,47,160.00NMB Bank Ltd. 6000 Unit 36,00,000.00SCBNL 6230 Unit 3,70,18,960.00Kist Merchant Banking &Finance Ltd. 2000 Unit 9,19,500.00Unilever Nepal Ltd. 10 Unit 39,600.00NIC Bank Ltd. 549 Unit 7,22,039.00ACE Dev. Bank Ltd. 666 Unit 5,18,456.00NABIL Bank Ltd. Promoter Share 2000 Unit 78,00,000.00
TOTAL INVESTMENT 1,23,60,93,358.00
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
v= o; cf=a= df e'QmfgL cjlw ;lsPsf tyf laqmL ePsfnufgLsf] ljj/0f M
qm=;+= ;+:yfsf] gfd /sd
! g]kfn P;=lj=cfO= a}+s ln= @@),))),)))=))
@ Pg=Pd=lj= a}s ln= @),))),)))=))
# a}+s ckm sf7df8f}+ ln= ^),))),)))=))
$ nIdL a}+s ln= !%*,))),)))=))
% l;4fy{ a}+s ln= %),))),)))=))
^ 8]enkd]G6 qm]l86 a}+s ln= !),))),)))=))
& dxfnIdL kmfOgfG; ln= $,))),)))=))
* s'df/L a}}+s ln= !#,%)),)))=))
( dfR5fk'R5]« a}+s ln= (@,%)),)))=))
!) cfO{=Pn=Pkm=;L= ln= @&,%)),)))=))
!! o'lgog kmOgfG; ln= #!,%)),)))=))
!@ ;flgdf ljsf; a}+s ln= @%,))),)))=))
!# uf]vf{ ljsf; a}+s ln= @),))),)))=))
!$ g]kfn ;/sf/ C0fkq #!,#((,%)*=@!
hDdf kl/kSj /sd &^,##,((,%)*=@!
&= ;DalGwt a}s÷ljlQo ;+:yfaf6 w]/} h;f] ljj/0f (statement)
k|fKt e};s]sf] / ;f] cg';f/ a}+s vftfsf] lx;fa ;DjlGwReconciliation ljj/0f tof/ kfl/;s]sf] 5 .
*= aLds÷k'gaL{ds;+u lng' lbg' af“sL lx;fa ;DjGwdf ;DjlGwtaLds÷k'gaL{dssf] ;dy{g ;lxtsf] Reconciliation
ljj/0f tof/ kfl/;s]sf] 5 .
(= aLdf lgodfjnL tyf aLdf ;ldltaf6 tf]lsP adf]lhdsf]lgb]{zg cg';f/ sDkgLn] nufgL u/]]sf] 5 .
!)= sDkgLsf] ;+rfns jf ;+rfns;+u ;DjlGwt JolQm jf;+:yf;+u sDkgLn] s'g} sf/f]af/ u/]sf] 5}g .
!!= ;/sf/L C0fkqsf] ;'/If0fdf g]kfn P;=la=cfO= a}+saf6sDkgLn] cf]e/8«fkm\6 C0f ;'ljwf lnPsf] 5 / of] jif{;Dk"0f{ C0f /sd r'Stf ul/;s]sf] 5 .
B. Details of matured and sold Investments duringthis fiscal year :
S.No. Name of Institution Amount
1. Nepal SBI Bank Ltd. 22,00,00,000.00
2. NMB Bank Ltd. 2,00,00,000.00
3. Bank of Kathmandu Ltd. 6,00,00,000.00
5. Laxmi Bank Ltd. 15,80,00,000.00
6. Siddhartha Bank Ltd. 5,00,00,000.00
7. Development Credit Bank Ltd. 1,00,00,000.00
8. Mahalaxmi Finance Ltd. 40,00,000.00
9. Kumari Bank Ltd. 1,35,00,000.00
10. M. P. Bank Ltd. 9,25,00,000.00
11. ILFC 2,75,00,000.00
12. Union Finance Ltd. 3,15,00,000.00
13. Sanima Bikash Bank Ltd. 2,50,00,000.00
14. Gurkha Dev. Bank Ltd. 2,00,00,000.00
18. Nepal Government Bonds 3,13,99,508.21
TOTAL MATURED 76,33,99,508.21
7. The company has prepared the bank reconciliationstatements and has received most of its bank accountsstatements.
8. Description of transactions of re-insurance is approvedby re - insurer company along with reconciliation.
9. The company has made investments according tothe relevant insurance rules and criteria prescribed byInsurance Board.
10. The company has not made any transaction andinvestments with Directors of the company or otherperson and organization associated to Directors.
