sDkgL P]g, @)^# cGtu{t ;+:yflkt / ;+rflnt

dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8

Maya Khola Hydropower Company Limited
/lhi68{ sfof{no M sf=d=g=kf–$, w'Daf/fxL, sf7df08f}+, kmf]g g+= )!–$$#^#@%
Od]n: mayakhola.hpc@gmail.com, j]j;fO6: www.mkhpcl.com.np
sf]
-lwtf]kq ;DaGwL P]g, @)^# sf] bkmf #) tyf sDkgL P]g, @)^# sf] bkmf @# cGtu{t k|sflzt_
ljj/0f– kq
sDkgLn] cfˆgf] hf/L k"FhL ?=!,)),)),)),)))÷– -Ps ca{_ sf] #$Ü cyf{t\ ?=#$,)),)),)))÷– -rf}QL; s/f]8_ /sd a/fa/sf] ?=!)) c+lst b/sf s'n
#$,)),))) -rf}lt; nfv_ lsQf ;fwf/0f z]o/ ;j{;fwf/0fsf] nflu lgisfzg ug]{5 . h;dWo] o; ljj/0f dfkm{t hf/L k"FhLsf] !)Ü cyf{t ?=!),)),)),)))÷–
-bz s/f]8_ /sd a/fa/sf] ?=!)) c+lst b/sf !),)),))) lsQf ;fwf/0f z] o/x? tn pNn]lvt clt k|efljt tyf k|efljt If]qsf :yfO{ af;LGbfx?sf]
nflu lwtf]kq btf{ tyf afF8kmfF8 lgb]{ lzsf, @)&$ sf] clwgdf /xL lgisfzg u/L laqmL ljt/0f ul/g]5 . ;fj{hlgs lgisfzg ul/g] z]o/sf] !) k|ltzt
cyf{t ?=@,$),)),)))÷– -b'O{ s/f]8 rfnL; nfv_ /sd a/fa/sf] ?=!))÷– c+lst b/sf @,$),))) -b'O{ nfv rfln; xhf/_ lsQf z]o/x? g]kfn ;/sf/sf]
;Dalwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb] zdf a;L /f]huf/ ul//x]sf g]kfnLx?sf nflu lgldQ lwtf]kq btf{ tyf afF8kmfF8 lgb]{lzsf, @)&$, bkmf $v
sf] clwgdf /xL lgisfzg u/L laqmL ljt/0f ul/g] 5 . ;fy}, cfof]hgf k|efljt If]qsf afl;Gbfx?nfO{ tyf g]kfn ;/sf/sf] ;Dalwt lgsfoaf6 >d :jLs[t
k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf g]kfnLx?sf nflu 5' 6ofO{Psf z]o/ afF8kmfF8 u/] kZrft hf/L k" FhLsf] #$Ü cyf{t\ ?=#$,)),)),)))÷– -rf} QL;
s/f]8_ /sd a/fa/sf] ?=!)) c+lst b/sf s'n #$,)),))) -rf}lt; nfv_ lsQf ;fwf/0f z]o/x? dWo] !,@),))) lsQf z]o/ -;j{;fwf/0fsf] nflu 5'6ofO{Psf]
z] o/sf] % k|ltzt_ ;fd"lxs nufgL sf] ifsf of]hgfx?sf] nflu / $*,))) lsQf z]o/ -;j{;fwf/0fsf] nflu 5'6ofO{ Psf] z]o/sf] @ k|ltzt_ sd{ rf/Lx?sf]
nflu ;'/lIft /fvL afFsL /x]sf] !(,(@,))) lsQf z]o/ lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$ sf] clwgdf /xL ;j{;fwf/0fdf ;fj{hlgs lgisfzg
u/L laqmL ljt/0f ul/g] 5 . jftfj/0fLo k|efj d"NofÍg k|ltj]bgdf ePsf] ljj/0f tyf pTkfbg cg'dtLkqsf] cfwf/df cfof]hgf k|e fljt If]q 5'§fOPsf] xf] .
cfof]hgf k|efljt If]q 5'§fOPsf] k|ltzt 5'§fOPsf] z]o/ ;+Vof kF'hL /sd -?_
clt k|efljt If]q -;+v'jf;ef lhNnfsf] r}gk'/ g=kf=sf] j8f g+= * / (, wd{b]jL g=kf= sf] j8f ^) Ü ^,)),))) ^,)),)),)))÷–
g+= #,$ / %, dfbL g=kf=sf] j8f g+= $ / ^ sf :yfO{ af;LGbfx?_
k|efljt If]q -;+v'jf;ef lhNnfsf r}gk'/ g=kf=sf] j8f g+= * / (, wd{b]jL g=kf=sf] j8f g+= #,$ $) Ü $,)),))) $,)),)),)))÷–
/ %, dfbL g=kf=sf] j8f g+= $ / ^ afx]ssf r}gk'/, wd{b]jL / dfbL gu/kflnssf :yfO{ af;LGbfx?_
hDdf !),)),))) !),)),)),)))÷–
sDkgLsf] g]6jy{ tyf k|lt z]o/ cfDbfgL, ;+lrt gfkmf÷gf]S;fgdf ePsf] jf:tljs tyf k|If]lkt cf};t k|ltkmn b]xfo adf]lhd /x]sf] 5 M
jf:tljs ckl/is[t k|If]lkt
ljj/0f cf=j= )&%÷)&^ cf=j= )&^÷)&& cf=j= )&&÷)&* cf=j= )&*÷)&( cf=j= )&(÷)*) cf=j=)*)÷)*! cf=j=)&*÷)&(
k|lt z]o/ g]6jy{ ?= 92.01 90.03 88.53 91.90 96.71 101.46 103.77

k|lt z]o/ cfDbfgL ?= (4.24) (3.18) (3.25) 0.50 2.06 4.75 7.31
;+lrt gfkmf gf]S;fg -?=xhf/_ (27,682.78) (40,667.99) (56,730.45) (53,428.13) (32,865.66) 14,622.71 37,691.66
b/vf:t ;fy k|lt ;fwf/0f z]o/ ?=!))÷— sf b/n] zt k|ltzt e'QmfgL dfu ul/Psf] .
k|lt d]ufjf6 nfut ;DaGwL ljj/0f M sDkgLn] k|jw{g ul//x]sf dfof vf]nf xfO{8«f]k fj/ hnljB't !$=( d]=jf cfof]hgfsf] s'n cg'dflgt
nfut (Interest During Construction (IDC) ;lxt k|lt d]=jf= nfut ?=@),!#,$@,@*!÷() 5 .
ljB't pTkfbg cg'd ltsf] afFsL cjlw ;DaGwL ljj/0f M dfof vf]nf xfO{8«f]kfj/ sDkgL ln= hnljB't cfof]hgfsf] ljB't pTkfbg cg'dtL
kq jxfn /xg] cjlw ldlt @)&!÷)@÷@^ b] l v @!)^÷)@÷@% ut] ;Dd /x] s f] n ] @^ jif{ ( dlxgf afF s L /x] s f] 5 .
nufgL lkmtf{ x'g] cjlw -Pay Back Period_ ;DaGwL ljj/0f M cfof]hgfsf] ;fdfGo nufgL lkmtf{ x'g] cjlw -Simple Pay Back Period)
&=#* jif{ / 5'6 nufgL lkmtf{ x'g] cjlw (Discounted Pay Back Period) !&=!& jif{ /x]sf] 5 .
hnljB't cfof]hgfsf] s'n nfut ljj/0f M dfof vf]nf xfO{8«f]kfj/ sDkgL hnljB't cfof]hgfsf] s'n cg'dflgt nfut (Interest During
Construction (IDC) ;lxt ?=#,)),)),)),)))÷– /x]sf] 5 .
nufgLdf x'g] hf]lvd ;DaGwL pb\3f]if0f M
lwtf]kqdf ul/g] nufgLdf hf]lvd x'g] ePsf]n] To:tf] hf]lvdsf] d"NofÍg ug]{ k|d'v bfloTj nufgLstf{ :jo+sf] x'g]5 / lwtf]kqsf] lgisfzg d'Non] ;"lrs/0f
kZrft\\ lwtf]kq ahf/df x'g] sf/f]af/ d" No ghgfpg] x'Fbf o; ljj/0fkqsf] bkmf * sf] k[i7 !% df pNn]lvt hf]lvdx? ;d]tsf] cWoog u/]/ dfq nufgL
;DaGwL lg0f{o lng ;'emfj ul/G5
lgodg lgsfosf] hjfkmb]lxtf g/xg] pb\3f]if0f M
o; ljj/0fkqdf pNn]lvt lwtf] kq ;fj{hlgs lgisfzgsf] nflu tof/ ul/Psf] o; ljj/0fkqnfO{ lwtf]kq ;DaGwL P]g, @)^# adf]lhd g]kfn lwtf]kq af]8{n] :jLs[tL
k|bfg u/]sf] 5 . o;/L af] 8{n] ljj/0fkq :jLs[tL k|bfg u/]sf] sf/0faf6 s;}n] klg g]kfn lwtf]kq af]8{, sDkgL /lhi6«f/sf] sfof{no jf ;Da4 cGo lgodg lgsfon]
ljj/0fkqdf pNn]lvt s'/fsf] ;Totf jf lgisfzgstf{ jf kl/of]hgfsf] cfly{s ;Ifdtfsf] af/] df s'g} k|sf/sf] k|Tofe" t u/]sf] jf lhDd]jf/L lnPsf] dflgg] 5} g .
qm]l86 /]l6Ë ;DaGwL ljj/0f
o; ljj/0fkq cg';f/ lgisfzg ul/g] ;fwf/0f z]o/sf] nflu lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# -t];|f] ;+zf]wg ;lxt_ df ePsf] Joj:yf adf]lhd
sDkgLsf] O:o"/ /]l6Ë u/fpg' kg]{ ePsf]n] qm]l86 /]l6Ë lgodfjnL, @)^* sf] lgod # adf]lhd g]kfn lwtf]kq af]8{af6 cg'dlt k|fKt qm]l86 /]l6Ë ;+:yf Oqmf
g]kfn lnld6]8af6 O:o"/ /] l6Ë u/fO{ "[ICRANP-IR) BB-" /]l6Ë k| fKt u/]sf] 5 . "[ICRANP-IR) BB-" n] sDkgLsf] bflxTj jxg ug]{ Ifdtf cf};t
hf]lvd "Moderate risk of default regarding timely servicing of financial Obligations" /x]sf hgfpFb5 . Oqmf g]kfn lnld6]8n] [ICRANP-
IR) AAA b]lv [ICRANP-IR) D ;Ddsf] /]l6Ë k|bfg ub{5 h;df u|]8 [ICRANP-IR) AAA n] ;sf/fTds cfwf/ hgfpF5 eg] [ICRANP-IR) D n]
gsf/fTds cfwf/x¿ hgfpF5 . ;f] ;DaGwL ljj/0f o; ljj/0fkqsf] bkmf @@ -0f_ df pNn]v ul/Psf] 5 .
O:o"/ /]l6Ë u|]8 k|bfg u/]sf] ldlt M @)&(÷)%÷!$ axfn /xg] cjlw @)*)÷)%÷!@
cfof]hgf k|e fljt If]qsf afl;Gbfx?nfO{ tyf sd{ rf/Lx?nfO{ lalqm ljt/0f u/]sf] z] o/ ;a{;fwf/0fsf nflu lgisfzg u/]sf] z]o/ afF8kmfF8 ePsf] ldltn]
tLg jif{ k"/f geP ;Dd c? s;}nfO{ lalqm jf x:tfGt/0f ug{ kfOg] 5}g .
g]kfn lwtf]kq af]8{af6 ljj/0f–kqdf :jLs[lt k|fKt ePsf] ldlt @)&(÷)*÷)@ tyf sDkgL /lhi6«f/sf] sfof{nodf ljj/0f–kq btf{ ldlt @)&(÷)*÷!!
lwtf]kq lgisfzg v'Nnf x'g] ldlt M
cfof]hgf k|efljt If]qsf afl;Gbfx?sf] nflu j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu M
lgisf;g v'Nnf x'g] ldlt M @)&(÷)*÷@# lgisf;g v'Nnf x'g] ldlt M @)&(÷)*÷@#
lgisf;g aGb x'g] ldlt -l56f]df_ M @)&(÷)(÷)* -a}lsË ;do kZrft_ lgisf;g aGb x'g] ldlt M @)&(÷)(÷)* -a}lsË ;do kZrft_
lgisf;g aGb x'g] ldlt -l9nf]df_ M @)&(÷)(÷@$ -a}lsË ;do kZrft_
lwtf]kq lgisfzg tyf laqmL k|aGws
k|e' Soflk6n lnld6]8
sdnfbL, sf7df8f}+, kmf]g g+= )!–$!^(!)), %(&)@))
E-mail:info@prabhucapital.com, Web: www.prabhucapital.com
(A Subsidiary of Prabhu Bank Limited)
v=!= ljj/0fkqdf k|of]u ePsf k|fljlws tyf cGo zAbfjnLsf] kl/efiff M
s_ æljj/0fkqÆ eGgfn] sDkgL P]g, @)^# sf] bkmf @# adf]lhd / lwtf]kq ;DaGwL P]g, @)^# sf] bkmf #) adf]lhd k|sflzt ljj/0fx?
ePsf] k'l:tsfnfO{ ;Demg' kb{5 .
v_ ælwtf] k q lgisfzg tyf laqmL k|a Gwsæ eGgfn] k| e ' Soflk6n lnld6] 8 , sdnfbL, sf7df08f} +n fO{ ;Demg' kb{ 5
u_ ælwtf]kqÆ eGgfn] ;+ul7t ;+:yfn] hf/L u/]sf] z]o/ hgfpFb5 .
3_ æ;+ul7t ;+:yf÷sDkgLÆ eGgfn] lgisfzgstf{ sDkgL dfof vf]nf xfO{8«f ]kfj/ sDkgL lnld6]8, w'Daf/fxL nfO{ ;Demg' kb{5 .
ª_ æsDkgLsf sd{rf/Lx?Æ eGgfn] dfof vf]n f xfO{8«f]kfj/ sDkgL lnld6]8sf kbflwsf/Lx? nufotsf sd{rf/Lx? ;Demg' kb{5 .
r_ æ;+sng s]Gb|Æ eGgfn] ;fj{hlgs lgisfzgsf] nflu tof/ ul/Psf] ljj/0fkq / b/vf:t kmf/d k|fKt ug{ ;lsg] tyf b/vf:t
kmf/d;fy /sd a'emfpg ;lsg] u/L tf]lsPsf ;+:yfx?nfO{ ;Demg' kb{5 .
5_ ælgisfzg a}+sÆ eGgfn] lgisfzg tyf laqmL k|aGws;Fu ;Demf}tf u/L lwtf]k q lgisfzgsf] qmddf cfj]bsaf6 k|fKt x'g] /sd
hDdf ug{ lhDd]jf/L lng] a}+snfO{ ;Demg' kb{5 .
h_ ælgodg lgsfoÆ eGgfn] g]kfn lwtf]kq af]8{, sDkgL /lhi6«f/sf] sfof{no, ljB't lgodg cfof]u, pBf]u ljefu tyf ljB't ljsf;
ljefunfO{ ;Demg' kb{5 .
em_ æ;+:yfks, ;~rfns, sfo{sf/L k|d'v tyf Joj:yfkg” eGgfn] dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8sf] ;+:yfks, ;~rfns,
sfo{sf/L k|d 'v tyf Joj:yfkgnfO{ ;Demg' kb{5 .
`_ æaf]8{Æ eGgfn] g]kfn lwtf]kq af]8{nfO{ ;Demg' kb{5 .
6_ æ:yflgojf;LÆ -k|efljt If]q_ eGgfn] cfof]hgff6 ePsf] clt k|efljt tyf k|efljt If]q -pBf]u k|efljt If]q_ cyf{t ;+v 'jf;ef
lhNnf clt k|efljt If]q r}gk'/ gu/kflnsf j8f g+ * / (, wd{b]jL g=kf=sf j8f g+= #,$ / %, dfbL g=kf=sf] j8f g+= $ / ^ /
afFsL tLg} gu/kfnLsfsf] j8fx?nfO{ k|efljt If]qdf :yfoL ?kdf a;f]j f; ug]{ g]kfnL tyf o; sDkgLn] cfJxfg kq k|sflzt
ePsf] ldlt eGbf cl3Nnf] ldlt;Dd ;f]x L :yfgdf aF; fO{ ; /fO{ u/L cfPsf g]k fnL gful/s ;d]t nfO{ hgfpF5 .
7_ æljlQo ljj/0fÆ eGgfn] ;+ u l7t ;+ : yfsf] jf;nft, cfo—Joo ljj/0f, gub k| j fx ljj/0f ;Demg' kb{ 5 .
8_ æv'b ;DklQ -g]6jy{_Æ eGgfn] ;+:yfsf] jf;nftdf /xg] ;DklQsf] s'n hf]8df jfx\o bfloTjnfO{ 36fO{ sfod x'g cfpg] /sd ;Demg'
k5{ .
9_ ænufgL lkmtf{ x'g] cjlw (Pay Back Period)Æ eGgfn] nufgLstf{n] cfkm'n] nufgL u/]sf] /sd lkmtf{ e'QmfgL x'g] cjwL eGg]
;Demg' kb{5 . h;nfO{ jif{df AoQm ul/G5 . æ;fwf/0f nufgL lkmtf{ x'g] cjwLÆ eGgfn] kl/of]hgfdf ePsf] s'n nufgLnfO{ To;
kl/of]hgf af6 k|fKt x'g] aflif{s cf}ift gub k|jfxn] efu ubf{ cfpg] efukmn nfO{ hgfpFb5 / æl8:sfp06df nufgL lkmtf{ x'g]
cjwLÆ eGgfn] kl/of]hgfdf ePsf] s'n nufgLnfO{ To; kl/of]hgfaf6 k|fKt x'g] aflif{s gub k|jfxnfO{ lglZrt k|ltzt a§fb/
åf/f -Discount rate_ jt{d fg d'Nodf kl/0ft ul/ cfpg] gub k|afxaf6 cfof]hgfdf ePsf] s'n nufgLnfO{ efu ubf{ cfpg]
efukmnnfO{ hgfpFb5 . o;n] d'b |f l:kmltnfO{ Wofg lb+bf slt aif{df cfof]hgfsf] nufgL lkmtf{ x'G5 eGg] s'/f j'e mfpF5 .
0f_ ælwtf]kq k|Tofe"ltstf{Æ eGgfn] lwtf]kq Joj;foL -dr]{06 a}+s/_ lgodfjnL, @)^$ sf] lgod !^ sf] v08 -v_ adf]lhdsf] lwtf]kq
k|T ofe"lt-c08//fOl6Ë_ sf] sfo{ ug{ cg'd ltkq k|fKt lwtf]k q Joj;foL >L d'l Qmgfy Soflk6n lnld6]8nfO{ ;Demg' k5{ .
t_ æcf:jf ;b:oÆ eGgfn] g]k fn lwtf] k q af] 8 {a f6 cf:jf ;b:otf lnPsf a} + s tyf ljQLo ;+: yf ;Demg' kb{ 5 .
y_ æk|lt z]o/ g]6 jy{Æ eGgfn] sDkgLsf] jf;nftdf /x]sf] z]o/ k"FhL, z]o/ lk|ldod tyf hu]8f sf]if nufotsf s'g} klg k|sf/sf]
;l~rt sf] i fsf] s' n hf] 8 nfO{ hDdf ;fwf/0f z] o / ;+ V ofn] efu ubf{ cfpg] efukmnnfO{ hgfpF b 5 .
b_ æj}bl] zs /f]huf/LÆ eGgfn] g]kfn ;/sf/sf] ;DalGwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf g]kfnLx?nfO{
;Demg' kb{5 .
w_ æljk]|z0f -/]ld6ofG;_ art vftfÆ eGgfn] g]kfn ;/sf/sf] ;DalGwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf
g]kfnL gful/ssf] af]8{af6 lwtf]kq vl/b b/vf:t ;+sng ;DaGwL sfo{ ug{ k|fKt cfZjf ;b:o a}+s jf ljQLo ;+:yfdf ;DalGwt
JolQmsf] gfddf /x]sf] ljk|]z0f -/]ld6ofG;_ art vftf ;Demg'k5{ .
l;=g+= ljj/0fkq k|fKt ug]{ :yfgsf] gfd / 7]ufgf
!= Kf|e' Soflk6n lnld6]8, sdnfbL, sf7df8f}+, g]kfnÙ j]j;fO6 M www.prabhucapital.com kmf]g g+=— )!– $!^(!)),
@= dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8, sf=d=g=kf=–$, w'Daf/fxL, sf7df08f}+, email: mayakhola.hpc@gmail.com,
j]j;fO6: www.mkhpcl.com.np
#= g]kfn lwtf]kq af]8{, v'dn6f/, nlntk'/sf] j]j;fO6, www.sebon.gov.np
l;=g+= b/vf:t kmf/d k|fKt ug{ / a'emfpg] :yfg M cfof]hgf k|efljt If]qsf :yfgLo afl;Gbfx?sf] nflu b]xfo adf]lhdsf :yfgx?af6
ef}lts ?kdf b/vf:t kmf/d lng] Joj:yf ul/Psf] 5 M
!= != k|fOd sdl;{on a}Fs lnld6]8, vfFbaf/L,;efkf]v/L zfvf ;+v'jf;ef .
@= k|e' a}Fs lnld6]8, vfFbaf/L zfvf ;+v'jf;ef .
#= g]kfn P;lacfO{ a}s lnld6]8, wd{b]aL zfvf .
$=Unf]an cfOPdO{ a}+s lnld6]8 , r}gk'/, vfFbaf/L, ef]6vf]nf zfvf ;+v'jf;ef .
%= dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8 cfof]hgf sfof{no, ;+v'jf;ef .
^= lxdfnog a}+s lnld6]8, dfbL zfvf, ;+v'jf;ef .
&= k|e' Soflk6n lnld6]8sf] sdnfbL tyf o; Soflk6nn] lgdf{0f ul/Psf] cgnfO{g
https://ipoapply.prabhucapital.com lnª\s df uO{ cfj]bg lbg ;Sg]5g\ .
cfof]hgf k|efljt If]qsf :yfgLo afl;Gbfn] z]o/ v/Lb cfj]bg k|fKt ug{sf nflu b/vf:t kmf/d jfkt ?=@÷–-b'O{ ?k}of_
z'Ns a'emfpg' kg]{5 .
@= j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu b/vf:t kmf/fd k|fKt ug]{ / b/vf:t a'emfpg] :yfgx? M
g]kfn lwtf]kq af]8{af6 cg'dlt lnO{ cf:jf (ASBA) ;]jfdf ;xefuL a}s tyf ljQLo ;+:yfx?af6 l;–cf:jf (C–ASBA)
k|0ffnL dfkm{t cfj]bg lbg ;lsg]5 .
#= ;j{;fwf/0f z]o/wgLx?sf] xsdf M g]kfn lwtf]kq af]8{af6 :jLs[tL k|fKt u/]sf ;Dk"0f{ ;L–cf:af (C-ASBA) ;b:o a}+s
tyf ljlQo ;+:yfx? tyf l;l8P; P08 lSnol/Ë lnld6]8af6 lgdf{0 f ul/Psf] ;km\6 j]o/ æd]/f] ;]o/Æ cgnfOg k|of]u ul/
l;cfZjf k|0ffnL dfkm{t cfj]bg lbg ;lsg]5 .
gf]6M l;l8P; P08 lSnol/Ë lnld6]8åf/f ;~rflnt d]/f] z]o/ (Mero Share) cgnfOg k|0ffnL dfkm{t klg cfj]bg ug{ ;lsg]5 .
!
u=!= lwtf]kq lgisf;g tyf laqmL k|aGwssf] pb\3f]if0f M
xfdLnfO{ lgisf;gstf{ ;+ul7t ;+:yf tyf o;sf ;+:yfks÷;~rfnsx?n] pknAw u/fPsf] ljj/0f tyf hfgsf/Lx?sf]
cfwf/df o; ;+:yfsf] Joj:yfksLo, k|fljlws / cfly{s kIfsf] ljZn]if0ffTds cWoogaf6 xfdL ;Gt'i6 x'g'sf] ;fy}
ljj/0fkqdf n]lvPsf cfly{s ljj/0fx? / cGo hfgsf/L tYout, k"0f{ / ;xL b]lvPsf]n] nufgLstf{x?nfO{ nufgL ;DaGwL
lg0f{o lng d2t k'Ug] s'/fk|lt ljZj:t eO{ xfdLn] of] ljj/0fkq :jLs[ltsf nflu g]kfn lwtf]kq af]8{df lwtf]kq ;DaGwL
P]g / lgodfjnL cg'?k tf]lsPsf] of]Uotf k'u]sf] k|lta4tfkq (Due Diligence Certificate) k|:t't u/]sf
5f}+ .
u=@= ;+ul7t ;+:yfsf] pb\3f]if0f M
u=@=s= ;~rfnssf] lhDd]jf/L tyf hjfkmb]lxtf ;DaGwL pb\3f]if0f M
of] ljj/0fkq xfdLn] k'g/fjnf]sg u/L cg'df]bg u/]sf] x'gfn] o; ljj/0fkqdf pNn]v ul/Psf ljj/0f tyf hfgsf/Lsf
;fy} lgisf;g tyf laqmL k|aGwsx?nfO{ lbPsf] ljQLo ljj/0f, cGo ljj/0f, hfgsf/L tyf sfuhftx?sf] ;Totf /
z'4tf k|lt / lwtf]kq btf{ tyf lgisf;g cg'dlt k|of]hgsf nflu g]kfn lwtf]kq af]8{df k]z ul/Psf] ljj/0fkq /
;f];Fu ;DalGwt cGo ljj/0f tyf hfgsf/Lsf] z'4tf tyf ;Totfk|lt o; ljj/0fkqdf x:tfIf/ ug]{ xfdL ;~rfnsx?
JolQmut jf ;fd"lxs ?kdf hjfkmb]lxtf axg ub{5f}+ / lwtf]kq lgisfzgsf nflu tf]lsPsf zt{ tyf cfjZostfx?sf]
;DaGwdf cfjZos hfgsf/L lnO{ xfdL of] pb\3f]if0f ub{5f}+ ls tf]lsPsf zt{ tyf cfjZostfx? ;a} kfngf u/]sf
5f}+ / nufgLstf{x?nfO{ nufgL ;DaGwL ;';"lrt lg0f{o lng cfjZos s'g} ljj/0f, ;"rgf tyf hfgsf/Lx? n'sfPsf
5}gf}+ .
u=@=v= ;+ul7t ;+:yfsf] hjfkmb]xLtf ;DaGwL pb\3f]if0f M
o; dfof vf]nf xfO{8f« k] fj/ sDkgL lnld6]8n] k|sflzt u/]sf] ljj/0fkq, ;fj{hlgs k|:tfj, lj1fkg jf cGo s'g} ;"rgfdf
pNn]v ePsf ljj/0f afx]s o; sDkgLsf] af/]df k|sflzt cGo s'g} ;"rgf jf hfgsf/Lsf] hjfkmb]lxtf o; sDkgLdf
g/xg] / To:tf] ;"rgf, hfgsf/L jf ljj/0fsf] cfwf/df nufgL u/]df ;f]sf] hf]lvd nufgLstf{ :jo+n] axg ug'{kg]{5 .
u=@=u= lgodg lgsfosf] lgodg Joj:yfsf] kfngf ;DaGwL pb\3f]if0f M
k|rlnt sfg"g cg';f/ cfˆgf] pBf]u÷Joj;fo÷;]jf;Fu ;DalGwt lgodg lgsfo -h:t} sDkgL /lhi6«f/sf] sfof{no,
pBf]u ljefu tyf ljB't lgodg cfof]u cflb_ sf] ;fj{hlgs lgisfzg tyf cGo lgodg Joj:yf tyf lgb{]zgx?sf]
kfngf u/]sf] s'/fsf] pb\3f]if0f ub{5f}+ . ;fy} ;fj{hlgs lgisfzg k|of]hgsf] nflu tof/ ul/Psf] ljj/0fkq / ;f]df
pNn]lvt ;Demf}tf jf cGo ljj/0fx? g]kfn lwtf]kq af]8{, g]kfn :6s PS;r]~h lnld6]8df k]z u/]sf 5f}+ . o; ;+:yfn]
sDkgL /lhi6«f/sf] sfof{nodf cfly{s jif{ @)&&÷&* ;Ddsf] ljj/0fx? k]z u/]sf] x'gfn] pQm cfly{s jif{;Dd o;
;+:yf sDkgL /lhi6«f/sf] sfof{nodf cBfjlws /x]sf] Aoxf]/f sDkgL /lhi6«f/sf] ldlt @)&*÷)(÷@@ ut]sf] kqaf6
:ki6 x'G5 . o; sDkgLn] ljB't lgodg cfof]uaf6 k|fylds z]o/ lgisfzgsf] nflu ldlt @)&^÷)(÷@% ut] k"j{
:jLs[lt ;d]t k|fKt ul/;s]sf] 5
u=@=3= ;+:yfks, ;~rfns tyf sfo{sf/L k|d'v ;DaGwL pb3f]if0f M
-!_ o; sDkgLsf ;+: yfks, ;~rfns jf sfo{sf/L k|d'v shf{ ;"r gf s]Gb|s f] sfnf] ;"rLdf /x]sf 5}gg\ .
-@_ o; sDkgLsf ;~rfns jf sfo{sf/L k|d'v sfnf] ;"rLdf /x]sf] cGo ;+ul7t ;+:yfdf ;~rfns jf sfo{sf/L
k|d'v /x]sf 5}gg\ .
-#_ ;fj{hlgs lgisf;g dfkm{t ;j{;fwf/0faf6 k"FhL ;+sng u/L a]kQf ePsf jf ;+rfngdf g/x]sf jf nufgLstf{x?sf]
lxt ljk/Lt x'g] sfo{ u/]sf] ;+ul7t ;+:yfsf] ;~rfns jf sfo{sf/L k|d'v o; ljQLo ;+:yfsf] ;~rfns jf
sfo{sf/L k|d'v 5}gg\ .
-$_ lwtf]kq ;DaGwL sfg"g ljk/Lt sfo{ u/]sf] sf/0f lwtf]kq ahf/ jf lwtf]kq Joj;foLsf] cg'dltkq vf/]h ePsf]
bz jif{ k"/f gePsf] ;+ul7t ;+:yfsf] ;~rfns jf sfo{sf/L k|d'v o; ;+:yfsf]] ;~rfns jf sfo{sf/L k|d'v
5}gg\ .
-%_ o; sDkgLsf]] ;~rfns jf sfo{sf/L k|d'v lwtf]kq ;DaGwL P]gsf] bkmf !)* adf]lhd ;~rfns jf sfo{sf/L
k|d'v x'g cof]Uo /x]sf 5}gg\ .
u=#= ;+ul7t ;+:yf ;DaGwL hfgsf/L M
u=#=s= ;+ul7t ;+:yfsf] k[i7e"ld M
-s_ ;+:yfsf] gfd M dfof vf]nf xfO{8 «f]kfj/ sDkgL lnld6]8 (Maya Khola Hydropower Company Limited)
-v_ ;+:yf s'g P]g cGtu{t :yflkt ePsf] ;f] s'/f M sDkgL P]g, @)^# cGtu{t :yflkt .
-u_ ;+:yfsf] /lhi68{ 7]ufgf M o; sDkgLsf] /lhi68{ sfof{no sf7df08f}+ lhNnf, sf7df08f}+ dxfgu/kflnsf j8f g+
$ w'Daf/fxL /x]sf] 5 . ;DalGwt lgsfodf cfjZostfg';f/ :jLs[tL lnO{ cGo 7fpFdf klg zfvf sfof{no vf]Ng
;lsg]5 .
-3_ hnljB't s]Gb| M o; sDkgLsf] hnljB't pTkfbg s]Gb| ;+v'jf;ef, wd{b]jL g=kf=, j8f g= $ df /x]sf 5g\ .
-ª_ ;+u l7t ;+: yfsf] :yfkgfsfnb]l v xfn;Ddsf] ;+l IfKt Oltxf; / ;+ u l7t ;+ : yfsf] d'V o p2]Z ox? M
sDkgLsf] :yfkgf sfn b]lv xfn;Ddsf] ;+lIfKt Oltxf; b]xfo adf]lhd /x]sf] 5 M
!= g]kfndf /x]sf] ckf/ hn>f]tsf] pkof]u u/L hnljB't cfof]hgfx?sf] klxrfg u/L ;+efJotf cWoog, lgdf{0f /
;+rfng ug]{ x]t'n] lghL If]qsf pBdLx? ldn]/ ldlt @)^&÷)@÷!$ df g]kfn ;/sf/ sDkgL /lhi6«f/sf] sfof{nodf
dfof vf]nf xfO8«f]kfj/sf] gfddf k|fOe]6 lnld6]8 sDkgLsf] ?kdf btf{ eO{ sf/f]af/ ;+rfng ub{} cfPsf] lyof] .
o; sDkgLdf cfof]hgf k|efljt If]q -pBf]u k|efljt If]q_sf afl;Gbf tyf ;j{;fwf/0fx?sf] hg;xeflutf la:tf/
@
 ug]{ x]t'n] ldlt @)&#÷)*÷!& df klJns lnld6]8 sDkgLdf kl/0ft eO{ dfof vf]nf xfO8«fk] fj/ sDkggL lnld6]8sf]
gfddf sf/f]af/ ;+rfng ub{} cfPsf] sDkgL xf] . sDkgLn] cfˆgf] cfof]hgfaf6 pTkflbt ljB't lalqm ug]{ k|of]hgsf
nflu g]kfn ljB't k|flws/0f;+u ljB't vl/b laqmL ;Demf}tf (PPA) ubf{ Take or Pay k|fjwfgdf cfwfl/t eO{ ul/Psf]
5.
@= xfn o; sDkgLdf !^@ hgf ;+:yfks z]o/wgLx? /x]sf 5g\ . o; sDkgLsf ;+:yfks z]o/wgLx? ljB't÷phf{,
a}+s÷ljQLo If]q Pj+ Jofkf/÷Joj;fosf] ;fy} Joj:yfkg If]qdf nfdf] ;dob]lv bVvn ePsf k|ltli7t JolQmTjx?
/x]sf 5g\ .
#= o; sDkgLn] ;+v'jf;ef lhNnfsf]] wd{b]jL gu/kflnsf l:yt dfof vf]nf hnljB't cfof]hgfaf6 !$=( d]ufjf6
hnljB't pTkfbg ug]{ p2]Zo cg'?k hnljB't cfof]hgfsf] lgdf{0f, pTkfbg tyf ;+rfng ug{ g]kfn ;/sf/ phf{,
hn;|f ]t tyf l;+r fO{ dGqfnoaf6 ldlt @)&!÷)@÷@^ df ljB't pTkfbgsf] cg'dlt k|fKt u/]s f] xf] .
$= dfof vf]nf hnljB't cfof]hgjf6 pTkfbg ul/Psf] ;a} ljB'tzlQm Psd'i6 g]kfn ljB't k|flws/0fn] vl/b ug{
dGh'/ u/L sDkgL / k|flws/0f aLr @)&) ;fn dfu{ #) ut] !$=( d]ufjf6 Ifdtfsf] ljB''t vl/b ljqmL ;Demf}tf
eO{;s]s f] 5 . ljB't pTkfbg ;'? ug'{kg]{ ldlt (RCOD) @)&^ Kff}if ! /x]sf]df o; sDkgLn] g]kfn ljB't
k|flws/0fnfO{ cg'/f]w u/] adf]lhd cfk;L ;xdtLdf ljB't pTkfbg ;'? ug'{kg]{ ldlt (RCOD) @)&( cfiff9 !^
ut] ;Dd /x]sf]df ;f] ldlt ;dfKt ePsf]n] sDkgLn] g]kfn ljB't k|flws/0fdf ljB't pTkfbg ;'? ug'{kg]{ ldlt
(RCOD) @)&( kf}if !% ut] ;Dd yk ug{sf] nflu cg'/f]w ul/Psf]df ;f] k| lqmofdf /x] sf] 5 . cg'dflgt ljB't
pTkfbg ldlt @)&( d+l;/ ! ut] /x]sf] 5 .
%= dfof vf]nf hnljB't cfof]hgf -!$=( d]=jf=_ sf] ldlt @)&!÷)@÷@^ df g]kfn ;/sf/, pmhf{ hn;|f]t tyf l;+rfO{
dGqfnoaf6 ljB't pTkfbgsf] cg'dltkq – lj=lj=lj= )&)÷&! lj=p= !@# k|fKt ePsf] xf] / pQm cg'dltkq ldlt
@!)^÷)@÷@% ut] ;Dd axfn /x]sf]n] cg'dflgt ljB't pTkfbg ldlt -@)&(, d+l;/_ af6 @^ jif{ ( dlxgf jfFsL
5.
^= o; dfof vf]nf hnljB't cfof]hgf lgdf{0f ;DkGg eO;Sbf cfof]hgfsf] s"n nfut (Interest During Construction
(IDC) ;lxt ?=# ca{ x'g] / k|lt d]ufjf6 cf};t nfut (Interest During Construction (IDC) ;lxt ?=@) s/f]8 !#
nfv x'g] cg'dfg /x]sf] 5 .
&= sDkgLn] klxrfg u/L ljsf; lgdf{0f k|f/De u/]sf] ;+v'jf;ef lhNnfsf] wd{b]jL g=kf= j8f g $ df !$=( d]ufjf6
Ifdtfsf] dfof vf]nf hnljB't cfof]hgfsf] lgdf{0f sfo{ e}/x]sf] 5 / ;Dk"0f{ lgdf{0f sfo{ ;DkGg eO{ ldlt @)&(
;fn d+l;/ ! ut] b]lv cfof]hgf ;+rfngdf cfpg]] 5 .
l;=g+= ljj/0f Dffof vf]nf hnljB't cfof]hgf
! cfof]hgf :yn ;+vj' f;ef lhNnf, wd{bj] L g=kf= j8f g+= $ d'n ;8s af6 !=% ls=ld=sf] b'/Ldf cjl:yt /x]sf] 5 . cfof]hgfsf]
;Dk"0f{ ;+/rgf ;+v'jf;ef lhNnfsf] wd{b]jL gu/kflnsf j8f g+= #, $ / % df kb{5g\ .
@ >f]t gbL Dffof vf]nf
# cfof]hgfsf] lsl;d /g ckm l/e/
$ l8hfOg l8:rfh{ $=#) So';]s
% pTkfbg x'g ] OghL{ *,!%,^%,^%$ kWH
^ cfof]hgfsf] pTkfbg Ifdtf !$=( d]ufjf6
& u|; x]8 $#&=#) ld6/
* 8fOe;{g afFw @) ld6/
( l8:ofG8LË j]l;g ^) x !@ x (=% ld6/ l;Ën j]
!) k]g:6s ^(! ld6/
!! kfj/xfp; nDafO{ #^ ld6/, rf}8fO{ !# ld6/, prfO{ (=% ld6/
!@ 6jf{Og ;+Vof @, k|lt 6jf{Og cfp6k'6 &,&%) KW
!# h]g ]/]6/ *&^% KVA Per Unit (Two Unit)
!$ cfof]hgfsf] xfnsf] cg'dflgt nfut ?=#,)),)),)),))) ÷– -IDC ;d]t_
ljB't pTkfbg cg'dlt k|fKt ldlt M @)&!÷)@÷@^ ljB't pTkfbg cg'd lt jxfn /xg] ldlt M @!)^÷)@÷@%
pTkfbg x'g] ;Defljt ldlt M @)&( ;fn d+l;/ ! hl8t Ifdtf M !$=( d]=jf .
k|;f/0f nfO{g M sDkgLn] pQm cfof]hgfaf6 pTkfbg x'g] ljB't g]=lj=k|f= sf] k|0fnLdf k|jfx u/fpg kfj/ xfp; b]vL g]=lj=k|f=sf]
lgdf{0fflw afg]Zj/ ;a–:6]zg ;Dd ## s]=eL= k|;f/0f nfO{g tyf sg]Szg KjfO{G6 Interconnection Facilities lgdf{0f u/L
hf]l8g] 5 .
cfof]hgfsf] s'n nfut M ?=# ca{ . cfof]hgfsf] k|lt d]ufjf6 nfut M ?=@) s/f]8 !# Nffv dfq .
cfof]hgfsf] ;fwf/0f nufgL lkmtf{ x'g] cjlw M &=#* jif{ . cfof]hgfsf] l8:sfp06df nufgL lkmtf{ x'g] cjlw M !&=!& jif{ .
RCOD ldlt : @)&( cfiff9 !^ ut] ;Dd /x]sf]df ;f] ldlt ;dfKt ePsf]n] sDkgLn] g]kfn ljB't k|flws/0fdf ljB't pTkfbg
;'? ug'{kg]{ ldlt (RCOD) @)&( kf}if !% ut] ;Dd yk ug{sf] nflu cg'/f]w ul/Psf]df ;f] k|lqmofdf /x]sf] .
sDkgLsf] ljlQo kl/;'rs –
cfof]hgfsf] Jofkf/Ls pTkfbg z'? x'g] jif{ nfO{ cfwf/ aif{ dfGbf nufgL lkmtf{ x'g] cjlw -Pay Back Period_ &=#* jif{ /
-Discounted Pay Back Period at 12 % Discount rate_ !&=!& jif{ / Internal Rate of Return !#=!! k|ltzt / Net
Present Value (NPV) : ? @),%&,#$,))#÷— /xg] cg'dfg /x]sf] 5 . g]kfn /fi6« a}+sn] Valuation k|of]hgsf] nflu tf]s]sf]
k|s[ofnfO{ cfwf/ dfgL sDkgLsf] tL;f}+ aif{sf] gub k|afxnfO{ Discount Rate n] efu ul/ cfpg] gub k|afxnfO{ Terminal
Value dfgL Net Present Value (NPV) tyf Internal Rate of Return (IRR) u0fgf ul/Psf] . NPV tyf IRR u0fgf ubf{
Cash Flow Basis ljlw cg'?k u0fgf ul/Psf] 5 .

#
 Net Present Value (NPV) tyf Internal Rate of Return (IRR) u0fgf ljlw tyf tl/sf M
1. NPV = Net Cash In Flowt1 / (1+r)t1 + Net Cash In Flowt2 / (1+r)t2 + … Net Cash In Flowtn / (1+r)tn - Net Cash
Out Flowt0 / (1+r)t0
where,
r = Discount rate
t = Number of time periods
2. IRR= Ct - C0
(1+r) t
where,
Ct = Net cash inflow during the period t
C0= Total initial investment costs
r = Discount rate
t = Number of time periods
/sd ?= xhf/df
jif{ nufgL cfo ;+rfng tyf Joj:yfkg /f]o N6L Jofh vr{ x|f; s§L af]g; s/ cl3sf] cfDbfgL s/ s/ kl5sf] cfDbfgL gub k|jfx
a b c d e f g h i j k L= (b+f+g+k)
0 (2,326,007) (2,326,007)
¡¢.Ø¢. 2079/80 (673,993) 249,823 20,454 6,362 125,425 76,608 411 20,562 - 20,562 (451,397)
¡¢.Ø¢.2080/81 449,710 36,035 10,356 240,602 114,280 950 47,488 - 47,488 402,370
¡¢.Ø¢.2081/82 464,649 36,129 10,618 229,931 113,440 1,461 73,069 - 73,069 416,440
¡¢.Ø¢.2082/83 477,915 36,200 10,879 217,921 112,781 1,963 98,171 - 98,171 428,873
¡¢.Ø¢. 2083/84 491,182 36,242 11,141 204,404 112,262 2,493 124,640 - 124,640 441,306
¡¢.Ø¢. 2084/85 504,448 36,342 11,402 189,190 113,389 3,022 151,103 - 151,103 453,682
¡¢.Ø¢.2085/86 510,220 36,303 11,518 172,066 113,307 3,471 173,554 - 173,554 458,928
¡¢.Ø¢. 2086/87 510,220 36,216 11,518 152,794 112,931 3,858 192,903 - 192,903 458,628
¡¢.Ø¢. 2087/88 510,220 36,082 11,518 131,102 112,634 4,292 214,592 - 214,592 458,328
¡¢.Ø¢.2088/89 510,220 36,381 11,518 106,688 112,400 4,769 238,463 - 238,463 457,552
¡¢.Ø¢. 2089/90 510,220 35,737 11,518 79,210 114,116 5,287 264,353 26,435 237,917 431,243
¡¢.Ø¢. 2090/91 510,220 35,415 11,518 48,283 114,211 5,898 294,895 29,490 265,406 427,900
¡¢.Ø¢.2091/92 510,220 34,828 11,518 15,849 113,974 6,550 327,501 32,750 294,751 424,574
¡¢.Ø¢. 2092/93 510,220 34,744 11,518 - 113,787 6,866 343,304 34,330 308,974 422,761
¡¢.Ø¢. 2093/94 510,220 35,040 11,518 - 113,641 6,863 343,158 34,316 308,842 422,483
¡¢.Ø¢. 2094/95 510,220 35,425 65,039 - 116,088 5,758 287,909 57,582 230,327 346,415
¡¢.Ø¢. 2095/96 510,220 35,714 65,039 - 116,239 5,750 287,479 57,496 229,983 346,221
¡¢.Ø¢. 2096/97 510,220 36,002 65,039 - 116,045 5,748 287,386 57,477 229,908 345,954
¡¢.Ø¢. 2097/98 510,220 36,290 65,039 - 115,894 5,745 287,251 57,450 229,801 345,695
¡¢.Ø¢. 2098/99 510,220 36,579 65,039 - 115,776 5,742 287,083 57,417 229,667 345,443
¡¢.Ø¢. 2099/00 510,220 36,959 65,039 - 119,855 5,654 282,713 56,543 226,170 346,025
¡¢.Ø¢. 2100/01 510,220 37,236 65,039 - 120,023 5,646 282,276 56,455 225,821 345,844
¡¢.Ø¢. 2101/02 510,220 37,512 65,039 - 119,845 5,644 282,180 56,436 225,744 345,588
¡¢.Ø¢. 2102/03 510,220 37,790 65,039 - 119,705 5,641 282,044 56,409 225,636 345,341
¡¢.Ø¢. 2103/04 510,220 38,067 65,039 - 119,597 5,638 281,879 56,376 225,503 345,100
¡¢.Ø¢. 2104/05 510,220 38,345 65,039 - 119,512 5,634 281,690 56,338 225,352 344,863
¡¢.Ø¢. 2105/06 450,812 38,564 59,099 - 110,256 4,763 238,130 47,626 190,504 300,761
Net Present Value (NPV) Rs ‘000 205,734
Internal Rate of Return (IRR) 13.11%
B/C Ratio / Profitability Index 1.08