11. The company has taken overdraft loan from Nepal SBIBank Ltd. against the security of its Government Bondswhich was repaid during the fiscal year.
12. The company has not obtained tax paid certificate andhas not received any claim regarding fine or interest
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!@= sDkgLn] s/ r'Qmf k|df0fkq xfn;Dd k|fKt u/]sf] 5}g;fy]} cl3Nnf] cf=j= x?sf] s/, hl/jfgf jf Aofh afkts'g} bfjL k|fKt u/]sf] 5}g . o; cf=j= df To; jfkt s'g}/sd e'QmfgL ePsf] 5}g .
!#= of] aif{ sDkgLn] s'g} aLdfz'Ns lkmtf{ u/sf] 5}g .
!$= sDkgLn] aLldtnfO{ cf=a= @)^!÷)^@ ;Ddsf] af]g;sf]b/ 3f]if0ff u/]sf] 5 / xfn;Dd cGtl/d af]g;sf] ?kdfnfu" u/LPsf] ljj/0f lgDg cg';f/ /x]sf] 5 M
;fjlws aLdf
jif{ cjlw %—!% !^—@) @!—@% @^ jf ;f] eGbf al9
af]g; b/ $#=)) $&=)) %#=)) ^%=))
wglkmtf{ aLdf
aif{ cjlw !% @) @%
af]g; b/ #(=)) $#=)) $*=))
!%= aLdfz'Ns l9nf e'QmfgLdf lanDa Aofh b/ tyf aLdfn]vsf]lwtf]df k|bfg ul/g] shf{ tyf clestf{ / sd{rf/LnfO{k|bfg ul/Psf] shf{df sDkgLn] b]xfo adf]lhd Aofh b/lgwf{/0f ul/Psf] 5 .
l9nf] aLdfz'Ns e'QmfgLdf lanDj z'Nssf] Aofhb/ *%
aLdfn]vsf] lwtf]df lbOg] shf{sf] Aofhb/ (%
clestf{ shf{sf] Aofhb/ (%
sd{rf/L shf{sf] Aofhb/ &%
!^= ckn]vg x'g af“sL vr{sf] ljj/0f M ;/sf/L C0fkqsf]vl/bdf e'QmfgL ul/Psf] lk|ldod /sdnfO{ ;f] C0fkqsf]e'Qmfg cjlw leq ckn]vg ul/g] gLlt /x]sf] 5 . of] aif{sDkgLn] c+lst d"No @(!,(&% xhf/sf] ;/sf/L C0fkqsf]vl/bdf lk|ldod afkt @!,!)&=&! xhf/ e'QmfgL u/]sf]5 . o; ;DjGwdf lnOPsf] gLlt cg';f/ of] aif{ $,#^#=#@xhf/ ckn]vg ul/Psf] 5 . of] /sdnfO{ cg';"rL @ dfnufgLdf gf]S;fg lzif{s cGtu{t b]vfOPsf] 5 .
due of previous year's income tax and that is not paidin this fiscal year.
13. The company has not refunded any premium in thisyear.
14. The company has declared Vested Bonus upto 2061/062 which is applicable in interim bonus till date asfollows :
ENDOWNMENT POLICIES :
TERM YEAR 5-15 16-20 21-25 26 and above
BONUS RATE 43.00 47.00 53.00 65.00
MONEY BACK POLICIES :
TERM YEAR 15 20 25
BONUS RATE 39.00 43.00 48.00
Bonus rate are applicable for per thousand.
15. The company has determined the interest rate on latepremium payment, interest on loans against insurancepolicies, interest on agent's and employee's loans asfollows :
Interest Rate on late payment of Premium 8% p.a.
Interest Rate on loans against Policies 9% p.a.
Interest Rate on Agent's loans 9% p.a.
Interest Rate on Employees loans 7% p.a.