Pay Back Period Cost of Capital 12 % Amount in NRS '000

Year Loan & Equity Investment Profit After Tax Depreciation Interest Annual Cash Flow Cummulative Cash Flows DF Discounted Cash Flow Cummulative Discounted Cash Flows
0 -2,326,007_ (2,326,007) (2,326,007) 1.00 (2,326,007) (2,326,007)
1 -673,993_ 20,562 76,608 125,425 (451,397) (2,777,405) 0.89 (403,033) (2,729,041)
2 47,488 114,280 240,602 402,370 (2,375,035) 0.80 320,767 (2,408,274)
3 73,069 113,440 229,931 416,440 (1,958,594) 0.71 296,414 (2,111,860)
4 98,171 112,781 217,921 428,873 (1,529,721) 0.64 272,556 (1,839,303)
5 124,640 112,262 204,404 441,306 (1,088,416) 0.57 250,409 (1,588,894)
6 151,103 113,389 189,190 453,682 (634,734) 0.51 229,849 (1,359,045)
7 173,554 113,307 172,066 458,928 (175,806) 0.45 207,596 (1,151,450)
8 192,903 112,931 152,794 458,628 282,821 0.40 185,232 (966,218)
9 214,592 112,634 131,102 458,328 741,149 0.36 165,278 (800,940)
10 238,463 112,400 106,688 457,552 1,198,701 0.32 147,319 (653,621)
11 237,917 114,116 79,210 431,243 1,629,944 0.29 123,972 (529,649)
12 265,406 114,211 48,283 427,900 2,057,844 0.26 109,831 (419,817)
13 294,751 113,974 15,849 424,574 2,482,417 0.23 97,301 (322,516)
14 308,974 113,787 - 422,761 2,905,178 0.20 86,505 (236,011)
15 308,842 113,641 - 422,483 3,327,662 0.18 77,186 (158,825)
16 230,327 116,088 - 346,415 3,674,077 0.16 56,508 (102,317)
17 229,983 116,239 - 346,221 4,020,298 0.15 50,425 (51,892)
18 229,908 116,045 - 345,954 4,366,252 0.13 44,988 (6,904)
19 229,801 115,894 - 345,695 4,711,947 0.12 40,138 33,234
20 229,667 115,776 - 345,443 5,057,390 0.10 35,811 69,045
Simple Payback Period (Years) ;fwf/0f nufgL lkmtf{ x'g] cjlw aif{ 7.38
Discounted Payback Period (Years) l8:sfp6]8 nufgL lkmtf{ x'g] cjlw aif{ 17.17

$
(= cfof]hgfsf] ljleGg sfo{x?sf] k|ult ljj/0f M
cfof]hgfsf] ef}lts k|ultsf] ljj/0f ldlt @)&( ebf} !% ut] ;Ddsf] ljj/0f lgDg cg';f/ /x]sf] 5 .
ljj/0f dfof vf]nf hnljB't cfof]hgf
sfo{ k|ult k|ult Ü
!= hUuf k|flKt ;DkGGf !))
@= lj:t[t l8hfOg ;DkGGf !))
#= k"jf{wf/ sfo{
#=! k|j]z dfu{ ;DkGGf !))
#=@ lgdf{0f phf{ ;DkGGf !))
#=# c:yfoL lzlj/ / sfof{no ;DkGGf !))
#=$ :yfoL lzlj/ ;DkGGf !))
$= l;len sfo{x?
$=! kl/rfng ;DkGGf !))
$=@ 7]s]bf/ lzlj/ ;DkGGf !))
$=# x]8 sfo{ j]O/ / cG8/:n'O; ;DkGGf !))
$=$ x]8 sfo{ OG6]s u|fen6«ofk / ck|f]r Sofgn ;DkGGf !))
$=% ;]6lnË j]l;g ;DkGGf !))
$=^ x]8/]; kfOk lgdf0f{ sfo{ hf/L (&
$=& k]g:6s kfOk sl/j *)Ü sfo{ ;DkGGf *$
$=* ;h{ kfOk lgdf0f{ sfo{ hf/L ($
$=( phf{u[x / 6]n/]; sl/j (( Ü sfo{ ;DkGGf ((
$=!) l:jrof8{ sl/j &%Ü sfo{ ;DkGGf &%
%= On]S6«f] d]sflgsn sfo{ h8fg sfo{ hfl/ sl/j (%Ü sfo{ ;DkGGf (%
^= xfO{8«f] d]sflgsn sfo{ lgdf0f{ sfo{ hf/L (%
&= k|zf/0f nfO{g sl/j (*Ü sfo{ ;DkGGf ((
*= ;'?Ë lgdf{0f sfo{ sl/j ((Ü sfo{ ;DkGGf ((
hDdf ef}lts k|ult (^
;du|df cfof]hgfsf] sfo{ k|ult (^Ü ;DkGg eO;s]sf] .
!)= kl/of]hgfsf] xfnsf] cj:yf M dfof vf]nf hnljB't cfof]hgfsf] (^Ü k|ltzt sfo{ ;DkGg eO{;s]sf] / xfn cfof]hgf lgdf{0fsf]
clGtd r/0fdf /x]sf] 5 .
!!= kl/of]hgfsf]] IRR k|If]lkt lgDgfg';f/ u0fgf ul/Psf] 5 M
s_ OlSj6L IRR M o; ljlwdf, C0fsf] nfut / C0f e'QmfgLnfO{ e'QmfgL ePsf] ;dodf alx{udgsf] ?kdf lnOPsf] 5 eg]
cf=a= @)&*.&( ;Ddsf] OSjL6LnfO{ u0fgf cjlwsf] ;'?df alx{udg tyf cf=a= @)&(.*) sf] OSjL6LnfO{ aif{ Pssf]
alx{udg ?kdf lnOPsf] 5 .
v_ k|f]h]S6 IRR M o; ljlwdf, kl/of]hgfsf] nfutnfO{ gub alx{udg dflgPsf] 5 eg] C0fsf] nfut tyf C0f e'QmfgLnfO{
gub alx{udg dflgPsf] 5}g .
u_ IRR @^ jif{ & dlxgf ;Ddsf] gub k|jfx ljrf/ u/L u0fgf ul/Psf] 5 .
3_ cg'dflgt kl/of]hgf nfut ?=#)) s/f]8df cf=a= @)&*.&( ;Ddsf] kl/of]hgf C0f tyf OSjL6L, u0fgf cjlwsf] ;'?df
alx{udg tyf @)&(÷*) sf] /sdnfO{ jif{ alx{udg dflgG5 .
!@= NPV k|If]lkt lgDgfg';f/ u0fgf ul/Psf] 5 M
s_ of] cg'dfg ul/Psf] 5 ls jt{dfg ;DklQx? Kfl/of]hgf cjlwsf] cGTodf k|of]u of]Uo x'G5g\ o¢kL To:tf ;DkQLsf] lg;u{
k|aGwn] kl/of]hgfsf] Pglkledf s'g} vf; k|efj kfb{}g .
v_ ?= #)) s/f]8sf] cg'dflgt kl/of]hgf nfutdf cf=a= @)&*.&( ;Ddsf] kl/of]hgf C0f tyf OSjL6L, u0fgf cjlwsf]
;'?df alx{udg tyf @)&(÷*) sf] /sdnfO{ jif{ alx{udg dflgG5 .
sDkgL / g]kfn ljB't k|flws/0f aLr ;DkGg ljB't v/Lb–laqmL ;Demf}tfsf] d'Vo–d'Vo aF'bfx¿ lgDg adf]lhd /x]sf 5g\ .
s= dfof vf]nf hnljB't cfof]hgf af6 jflif{s *!,%^%,^%$ KWh (Kilo Watt) 306f ljB't pTkfbg tyf laqmL ul/g]
s'/f dfl;s phf{ pTkfbg tflnsfdf tf]lsPsf] 5 . dfof vf]nf hnljB't cfof]hgfdf jiff{ ofdsf cf7 dlxgfsf] nflu
^(,@!),##) kWh 306f / ;'Vvfofdsf rf/ dlxgfsf nflu !@,#%%,#@$ kWh kWh 306f lgwf{/ 0f ul/Psf] 5 .
OghL{ tflnsf
PPA 14.9 MW
Table I
14.90 tf]lsPsf] 6jf{Og Ifdtf 91.0%
:yfkgf Ifdtf (kW)
(Rated Turbine Efficiency)
4.30 tf]lsPsf] h]g]/]6/ Ifdtf 96.5%
l8hfOg l8:rfh{ (m3/s)
(Rated Generator Efficiency)
Go"gtd l/nLh (m3/s) 0.114 tf]lsPsf] 6«fG;kmd{/ Ifdtf 99.0%
(Rated Transformer Efficiency)
s'n Head (m) 437.3 ;+o'Qm Ifdtf (Combined Efficiency) 86.94%
Outage + Losses +Self Consumption (%) 5%

%
 /sd ?= xhf/df
ljB't pTkfbgsf] ljB't pTkfbgsf] Net Head cf}i ft kfj/ clwstd dfl;s kfj/ Generation before Outage Including phf{ ;Demf}tf
dlxgf hDdf lbg
nflu gbL (m3/sec) nflu l8:rfh{ (m3/sec) (m) (KW) (KW) Monthly Outage & Losses (kWh) Losses (kWh) (Kwh)
A B C D E E1 F G H=F-G
a}zfv 31 3.45 2.33 428.52 8,523 13,633 6,340,908 317,045 6,023,863
h]i7 31 2.92 2.81 425.37 10,183 14,751 7,575,892 378,795 7,197,097
cfiff9 32 5.96 4.30 411,70 14,751 14,751 11,328,768 566,438 10,762,330
>fj0f 31 8.48 4.30 144,70 14,751 14,751 10,974,744 548,737 10,426,007
efb| 31 7.53 4.30 144,70 14,751 14,751 10,974,744 548,737 10,426,007
cflZjg 31 5.53 4.30 411,70 14,751 14,751 10,974,744 548,737 10,426,007
sflt{s 30 3.72 3.6 418,79 12,827 14,751 9,267,190 463,359 8,603,830
d+l;/ 29 2.24 2.12 429,71 7,782 14,751 5,415,989 2,70,799 5,145,190
kf}if 30 1.64 1.52 432.54 5,615 8,610 4,042,781 202,139 3,840,642
df3 29 1.32 1.21 433.64 2,537 8,161 3,108,038 155,402 2,952,637
kmfNu'0f 30 1.14 1.03 434.17 3,797 9,532 2,733,542 136,677 2,596,865
r}q 30 1.29 1.17 433.75 4.335 10,194 3,121,243 156,062 2,965,181
hDdf
Gff]6 M
!_ o; 6]andf lbOPsf] eGbf km/s lbg ;+Vof k/]sf dlxgfx?df o; 6]ansf] cfwf/df lg:sg] k|lt lbgsf] sG6«fofS6 OghL{n]
dlxgfsf] jf:tljs lbg ;+VofnfO{ u'0ff u/L ;f] dlxgfsf] sG6«fofS6 OghL{ lgwf{/0f ul/g]5 .
@_ ;Demf}tfsf] a'+bf #*=!* df Joj:yf eP cg';f/ Jofkfl/s pTkfbg (COD) ePsf] k|To]s % jif{ k"/f eP kl5 k|To]s dlxgfsf]
sG6«fofS6 OghL{ (Total Contract Energy) kl/jt{g ug{ l;sg]5 .
Table III
;'Vvf ofdsf] s"n OghL{(kWh) 12,355,324
aiff{ ofdsf] s"n OghL{ (kWh) 69,210,330
hDdf (kWh) 81,565,654
v= ljB't vl/b laqmL ;Demf}tfdf pNn]lvt xhf{gf ;DaGwL Joj:yf tyf cGo d"Vo a'Fbf M
ljB't vl/b laqmL ;Demf}tfdf pNn]lvt xhf{gf ;DaGwL Joj:yf tyf cGo d"Vo a'FbfM sDkgLn] ljB't s]Gb|af6
pTkfbg x'g] ljB't zlQm lgwf{l/t 8]lne/L KjfO06;Dd k'¥ofpgsf] nflu k|flws/0fnfO{ dfGo x'g] vfnsf] lgdf{0f,
Joj:yf Pj+ kl/If0fsf] sfo{ ;DkGg ul/ Jofkfl/s pTkfbg z'? ug'{ kg]{ ldlt (Required Commercial
Operation Date) ;Dddf Jofkfl/s pTkfbg z'? x'g] ldlt (Commercial Operation Date) kg]{ u/L
cfof]hgfsf] lgdf{0f tyf kl/If0fsf] sfo{ ;DkGg ug'{ kg]{5 . sfj'aflx/sf] kl/l:yltdf afx]s sDkgLaf6 x'g'kg]{
pk/f]Qm sfo{x? ;dod} ;DkGg x'g g;ls Jofkfl/s pTkfbg z'? ug'{kg]{ ldlt (Required Commercial
Operation Date) eGbf ^ dlxgf k/ ;Dd Jofkfl/s pTkfbg z'? x'g] ldlt (Commercial Operation
Date) gk/]df sDkgLn] k|flws/0fnfO{ xhf{gf ltg'{ kg]{5 . ;fy} k|flws/0fn] klg sDkgLaf6 cfk'lt{ x'g] ljB't
zlQm lngsf] nlfu k|flws/0faf6 x'g' kg]{ sfo{x? ;do leq k'/f u/L ;Sg' kg]{5 . ;dod} cfof]hgfsf] lgdf{0f
Pj+ cGo cfjZos sfo{ ;DkGg u/L cfof]hgaf6 Jofkfl/s pTkfbg z'? x'g] egL sDkgLn] ;"rgf lbO;s] kl5
;fO6sf] ;+o'Qm gfkhfFraf6 pks/0fx?sf] k|fljlws l;dfleq /xL ul/Psf s_ cfof]jhgfn] ;DkGGf u/]sf] Dry
Tests sf glthfx?sf] cWoog tyf k|df0fLs/0 v_ Blacl Start k/LIf0f tyf u_ pknAw nf]8 ;Ddsf] k|fljlws
tj/n[ ;Dej x'g] cjwL;Ddsf] off Grid Mode Operation Test af6 Jof]xf/f l7s 7xl/Pdf aflx/sf]
kl/l:yltdf afx]s k|f lws/0fsf] sf/0fn] cfof]hgfaf6 Jofkfl/s pTkfbg z'? ug'{ kg]{ ldlt (Required
Commercial Operation Date) eGbf ^ dlxgf k/ ;Dd Jofkfl/s pTkfbg z'? ;Dd Jofkfl/s pTkfbg
z'? x'g g;s]df k|flws/0fn] sDkgLnfO{ xhf{gf ltg'{ kg]{5 M
-!_ k|flws/0fn] sDkgLnfO{ ltg{' kg{] xhf{gf /sd Ö
)=$% x sG6«ofS6 OghL{sf] cfwf/df u0fgf ubf{ cfpg] Jofkfl/s pTkfbg z'? ug{' kg{] ldlt eGbf ^ dlxgf k/
sf] ldlt aLrsf] lbg cGt/sf] cjwLsf] phf{ x Jofkfl/s pTkfbg z'? x'g] ldlt (COD) df nfu" x'g] v/Lb b/
jf C0f ;Demf}tf cg';f/ pSt cjwLsf] Aofh dfq ltg{sf nflu k'Ug] /sd dWo] h'g 36L x'G5
t/ COD gePklg k|flws/0fn] j}slNks k|0ffnL dfkm{t cf+lzs dfqfdf ljB't l8:Kofr u/L lnPdf o;/L ;KnfO
ePsf] phf{s f] aLn e'S tflg ePsf] /sd s§f u/L dfq k| flws/0fn] sDkgLnfO xhf{ g f ltg{' kg{]5 .
-@_ sDkgLn] k|flws/0fnfO{ ltg{' kg{] xhf{gf /sd Ö
)=@* x sG6«ofS6 OghL{sf] cfwf/df u0fgf ubf{ cfpg] Jofkfl/s pTkfbg z'? ug{' kg{] ldlt eGbf ^ dlxgf k/
sf] ldlt b]lv Jofkfl/s pTkfbg z'? x'g] ldlt aLrsf] lbg cGt/sf] cjwLsf] phf{ x Jofkfl/s pTkfbg z'? x'g]
ldlt (COD) df nfu" x'g] v/Lb b/ jf C0f ;Demf}tf cg';f/ pSt cjwLsf] Aofh dfq ltg{sf nflu k'Ug] /sdaf6
)=!& x sG6«ofS6 OghL{sf] cfwf/df u0fgf ubf{ cfpg] Jofkfl/s pTkfbg z'? ug{' kg{] ldlt eGbf ^ dlxgf k/
sf] ldlt b]lv Jofkfl/s pTkfbg z'? x'g] ldlt aLrsf] lbg cGt/sf] cjwLsf] phf{ x Jofkfl/s pTkfbg z'? x'g]
ldlt (COD) df nfu" x'g] v/Lb b/ 36fpFbf x'g cfpg] /sd dWo] h'g 36L x'G5 .
k|flws/0fn] lng' kg{] o:tf] xhf{gf /sd ljB't v/Lb jfkt k|flws/0fn] sDkgLnfO{ e'StfgL ug{' kg{] /sdaf6

^
 s§f u/L lng ;lsg] 5 . t/ o;/L s§f ubf{ k|flws/0fn] sDkgLnfO{ dlxgf dlxgfsf] ljB't v/Lb jfkt e'Stflg
ug{' kg{] /sdsf] krf; k|lt;t eGbf al9 gx'g] u/L ls:tfalGbdf klxnf] lan b]lv o:tf] xhf{gf k'/f c;'n geP;Dd
s§f ub{} hfg]5 .
k|flws/0fn] xhf{gf ltg{' kg{] cj:yfdf klg xhf{gf ltg{' kg{] 7x/ ePsf] /sd k|flws/0fsf] sf/0fn] cfof]hgfaf6
Jofkfl/s pTkfbg tf]lsPsf] ;dodf x'g g;s]sf] ldlt b]lv g} sDkgLn] q}dfl;s ?kdf aLn p7fpg]5 / sDkgLsf]
q}dfl;s aLn cg';f/sf] /sd sDkgLsf] klxnf] aLn b]lv pQm xhf{gf pQm xhf{gf k'/f c;'n geP;Dd e'StfgL
ul/g]5 .
 sG6«ofS6 OghL{sf] jf Availability Declearation sf] cfwf/df u0fgf x'g] dfl;s phf{ dWo] h'g 36L 5
;f] sf] *) -c;L_ k|ltzt eGbf sd gx'g] u/L k|To]s dxLgf sDkgLn] cfof]hgfaf6 ljB't pTkfbg u/L k|flws/0fnfO{
ljB't cfk"lt{ ug'{ kg]{5 . k|flws/0fsf] sf/0f jf Schedule Outage jf cfsl:ds dd{t ;Def/ jf sfj" jflx/sf]
kl/l:ytLsf] sf/0f afx]s cGo sf/0fn] o;/L tf]lsPsf] kl/df0f ;Ddsf] ljB't sDkgLn] cfk"tL{ ug{ g;s]df jf
gu/]df lgDg z'q cg';f/ sDkgLn] k|flws/0fnfO{ IftLk"tL{ :j?k /sd e'QmfgL ug'{kg]{5 . Ifltk"lt{ /sd ?=-)=*
x ;f] dlxgf sDkgLaf6 k|flws0fnfO{ cfk"lt{ ug'{kg]{ j9Ldf sG6«ofS6 OghL{ ;Ddsf] Availability Declaration
cg';f/sf] ljB't phf{ — ;f]xL dlxgfdf sDkgLn] pknAw u/fPsf] phf{ - ;f]xL cjlwdf k|flws/0fsf] sf/0fn] jf
Scheduled outage jf cfsl:ds dd{t ;Def/ jf sfj" jflx/sf] kl/l:ytLsf] sf/0fn] cfof]hgfaf6 pknAw
x'g g;s]sf] phf{_ x ;f] dlxgfsf] k|lt lsnf]jf6 306f ljB't phf{ vl/b b/ /x]sf], o;/L lx;fj ubf{ Ifltk"lt{
/sd C0ffTds ePdf Ifltk'lt{ /sdnfO{ z"Go dflgg]5 . Ifltk"lt{ /sd ljn /sd eGbf a9L ePdf ljn /sd
eGbf a9L ePsf] Ifltk'lt{ /sd sDkgLn] k|flws/0fnfO{ ltg'{kg]{ 5}g . o:tf] Ifltk'lt{ /sd k|flws/0fn] lansf]
e'QmfgL lbFbf s§f ug{ ;Sg]5 .
u= k|flws/0fn] Jofkfl/s pTkfbg z'? x'g] ldltb]lv x/]s jif{ sDkgLnfO{ k|flws/0fn] lgDg adf]lhd d"No
j[l4 b/ tf]s]sf] 5 . lkn'jf vf]nf hnljB't cfof]hgfaf6 pTkfbg u/L pknAw u/fPsf] sG6«ofS6
OghL{sf] kl/df0f;Ddsf] phf{ v/Lb jfkt jiff{ ofddf k|lt ls=jf= 306f ?=$=*) -cIf/]lk ?=rf/ ?k}+of
c;L k};f dfq_ / ;'Vvf ofddf k|lt ls=jf= 306f ?=*=$) - cIf/]lk ?=cf7 ?k}+of rfln; k};f dfq_
ljB't v/Lb b/n] x'g cfpg] /sd sDkgL jf bkmf #$ cg';f/sf] cu'jf a}+s jf ljQLo ;+:yfnfO{ a'emfpg]
5 . ;fy} Jofkfl/s pTkfbg z'? x'g] ldlt -Commercial Operation Date_ af6 Ps jif{ k'u]sf]
dlxgfsf] nuQ} kl5sf] dlxgfb]lv nfu' x'g] u/L k|To]s jif{sf] nflu # -tLg_ k|ltztsf b/n] d"Noj[l¢
lgDg tflnsf cg';f/ ljB't phf{ v/Lb b/ sfod ul/Psf] 5 .
!$=( d]=jf= Ifdtfdf k|fKt ePsf] d"No j[l¢
cjlw ;'Vvf ofd jiff{ ofd
Jofkfl/s pTkfbg z'? x'g] ldlt -kf}if b]lv r}q ;Dd_ -j}zfv b]lv dfu{;Dd_
(COD) af6 Ps jif{ k'us ] f] dlxgfsf] nut} kl5sf] -?= k|lt o'lg6_ -?= k|lt o'lg6_
dlxgfb]lv nfu' x'g] ul/
klxnf] dlxgf b]lv !@ cf}+ dlxgf;Dd *=$) $=*)
!# cf}+ dlxgf b]lv @$ cf}+ dlxgf;Dd *=^% $=($
@% cf}+ dlxgf b]lv #^ cf}+ dlxgf;Dd *=() %=)(
#& cf}+ dlxgf b]lv $* cf}+ dlxgf;Dd (=!^ %=@#
$( cf}+ dlxgf b]lv ^) cf}+ dlxgf;Dd (=$! %=#*
^! cf}+ dlxgf b]lv ;Demf}tfsf] cjlw ;Dd (=^^ %=%@
Gff]6 M sDkgLsf] ljQLo kl/;'rs NPV = ? @),%&,#$,))#, IRR = !#=!!%
sDkgLsf] k|aGwkqsf] bkmf $ df pNn]v eP cg';f/ sDkgL sfg'g tyf cGo k|rlnt sfg'gsf] clwgdf :jLs[tL
lng' kg] { eP ;DalGwt lgsfosf] :jLs[ l t ;d] t lnO{ o; sDkgLsf] p2]Z o b] xfo adf] l hd x'g ]5 M
-s_ b]zsf ljleGg glb gfnfx?df hnljB't cfof]hgf ;~rfng ug]{ ljB't pTkfbg ug]{, ljt/0f tyf k|;f/0f ug]{ .
-v_ ;~rfng eO{ /x]sf ljB't cfof]hgfx? jf ;~rfng x'g g;ls aGb x'g k'u]sf ljB't cfof]hgfx? lnhdf jf 7]Ssfdf
lnO{ ;~rfng ug]{ u/fpg] .
-u_ ljBlto ;]jf k|fKt ug{ g;s]sf] hg;d'bfox? nfelGjt x'g] u/L ;fgf tyf demf}tf hnljB't cfof]hgfx? ;~rfng
ug]{ u/fpg] .
-3_ ljB't k|;f/0f nfO{g lgdf{0f ug]{ tyf lnhdf lng] lbg] .
-ª_ ;fd'bflos ljB'lts/0f ug]{ u/fpg] .
-r_ ljB'taf6 ;~rflnt oftfoftsf ;fwg, >f]tsf] lgdf{0f tyf ;~rfng ug{ ;Sg] .
-5_ s'g} klg ufpF tyf gu/kflnsfdf vfg]kfgL cfof]hgf ;~rfng ug]{ u/fpg] .
-@_ sDkgLn] pkbkmf -!_ adf]lhdsf] p2]Zo sfof{Gjog ug{ k|rlnt sfg"g adf]lhd ;DalGwt lgsfoaf6 cg'dlt jf
Ohfht k|fKt ug'{ kg]{ ePdf ;f] k|fKt ePkl5 dfq sfof{Gjog ul/g]5 .
-#_ pkbkmf -!_ df pNn]lvt p2]Zosf] ;DaGwdf cg'dlt jf Ohfht k|fKt u/]sf] kGw| lbg leq To:tf] cg'dlt jf
Ohfhtkqsf] k|ltlnlk sfof{nodf k]z ul/g]5 .