16. Details of expenses remaining to be amortized :Premium paid on acquisition of government securities(Investment) is amortized over the maturity period ofinvestment. During the year, the company haspurchased NRB Bonds by paying premium ofRs. 21,107.71 thousand against the face value ofRs. 291,975 thousand. As per the policy taken, total4,363.32 thousand has been amortized this year. Thismount has been shown in annexure 2 as loss onpurchase of Investment.
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jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
17. There is no paid in advance, call in arrears among totalpaid up capital and the company has no confiscatedshares that are not re-issued.
18. There is no amortization amount in leasehold propertyup to last year and this year.
19. There are no off balance sheet transactions in thisfiscal year.
20. Income and expenditure booked this year dos notcontain any income and expenditure related toprevious years except for the provision of loss oninvestment written back.
21. a) Last year's provision of loss on investmentRs. 2298582.00 shown in Revenue Account butthis year it has been reversed and shown inannexure 2 in the head of profit of purchase ofInvestment.
b) Previous years figures have been regrouped andrearranged, wherever necessary for comparisonpurposes only.
!&= r'Qmf k"“hL dWo] clu|d e'QmfgL k|fKt (Paid in advance),
e'QmfgL k|fKt x'g af“sL (Call in arrears) / hkmt ul/Psft/ k'gM lgisfzg gul/Psf z]o/ /x]sf] 5}g .
!*= of] jif{;Dd lnh xf]N8 ;DklQdf vr{ (Amortization)
cGtu{t s'g} /sdsf] Aoj:yf ul/Psf] 5}g .
!(= o; jif{ sDkgLsf] jf;nft aflx/sf] s'g} sf/f]af/ /x]sf]5}g .
@)= nufgLdf gf]S;fgsf] Aoa:yf afx]s of] jif{sf] cfDbfgL tyfvr{sf] lx;fadf cl3Nnf aif{x?;+u ;DjlGwt s'g} klgcfDbfgL tyf vr{sf] /sd ;dfj]z 5}g .
@!= s_ ut aif{sf] nufgLdf gf]S;fgL JoJf:yf cGtu{tsf]/sd ?= @@,(*,%*@=)) cfo Aoo lx;fj cGtu{tb]vfOPsf]df of] jif{ ;f] /sdnfO{ cg';"rL @ df nufgLvl/bdf gfkmf lzif{s cGtu{t b]vfOPsf] 5 .
v_ cl3Nnf] jif{sf] c+sx? cfjZostf cg';f/ k'gjuL{s/0ftyf k'g;d'lxs/0f ul/Psf] 5 .
- 68 -
cg';"rL–#)k|d'v ;"rsf°x?
! g]6 jy{@ z]o/ ;+Vof# k|lt z]o/ lstfjL d"No$ v"b gfkmf% k|lt z]o/ cfo (EEPS)^ k|lt z]o/ nfef+z (DPS)& k|lt z]o/ ahf/ d"No (MPPS)* d"No cfDbfgL cg'kft (PE Ratio)( k|yd aif{sf] aLdfz'Ns!) s'n aLdfz'Ns!! v"b aLdfz'Ns÷s'n aLdfz'Ns!@ v"b gfkmf÷s'n aLdfz'Ns!# s'n aLdfz'Ns÷s'n ;DklQ!$ nufgL / shf{af6 cfo÷s'n nufgL / shf{!% s'n nufgL / shf{÷hLjg aLdfsf]if!^ k'gaL{df sldzg cfo÷s'n k'gaL{dfz'Ns!& Joj:yfkg vr{÷s'n aLdfz'Ns!* aLdf clestf{ ;DalGw vr{÷s'n aLdfz'Ns!( aLdf clestf{ ;+Vof@) sd{rf/L ;+Vof@! sfof{nosf] ;+Vof@@ sd{rf/L vr{÷Joj:yfkg vr{@# sd{rf/L vr{÷sd{rf/L ;+Vof@$ e'QmfgL x'g af“sL bfjL /sd÷e'QmfgL ePsf] bfjL /sd@% s'n sfod /x]sf] aLdfn]vsf] ;+Vof@^ o; jif{ gjLs/0f ePsf] aLdfn]vsf] ;+Vof÷ut jif{ sfod /x]sf] aLdfn]vsf] ;+Vof@& bfjL k/]sf] aLdfn]vsf] ;+Vof÷s'n sfod /x]sf] aLdfn]vsf] ;+Vof@* ;f]Ne]G;L dflh{g@( 3f]lift af]g; b/#) cGtl/d af]g; b/
qm=;+= ljj/0f ;"rsf°@)^$÷)^%
cf=a=
?=;+Vof?=?=?=?=?=
cg'kft?=?=
k|ltztk|ltztk|ltztk|ltztk|ltztk|ltztk|ltztk|ltzt;+Vof;+Vof;+Vofk|ltzt ?=
k|ltzt;+Vofdfk|ltztk|ltztk|ltzt
?= k|ltxhf/?= k|ltxhf/
@)^,$&!,@*$=%&@,%)),)))=))
*@=%(%,)(!,*(*=)*
@=)$!%=))
!,)!@=))$(^=*&
!*,(^&,&%$=))()),^*@,&))=))
((=*$)=%&#!=&)%=&*
!)&=@%–sss%=(*!@=@(
!#,&%^=))^*=))!@=))@&=#*
@!^,&*%=$!!$=(!