&
 r_ ;+ul7t ;+:yfsf] s'g} ;xfos sDkgL ePdf ;f] ;xfos sDkgLsf] gfd, Oltxf; / To;sf d'Vo p2]Zox?sf ;fy}
To;df ePsf] nufgLsf] c+z -k|ltztdf_ M ;f] gePsf] .
5_ b]xfosf s'/fx? ;d]t pNn]v ug'{ kg]{ -nfu' x'g] xb;Dd_ M
!_ sDkgLn] pTkfbg ug]{ j:t' jf k|bfg ug]{ ;]jfx? M hnljB't cfof]hgfsf] cWoog, lgdf{0f, k|;f/0f, ;+rfng / Joj:yfkg
ug]{ .
@_ k|of]u ePsf] jf ul/g] ljlw M hn;|f]taf6 hnljB't pTkfbg ug]{ .
#_ s'g} a|fG8g]d, k|ltlnlk clwsf/, 6«]8dfs{, Ohfhtkq, k|fljlws ;xof]u ;Demf}tf / ;+ul7t ;+:yf;Fu ;DalGwt af}l4s
;DklQ xs clwsf/ M gePsf] .
$_ ;+ul7t ;+:yfn] cf]u6]sf] ahf/ If]q M pTkflbt ljB't /fli6«o ljB't k|0ffnL dfkm{t g]kfn ljB't k|flws/0fnfO{ laqmL
ug]{ .
%_ gofF pTkfbg tyf ;]jf ;DaGwL of]hgfM yk gofF hnljB't cfof]hgfx?sf] ljsf; ug]{ .
^_ pTkfbg tyf ;]jfsf] k|d'v ahf/ / To;sf] dfu / laqmL ljt/0fsf] tl/sf M ljB't v/Lb laqmL ;D´f}tf cg';f/
g]kfn ljB't k|flws/0fnfO{ ljB't laqmL ug]{ ;fy} g]kfn ljB't k|flws/0f;Fu ljB't vl/b ;Demf}tfdf ePsf] d'Vo
d'Vo a'bfFx? M
s_ g]k fn ljB't k|f lws/0f;+ u cfof]h gf ;+r fngsf] ;xhtfsf nflu ;dGjo ;ldlt u7g u/L sfo{ u g]{ .
v_ dfof vf]nf hnljB't cfof]hgfaf6sf] ljB't vl/b laqmL b/ ljB't vl/b laqmL ;Ddmf}tfsf] aiff{df $=*) ?k}of /
lxpFbdf *=$) ?k}of sfod ePsf] 5 .
u_ sDkgLsf] sG6«ofs OghL{ jflif{s dfof vf]nf hnljB't cfof]hgfaf6 jflif{s 81,565,654 kWh 306f /x]sf]
5.
&_ pTkfbg÷;+rfng Ifdtf / ;f] sf] pkef]u l:ylt M dfof vf]nf hnljB't cfof]hgf -!$=( d]ufjf6_ Ifdtfsf] hnljB't
s]Gb| lgdf{0f sfo{ eO{ /x]sf] 5 .
*_ sRrf kbfy{ s f] >f] t , lsl;d / pknAwtf M dfof vf] n faf6 k| f s[ l ts axfjdf cfwfl/t kfgL .
(_ u'0f lgoGq0fsf nflu ul/Psf] Joj:yfM hnljB't ;+/rgf / ljB't pks/0fx? pko'Qm cj:yfdf /fVg cfjZos Joj:yf
ul/Psf] 5 . o; cfof]hgfsf] ;Dk"0f{ ;+/rgf h:t} Hydro-Mechanical Works, Electro-Mechanical
Works, Headworks, Powerhouse, Transmission Line, Machinary Breakdown and Loss
of Profit nufotsf s'/fnfO{ dWogh/ u/L Insurance ul/Psf]/ul/g] 5 ;fy} Repair and Maintance sf]
nflu klg ;f]xL cg';f/ Joj:yfkg ul/Psf] 5 .
!)_ cg';Gwfg tyf ljsf; M gofF cfof]hgfx?sf] cWoog, ljZn]if0f Pj+ ljsf; sfo{sf] nflu sDkgLn] pko'Qm hn;|f]tsf]
vf]hL ul//x]sf] 5 .
!!_ ljut !@ dlxgfsf] cjlwdf ;+:yfsf] ;+rfngdf c;/ kg]{u/L ePsf] afwf, Jojwfg M
!= ljZjdf dxfdf/L /f]usf] ?kdf km}lnPsf] Covid-19 sf] sf/0fn] g]kfn ;/sf/sf] ns8fpgsf] ;dodf sd{rf/L
tyf :yflgo afl;Gbfx?sf] cg'/f]w adf]lhd s]xL ;do cfof]hgf eO{/x]sf] ef}lts sfo{sf :yug eO{ sfddf cj/f]w
x'g k'Uof] . ;fy} ;f] ;dodf sfo{:yndf sfd ug]{ sd{rf/Lx?sf] ;+Vofdf ;d]t sdL eO{ ef}lts k|ultsf] sfo{sf]
u0fgfdf a[l4 x'g ;d]t g;s]sf]
@= sd{rf/L tyf sfdbf/sf] :jf:Yodf ;d:of cfpg ;Sg] ePsf]n] s]lx ;do cfof]hgfsf] lgdf{0f sfo{ ;'rf? ug{
g;s]sf] .
#= ;dod} dfn;fdfgsf] pknJwtf x'g g;s]s f] sf/0f cfof]hgf ;DkGg x'g ] cjlw / nfut j9\g uof] .
!@_ dhb'/ ;+ u7g;F usf] ;DaGw / ljutdf s'g} cf}Bf] lus ljjfb ePsf] eP, ;f];DaGwL ljj/0f M gePsf] .
!#_ ahf/, k|lt:kwf{ / cGo ;dfg pBf]ux? aLr ;+ul7t ;+:yfsf] l:ylt M Ps dfq ljB't v/Lbstf{ g]kfn ljB't k|flws/0f
/x]sf] 5 . dfof vf]nf hnljB't cfof]hgfaf6 -!$=( d]ufjf6_sf] s"n ljB't pTkfbg Ifdtf !$=( d]ufjf6 /x]sf]
x'Fbf o; cfof]hgfn] ahf/sf] s]xL c+znfO{ dfq kl/k"lt{ ug]{5 . ;fy} ljB'tsf] xfxfsf/ eO{ 7"nf] kl/df0fdf phf{sf]
dfu e}/x]sf] x'Fbf jt{dfg cj:yfdf ljB't pTkfbg ug{ ;s]df pQm ljB't laqmL ug{ ahf/sf] s'g} ;d:of g/x]sf] .
hnljB't cfof]hgfsf] nflu sRrf kbfy{sf] vf]hL tyf hu]8f ug'{ gkg]{ / pTkflbt ljB't zlQm g]kfn ljB't k|flws/0f;Fu
;Demf}t f u/L laqmL ug{ ;lsg] x'Fbf g]kfnL nufgLstf{ sf] nflu of] nfebfos / pko'Qm If]q /x] sf] 5 .
!$_ k|d'v u|fxsx?sf] ljj/0f -h:t}–;+:yfsf] s"n jflif{s sf/f]af/df !)Ü jf ;f] eGbf a9Ln] of]ubfg ug{] jf Joj;fosf]
nflu ;+ul7t ;+:yf s'g} k|d'v u|fxs;Fu lge{/ 5 eg] tt\;DaGwL ljj/0f MsDkgL / g]kfn ljB't k|flws/0f aLr
ljB't vl/b laqmL ;Demf}t f ePsf] x'Fbf sDkgLsf] k| d'v u|fxssf] ?kdf g]kfnljB't k|flws/0f /x]sf] 5 .
!%_ k|d'v ;Knfo;{x?sf] ljj/0f -h:t}–;+:yfsf] s"n sf/f]af/df !)Ü jf ;f] eGbf a9Ln] of]ubfg ug{] ;Knfo;{ jf Joj;fosf]
nflu ;+ul7t ;+:yf s'g} k|d'v ;Knfo;{;Fu lge{/ 5 eg] t\t;DaGwL ljj/0fM dfof vf]nf hnljB't cfof]hgf !$=(
d]=jf= sf nflu O{n]S6«f] d]sflgsn O{SjLkd]G6sf] ;Knfo;{, d]sfldbL PrkLkL OlG8of k|f= ln=, ef/t af6 vl/b u/L
cfof]hgfdf h8fg ug]{ u/L ;Demf}tf ePsf] 5 .

u=#=v= ;DklQsf] ljj/0f M

s_ ;+ul7t ;+:yfsf] pks/0f -KnfG6_ tyf cGo ;DklQ /x]sf] :yfg / pks/0f tyf ;DklQsf] cj:yf M sDkgLsf] :jfldTjdf
/x]sf] dfof vf]nf hnljB't cfof]hgfdf h8fg ePsf] KnfG6 tyf pks/0fx? ;+v'jf;ef lhNnfsf] wd{bj] L gu/kflnsf
j8f g+= $ :yLt ljB't u[xdf h8fg eO{ ;~rfngdf cfpg]5 . pQm cfof]hgfsf l;len ;+/rgf, xfO8«f] d]sflgsn
O{SjLkd]G6 / O{n]S6«f] d]sflgsn O{SjLkd]G6 ;+v'jf;ef lhNnfsf] wd{b]jL gu/kflnsfdf x'g] 5g\ . xfn;Dd sDkgLsf]
gfddf >[hgf eO;s]sf] rn crn ;DklQsf] ljj/0f tn pNn]v ul/Psf] 5 .

*
:yL/ ;DkQL / x|f; s6\6L
cf=j= @)&*÷&( sf] ljj/0f ?= xhf/df
ljj/0f hUuf ejg kmlg{r/ Knf06 / uf8L tyf cGo hDdf cf=j=
dl;g/Lx? cGo e]sN; ;DkQL @)&&÷&*
>fj0f !, @)&* sf] c=Nof= - - 4,515.28 11,015.04 7,993.11 84.07 23,607.50 23,540.22
o; cfly{s jif{df vl/b ePsf] - - 11.03 385.00 396.03 67.28
o; cfly{s jif{df ljqmL tyf lg;u{ ePsf] - - - - - - -
#@ cfiff9 @)&( df hDdf nfut - - 4,526.31 11,400.04 7,993.11 84.07 24,003.53 23,607.50
:yL/ ;DkQLsf]] x|f; tyf cGo gf]S;fgL
>fj0f !, @)&* sf] c=Nof= - - 2,930.61 5,726.94 4,713.92 39.87 13,411.33 11,114.86
o; cfly{s jif{df ePsf] x|f; /sd - - 398.93 850.97 655.84 16.81 1,922.54 2,296.47
cGo sf/0faf6 ePsf] Iflt - - - - - - -
o; cfly{s jif{df ljqmL tyf lg;u{ ePsf] - - - - - - -
#@ cfiff9 @)&( df hDdf x|f; /sd - - 3,329.53 6,577.91 5,369.76 56.68 15,333.88 13,411.33
:yL/ ;DkQLsf] jf+sL nut
! >fj0f @)&* df ePsf] jf+sL nfut - - 1,584.67 5,288.10 3,279.19 44.21 10,196.16 12,425.36
#@ cfiff9 @)&( df ePsf] af+sL nfut - - 1,196.78 4,822.13 2,623.35 27.39 8,669.65 10,196.16
lgdf{0fflwg kl/of]hgfsf] vr{ ljj/0f -Capital Work in Progress_
cf=j= @)&*÷&( sf] ljj/0f -?= xhf/df_
l;=g+= ljj/0f /sd
!= hUuf k|flKt tyf hUuf lasf; 17,019.99
@= l;len sfo{x? 1,055,782.09
#= OGEof/f]d]G6n ldl6u];g 31,882.06
$= k"jf{wf/ sfo{ 57,027.22
%= xfO{8«f] d]sflgsn sfo{ 404,110.06
^= On]S6«f] d]sflgsn sfo{ 361,544.62
&= kl/of]hgf lgl/If0f tyf Aoj:yfkg vr{ 120,752.27
*= ljdf tyf ljlaw vr{ 6,929.65
(= ;fO6 clkm; eag 154.09
!)= k|zf/0f nfO{g 43,599.09
!!= a}s Aofh tyf z'Ns 401,680.97
!@= cfof]hgf ljsfz vr{ 39,197.45
hDdf 2,539,679.56

v_ a'Fbf -s_ df pNn]lvt ;DklQ ;+ul7t ;+:yfsf] cfkm\g} ;DklQ xf] of lnhdf lnPsf], lnhdf lnPsf] eP lnhsf]
cjlw -ldlt ;d]t pNn]v ug'{kg]{_M cfof]hgfsf] ef}lts ;+/rgfx? lgdf{0f k|of]hgsf nflu sDkgLn] tkl;n adf]lhd
hUuf vl/b u/L, ef]uflwsf/ k|fKt ul/ lnPsf] 5 . a"Fbf -!_ b]lv -$_;Dddf ;DklQx? ;+ul7t ;+:yfsf] cfkm\g} ;DklQ
/x]sf] / sDkgLsf] hUufsf] ljj/0f lgDgfg';f/ 5g\ M
ljj/0f :yfoL If]qsf] If]qkmn-x]=_ ag sfof{no, ;+vj' f;efnfO{ hDdf If]qkmn
;f]wegf{ -x]=_ -x]=_
dfof vf]nf xfO8«fk] fj/ sDkgL lnld6]8nfO{ (=$%@ x]S6/ #=^$!^ x]S6/ hldg jg (=$%@ x]S6/
dfof vf]nf hnljB't cfof]hgfsf] ljleGg sfof{no, ;+v'jf;efnfO{
;+/rgfx? ;~rfng tyf lgdf{0f ug{ . ;f]wegf{ lbPsf]]
hDdf If]]qkmn (=$%@ x]S6/ #=^$%! x]S6/ (=$%@ x]S6/
dfof vf]nf xfO8«f]kfj/ sDkgL lnld6]8nfO{ dfof vf]nf hnljB't cfof]hgf -!$=( d]ufjf6_ sf] lgdf{0f tyf ;+rfngsf]
nflu jg P]g @)$( sf] bkmf ^& cg';f/ jg If]qsf] e"–:jfldTj g]kfn ;/sf/df /xg] u/L jg P]g @)$( sf]
bkmf ^* tyf jg If]qsf] hUuf cGo k|of]hgsf] nflu pknAw u/fpg] ;DalGw sfo{ljlw @)^# cg';f/ lgDg tflnsfdf
pNn]lvt ljj/0f adf]lhd s'n hDdf #=^$!^ x]S6/ /fli6«o jg If]qsf] hUuf a9Ldf #@ jif{ cjlw ;Dd k|of]u ug{sf
nflu dfof vf]nf xfO8«f]kfj/ sDkgL lnld6]8nfO{ ef]uflwsf/ pknAw u/fOPsf] 5 .
u_ olb ;DklQ ;+ul7t ;+:yfsf] :jfldTjdf /x]sf] ePdf pQm ;DklQ dfly s'g} lnog jf df]6{u]h eP ;f] ;DaGwL
ljj/0f M sDkgLsf] :jfldTjdf /x]sf] ;DklQ cfof]hgf ;~rfng tyf lgdf{0fsf] nflu lnPsf] shf{sf] nflu ln8
a}+s, l;l6hG; a}s O{G6/g]zgn lnld6]8df df]6{u]hdf /x]sf] 5 .
3_ ljj/0fkq af]8{df k]z ul/Psf] ldltdf ;+ul7t ;+:yfsf] ;DklQsf] lstfaL d"No / ahf/ d"No aLr km/s ePdf
;f]sf] ljj/0f M sDkgLsf] ;DklQx?sf] d"No k/n df]ndf g} /flvPsf] / k'g{d"NofÍg ul/Psf] 5}g .

(
 ª_ ;DklQsf] d"NofÍg ul/Psf] t/Lsf ;DaGwL ljj/0f M sDkgLsf] ;Dk"0f{ ;DklQx? P]ltxfl;s nfut d"Nodf d"NofÍg
ul/Psf] 5 .
-r_ ;+ul7t ;++:yfsf] s'g} ;xfos sDkgL ePdf ;f] ;xfos sDkgLsf] gfd, Oltxf; / To;sf d'Vo p2]Zox?sf ;fy}
To;df ePsf] nufgLsf] c+z -k|ltztdf_ M ;f] gePsf]] .
-5_ cGo ljj/0fx? -nfu' x'g] xb;Dd_ M ;f] gePsf]] .
u=#=u= efjL of]hgf tyf /0fgLlt M
s_ Joj;fo÷;]jfsf] j[l4sf nflu ;+:yfsf] efjL of]hgf / To:tf] of]hgfsf] k|fKtLsf nflu rflng] ;doj4 /0fgLlt M
sDkgLn] cfˆgf] Joj;fo÷;]jfsf] a[l4sf nflu rfNg] efjL of]hgf / To:tf] of]hgfsf] k|flKtsf nflu rflng] ;doj4
/0fgLlt lgDgfg';f/ 5g\ .
 sDkgLsf] d' V o p2]Z o g] k fnsf] hnljB' t ljsf;df Ps cu|0 fL sDkgLsf] ?kdf :yflkt ug] { .
 cfufld !) jif{ leqdf gofF hnljB't cfof]hgfx?sf] ;DefJotf cWoog u/L cGo hnljB't cfof]hgfx? ;d]t
lgdf{0f ug]{ .
sDkgLn] ;/sf/L lgsfox?;Fu ePsf] ;Demf}tf adf]lhd b]zdf /x]sf] hn>f]tsf] clwstd pkof]u u/L ljB't
pTkfbg ug]{ .
sDkgLn] cfkm\gf] p2]Zo k|flKtsf nflu Aoj;flos ?kdf ;DefJo b]lvPsf] hnljB't cfof]hgfx?df nufgL ug]{ .
v_ k|lt:kwf{, ljBdfg cfly{s l:ylt / ;dfg lsl;dsf] pBf]usf] l:ytLsf] cfwf/df ;+ul7t ;+:yfsf] Joj;fosf] eljio M
g]kfndf hnljB't pTkfbgsf] k|r'/ ;+efjgf /x]sf] ePklg jt{dfg cj:yfdf ljB'tsf] dfu / cfk'lt{ aLr 7"nf]
vf8n /x]sf] 5 . o;sf] kof{Kt ljsf; x'g;s] l5d]ls d'n'sx?df lgof{t ug{ klg ;lsG5 . To;}n] of] Joj;fodf
k|lt:kwf{sf] cj:yf cfpg] 5}g . o;y{ sDkgLn] cfˆgf] Joj;fosf] lg/Gt/tfsf nflu cufl8 a9fPsf hnljB't
cfof]hgfx?sf] lgdf{0f / cGo cfof]hgfsf] klxrfg tyf ljsf; ubf{ cGo a:t'sf] h:tf] k|lt:kwf{ ug'{ kb}{g . g]kfn
ljB't k|flws/0fsf] cfly{s jif{ @)&&÷)&* sf] jflif{s k|ltj]bg adf]lhd g]kfndf cf=j= @)&&÷)&* df ljB'tsf]
dfu *,(^)=#! luufjf6 k|lt 306f /x]sf]df g]kfn ljB't k|flws/0f cGtu{t :yfkgf ePsf tyf cGo lghL If]qsf
cfof]hgfx?n] hDdf ^,!%$=%@ luufjf6 k|lt 306f pTkfbg ul//x]sf] / @,*)%=&( luufjf6 k|lt 306f cfoft
ul//x]sf] 5 . ;f]xL ;Gbe{df o; sDkgLn] pTkfbg u/]sf] hnljB'tn] s]lx dfqfdf ;f] sdLnfO{ k"lt{ ul//x]sf] 5 .
;fy}, /fli6«o lu|8 nfO{gdf ;d]t hf]l8g] 9 ePsf] x'gfn] lb3{sfn ;Dd o; sDkgLn] pTkfbg u/]sf] hnljB't k"0f{
?kdf vkt x'g] cj:yf /x]sf] 5 . xfn g]kfnaf6 l5d]sL d'n's ef/t;+u ljB't lalqmsf] sfo{ z'? ul/;lsPsf] 5
;fy} cGo d'n'sx?df klg ljB't lalqm ug]{ k|lqmof z'? e};s]sf] 5 .

u=#=3= ;~rfns ;ldltsf] ;+/rgf / k|ltlglwTj ;DaGwL Joj:yf M

sDkgLsf] lgodfjnLsf] lgod @& df ePsf] Joj:yf cg';f/ & -;ft_ hgf ;~rfns ;b:o /x]sf] ;~rfns ;ldlt
/xg] Joj:yf 5 . ;~rfns ;ldltdf ;~rfns ;b:ox¿sf] k|ltlglwTj b]xfo adf]lhd /x]sf] 5 .
;d"x æsÆ z]o/wgLx¿af6 dgf]lgt jf lgjf{lrt ;~rfnsx¿ $ hgf
;d"x ævÆ cGtu{tsf ;j{;fwf/0f ;d"xsf z]o/wgLx¿af6 lgjf{lrt ;~rfnsx¿ -kl5 lgo"lQm ul/g]5 . @ hgf
Joj;flos ljz]if1af6 ;~rfns ! hgf
hDdf & hgf
sDkgLsf] lgodfjnL lgod @* df ePsf] Joj:yf cg';f/ ;~rfns x'gsf] nflu sDkgLsf] sDtLdf !))-Ps ;o_ lsQf
z]o/ cfˆgf] gfddf vl/b u/]sf] x'g' kg{]5 t/ :jtGq ;~rfns / ;+ul7t ;+:yfsf] k|ltlglw ;+rfnssf] xsdf of] Joj:yf
nfu' x'g] 5}g .
u=$= k"FhL ;+/rgf ;DaGwL hfgsf/L M
-s_ clws[t, hf/L tyf r'Qmf k"FhL / ;++:yfsf] :yfkgf kZrft ;f]df kl/jt{g ePsf] eP tT;DaGwL ljj/0f M
 clws[t k"FhL M o; sDkgLsf] clws[t k"FhL ?=!,)),)),)),)))÷– -Ps cj{_ /x]sf]] 5 . pQm k"FhLnfO{ ?=!))÷–
sf b/n] !,)),)),))) -Ps s/f]8_ yfg ;fwf/0f z]o/df ljefhg ul/Psf] 5 .
 hf/L k"FhL M o; sDkgLsf] hf/L k"FhL ?=!,)),)),)),)))÷– -Ps cj{_ /x]sf]] 5 . pQm k"FhLnfO{ ?=!))÷– sf b/n]
!,)),)),))) -Ps s/f]8_ yfg ;fwf/0f z]o/df ljefhg ul/Psf] 5 .
 r'Qmf k"FhL M o; sDkgLsf] ;+:yfksx?af6 tTsfn r'Qmf k"FhL ?=^^,)),)),)))÷– -5};¶L s/f]8_ /x]sf]] 5 h;nfO{
?=!))÷— sf b/n] ^^,)),))) -5};¶L nfv_ yfg z]o/df ljefhg ul/Psf] 5 .
o; ljj/0fkq dfkm{t ;j{;fwf/0fsf lgldQ 5'§fOPsf] ?=#$,)),)),)))÷– -rf}tL; s/f]8_ /sd a/fa/sf] ?=!))÷–
c+lst b/sf] #$,)),))) lsQf ;fwf/0f z]o/ lgisfzg u/L afF8 kmfF6 u/] kZrft\ sDkgLsf] r'Qmf k"FhL
?=!,)),)),)),)))÷– -Ps cj{_ x'g]5 .
ljj/0f cf=a= @)&%÷&^ cf=a= @)&^÷&& cf=a= @)&&÷&* cf=a= @)&*÷&(
clws[t k"FhL -?=_ ^),)),)),)))÷— ^),)),)),)))÷— ^),)),)),)))÷— !)),)),)),)))÷—
hf/L k"FhL -?=_ ^),)),)),)))÷— ^),)),)),)))÷— ^),)),)),)))÷— !)),)),)),)))÷—
r'Qmf k"FhL -?=_ !^,(*,%^,)((÷— !^,(*,%^,)((÷— #@,^^,#@,%))÷— ^^,)),)),)))÷—
clu|d sn dgL -?=_ !&,^&,&^,$)!÷— @#,&*,$$,$)!÷— !^,*),^%,)))÷— —

!)
 -v_ lgisfzg kl5sf] r'Qmf k"FhL -;d"xs[[t ul/Psf] cj:yfdf ;f]xL cg'?k_ M
;fwf/0f z]o/ lgisfzg u/L afF8kmfF8 u/] kZrft\ x'g] o; sDkgLsf] r'Qmf k"FhLsf] ;+/rgf b]xfo adf]lhd /x]sf]
5M
;d"x z]o/wgLx? ;fwf/0f z]o/ ;+Vof k"Fh L ;+/rgf k|ltzt r'Qmf /sd e'QmfgL k|ltzt
s ;+:yfks z]o/wgLx? ^^,)),))) ^^Ü ^^,)),)),)))÷— Zft k|ltzt e'QmfgL ePsf]
v :yfgLo afl;Gbfx? !),)),))) !)Ü !),)),)),)))÷— lgisfzg kZrft
e'QmfgL x'g]
u ;j{;fwf/0f z]o/wgL @$,)),))) @$Ü @$,)),)),)))÷— lgisfzg kZrft
-j}bl] zs /f]huf/Ldf /x]sf g]kfnL, e'QmfgL x'g]
sd{rf/Lx? tyf ;fd"lxs nufgL
sf]if ;d]t_
hDdf !,)),)),))) !))Ü !,)),)),)),)))÷—
gf]6 M
ldlt @)&(.)&.!& ut] b]lv nfu' x'g] u/L :jLs[t ePsf] lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$ -5}+7f}+
;+zf]wg @)&(_sf] bkmf $ -v_ -!_ df Joj:yf eP adf]lhd ;j{;fwf/0fdf ;fj{hlgs lgisfzg ul/g] z]o/sf] !)
k|ltzt j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu 5'6\ofO{Psf] .
u=$=u=z]o/ lk|ldod vftf -lgisfzgk"j{ / lgisfzg kZrft\\_ M z]o/df lk|ldod vftfsf] Joj:yf xfn g/x]sf] .

u=%= ;+:yfks÷;+rfns ;DaGwL hfgsf/L M

u=%=s=;+:yfks÷;+rfnssf] k[i7e"dL M
s_ cfwf/e't z]o/wgLx? tyf ;+rfnsx?sf] gfd, kb, pd]/, /fli6«otf, 7]ufgf, z]o/ :jfldTj, z}lIfs of]Uotf, cg'ej
/ k|:tfljt Jofkf/÷Joj;fodf cg'ej M
cfwf/e"t z]o/wgLx?sf] ljj/0f M
z}lIfs cg'ej -;DalGwt_
l;=g+= gfd, kb / 7]ufgf pd]/ /fli6«otf z]o/ cg'ej -;DalGwt jf cGo_
:jfldTj of]Uotf hnljB't If]qdf
! kz'ktL OghL{ 8]enKd]G6 nfu' Nffu' gx'g] !$,!(,$&) Nffu' gx'g] Nffu' gx'g] Nffu' gx'g]
sDkgL–;+:yfks z]o/wgL gx'g]
sf=lh=sf=d=g=kf=j8f g+=$,
w'Daf/fxL
@ k|e' Soflk6n lnld6]8 nfu' nfu' gx'g] !,@$,))) Nffu' gx'g] Nffu' gx'g] Nffu' gx'g]
sf7df8f}+ gx'g]
# k|e' OG:of]/]G; lnld6]8 nfu' nfu' gx'g] $,^),))) Nffu' gx'g] Nffu' gx'g] Nffu' gx'g]
sf7df8f}+ gx'g]
$ b]jL k|sfz e§rg ^) g]kfnL #,@(,!^) :gfsf]Q/ Nffu' gx'g] != k"j{ cWoIf, k|e' a}+s lnld6]8
n=k'=lh=n=k'=p=d=g= kf= @= k"j{ cWoIf, k|e' OG;'/]G; lnld6]8
j8f g+=@ #= k"j{ cWoIf, l8; xf]d lnld6]8
% ljgf]b ysfnL ^) g]kfnL !,)),))) P;= Pn= l;= != ;+rfns, vfgL vf]nf != e'k" a[l6z cfdL{
DofUbL lhNnf cf]v/af]6 uf=lj=;= xfO{8«f]kfj/ sDkgL ln= @= k"j{ cWoIf, k|e' Soflk6n lnld6]8
j8f g++=& #= k"j{ ;+rfns, k|e' kmfOgfG; lnld6]8
^ ;g/fO{h xf]N8Lª\; k|f=ln= nfu' nfu' gx'g] !,@!,%() Nffu' gx'g] Nffu' gx'g] Nffu' gx'g]
gx'g]
& lbgfgfy bfxfn &! g]kfnL @,@^,@&) OlGhlgo/ Nffu' gx'g] On]lS6«sn OlGhlgo/LË, lgDg sfo{x?sf] cg'ej xfl;n ePsf] .
;+v'jf;ef lhNnf ;fbL != k"j{ sd{rf/L g]kfn ljB't k|flws/0f
uf=lj=;=j8f g+=@ @= pkfWoIf cf]l;cf/P
* cflbTo >]i7 #) g]kfnL !,$),))) :gfts plQ0f{ Nffu' gx'g] Aofkf/ Joa;fo
wfkf;L–*, sf7df8f}+
( x]dGt gxf6f %* g]kfnL !,&),))) Nffu' gx'g] Aofkf/ Joa;fo
sf=lh=sf=d=g=kf=j8f g+=#!
!) lbk]z lzjfsf]6L $@ g]kfnL !,$!,@%% OlGhlgo/ Nffu' gx'g] Aofkf/ Joa;fo
emfkf lhNnf cgf/d'gL
uf=lj=;=j8f g+=@
!! b]j]Gb| jfUn] %@ Gf]kfnL !,$@,))) :gfQs Nffu' gx'g] Aofkf/ Joa;fo
lrtjg lhNnf h'6kfgL
uf=lj=;=j8f g+=$
!@ ?ksgGbg l;+x k|wfg %^ g]kfnL !,^%,))) :gfts plQ0f{ Nffu' gx'g] Aofkf/ Joa;fo
n=k'=lh=n=k'=p=d=g= kf=j8f g++=#
!# x]dlglw zdf{ %$ g]kfnL !,)),))) OlGhlgo/ Nffu' gx'g] k/fdz{ ;]jf
?kGb]xL lhNnf l;4fy{gu/
gu/kflnsf j8f g+=^
!$ cg' zdf{ $( g]kfnL !,)),))) OG6/ldl8o6 Nffu' gx'g] Uf[lx0fL
?kGb]xL lhNnf l;4fy{gu/
gu/kflnsf j8f g+=^
!% ;lnn zdf{ $) g]kfnL !,@^,%%) OlGhlgo/ Nffu' gx'g] Aofkf/ Joa;fo
sf=lh=sf=d=g=kf=j8f g+=!$
!^ ljj]s dfg z]/rg $% g]kfnL !,)),))) OG6/ldl8o6 Nffu' gx'g] Aofkf/ Joa;fo
sf=lh=sf=d=g=kf=j8f g+=@
!& ljhodfg z]/rg &^ g]kfnL !,)),))) d]sflgsn !=;+rfns, dfof vfgL != cWoIf, kz''ktL e]Gr/ Soflk6n k|f=ln
!!
 !& ljhodfg z]/rg &^ g]kfnL !,)),))) d]sflgsn !=;+rfns, dfof vfgL != cWoIf, kz''ktL e]Gr/ Soflk6n k|f=ln
sf=lh=sf=d=g=kf=j8f g+=@ OlGhlgol/Ëdf vf]nf xfO8«fk] fj/ sDkgL @= k"j{ cWoIf, g]le6«]8 lnld6]8
:gfsf]Q/ ln= #= k"j{ lgb]{zs, l;Dof6 sGzN6ofG6; $= k"j{ k|aGw lgb]{zs, d}n'Ë
vf]nf xfO8«fk] fj/ sDkgL k|f= ln= %= k"j{ dxfk|aGws, uf]vf{ xfO8«f]kfj/
sDkgL k|f=ln= ^= g]kfn ;/sf/ hn pmhf{ cfof]udf k"j{ ;b:o
!* /d]z s'df/ l;njfn &@ g]kfnL !,$),))) :gfQsf]t/ Nffu' gx'g] Aofkf/ Joa;fo
af]lg3f6–(, wflbË
!( l;4fy{ OGk|mf:6«Sr/ 8]enkd]G6 P08 nfu' nfu' gx'g] !,!),))) Nffu' gx'g] Nffu' gx'g] Nffu' gx'g]
OGe]i6d]G6 sDkgL k|f=ln= gx'g]
@) lbnLk cu|jfn $( g]kfnL #,)),))) :gfts tx Nffu' gx'g] Aofkf/ Joa;fo
n=k'=lh= n=pk=d=g=kf= j8f g+= @
@! xl/x/ pk|]tL ^# g]kfnL !,)),))) OG6/ldl8o6 Nffu' gx'g] Aofkf/ Joa;fo
sf=lh=sf=d=g=kf=j8f g+=#!
Gff]6 M lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# sf] lgod $% sf] pk lgod $ adf]lhd k|e' Soflk6n lnld6]8n] lgisfzg
tyf laqmL k|aGws ;DaGwL sfo{ ug{sf] nflu afwf gePsf] .

;~rfnsx?sf] ljj/0f M
z]o/ :jfldTj z}lIfscg'ej -;DalGwt_
cg'ej -cGo_
l;=g+= gfd, 7]ufgf kb pd]/ /fli6«otf
lsQf of]Uotf
hnljB't If]qdf
! ljhodfg z]/rg, cWoIf, &^ g]kfnL !,)),))) d]sflgsn
ljut #) jif{ b]lv hnljB't != cWoIf–kz''ktL e]Gr/ Soflk6n k|f=ln
sf=lh=sf=d=g= ;+:yfks OlGhlgol/
If]qdf cg'ej /x]sf] xfn @= k"j{ cWoIf–g]le6«]8 lnld6]8
kf=j8f g+=@ ;d'x Ëdf
dfof vf]nf xfO{8f« k] fj/ sDkgL #= k"j{ lgb]{zs–l;Dof6 sGzN6ofG6;
:gfsf]Q/
lnld6]8df cWoIfsf] ?kdf $= k"j{ k|aGw lgb]{zs–d}n'Ë vf]nf xfO8«f]kfj/
cfj4 /x]sf] . sDkgL k|f= ln=
-@)&%÷)^÷!@ df ;DkGGf %= k"j{ dxfk|aGws–uf]vf{ xfO8«fk] fj/ sDkgL k|f=ln
ePsf] t];f| ] tyf rf}yf] ;fwf/0f ^= k"j{ ;b:o–g]kfn ;/sf/ hn pmhf{ cfof]u
;efsf] lg0fo{ b]lv_
@ >L lbg]z k|zfb >]i7, ;+rfns, ^! g]kfnL — jfl0fHo xfn dfof vf]nf xfO{8«f]kfj/ != k|f]k/fO6/–xgL OG6/k|fOh]h k|f= nL=
wfkf;L–*, sf7df8f}+ ;+:yfks ljifodf sDkgL lnld6]8df ;~rfns @= k|f]k/fO6/–k]/]lgon OghL{ g]kfn k|f= nL=
;d'x :gfts eO{ cfj4 /x]sf] . #= ;+rfns–kz''ktL e]Gr/ Soflk6n k|f=ln
-@)&%÷)^÷!@ df ;DkGGf $= cWoIf–g]kfn yfOn}08 Jofkf/ ;+u7g
ePsf] t];f| ] tyf rf}yf] ;fwf/0f %= cWoIf–PDfPg OG6/g]zgn k|f=nL=
;efsf] lg0fo{ b]lv_
# >L ljgf]b ysfnL, xfn dfof vf]nf xfO{8«f]kfj/ != e'k"–a[l6z cfdL{
DofUbL lhNnf cf]v/af]6 ;+rfns, %* g]kfnL !,)),))) P; Pn l; sDkgL lnld6]8df ;~rfns @= k"j{ cWoIf–k|e ' Soflk6n lnld6]8
uf=lj=;=j8f g++=& ;+:yfks eO{ cfj4 /x]sf] . #= k"j{ ;+rfns–k|e' kmfOgfG; lnld6]8
;d'x -@)&%÷)^÷!@ df ;DkGGf
ePsf] t];f| ] tyf rf}yf] ;fwf/0f
;efsf] lg0fo{ b]lv_
$ >L x]dlglw zdf{, ;+rfns, %$ g]kfnL !,)),))) l;len xfn dfof vf]nf xfO{8«f]kfj/ l;len OlGhlgo/LËdf :gfts ul/ ljleGg
?kGb]xL lhNnf ;+:yfks OlGhlgo/LËdf sDkgL lnld6]8df ;~rfns lgdf{0f sfo{x?df @& jif{sf] cg'ej xfl;n
l;4fy{gu/ gu/kflnsf ;d'x :gfts eO{ cfj4 /x]sf] . ePsf] .
j8f g+=^ -@)&%÷)^÷!@ df ;DkGGf != xfn k|f]h]S6 sf] cl8{g]6/, Ocf/Pdl; k|f= ln=
ePsf] t];f| ] tyf rf}yf] ;fwf/0f
;efsf] lg0f{o b]lv_
% >L lbgfgfy bfxfn, ;+rfns, &# g]kfnL @,@^,@&) On]lS6«sn xfn dfof vf]nf xfO{8«f]kfj/ On]lS6«sn OlGhlgo/LË, lgDg sfo{x?sf] cg'ej
;+v'jf;ef lhNnf ;fbL ;+:yfks OlGhlgo/LË sDkgL lnld6]8df ;~rfns xfl;n ePsf] .
uf=lj=;=j8f g+=@ ;d'x eO{ cfj4 /x]sf] . != k"j{ sd{rf/L–g]kfn ljB't k|flws/0f
-@)&*÷)#÷#! df ;DkGGf
ePsf] kfrf}+ ;fwf/0f ;efsf]
lg0f{o b]lv_

gf]6 M xfn o; sDkgLdf ;+:yfks z]o/wgL dfq /x]sf] . ctM o; ljj/0fkq dfkm{t ;j{;fwf/0f z]o/wgL
;d'xsf] z]o/ lgisfzg eO{ afF8kmfF6 ;DkGg eP kZrft\ sfg"g adf]lhd sDkgL P]g, @)^# sf] bkmf
*^ -@_ cg';f/ ;+rfns ;ldltdf k|ltlglwTj /xg] Joj:yf ul/g]5 . sDkgLsf] lgodfjnLsf] lgod @*
df ePsf] Joj:yf cg';f/ ;~rfns x'gsf] nflu sDkgLsf] sDtLdf !)) -Ps ;o_ lsQf z]o/ cfˆgf]
gfddf vl/b u/]sf] x'g' kg{]5 . t/ :jtGq ;~rfnssf] xsdf pk/f]Q m Joj:yf nfu' x'g] 5}g .

!@
 v_ ;+:yfksx? s'g} sDkgL÷;+:yf ePdf To:tf] sDkgL÷;+:yfsf] gfd tyf 7]ufgf ;lxtsf] ;+lIfKt ljj/0f / pQm
sDkgL÷;+:yfsf ;+rfnsx?sf] gfd, 7]ufgf-k|fs[lts JolQm gv'n];Dd_M
qm=;+= gfd, 7]ufgf ;+lIfKt ljj/0f ;~rfnssf] gfd z]o/ :jfldTj
! Kfz'klt e]Gr/ Soflk6n hnljB't pTkfbg, pTkfbgd"ns / ;]jf d"ns tyf pBf]u != >L ljhodfg z]/rg, cWoIf !$,!(,$&)
k|f=ln=, Jofj;fo ;DaGwL ;]jf ug]{ u/L sDkgL /lhi6«f/ sfof{nodf @= >L lbg]z k|zfb >]i7, ;+rfns
w'Dj/flx ldlt @)%*÷)*÷@! df btf{ ePsf] . ldlt @)&$÷)*÷!@ #= >L ldng ljqmd zfx, ;+rfns
df lwtf] kq ;DjGwL sfo{ klg ug{ ul/ k| a Gwkq tyf $= >L /ljGb|dfg >]i7, ;+rfns
lgodfjnL ;+;f]wg ul/Psf] . %= >L x]dlglw zdf{ ;+rfns
^= >L tf/f cdfTo ;+rfns
@ n'lDjlg ljN8{; k|f=ln=, lgdf{0f ;DaGwL Jofj;fo ug]{ u/L sDkgL /lhi6«f/ sfof{nodf != lji0f' zdf{, cWoIf $@)))
sflnsf:yfg ldlt @)$!÷)!÷!# df btf{ ePsf] . @= ns+ s]=l;=, ;+rfns
#= /flwsf zdf{ ,;+rfns
# Kf|e' Soflk6n lnld6]8, k|e ' Soflk6n lnld6]8 sDkgL P]g, @)^# cGtu{ t ldlt != >L Pn= lk= efg' zdf{–cWoIf !,@$,)))
sdnflb @)^%÷)&÷!! df g]kfn ;/sf/, pBf]u dGqfno, sDkgL @= >L lbg]z ysfnL, k|aGw ;+rfns
/lhi6«f/sf] sfof{nodf btf{ ePsf] xf] . sDkgLn] lwtf]kq #= >L e"lkGb| vqL ,;+rfns
;DaGwL P]g, @)^# cGtu{t lwtf]kq Joj;foL dr]G{ 6 a+s } /sf] $=>L Hof]tL z]/rg, :jtGq ;+rfns
?kdf sfo{ ug{ g]kfn lwtf]kq af]8j{ f6 ldlt @)^&÷)%÷@$ %= >L e/t l;+x yfkf, :jtGq ;+rfns
df cg'dlt kq k|fKt u/L ;f]lx ldltaf6 dr]{G6 a}+lsË ;]jf ^= >L g/]z h+Ë yfkf, :jtGq ;+rfns
k|bfg ub} { cfO/x] sf] 5 . sDkgLn] cfkm\ gf] :yfkgf jif{d f &= >L /laGb| 9sfn, ;+rfns
z]o/ /lhi6«f/ ;] jf, nufgL Joj:yfkg ;] jfsf] ?kdf sfo{
u/]sf]df xfn sDkgLn] ;f]sf] cnfjf cfkm'n] k|bfg ug]{ ;]jfnfO{
ljljlws/0f ub}{ lwtf]kq lgisfzg tyf laqmL k|aGws, lgIf]k
;b:o, z]o/ k| Tofe"tL, nufgL Joj:yfkg tyf ;+ :yfut
k/fdz{ ;]jf ;d]t k|bfg ub}{ cfPsf] 5 .
$ Kf|e ' OG;'/]G; lnld6]8, k| e' OG:of] /]G ; lnld6]8 g] kfndf :yflkt lghL{j g aLdf != >L s';'d nfdf, cWoIf $,^),)))
ltgs'g] sDkgLx?dWo] cu|0fL aLdf sDkgL xf] . @)%# ;fndf g]kfnsf @= >L /fh uf]kfn /fhe08f/L, ;+rfns
k| ltli7t cf} B f] lus / Jofkfl/s ;d' xåf/f ;+: yflkt o; #= >L s]zj /fh cfrfo{, ;+rfns
sDkgLdf k|e' ;d'x tyf sd{rf/L ;+ro sf]ifsf] k|d'v z]o/ $=>L /fh]G› dNn, ;+rfns
lx:;f /x]sf] 5 . xfn sDkgLsf] r'Qmf k"FhL ! cj{ % s/f]8 %= >L /fh]G› zfSo, ;+rfns
eGbf clws /x] s f] 5 eg] %% eGbf clws zfvf tyf ^= >L /0fs]zj k|wfg, ;+rfns
pk–zfvf dfkm{ t aLdf ;] j f k| b fg ul//x] s f] 5 . &= >L /fh uf]kfn /fhe08f/L ;+rfns
% ;g/fO{h xf]N8Lª\; k|f=ln=, nufgL ;DaGwL Jofj;fo ug]{ u/L sDkgL /lhi6«f/ sfof{nodf != >L ;'efif cdfTo , cWoIf !,@!,%()
sdnflb ldlt @)&!÷)@÷!( df btf{ ePsf] . @= >L z}nf >]i7, ;+rfns
^ Hfo kz'klt sGi6«S;g lgdf{0f ;DaGwL Jofj;fo ug]{ u/L sDkgL /lhi6«f/ sfof{nodf ! >L e/t nfld5fg] yfkf, cWoIf !%,)))
k|f=ln=, w'dj/flx ldlt @)&#÷)(÷@$ df btf{ ePsf] .
& ;+o'Qm o'jf Snj, ;fdflhs ;]jf tyf v]ns'b ultljlw ;DjGwL sfo{sf] nflu != k[yfl;+x d]3L u'?Ë, cWoIf !,)%)
;+v'jf;ef ldlt @)%&÷)*÷!! df btf{ ePsf] @= P]/fd d]3L u'?Ë, ;b:o
#= ;'/]z d]3L u'?Ë, ;b:o
$= ldng d]3L u'?Ë, ;b:o
%= xl/jn d]3L u'?Ë, ;b:o
^= z+s/dfg d]3L u'?Ë, ;b:o
&= /fhg ub}jL, ;b:o
*= ;'Gb/L u'?Ë, ;b:o
(= lbkf u'?Ë, ;b:o
!)= ;'lgn >]i7, ;b:o
!!= lbn s'df/ u'?Ë, ;b:o
* l;4fy{ OGkm|f:6Sr/ nufgL ;DaGwL Jofj;fo ug]{ u/L sDkgL /lhi6«f/ sfof{nodf != /d]z s'df/ l;njfn, cWoIf !,!),)))
8]ednkd]G6 P08 ldlt @)&%÷)%÷@& df btf{ ePsf] . @= /d]z l;jfsf]6L, ;+rfns
OGe]i6d]G6 sDkgL k|f=ln=, #= p¢j rf}nfufO+ ;+rfns
afg]Zj/ $= x]dlglw zdf{ ;+rfns
%= lzj s[i0f >]i7 ;+rfns
^= eQm/fd 1jfnL ;+rfns
&= ;'lbk 1jfnL ;+rfns
( dsfn' cfw'lgs ax'p2]ZoLo s[[ lif tyf kz'kfng ;DaGwL Jofj;fo ug] { u/L sDkgL != >L e/t nfld5fg] yfkf, cWoIf !%,)))
s[lif kmfd{, 6f]vf /lhi6«f/ sfof{nodf ldlt @)&*÷)%÷@& df btf{ ePsf] . @= 8f= u'/fz+ a:g]t ;+rfns
!) lna6L{ xf]N8Lª\; k|f=ln=, nufgL ;DaGwL Jofj;fo ug]{ u/L sDkgL /lhi6«f/ sfof{nodf != >L /fd axfb'/ kf08], cWoIf %),)))
7d]n ldlt @)&#÷)*÷!& df btf{ ePsf] . @= >L z]/ axfb'/ a:g]t ;+rfns
#= >L b]j]Gb| jfUn] ;+rfns
u_ ;+ul7t ;+:yfsf ;+rfnsx?, cGo s'g} ;+:yf, sf]if ;+u7g;+u cfj¢ eP To:tf] ;+rfns / cfj¢ ePsf] ;+:yfsf]
gfd 7]ufgf M
qm=;+ Gffd cGo ;DalGwt /x]sf] ;+:yf, kmd{ / sDkgLx?
! ljhodfg z]/rg != cWoIf–kz''ktL e]Gr/ Soflk6n k|f=ln=
@ >L lbg]z k|zfb >]i7 != k|f]k/fO6/–xgL OG6/k|fOh]h k|f= nL= @= ;+rfns–kz''ktL e]Gr/ Soflk6n k|f=ln
#= cWoIf–g]kfn–yfOn}08 Jofkf/ ;+u7g $= cWoIf–PDfPg OG6/g]zgn k|f=nL=
# >L ljgf]b ysfnL !=gePsf]
$ >L x]dlglw zdf{ != k|f]h]S6 sf]cl8{g]6/–Ocf/Pdl; k|f= ln=, xfn sfo{/t
% >L lbgfgfy bfxfn != g]kfn ljB't k|flws/0faf6 cjsf; k|fKt sd{rf/L
æ;"rLs[t ;Ël7t ;+:yfx?sf] ;+:yfut ;'zf;g ;DaGwL lgb]{lzsf, @)&$Æ sf] ;Dk"0f{ Joj:yfx? tyf sDkgL P]g, @)^# sf]
bkmf *( sf] pkbkmf -!_ 5 sf] Kffngf ePsf] 5 . xfn o; sDkgL ;"lrs[t x'g afFsL /x]sf] / ;"rLs[t x'g' cuf8L æ;"rLs[t
;Ël7t ;+:yfx?sf] ;+:yfut ;'zf;g ;DaGwL lgb]{lzsf, @)&$Æ sf] k"0f{ ?kdf kfngf ug]{ ;d]t k|lta4t /x]sf] .
!#
u=%=v=;+:yfks÷;~rfns ;Fusf] sf/f]af/ M
s_ ;+ul7t ;+:yfaf6 s'g} ;+:yfks÷;~rfnsn] k|ToIf jf ck|ToIf ?kdf s'g} j:t' jf ;'ljwf -cfly{s jf u}/cfly{s_
k|fKt u/]sf jf k|fKt ug]{ ePdf To:tf] j:t' jf ;'ljwfsf] k|s[lt / d"No / To:tf] ;'ljwf lbP afkt ;+ul7t ;+:yfn]
s'g} ;DklQ, ;]jf k|fKt u/]sf] jf ug]{ ePdf tT;DaGwL ljj/0f M
sDkgLsf] ldlt @)&*÷)(÷@* ut]sf] kfFrf} jflif{s ;fwf/0f ;efsf] lg0f{o cg';f/ ;~rfns ;ldltn] lng] kfl/>dLs,
;]jf ;'ljwf b]xfo adf]l hd /x]sf] 5 ;fy} lhDd]jf/L sDkgLsf] lgodfjnLdf pNn]v eP adf]l hd /xg] 5 .
;+rfns Jfflif{s kfl/>lds oftfoft vr{ 6]lnkmf]g vr{ kqklqsf tyf :6]zg/L hDdf
ljhodfg z]/rg -cWoIf_ $!,)#,*(@ – – – $!,)#,*(@
lbg]z k|zfb >]i7 -;+rfns_ ^,)),))) – – – ^,)),)))
ljgf]b rsfnL-;+rfns_ ^,)),))) – – – ^,)),)))
lbgfgfy bfxfn -;+rfns_ $),))) – – – $),)))
x]dlglw zdf{ -;+rfns_ #,)),))) – – – #,)),)))
lhDd]jf/L M sDkgLsf] lgodfjnLdf pNn]v eP adf]lhd .
!_ cfof]hgf lgdf{0fsfo{sf] ;Dk"0f{ lhDd]jf/L .
@_ ;+rfns ;ldltn] tf]s] afdf]lhd cGo sfo{x? .
;j} ;+rfnsx?nfO{ lbPsf] ;'ljwfx? M
s_ oftfoft eQf M 5}g . v_ klqsf M 5}g . u_ 6]lnkmf]g M 5}g . 3_ uf8L M 5}g . ª_ t]n M 5}g .
v_ a'Fbf -s_ df pNn]lvt j:t' jf ;'ljwfsf] d"No lgwf{/0f ug{ ckgfOPsf] tl/sf M ;f] gePsf] .