!#&,#$&=))^&=&^)=)(–sss–sss#(–^%
ljlkg s'df/ nfnljQ clws[t
b]jf]lht ;fGofn;xfos dxfk|jGws
d'/nLw/g\= kLk|d'v sfo{sf/L clws[t÷;+rfns
/fh]Gb| cof{n;+rfns
P;=s]= d'vhL{;+rfns
czf]s cu|jfn;+rfns
P=s]= bf; u'Ktf;+rfns
l6=P;= ljhogcWoIf
;+nUg k|lta]bgsf] cfwf/df
;'/]Gb| e'if0f >]i7, Pkm=;L=P=al/i7 ;fe]mbf/
cf/= ah|frfo{ P08 sDkgLrf6{8 Psfp06]06
EPS n] jf:tjLs d'gfkmf b]vfO/x]sf] 5}g lsgls sDkgLsf] aLdf°L d'Nof°g cf=a= @)^@÷)^# kZrftsf] af“sL /x]sf] 5, aLdf P]g cg';f/ k|To]s tLg aif{dfdfq aLdf°g ug'{kg]{ x'G5 .
- 69 -
jflif{s k|ltj]bg
cf}+&& 7 th
Annual Report
As per our report of even date
Surendra Bhusan Shrestha, FCASr. Partner
For R. Bajracharya & Co.Chartered Accountants
Bipin Kumar LalFinance Officer
Devojit SanyalAsst. General Manager
Muraleedharan. PCEO/Director
Rajendra AryalDirector
S.K. MukharjeeDirector
Ashok AgrawalDirector
A.K. Das GuptaDirector
T. S. VijayanChairman
Annexure - 30
Main Indicator
1 Net worth Rs. 206,471,284.572 No. of Shares Number 2,500,0003 Book value per share Rs 82.594 Net profit Rs 5,091,898.085 Earning per share(EPS) Rs 2.046 Dividend per share (DPS) Rs 15.007 Market price per share (MPPS) Rs 1,012.008 Price Earning Ratio (PE Ratio) Ratio 496.879 First Year Premium Rs 18,967,754.0010 Total Premium Rs 900,682,700.0011 Net Premium / Total Premium % 99.8412 Net Profit / Total Premium % 0.5713 Total Premium / Total Assets % 31.7014 Income from loan, investment/Total Loan, investment % 5.7815 Total Investment, loan / Life fund % 107.2516 Re-insurance Commission income / Total re-insurance premium % -aaa17 Management expenses / Total premium % 5.9818 Agents Expenses / Total premium % 12.2919 No. of Agents Number 13,75620 No. of Staffs Number 6821 No. of Branches Number 1222 Employee expenses / Management Expenses % 27.3823 Employee expenses / No. of staff Rs 216,785.4124 O/s claim amount / Paid claim % 14.9125 No. of total policies Number 137,34726 Current year's renewed policies \ last year's total policies % -aaa27 No. of policies of claims / Total policies % 0.0928 Solvency Margin % N.A.29 Vested Bonus Rate Rs. per thousand -aaa30 Interim Bonus Rate Rs. per thousand 39-65
Note: EPS does not reflect true profitability of the company since the acturial valuation has not been done after F.Y. 2062/063 as perInsurance Act.
S.N. Particulars Indicator2064-65
Fiscal Year
- 70 -