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

o; sDkgL k|rlnt sDkgL sfg'g cGtu{t :yflkt tyf ;~rflnt klAns lnld6]8 sDkgL xf] . o;df z]o/wgLx?sf]
bfloTj ;Lldt 5 . o; sDkgLsf] z]o/wgLsf] bfloTj lghn] vl/b u/]sf] jf vl/b ug{ sa'n u/]sf] z]o/sf] clwstd
/sd;Dd dfq ;Lldt /xg]5 .
u=&= ;+ul7t ;+:yfsf] sd{rf/L ;DaGwL ljj/0f M
u=&=s_;+ul7t ;+:yfsf] pRr Joj:yfksLo txsf clws[t sd{rf/Lx? ;DaGwL ljj/0f M
-s_ ;+ul7t ;+:yfsf] pRr Joj:yfksLo txsf sd{rf/Lsf] gfd, of]Uotf, lgo'lQm ePsf] ldlt, klxn] u/]sf] sfdsf] cg'ej
tyf ;+ul7t ;+:yfsf] z]o/ lnPsf] eP z]o/ ;+Vof ;DaGwL ljj/0f . ;fy} To:tf] sd{rf/Lx? cGo s'g} ;"lrs[t
;+ul7t ;+:yfsf] cfwf/e"t z]o/wgL eP jf cGo s'g} ;+ul7t ;+:yfdf nufgL u/]sf] eP pQm ;+ul7t ;+:yfsf]
gfd / nufgL u/]sf] /sd v'nfpg' kg]{ .
l;=g+= sd{rf/Lsf] gfd kb z}lIfs of]Uotf lgo'lQm ldlt sfof{g'ej z]o/ lsQf
! >L lbg]z k|zfb >]i7 Kf|aGws :gfts– @)&%÷!@÷)$ xfn dfof vf]nf xfO8«f]kfj/ sDkgL lnld6]8 df k|aGw
;+rfns Joj:yfkg ;~rfnssf] ?kdf cfj4 /x]sf] / ;fy} ljleGg xfO8«f]
k|f]h]S6x? tyf cGo ljleGg Joj;fodf df cfj4 /x]sf] .
@ >L ;fu/ g]kfn k|aGws :gfts– @)&%÷!@÷!@ vfgL vf]nf xfO8«fk] fj/ sDkgL lnld6]8df sfo{ ul/ !) jif{
Joj:yfkg cg'ej xfl;n xfn dfof vf]nfdf sfo{/t
# >L gljg s'df/ jdf{ sDkgL @)&%÷)^÷!@ xfn dfof vf]n f xfO8«f]kfj/ sDkgL lnld6]8 df sDkgL
;lrj :gftsf]Q/— ;lrasf] ?kdf cfj4 /x]sf] / ljleGg xfO8«f] k|f]h]S6x?
sfg'g tyf cGo ljleGg sDkgLx?df sfg'g L k|ltlglwsf] sfo{
cg'ej /x]sf] .
;+ul7t ;+:yfsf sd{rf/Lx? cGo ;"rLs[t ;+ul7t ;+:yfsf] cfwf/e"t z]o/wgLsf] ?kdf /x]sf] jf sd{rf/Lx?n]
cGo s'g} ;+ul7t ;+:yfdf u/]sf] nufgL ;DaGwL ljj/0f M ;f] gePsf] .
-v_ ljj/0fkq af]8{df k|:t't ug'{ eGbf ! jif{ cufl8sf] cjlwdf lgod cg';f/ cjsfz k|fKt ePsf] cj:yf afx]s ;+ul7t
;+:yfsf] pRr Joj:yfksLo txdf /x]sf s'g} sd{rf/L kl/jt{g ePsf] eP ;f] ;DaGwL ljj/0f M ;f] gePsf] .
-u_ sd{rf/Lsf] ;+Vof M :yfoL, c:yfoL, s/f/, Hofnfbf/L / cGo M o; cfof]hgfsf] cfof]hgf:yn, cGo ef}lts k"jf{wf/:yn
/ sDkgLsf] /lhi68{ sfof{nodf u/L b]xfo adf]lhdsf sd{rf/L sfo{/t /x]sf 5g\ M
:yfoL c:yfoL s/f/ Hofnfbf/L cGo s'n sd{rf/L ;+Vof
!) hgf @% hgf – – – #% hgf
!_ k|f]h]S6 Dofg]h/sf] lgo'lQm k|f]h]S6 ;DkGg ug]{ k|of]hgsf nflu dfq s/f/df lgo'Qm ul/Psf] .
u=&=v=;~rfns Pj+ pRr Joj:yfksLo txsf clws[tnfO{ lbPsf] eQf tyf kfl/>lds ;DaGwL ljj/0f M
s_ ;+rfns ;ldltsf] cWoIf nufot cGo ;b:ox?nfO{ k|bfg ul/g] jf ul/Psf] a}7s eQfsf] b/ tyf lghx?nfO{ k|bfg
ul/g] jf ul/Psf] b}lgs tyf e|d0f eQf / cGo ;'ljwf M
!= ;~rfns ;ldltsf] a}7sdf pkl:yt eP afkt eQf lbOPsf] 5}g .
@= sDkgLsf] sfdsf] l;nl;nfdf ;~rfnsnfO{ k|bfg ul/g] b}lgs tyf e|d0feQf b]xfo adf]l hd x'g]5M
:jb]zdf b}lgs eQf M ? %,))) ÷—, oftfoft vr{ ljn jdf]lhd 5 .

!$
 #= cGo ;'ljwf sDkgL lgod adf]lhd x'g]5 .
cf=j= @)&*÷)&( df cWoIf tyf cGo ;+rfnsx?nfO{ lgDg e'QmfgL ePsf] .
;+rfns Jfflif{s kfl/>lds oftfoft vr{ 6]lnkmf]g vr{ kqklqsf tyf :6]zg/L hDdf
ljhodfg z]/rg -cWoIf_ $!,)#,*(@ – – – $!,)#,*(@
lbg]z k|zfb >]i7 -;+rfns_ ^,)),))) – – – ^,)),)))
ljgf]b rsfnL-;+rfns_ ^,)),))) – – – ^,)),)))
lbgfgfy bfxfn -;+rfns_ $),))) – – – $),)))
x]dlglw zdf{ -;+rfns_ #,)),))) – – – #,)),)))
v_ ;+ul7t ;+:yfsf] pRr Joj:yfksLo txsf tLg hgf clws[tx?sf] gfd, kb / Ps cfly{s jif{sf] cjlw leq
pgLx?nfO{ kfl/>ldssf] ?kdf e'Qmfg ul/Psf] /sd M
l;=g+= sd{rf/Lsf] gfd kb cfly{s jif{ )&*÷&( df kfl/>ldssf] ?kdf e'Qmfg ul/Psf] /sd -?=_
!= >L lbg]z k|zfb >]i7 k|aGws ;+rfns ^,)),)))
@= >L ;fu/ g]kfn k|aGws !%,&),&%)
#= >L gljg s'df/ jdf{ sDkgL ;lrj #,$%,)))
u_ s'g} clws[t jf ;+rfnsnfO{ eljiosf] nflu s'g} /sd k|bfg ul/g] u/L s/f/ ul/Psf] eP ;f] ;DaGwL ljj/0f M
xfn;Dd To:tf] s'g} s/f/ ul/Psf] 5}g .
u=*= cGtlg{lxt hf]lvd tyf ;f] sf] Joj:yfkgsf] nfuL Joj:yfkgsf] wf/0ff M
;+ul7t ;+:yfn] axg u/]sf] jf ug]{ hf]lvd :ki6 ?kdf pNn]v ug'{ kg]{ . o; ;Gbe{df hf]vLdx?nfO{ ;+ul7t ;+:yfsf]
cfGtl/s jf Joj;fo÷kl/of]hgf;Fu k|ToIf cyjf ;+ul7t ;+:yfsf] lgoGq0f eGbf aflx/sf] egL jlu{s/0f u/L k|d'v
?kdf b]xfosf] hf]lvdsf] ljZn]if0f ug'{ kg]{ .
s_ ljQLo ;fwgsf] cefjaf6 x'g] hf]lvd M
 lgdf{0ffwLg cj:yfdf /x]sf] hnljB't cfof]hgfdf ljQLo hf]lvd Go"g /x]sf] .
 gofF cfof]hgfsf] cg';Gwfg tyf ljsf; ;+s'rg cfpg ;Sg] hf]lvd Go"g /x]sf] . t/ g]kfn ljB't k|flws/0fn]
ljB't vl/b ljqmL ;Ddmf}tf ;xh / ;/n gagfPdf ;d:of pTkGg x'g] b]vLG5 .
 ;+:yfdf cfj4 z]o/wgLx?n] sa'n u/]sf] ;Dk"0f{ /sd k|fKt eO;s]sf] / a}+saf6 klg C0f k|fKt eO/x]sf]]n] ljQLo
;fwgsf] cefjaf6 x'g] s'g} klg hf]lvd gx'g] .
v_ sRrf kbfy{sf] cefjaf6 x'g] hf]lvd M
 hn;|f]tsf] lg/Gt/ dfkg ul/ l8hfO{g ul/Psf] x'Fbf pQm hf]lvd sd /x]sf] .
u_ pTkfbg tyf ;]jfsf] ahf/ l:ylt / o;df cfpg] kl/jt{gaf6 x'g] hf]lvd M xfnsf] cj:yfdf ljB'tsf] ahf/sf]
hf]lvd g/x]sf] .
3_ cfof]hgf ;DkGg x'g l9nfO{ x'g] ;Defjgf / To;af6 x'g] d"No clej[l4 (cost overrun) sf] hf]lvd M o;
sDkgLn] d+l;/ !, @)&( ;Dddf ljB't pTkfbg ug]{ nIo /fv]sf] 5 . sDkgLsf] tkm{af6 ;f] ldltdf ljB't pTkfbg
u/L g]kfn ljB't k|flws/0fnfO{ ljB't laqmL ug]{5 .
ª_ ljb]zL ljlgdosf] hf]lvd M ;j} d]l;g/L cf}hf/ cli6«of tyf ef/taf6 cfoft ePsf]n] ljb]zL ljlgdosf] hf]lvd
/x]sf] .
r_ sfg'gL k|s[ofx? tyf O{hfht k|fKt ug'{ kg]{ ;f] af6 kg{ ;Sg] cj/f]wx? M cg'dlt jf Ohfht k|fKt ubf{ l9nfO{
x'g uPdf gofF cfof]hgf lgdf{0f sfo{df l9nfO{ x'g ;Sg] hf]lvd /x]sf] .
5_ If]qLos/0f / ljZjJofkLs/0f (Globalization) sf sf/0faf6 pTkGg x'g ;Sg] hf]lvd McGt/fl{i6«o ahf/df
x'g] dGbLaf6 g]kfnL ahf/df kg{;Sg] c;/af6 x'g;Sg] cfly{s hf]lvdx? .
h_ ;/sf/L gLlt tyf lgodx?df x'g ] kl/jt{g tyf ljZjJofkL ?kdf x'g ] gLltut kl/jt{gaf6 x'g ] hf]lvd M
 g]kfn ;/sf/sf] hnljB't ;DaGwL cfly{s tyf ljQLo gLlt lgoddf x'g] kl/jt{gaf6 hf]lvdx? >[hgf x'g ;Sg] .
 s/, eG;f/ cflb ;DaGwL Joj:yfdf kl/j{tg ePdf hf]lvdx? >[hgf x'g ;Sg] .
em_ ;+ r fng Oltxf;sf] cefj M cfof] h gf ;~rfngdf gcfpGh] n ;Dd ;f] ljifodf hf] l vd /x] s f] .
`_ k|ljlwsf] kl/jt{gaf6 x'g] ;Sg] hf]lvd MhnljB't cfof]hgf lgdf{0fsf] nfuL cfjZos 6jf{Og, k]g:6s, h]g]/]6/
nufotsf ljleGg pks/0fdf cfpg] kl/jt{g tyf gofF k|l jlwaf6 ljB't pks/0fx? km]hcfp6 ePdf .
6_ cGo M
 b}lj k|sf]k tyf sfa' aflx/sf] kl/l:ylt pTkGg eO cfof]hgfdf s'g} k|fs[lts Iflt ePdf cfof]hgfsf] nfut a9\g
;Sg] hf]lvd /x]sf] .
 b]zsf] /fhg}lts cl:y/tfaf6 cfpg ;Sg] hf]lvdx? .
 k"FhL ahf/sf] cj:yfdf cfpg] ptf/ r9fjaf6 kg{ ;Sg] hf]lvdx? .
;Defljt cfly{s hf]lvdx?nfO{ Go"gLs/0f ug{ Joj:yfkgn] lgDg pkfox? cjnDjg ub}{ hfg]5 .
g]kfndf phf{ zlQmsf] dfu w]/} / cfk"lt{ Go"g /x]sf] / g]kfn hn>f]tsf] wgL b]z ePsf]n] cGo phf{sf] >f]teGbf
e/kbf]{ >f]t kfgL xf] . t;y{ phf{sf nflu hnljB'tsf] cfjZostf / dxTj slxNo} sd gx'g] x'Fbf hnljB'tsf]
nufgLdf Go"g hf]lvd /xsf] Joj:yfkgsf] wf/0ff /x]sf] 5 . ;fy} phf{ ljleGg >f]taf6 k|fKt ug{ ;lsG5 . h:t} M
;f}o{ zlQm, l8h]n, sf]Onf, hn>f]t OTofbL . o; dWo] kfgLaf6 pTkfbg x'g] hnljB't gljs/0fLo phf{ ePsf]n]
hnljB't cfof]hgfx?n] jftfj/0fdf gsf/fTds k|efj kfb}{g . To;sf/0f phf{sf cGo >f]tx? eGbf kfgLaf6 pTkfbg
!%
 x'g] hnljB'tn] jftfj/0fLo xfgL gx'g] / o;sf] nfut cGo phf{ eGbf t'ngfTds ?kdf sd /xg] x'Fbf cGo >f]taf6
pTkfbg x'g] ljB'teGbf kfgLaf6 pTkfbg x'g] hnljB't cfof]hgfx?df hf]lvd g/x]sf] wf/0ff Joj:yfkgsf] /x]sf]
5 . ;fy} pk/f]Qm ;Defljt hf]lvdx?nfO{ Go"gLs/0f ug{ pks/0fx?sf] x|f; vr{sf] Joj:yfsf] ;fy} s]Gb| / cfof]hgfsf
cfjZoso; sDkgL tyf cfof]hgfsf] cfjZos ;+/rgf, d]l;g, cf}hf/ / pks/0fx?sf] hf]lvdnfO{ Go"gLs/0f ug{
lgdf{0fflwg cfof]hgfsf] lgDgfg';f/sf ladf ul/Psf] 5 .
!$=( d]=jf= dfof vf]nf hnljB't cfof]hgfsf] ladf ;DaGwL ljj/0f M
l;=g+= ladfsf] k|sf/ ladf sDkgLsf] gfd ladfÍ /sd -?=_ ladf cjlw ladf z'Ns -?=_
! l;len sfo{ PgPnhL OG:of]/]G; 1,17,52,38,659.34 lgdf{0f sfo{sf] nfluM 29,48,190.00
s+=ln= !*.!).@)@! b]lv !&.)$.@)@#
dd{t ;Def/ sfo{sf] nflu
!*.)$.@)@# b]lv !&.)$.@)@$
@ xfO8«f]d]sflgsn sfo{ lzv/ OG;'/]G; 19,40,86,078.23 dfr{ &, @)@! b]lv cS6f]a/ @&, @)@# 1,65,823.86
# On]S6«f]d]sflgsn ;dfg – ef/t cf]l/oG6n OG;'/]G; 13,43,74,322.22 Dffr{ !*, @)@! b]lv dfr{ !&, @)@# 6,52,343.00
$ On]S6«fd] ]sflgsn ;dfg – cli6«of cf]l/oG6n OG;'/]G; 18,68,63,880.87 d] !$, @)@! b]lv l8;]Da/ !#, @)@@ 7,84,678.94

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

?=!))÷—k|lt z]o/sf b/n] lgisfzg ul/Psf] z]o/ d"Non] ;"rLs/0f kZrft\\ g]kfn :6s PS;r]Gh lnld6]8df x'g]
sf/f]jf/ d"No ghgfpg] ePsf]n] z]o/ d"Nodf x'g ;Sg] kl/jt{gsf] hf]lvd /x]sf] 5 .
u=(= ljQLo ljj/0f
u=(=s=ljQLo ljj/0f / tT;DaGwdf Joj:yfkgsf] wf/0ff / ljZn]if0fM
s_ ;+ul7t ;+:yfsf] n]vfk/LIf0f ePsf] kl5Nnf] cfly{s jif{sf] jf;nft, gfkmf-gf]S;fg lx;fa, gfkmf-gf]S;fg lx;fa
afF8kmfF8, gub k|jfx ljj/0f M o; sDkgLsf] cf=a=@)&&÷)&* sf] n]vfk/LIf0f ePsf] jf;nft, gfkmf—gf]S;fg
lx;fa tyf gfkmf—gf]S;fg afF8kmfF8 lx;fa vftfsf] oyfy{ ¿k/]vf o; k|sf/ 5 M
cfly{s jif{ @)&&.&* sf] jf;nft
jf;nft -cfiff9 #!, @)&*_
laj/0f /sd ?= -xhf/df_
k"FhL tyf bfloTj
z]o/ xf]N8/x?sf] sf]if
z]o/ k"FhL 326,632.50
clu|d sn dgL 168,065.00
hu]8f sf]if / ;+lrt gfkmf÷gf]S;fg (56,730.45)
s"n k"FhL
lb3{sflng bfloTj
lb3{sflng shf{ 1,379,859.53
cNksfnLg shf{ 167,727.18
s"n shf{
hDdf k"FhL tyf bfloTj
;DklQ
lb3{sflng ;DklQ
l:y/ ;DklQ
s'n l:y/ ;DklQ 23,607.50
Go'g ;+lrt x|f; (13,411.32)
v'b l:y/ ;DklQ
lgdf{0fflwg kl/of]hgf 1,986,913.24
hDdf lb3{sflng ;DklQ
nufgL
Rffn' ;Dklt
clu|d e"QmfgL k]lZs tyf w/f}6L 132,371.69
gub tyf a}+s df}Hbft 29,716.35
hDdf rfn" ;DklQ
Go'gM rfn" bfloTj tyf Joj:yf
cf;fdLx? Tfyf Joj;flos bfloTj 187,552.24
cGo bfloTj >f]tdf s/s§L 2,808.04
hDdf rfn" bfloTj
v"b rfn' ;DklQ
hDdf ;DklQ

!^
 gfkmf gf]S;fg lx;fa ->fj0f !, @)&& b]lv cfiff9 #!, @)&* ;Dd_
laj/0f ?= -xhf/df_
cfDbfgL
ljB't lalqm cfDbfgL -
cGo cfDbfgL 453.41
hDdf cfDbfgL
vr{
/f]oN6L vr{ -
k]gfN6L vr{ -
k|zf;g vr{ (14,219.39)
EBDIT
x|f; vr{ (2,296.47)
EBIT
ljQLo vr{ -
EBT
Aff]g; vr{ -
cfo s/ -
:ylut s/ -
s/ s§fkZrft\sf] gfkmf
NPAT Brought Forward
Go"g M ljlgof]hg÷ ;dfof]hg
;dfof]hg -
Nffef+z -
v'b gfkmf÷gf]S;fg
gfkmf gf]S;fg afF8kmfF8 lx;fa ->fj0f !, @)&& b]lv cfiff9 #!, @)&* ;Dd_
ljj/0f /sd ?= -xhf/df_
s/ kl5sf] gfkmf (16,062.45)
Zf'? hu]8f (40,667.99)
36fpg] M z]o/wgLsf] nfef+;
Jff;nftdf ;fl/Psf] hu]8f (56,730.45)
gub k|jfx ljj/0f ->fj0f !, @)&& b]lv cfiff9 #!, @)&* ;Dd_
laj/0f ?=-xhf/df_
v'b gub k|jfx ;~rfng ultljlwaf6
rfn' jif{sf] Vf'b gfkmf ÷gf]S;fg (16,062.45)
;dfof]hg -
x|f;s§L 2,296.47
gub k|jfx ;~rfng ultljlwaf6 (13,765.98)
cl3Nnf] jif{sf] ;dfof]hg -
ltg{'kg{] /sd ckn]vg -
sfo{lzn k"FhLsf] kl/jt{g cl3sf] ;+rfng gub k|jfx
rfn" ;DkQL ePsf] -j[l4_÷sdL 230,411.81
rfn" bfloTjdf ePsf]j[l4÷-sdL_
;~rfng ultljlwaf6 s"n gub k|jfx
nufgL ultljlwsf] gub k|jfx
;DklQ vl/b, Knf06 d]lzg/L (67.28)
cGo nufgL (16,716.60)
cGo ;DkQL ePsf] -j[l4_÷sdL (1,128,854.12)
nufgL ultljlwsf] gub k|jfx
ljQLo ultljlwsf] gub k|jfx
z]o/ kF"hLdf j[l4-sdL_ 156,776.40
sn kF"hLdf j[l4-sdL_ (69,779.40)
C0fdf j[l4-sdL_ 717175.17
ljQLo ultljlwsf] gub k|jfx
Gfubdf ePsf] s"n kl/jt{g
ut jif{sf] a}+s tyf Gfub cj:yf 8,783.46
Rffn' jif{sf] a}+s tyf Gfub cj:yf
Gff]6 M– sDkgLn] @)&&÷@)&* sf] ljQLo ljj/0f NFRS cg';f/ tof/ gu/]sf]n] n]vfkl/Ifsn] ;f] ljQLo ljj/0f pk/ Disclaimer
Opinion k|:t't ul/Psf] 5 . sDkgLn] cfufdL cf=a= sf] ljQLo ljj/0f NFRS cg'; f/ tof/ ug]{ qmddf /x]s f] 5 .
!&
v_ ;~rfng cjlw tLg jif{ JotLt e};s]sf] cj:yfdf ljut tLg jif{sf] / tLg jif{ JotLt e}g;s]sf] cj:yfdf ;+rfng
cjlwe/sf] n]vfk/LIf0f ePsf] ljQLo ljj/0f M
jf;nft
laj/0f jf:tljs ?= xhf/df
cf=a=)&%÷&^ cf=a=)&^÷&& cf=a=)&&÷&*
k"FhL tyf bfloTj
z]o/ xf]N8/x?sf]] sf]if
z]o/ k"FhL 169,856.10 169,856.10 326,632.50
clu|d sn dgL 176776.40 237,844.40 168,065.00
hu]8f sf]if / ;+lrt gfkmf÷gf]S;fg (27,682.78) (40,667.99) (56,730.45)
s"n k"FhL 367,032.51 437,967.05
lb3{sflng bfloTj
lb3{sflng shf{ -a}+saf6 shf{_ 454,567.80 830,411.54 1,547,586.71
s"n shf{ 454,567.80 830,411.54 1,547,586.71
hDdf k"FhL tyf bfloTj 1,197,444.05 1,985,553.76
;DklQ
lb3{sflng ;DklQ
s'n l:y/ ;DklQ 37882.80 23,540.22 23,607.50
Go'g;+lrt x|f; (8248.60) (11,114.86) (13,411.33)
v'b l:y/ ;DklQ 29634.20 12,425.36 10,196.16
lgdf{0fflwg kl/of]hgf 502,218.65 858,059.12 1,986,913.24
nufgL 16,716.60
Rffn' ;Dklt
gub tyf a}+s df}Hbft 46088.69 8,783.46 29,716.35
k|fKt x'g aFfsL -g]kfn ljB't k|flws/0f_
cGo rfn' ;DklQ 204,541.80 362,783.51 132371.69
hDdf rfn" ;DklQ 371,566.97 162,088.04
Go'gM rfn" bfloTj tyf Joj:yf
hDdf rfn" bfloTj 44,607.40 190,360.29
v"b rfn' ;DklQ 326,959.57 (28,272.24)
hDdf ;DklQ 1,197,444.05 1,985,553.76

gfkmf gf]S;fg lx;fj

jf:tljs ?= xhf/df
ljj/0f cf=a=)&%÷&^ cf=a=)&^÷&& cf=a=)&&÷&*
cfDbfgLM
ljB't lalqm cfDbfgL - - -
cGo cfDbfgL 571.18 901.46 453.41
hDdf cfDbfgL 571.18 901.46 453.41
vr{
/f]oN6L vr{ - - -
k]gfN6L vr{ - - -
k|f]h]S6 ;+rfng tyf k|zf;g vr{ (11786.34) (11020.42) (14,219.39)
EBDIT (11215.16) (10118.96) (13,765.98)
x|f; vr{ (3481.29) (2866.26) (2,296.47)
EBIT (14,696.45) (12985.21) (16,062.45)
ljQLo vr{ - - -
EBT (14,696.45) (12985.21) (16,062.45)
Aff]g; vr{ - - -
cfo s/ - - -
:ylut s/ - - -
s/ s§fkZrft\sf] gfkmf (14,696.45) (12985.21) (16,062.45)
NPAT Brought Forward (12,986.33) (27682.78) (40,667.99)
Go"g M ljlgof]hg÷ ;dfof]hg
;dfof]hg - - -
Nffef+z - - -
v'b gfkmf÷gf]S;fg (27,682.78) (40,667.99) (56,730.45)

!*
 gfkmf gf]S;fg afF8kmfF8 lx;fa -?= xhf/df_
ljj/0f cf=a= @)&%÷)&^ cf=a= @)&^÷)&& cf=j= @)&&.&*
s/ kl5sf] gfkmf -!$,^(^=))_ -!@,(*%=@!_ -!^,)^@=$%_
Z'? hu]8f -!@,(*^=##_ -@&,^*@=&*_ -$),^^&=((_
36fpg] M z]o/wgLsf] nfef+;
Jff;nftdf ;fl/Psf] hu]8f -@&,^*@=&*_ -$),^^&=((_ -%^,&#)=$%_
gub k|jfx ljj/0f -?= xhf/df_
laj/0f cf=a= @)&%÷)&^ cf=a= @)&^÷)&& cf=a= @)&&÷)&*
v'b gub k|jfx ;~rfng ultljlwaf6
rfn' jif{sf] Vf'b gfkmf ÷gf]S;fg -!$,^(^=))_ -!@,(*%=@!_ -!^,)^@=$%_
;dfof]hg
x|f;s§L #,$*!=@( @,*^^=@^ @,@(^=$&
gub k|jfx ;~rfng ultljlwaf6 -!!,@!%=!^_ -!),!!*=(%_ -!#,&^%=(*_
cl3Nnf] jif{sf] ;dfof]hg
ltg{'kg{] /sd ckn]vg
sfo{lzn k"FhLsf] kl/jt{g cl3sf] ;+rfng gub k|jfx -!!,@!%=!^_ -!),!!*=(%_ -!#,&^%=(*_
rfn" ;DkQL ePsf] -j[l4_÷sdL -^*,&*(=((_ -!%*,@$!=&!_ @#),$!!=*!
rfn" bfloTjdf ePsf]j[l4÷-sdL_ -$,^)!=!!_ #%,^$!=%& !,$%,&%@=()
;~rfng ultljlwaf6 s"n gub k|jfx -*$,^)^=@%_ -!#@,&!(=)(_ #,^@,#(*=&#
nufgL ultljlwsf] gub k|jfx
;DklQ vl/b, Knf06 d]lzg/L (28.30) (14,342.59) (67.28)
cGo nufgL (16,716.60)
cGo ;DkQL ePsf] -j[l4_÷sdL (355,098.19) (355,840.46) (1,128,854.12)
nufgL ultljlwsf] gub k|jfx (355,126.49) (341,497.88) (1,145,638.01)
ljQLo ultljlwsf] gub k|jfx
z]o/ kF"hLdf j[l4-sdL_ 156,776.40
sn kF"hLdf j[l4-sdL_ 89,372.95 61,068.00 (69,779.40)
C0fdf j[l4-sdL_ 344,211.12 375,843.74 7,17,175.17
ljQLo ultljlwsf] gub k|jfx 433,584.08 436,911.74 804,172.17
Gfubdf ePsf] s"n kl/jt{g (6,148.66) (37,305,.23) 20,932.89
ut jif{sf] a}+s tyf Gfub cj:yf 52,237.35 46,088.69 8,783.46
Rffn' jif{sf] a}+s tyf Gfub cj:yf 46,088.69 8,783.46 29,716.35

OSjL6Ldf ePsf] kl/j{tg ljj/0f

ljj/0f cf=a= @)&%÷)&^ jf:tljs -?=xHff/df_
z]o/ k'FhL clu|d sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)&% ;fnsf] df}Hbft 169,856.10 87,403.45 (12,986.33) 244273.22
cfly{s jif{sf] Gffkmf gf]S;fg (14,696.45) (14696.45)
Nffef+z
hf/L z]o/ k'FhL 89,372.95 89,372.95
@)&^ cfiff9 d;fGtsf] clGtd df}Hbft 169,856.10 176,776.40 (27,682.78) 318,949.72

ljj/0f cf=a= @)&^÷)&& jf:tljs -?=xHff/df_

z]o/ k'FhL clu|d sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)&^ ;fnsf] df}Hbft 169,856.10 176,776.40 (27,682.78) 318,949.72
cfly{s jif{sf] Gffkmf gf]S;fg (12985.21) (12,985.21)
Nffef+z
hf/L z]o/ k'FhL 61,068.00 61,068.00
@)&& cfiff9 d;fGtsf] clGtd df}Hbft 169,856.10 237,844.40 (40,667.99) 367,032.51

ljj/0f cf=a= @)&&÷)&* jf:tljs -?=xHff/df_

z]o/ k'FhL clu|d sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)&& ;fnsf] df}Hbft 169,856.10 237,844.40 40,667.99) 367,032.51
cfly{s jif{sf] Gffkmf gf]S;fg (16,062.45) (16,062.45)
Nffef+z
hf/L z]o/ k'FhL 156,776.40 (69,779.40) 86,997.00
@)&* cfiff9 d;fGtsf] clGtd df}Hbft 326,632.50 168,065.00 (56,730.45) 437,967.05

!(
-u_ cfly{s jif{ ;dfKt ePsf] ^ dlxgf kZrft ljj/0fkq l:js[ltsf] nflu k]z u/]df pQm cGtl/d cjlwsf] nflu
n]vfk/LIfsaf6 k|dfl0ft u/]sf] ckl/is[t ljQLo ljj/0f .
cfly{s aif{ ;dfKt ePsf] ^ dlxgf ggf3]sf] t/ n]vfkl/Ifsaf6 n]vfkl/If0f ug{ afFsL /x]sf]n] cf=j= @)&*÷&(
sf] ckl/is[t ljlQo ljj/0fx? o;df ;dfj]z ul/Psf] .
jf;nft -cfiff9 d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f

k'FhL tyf bfloTj /sd ?= -xhf/df_

z]o/ k"FhL 660,000.00
hu]8f tyf sf]ifx? (53,428.13)
ltg{ afFsL shf{ ;fk6
lb3{sflng shf{ 1,666,007.19
cNksfnLg shf{ 285,000.00
Jofkfl/s tyf cGo ltg{afFsL 152,229.61
cGo rfn' bfloTj
s'n k"FhL tyf bfloTj 2,709,808.67
;DklQ
Gfub, a}}+s÷ljQLo ;+:yfdf /x]sf] df}Hbft 7,302.91
cGo crn ;DklQ
;DklQ, KnfG6 / d]l;g/L 8,669.65
nuflg 16,716.60
cd't{ ;DklQ
lgdf{0fflwg k"hLut ;DklQ 2,539,679.56
cGo ;DklQ 137,439.94
s'n ;DklQ 2,709,808.67

gfkmf–gf]S;fg lx;fa -cfiff9 d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f

ljj/0f /sd ?= -xhf/df_
ljlqm cfDbfgL
ljlqmsf] vr{
cGo cfDbfgL 21,687.35
Df]6fdf]6L cfDbfgL 21,687.53
JolQut vr{ -sd{rf/L af]g; ;lxt_
x|f| ; s6\6L / kl/iff]wg (Amortization) 1,922.54
cGo ;~rfng vr{ 16,462.50
s'n ;~rfng cfDbfgL 3,302.31
ljlQo cfDbfgL
ljlQo nfut
;Dk"0f{ sf/f]jf/ kl5sf] v'b d'gfkmf 3,302.31
cfos/ Joj:yf
v'b gfkmf÷-gf]S;fg_ 3,302.31
gf]6M o; cf=a= @)&*.&( df cGo cfDbfgL tkm{ k|fKt /sd ?= 21,687.35 xhf/ dB] ?= @!,@%!=#( xhf/ 8fpg
lkn' jf vf] n f ;fgf hnljB' t cfof] hgfaf6 Ps k6ssf] nfludfq k| f Kt Ifltk" l t{ jfkt /sd xf] .

@)
 gub k|jfx ljj/0f -cfiff9 d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f
ljj/0f ?= xhf/df
;+rfng ultljlwsf] gub k|jfx
cfos/ cufl8sf] v'b gfkmf/d'gfkmf gf]S;fgL 3,302.31
hf]8\g]
!= Xf; s§L 1,922.54
@= kl/iff]wg (Amortizaion)
36fpg]
!= crn ;DklQsf] ljqmLsf] gfkmf
@=nufgLaf6 cfDbfgL
sfo{lzn k"FhLsf] kl/jt{g cl3sf] ;+rfng gub k|jfx 5,224.86
!= rfn' ;DklQdf ePsf] sdL . -a[l4_ (5,068.25)
@= rfn' bfloTjdf ePsf] a[l4 . -sdL_ (38,130.68)
s ;+rfng ultljlwaf6 v'b gub k|jfx (37,974.07)
nufgL ultljlwaf6 v'b gub k|jfx
!= lgdf{0fflwg k"hLut ;DklQ (552,766.32)
@= cGo kl/of]hgfx?df nufgL
#=l:y/ ;DklQ / cfof]hgf -yk_ 36 (396.03)
v nufgL ultljlwaf6 v'b gub k|jfx (553,162.35)
ljlQo ultljlwsf] gub k|jfx
!= dh{/
@=sn kF"hLdf j[l4-sdL_ (168,065.00)
#= z]o/ k"FhLut shf{ -yk_ 36 333,367.50
$=kl/of]hgf C0f k|fKtL/-e'QmfgL_ 403,420.49
u ljlQo ultljlwaf6 v'b gub k|jfx 568,722.99
gubdf ePsf] s'n a[l4/sdL -s + v + u_ (22,413.44)
aiff{/Dedf gub tyf a}+s df}Hbft 29,716.35
aiff{Gtdf gub tyf a}+s df}Hbft 7,302.91

cf=j= @)&(.*) c;f]h d;fGtsf] dfof vf]nf xfO{8f« k] fj/ sDkgL lnld6]8sf] Joj:yfkgaf6 k|dfl0ft ePsf] ckl/is[t
ljQLo ljj/0f tn tflnsfdf k|:t't ul/Psf]5 .
jf;nft -c;f]h d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f
k'FhL tyf bfloTj /sd ?= -xhf/df_
z]o/ k"FhL 660,000.00
hu]8f tyf sf]ifx? (57,883.17)
ltg{ afFsL shf{ ;fk6
lb3{sflng shf{ 1,841,231.48
cNksfnLg shf{ 300,000.00
Jofkfl/s tyf cGo ltg{afFsL
cGo rfn' bfloTj 200,683.28
s'n k"FhL tyf bfloTj 2,944,031.59
;DklQ
Gfub, a}}+s÷ljQLo ;+:yfdf /x]sf] df}Hbft 5,238.44
cGo crn ;DklQ
;DklQ, KnfG6 / d]l;g/L 8,278.65
nuflg 16,716.60
cd't{ ;DklQ
lgdf{0fflwg k"hLut ;DklQ 2,767,334.17
cGo ;DklQ 146,463.73
s'n ;DklQ 2,944,031.59

@!
 gfkmf–gf]S;fg lx;fa -k|yd q}df;, c;f]h d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f
ljj/0f /sd ?= -xhf/df_
ljlqm cfDbfgL
ljlqmsf] vr{
cGo cfDbfgL 119.79
Df]6fdf]6L cfDbfgL 119.79
JolQut vr{ -sd{rf/L af]g; ;lxt_
x|f| ; s6\6L / kl/iff]wg (Amortization) 391.00
cGo ;~rfng vr{ 4,183.83
s'n ;~rfng cfDbfgL
ljlQo cfDbfgL
ljlQo nfut
;Dk"0f{ sf/f]jf/ kl5sf] v'b d'gfkmf
cfos/ Joj:yf
v'b gfkmf÷-gf]S;fg_
gub k|jfx ljj/0f - k|yd q}df;, c;f]h d;fGt, @)&(_ ckl/is[t ljQLo ljj/0f
ljj/0f ?= xhf/df
;+rfng ultljlwsf] gub k|jfx (4,455.04)
cfos/ cufl8sf] v'b gfkmf/d'gfkmf gf]S;fgL
hf]8\g]
!= Xf; s§L 391.00
@= kl/iff]wg (Amortizaion)
36fpg]
!= crn ;DklQsf] ljqmLsf] gfkmf
@=nufgLaf6 cfDbfgL
sfo{lzn k"FhLsf] kl/jt{g cl3sf] ;+rfng gub k|jfx (4,064.04)
!= rfn' ;DklQdf ePsf] sdL . -a[l4_ (13,765.82)
@= rfn' bfloTjdf ePsf] a[l4 . -sdL_ 48,453.67
s ;+rfng ultljlwaf6 v'b gub k|jfx 35,365.85
nufgL ultljlwaf6 v'b gub k|jfx
!= lgdf{0fflwg k"hLut ;DklQ (227,654.61)
@= cGo kl/of]hgfx?df nufgL
#=l:y/ ;DklQ / cfof]hgf -yk_ 36
v nufgL ultljlwaf6 v'b gub k|jfx (227,654.61)
ljlQo ultljlwsf] gub k|jfx
!= dh{/
@=sn kF"hLdf j[l4-sdL_
#= z]o/ k"FhLut shf{ -yk_ 36
$=kl/of]hgf C0f k|fKtL/-e'QmfgL_ 190,224.29
u ljlQo ultljlwaf6 v'b gub k|jfx 190,224.29
gubdf ePsf] s'n a[l4/sdL -s + v + u_ (2,064.47)
aiff{/Dedf gub tyf a}+s df}Hbft 7,302.91
aiff{Gtdf gub tyf a}+s df}Hbft 5,238.44
3_ cfDbfgL / vr{ lx;fjsf] s'g} zLif{sdf 7'nf] dfqfdf kl/jt{g ePdf To;sf] ljZn]if0ffTds sf/0f M ;f] gePsf] .
ª_ kl5Nnf] ljQLo ljj/0fsf] n]vfk/LIf0f eP kZrft\ ;+ul7t ;+:yfsf] sf/f]af/, gfkmf gf]S;fg, ;DklQsf] d'No jf
cfufdL !@ dlxgfsf] bfloTj e'QmfgLdf c;/ kg]{ u/L s'g} cj:yf l;h{gf ePsf] 5÷5}g ;f] ;DaGwdf ;+rfnsx?sf]
wf/0ff M ;f] gePsf] .
r_ cfly{s jif{ ;dfKt ePkl5 ljj/0fkq k]z u/]df, cfly{s jif{ ;dfKt ePsf] ldltaf6 k]z ePsf] ldlt;Dddf
jf;nftsf] ldlt kl5sf] 36gfsf] af/]d f 5'§} hfgsf/L ljj/0fkqdf ;dfj]z ug' {kg]{ M ;f] gePsf] .
5_ ljut % jif{df ;DklQsf] k'g{d"NofÍg ul/Psf] 5÷5}g, olb ul/Psf] eP -c_ ;DklQsf] ljj/0f -cf_ ;DklQsf]
k'g{d"NofÍg cl3 / kl5sf] lstfaL d"No -O{_ k'g{d"NofÍsf] cf}lrTo M ;f] gePsf].

@@
h_ cfufdL tLg jif{sf] k|If]lkt jf;nft, gfkmf gf]S;fg lx;fasf ;fy} To;sf u0fgfsf] cfwf/x? M sDkgLsf] cfufdL
# cfly{s jif{sf] nflu k|If]lkt ljQLo l:ylt b]xfo adf]lhd /x]sf] 5 M
jf;nft
k|If]lkt ?= xhf/df
ljj/0f cf=a=)&(÷*) cf=a=)*)÷*! cf=a=)*!÷*@
k"FhL tyf bfloTj
z]o/ k"FhL 1,000,000.00 1,000,000.00 1,000,000.00
lgodg hu]8f
sn dgL
;+lrt gfkmf÷gf]S;fg (32,865.66) 14,622.71 37,691.66
hDdf 967,134.34 1,014,622.71 1,037,691.66
lb3{sflng bfloTj
lb3{sflng shf{ -a}+saf6 shf{_ 1,961,114.24 1,876,094.07 1,780,403.11
cNksflng shf{ - - -
Rffn'k"FhL shf{ 75,000.00 75,000.00 75,000.00
s"n shf{ 2,036,114.24 1,951,094.07 1,855,403.11
hDdf k"FhL tyf bfloTj 3,003,248.58 2,965,716.78 2,893,094.77
;DklQ tyf bfloTj
lb3{sflng ;DklQ
l:y/ ;DklQ
hDdf l:y/ ;DklQ -;DklQ tyf pks/0f_ 2,877,437.18 2,763,157.49 2,649,717.30
lgdf{0fflwg kl/of]hgf
hDdf lb3{sflng ;DklQ 2,877,437.18 2,763,157.49 2,649,717.30
nufgL 16,716.60 16,716.60 16,716.60
Rffn' ;DklQ
gub tyf a}+s df}Hbft 146,563.70 154,135.05 237,265.31
k|fKt x'g aFfsL -g]kfn ljB't k|flws/0f_ 86,205.00 88,791.15 91,377.30
cGo rfn' ;DklQ 13,743.99 12,369.59 11,132.63
hDdf rfn' ;DklQ 246,512.70 255,295.79 339,775.24
Go'gM rfn' bfloTj tyf Joj:yf
cGo bfloTj tyf k|fjwfg 137,417.90 69,453.09 113,114.37
hDdf rfn' bfloTj 137,417.90 69,453.09 113,114.37
v"b rfn' ;DklQ 109,094.80 185,842.69 226,660.87
hDdf ;DklQ 3,003,248.58 2,965,716.78 2,893,094.77

@#
 gfkmfgf]S;fg lx;fa
k|If]lkt ?= xhf/df
ljj/0f cf=a=)&(÷*) cf=a=)*)÷*! cf=a=)*!÷*@
cfDbfgLM
ljB't lalqm cfDbfgL 249,822.80 449,710.48 462,976.96
cGo cfDbfgL - - 1,671.66
hDdf cfDbfgL 249,822.80 449,710.48 464,648.62
vr{
/f]oN6L vr{ (6,362.04) (10,356.06) (10,617.66)
k|f]h]S6 ;+rfng tyf k|zf;g vr{
ladf vr{ (5,908.09) (8,632.31) (8,289.47)
;fdflhs pQ/bfloTj (166.55) (449.71) (462.98)
a}s Ph]lG; z'Ns - (4,902.79) (4,690.24)
tna tyf eTtf (9,173.67) (14,173.32) (14,586.13)
3/ ef8f vr{ (720.00) (1,112.40) (1,144.80)
ljh'nL vr{ (160.00) (247.20) (254.40)
d;nGb vr{ (50.00) (77.25) (79.50)
6]lnkmf]g vr{ (83.33) (128.75) (132.50)
Ogwg vr{ (226.67) (350.20) (360.40)
;jf/L dd{t (100.00) (154.50) (159.00)
n]vf kl/If0f z'Ns (125.00) (128.75) (132.50)
kq klqsf (33.33) (51.50) (53.00)
dd{t tyf ;+ef/ (3,000.00) (4,635.00) (4,770.00)
a}s rfh{ tyf sldzg (187.50) (187.50) (187.50)
e|d0f vr{ (166.67) (257.50) (265.00)
clkm; vr{ (253.33) (391.40) (402.80)
ljljw vr{ (100.00) (154.50) (159.00)
EBDIT 223,006.62 403,319.85 417,901.75
x|f; vr{ (76,607.56) (114,279.69) (113,440.18)
EBIT 146,399.06 289,040.16 304,461.56
ljQLo vr{ (125,425.33) (240,602.02) (229,931.24)
EBT 20,973.72 48,438.14 74,530.32
Aff]g; vr{ (411.25) (949.77) (1,461.38)
cfo s/ - - -
:ylut s/ - - -
s/ s§fkZrft\sf] gfkmf 20,562.47 47,488.37 73,068.94
NPAT Brought Forward (53,428.13) (32,865.66) 14,622.71
Go"g M ljlgof]hg÷ ;dfof]hg
;dfof]hg - - -
k|:tfljt Nffef+z - - (50,000.00)
v'b gfkmf÷gf]S;fg (32,865.66) 14,622.71 37,691.66

@$
 gub k|jfx ljj/0f
k|If]lkt -?=xhf/df_
ljj/0f )&(÷)*) )*)÷)*! )*!÷)*@
v'b gub k|jfx ;~rfng ultljlwaf6
rfn' jif{sf] Vf'b gfkmf ÷gf]S;fg 20,973.72 48,438.14 74,530.32
;dfof]hg
x|f;s§L 76,607.56 114,279.69 113,440.18
cfos/
sd{rfl/ af]Gf; lat/0f (411.25) (949.77)
sfo{lzn k"FhLsf] kl/jt{g cl3sf] ;~rfng ck|]zgaf6 gub k|jfx
sf/f]jf/ ;~rfngaf6 gub k|jfx
sfo{ut k"FhL ultljlwaf6 gub k|jfx
rfn' ;DklQdf -sdL÷-j[l4_ 37,490.95 (1,211.75) (1,349.19)
rfn' bfloTjdf -sdL÷-j[l4_ (15,222.96) (68,503.32) (6,850.33)
cfos/ cl3 ;~rfng ultljlwaf6 gub k|jfx
s/ - - -
;~rfng ultljlwaf6 gub k|jfx
nufgL ultljlwjf6 v'b gub k|jfx - - -
:yL/ ;DkQL vl/b (405,695.53) - -
cGo ;DkQL -vl/b_ ljqmL - - -
nufgL ultljlwjf6 v'b gub k|jfx - -
ljQLo ;|f]t ;DalGw sf/f]jf/af6 gub k|jfx
z]o/ kF"hLdf j[l4 340,000.00 - -
sn dgL kF"hLdf j[l4 - - -
C0fdf j[l4 -sdL_ 85,107.05 (85,020.17) (95,690.95)
nfef+z e'QmfgL - - -
ljQLo nfut - - -
ljQLo ultljlwsf] gub k|jfx
Gfubdf ePsf] s"n kl/jt{g
ut jif{sf] a}+s tyf Gfub cj:yf
Rffn' jif{sf] a}+s tyf Gfub cj:yf
jif{sf] cGTosf] a}+s tyf gub cj:yf
OSjL6Ldf ePsf] kl/j{tg
ljj/0f cf=a= @)&(÷)*) jf:tljs -?=xHff/df_
z]o/ k'FhL sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)&( ;fnsf] df}Hbft 660,000.00 - (53,428.13) 606,571.87
n]vf gLltx?df kl/jt{g M
cfly{s jif{sf] Gffkmf gf]S;fg - - 20,562.47 20,562.47
Nffef+z - - - -
hf/L z]o/ k'FhL 640,000.00 - - 640,000.00
@)*) cfiff9 d;fGtsf] clGtd df}Hbft 1,000,000.00 - (32,865.66) 967,134.34

ljj/0f cf=a= @)*)÷)*! jf:tljs -?=xHff/df_

z]o/ k'FhL sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)*) ;fnsf] df}Hbft 1,000,000.00 - (32,865.66) 967,134.34
n]vf gLltx?df kl/jt{g M
cfly{s jif{sf] Gffkmf gf]S;fg - - 47,488.37 47,488.37
Nffef+z - - - -
lgodg hu]8f - - - -
hf/L z]o/ k'FhL - - - -
@)*! cfiff9 d;fGtsf] clGtd df}Hbft 1,000,000.00 - 14,622.71 1,014,622.71

@%
 ljj/0f cf=a= @)*!÷)*@ jf:tljs -?=xHff/df_
z]o/ k'FhL sn dgL ;+lrt gfkmf÷gf]S;fg hDdf
>fj0f !, @)*! ;fnsf] df}Hbft 1,000,000.00 - 14,622.71 1,014,622.71
n]vf gLltx?df kl/jt{g M
cfly{s jif{sf] Gffkmf gf]S;fg - - 73,068.94 73,068.94
;fwf/0f hu]8f - - - -
Nffef+z - - (50,000.00) (50,000.00)
hf/L z]o/ k'FhL - - - -
@)*@ cfiff9 d;fGtsf] clGtd df}Gbft 1,000,000.00 - 37,691.66 1,037,691.66

ljQLo k|If]k0fsf cfwf/ tyf tl/sf M

cf=a= cf=a= cf=a=
ljj/0f
)&(÷)*) )*)÷)*! )*!÷)*@
!= s'n cfodf cf}ift j[l4b/ - 3% 3%
@= s'n vr{df cf}ift j[l4b/ - 3% 3%
#= ;+rfng vr{ tyf s'n cfDbfgL cg'kft 10.73% 10.32% 10.06%
$= v'b d'gfkmfdf cf}ift j[l4b/ - - 54%
%= cfos/ Joj:yf -k|ltztdf_ 0% 0% 0%
k|lt z]o/ cfDbfgL 2.06 4.75 7.31
cGo ;+rfng vr{sf j[l4b/ -x|f; tyf Jofh vr{_ - - (3.24%)
Return on Equity 2.13% 4.68% 7.04%
Return on Assets 0.65% 1.56% 2.43%

k|If]lkt ul/Psf] ljQLo ljj/0fx?sf] u0fgfsf] cfwf/x? b]xfo adf]lhd /x]sf] 5 .

1. sDkgLn] cf=a @)&(÷*) df ;j{;fwf/0fnfO{ 5'6\ofO{Psf] ? #$,)),)),))) a/fa/sf] z]o/ lgisfzg ul/g] of]hgf
/x]sf] 5 .
2. z]o/ lgisfzgaf6 k|fKt /sd lgdf0f{wLg cfof]hgfsf] nfut tyf l;l6hG; a}+s;+u cfof]hg lgdf{0fsf] nflu lnO{Psf]
l8dfG8 nf]g ltg{ pkof]u ug]{ k|If]k0f u/LPsf] 5 .
3. sDkgL åf/f lgdf0ff{ w Lg cfof]h gf k'0 f{? kdf d+ l ;/ !, @)&( af6 ljlqm ;' ? x' g ] of] hgf /x]s f] 5 .
4. cfof]hgfsf] nfut ?= # ca{ cg'dfg ul/Psf] 5 .
5. g]kfn ljB't k|flws/0f;Fu ePsf] Power Purchase Agreement (PPA) sf cfwf/df k|lt o'lg6 ljB't b/ ;'Vvf ofddf
?= *=$) / jiff{ ofddf ?= $=*) sf cfwf/df / ;f] b/df cfof]hgfnfO{ k|lt aif{ #Ü sf b/n] % jif{;Dd j[l4 x'g]
ul/ k|If]k0f ul/Psf] 5 .
6. k|;fzlgs vr{ x/]s jif{ ;'? vr{sf] # k|ltztsf b/n] j[l¢ x'g] cg'dfg ul/Psf] 5 . of]hgfsf] ladf vr{ of]hgfsf]
x|f; s§L kl5sf] nfutsf] )=# k|ltzt cg'dfg ul/Psf] 5 .
7. dd{t tyf ;+ef/ vr{ cfof]hgf nfutsf] )=!% k|ltzt cg'dfg ul/Psf] 5 . ;fy} ;f] vr{ ;'? vr{sf] # k|ltztsf
b/n] j[l¢ x'g] cg'dfg ul/Psf] 5 .
8. ;fdflhs pTt/bfloTj vr{ cfDbflgsf] )=!) k|ltzt cg'dfg ul/Psf] 5 .
9. of]hgf;+u ;DalGwt ;Dkltsf] x|f; vr{ sDkgLsf] x|f;s§L lglt jdf]lhd Straight Line Method (SLM) cg';f/ cfof]hgfsf]
;~rfng cljlwsf] cfwf/df k|If]k0f ul/Psf] 5 . cGo ;Dkltsf] x|f; vr{ cfos/sf] Aoa:yf cg'?k ul/Psf] 5 .
10. ljB't P]g @)%) cg';f/ ljB't pTkfbg ug]{ sDkgLn] gfkmfsf] @ k|ltzt sd{rf/L af]g; afkt Joj:yf ug'{ kg]{
ePsfn] ;f]xL cg';f/ af]g; vr{sf] k|If]k0f ul/Psf] 5 .
11. sDkgLsf] ;'?sf] !) aif{ ) k|ltzt, csf]{ % aif{;Dd !) k|ltzt tyf !% aif{kl5sf] cjwLdf @) k|ltztsf b/n]]
cfos/sf] Joj:yf ul/Psf] 5 .
12. a}+s C0f cf=j @)&(÷*) af6 cfufdL !@ jif{ cf= j= @)(!÷(@ leq a}Fsn] pknAw u/fPsf] C0f tflnsf cg';f/
r'Qmf ug]{ k|If]k0f ul/Psf] 5 .
13. a}+s C0fsf] Jofh u0fgfsf nflu !@ k|ltzt Jofhb/ lnO{Psf] 5 . a}s Ph]lG; z'Ns tyf Rffn'kFh " L shf{sf] glas/0f
z'Ns afFls C0f /sdsf] )=@% k|ltzt k|If]k0f u/LPsf] 5 .
14. cfly{s jif{df @)*!÷*@ b]lv nfef;+ ljt/0fsf] k|If]k0f u/LPsf] 5 .
15. /f]olN6 vr{ ljB't vl/b laqmL ;Demf}tfdf ePsf] k|fjwfgsf] cfwf/df k|If]k0f ul/Psf] 5 .

@^
u=(=v=ljQLo cg'kft ;DaGwL ljj/0f M
s_ ;~rfng cjlw tLg jif{ JotLt e};s]sf] cj:yfdf ljut tLg aif{sf] / tLg jif{ JotLt e}g;s]sf] cj:yfdf
;~rfng cjlwsf] tyf cfufdL tLg jif{sf] k|If]l kt k|lt z]o/ cfDbfgL (EPS) tyf k|l t z]o/ g]6jy{ M
sDkgLsf] g]6jy{ tyf k|lt z]o/ cfDbfgLdf ePsf] jf:tljs tyf k|If]lkt cf};t k|ltkmn b]xfo adf]lhd /x]sf] 5 M
jf:tljs ?= xhf/df ckl/is[t ?= xhf/df k|If]lkt ?= xhf/df
ljj/0f )&%÷&^ )&^÷&& )&&÷&* )&*÷&( )&(÷*) )*)÷*! )*!÷*@
Zf]o/ k'FhL 346,632.50 407,700.5 494,697.5 660,000 1,000,000 1,000,000 1,000,000
;+lrt gfkmf÷gf]S;fg (27,682.78) (40,667.99) (56,730.45) (53,428.13) (32,865.66) 14,622.71 37,691.66
Go"gM vr{
v"b ;DklQ g]6jy{ xhf/df 318,949.72 367,032.51 437,967.05 606,571.87 967,134.34 1,014,622.71 1,037,691.66
z]o/ ;+Vof 3,466.33 4,077.01 4,946.98 6,600.00 10,000 10,000 10,000
k|lt z]o/ g]6jy{ -?=_ 92.01 90.03 88.53 91.90 96.71 101.46 103.77
g]6jy{df cf}ift k|ltkmn - - - - 2.13% 4.68% 7.04%
k|lt z]o/ cfDbfgL (4.24) (3.18) (3.25) 0.50 2.06 4.75 7.31

v_ ljut # jif{sf] g]6jy{df ePsf] cf};t k|ltkmn M –

Gff]6 M cfof]hgf lgdf{0ffwLg cj:yfdf /x]sf] cfof]hgfsf] ;Dk"0f{ nfutnfO{ k'FhLs[t ul/g]÷ul/Psf]n] lgisfzg k"j{sf]
k|ltz]o/ cfDbfgL g/x]sf] .
sDkgLsf] ljQLo ljj/0f k|If]k0f ljut jif{sf] sf/f]af/sf] cfwf/df lgisfzg sDkgLn] tof/ u/]sf] xf] . pQm ljQLo
k|If]k0fsf] cfwf/x? tyf tl/sf k'g/fjnf]sg u/L l7s 5 elg cf/= 6L= P08 P;f]l;o6\;, rf6{8{ Psfp06]06;\
af6 k|dfl0ft ug'{ ePsf] xf] .

u=!)= lwtf]kq lgisfzg ;DaGwL ljj/0f M

u=!)=s=lwtf]kq hf/L ug'{sf] p2]Zo M
lwtf]kq hf/L ug'{sf] p2]Zo cfof]hgf k|efljt If]qsf :yfgLo afl;Gbfx?sf nflu lgisf;g tyf laqmL u/L :yfgLo
afl;Gbfx?nfO{ nufgLsf] cj;/ lbg', j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu :jb]zdf g} nufgLsf] aftfj/0f ;[hgf
u/fpg' / sDkgLaf6 lgdf{0 flwg hnljB' t cfof] h gfsf] aF f ls lgdf{ 0 f sfo{ s f] nflu pkof] u ul/g] 5 .

u=!)=v= lwtf]kq lgisfzgaf6 k|fKt k'FhLsf] pkof]u

qm=;+= /sd pkof]u ul/g] of]hgf
! #$,)),)),)))÷— l;l6hG; a+}s O{G6/g]zgn lnld6]8af6 lnOPsf] C0f / To;df nfu]sf] Jofh e'QmfgL ug{ k|of]u ul/g] .
hDdf #$,)),)),)))÷—

o; cjlw ;Dd ?=!!,@@,)(,^%*=*)÷– j[h Uofk tyf Term Loan / ?=!,%^,(*,^^,@^$=&!÷– cfjlws shf{
lnO ;s]sf] / cGo lng] tof/Ldf /x]sf] 5 .
v_ ;fj{hlgs lgisfzg ul/g] lwtf]kq k"0f{ ?kdf laqmL gePdf ;fj{hlgs lgisfzgsf] nflu p2]Zo k|fKtL ug{sf] nflu
ckgfOg] j}slNks Joj:yf M
cGo hnljB't sDkgLn] z]o/ lgisfzgubf{ ljutdf dfueGbf a9L z]o/sf] nflu b/vf:t k/L z]o/ sf/f]af/ ;d]t
eO{ ;s]sf]5 . sy+sbflrt lgisfzg ul/g] z]o/ :yflgo jfl;Gbfx?n] k"0f{?kdf vl/b gu/]df afFls z]o/ ;j{;fwf/0fx?sf]
nfuL lgisfzg ul/g] z]o/df yk ul/g] 5 .;j{;fwf/0fx?sf] nflu lgisfzg u/]sf] z]o/ s'g} sf/0fjz k"0f{ ?kdf
laqmL gePdf >L d'lQmgfy SofkL6n ln=, sdnfbL, sf7df08f}+ ;Fu ldlt @)&(÷)!÷!% df ?=#$,)),)),)))÷—
a/fa/sf] #$,)),))) lsQf z]o/ k|Tofe"lt ul/Psf] .
u_ cfof]hgfsf] ;+rfng :yfg, cfof]hgf r/0fj4 ?kdf sfof{Gjog ul/g] eP k|To]s r/0fdf nfUg] vr{, s'g} r/0f
;dfKt e};s]sf] eP ;f] ;DaGwL ljj/0f M o; sDkgLaf6 ;+v'jf ;ef lhNnfdf /x]sf wd{b]jL gu/kflnsf aLr
eP/ jxg] dfof vf]nfdf cfof]hgf lgdf{0f sfo{ eO/x]sf]5 .
3_ cfof]hgf ;DkGg x'g], kl/If0f pTkfbg z'? x'g] / k"0f{ Jofj;flos pTkfbg z'? x'g] cg'dflgt ldlt M dfof vf]nf
hnljB't cfof]hgf lgdf{0f sfo{ eO{ /x]sf] hnljB''t cfof]hgf !$=( d]=jf=hnljB't cfof]hgf ;DkGg x'g] ;Defljt
ldlt @)&( sflt{s !%, kl/If0f pTkfbg z'? x'g] @)&( sflQs !^ leq / k"0f{ Jofj;flos pTkfbg z'? x'g]
cg'dflgt ldlt M ! d+l;/ @)&( /x]sf] 5 .

@&
 ª_ ;+ul7t ;+:yfn] s'g} pks/0f vl/b u/]sf] jf ug{ nfu]sf] eP pQm pks/0fsf] d"No jf k|f:tfljt d"No ;Knfo;{sf]
gfd / ;Knfo;{;Fu ;Demf}tf ePsf] eP ;f] sf] d'Vo a'Fbfx? M
ljj/0f d'No jf ;Knfo/sf] ;Knfo/ ;+usf] ;Demf}tfsf]
k|:tfljt d'No gfd d'Vo a'Fbf
On]S6«f]d]sflgsn dfof vf]nf hnljB't o"/f] !,#$*,))) WWS wasserkraft, GMBH, Supply of machinery and
cfof]hgf !$=( d]=jf= Austria parts
?=!&,&(,$),))) dxflj/ >L OG6/g]z gn k|f= Supply of machinery and
parts
lnld6]8
xfO8«f] d]sflgsn dfof vf]nf hnljB't cd]l/ls 8n/ !$,!%,)#!=^% P;f/ l:6n OlG8of lnld6]8 Supply of 2612.234 MT
cfof]hgf !$=( d]=jf= (Essar Steel India Limited) different size Metal Sheets
l;len sfo{ dfof vf]nf hnljB't sl/a ?= (*,%&,^*,($@÷– != :joDe' — PdPd h]le != x]8jS;{ tyf x]8/]; kfOk
cfof]hgf !$=( d]=jf= @= Kfljtf – lhof]6]s h]le lgdf{0f
#= Wff}nflul/ sG;6«S;g P08 @= ;'?Ë lgdf0f{
8]enKd]G6 k|f=ln= #= kfj/ xfp; tyf x]8/];
kfOk lgdf{0f
r_ s'g} kf6L{;Fu k|ltlnlk clwsf/ 6«8] dfs{ Ohfhtkq /f]oN6L ;xsfo{ ;DaGwdf jf ljQLo jf k|fljlws ;Demf}tf ul/Psf]
eP ;f] sf] k|d'v zt{x? / kf6L{sf] gfd 7]ufgf ;DaGwL lj:t[t ljj/0f M ;f] gePsf] .
5_ pTkfbg ;DaGwL cfof]hgf eP, ;f] sf] k|sl[ t, k|of]ustf{, k|lt:kwf{, nlIft ;d"x, pTkfbg Ifdtf, ljutsf jif{x?sf]
Ifdtf pkef]u jf eljiodf ul/g] Ifdtf pkef]u ;DaGwL ljj/0f M
sDkgLaf6 lgdf{ 0 f sfo{ eO/x] s f]] hnljB' t cfof] h gfsf] ljB' t pTkfbg Ifdtf !$=( d] = jf=/x] s f] .
cfof]hgfsf] k|s[lt M hnljB't cfof]hgf
k|of]ustf{ M cfof]hgfaf6 pTkflbt ljB't
g]kfn ljB't k|flws/0fsf] /fli6«o k|;f/0f nfOg dfkm{t ;j{;fwf/0fx?n] k|of]u ug]{ .
k|lt:kwf{ M xfn k|lt:kwf{ g/x]sf] .
nlIft ;d"x M g]kfn ljB't k|flws/0f .
sDkgLaf6 ;+v'jf;ef lhNnfsf] wd{b]jL gu/kflnsfdf lgdf{0f eO{ /x]sf] hnljB't cfof]hgfsf] ljB't pTkfbg
Ifdtf !$=( d]= jf=/x]sf] 5 .
-h_ cfof]hgfsf] nflu cfjZos sRrf kbfy{sf] pknAwtf / To;sf] >f]t M ;+v'jf;ef lhNnfsf] wd{b]jL gu/kflnsfdf
lgdf{0f eO{ /x]sf] hnljB't cfof]hgfsf] ljB't pTkfbg Ifdtf !$=( d]= jf=/x]sf] 5 .
em_ cfof]hgfsf] nflu cfjZos x'g] ljB't, kfgL, Uof;sf] dfqf / To;sf] >f]t M
;+v'jf;ef lhNnfsf] wd{b]jL gu/kflnsf, r}gk'/ gu/kflnsf / df]bL gu/kflnsf aLr jxg] dfof vf]nfsf] kfgL .
-`_ ;fj{hlgs lgisfzgsf nflu ul/g] vr{ k|d'v ?kdf b]xfodf pNn]lvt kIfx?nfO{ lbg] z'Nsx? ;DaGwL ljj/0f M
c_ lgisfzg tyf laqmL k|aGws— ?=!,)),)))÷—
cf_ 6«i6L -l8j]Gr/ lgisfzgsf] xsdf_— lgisfzg ul/g] l8j]Gr/ geO{ ;fwf/0f z]o/ ePsf] .
O{_ k|Tofe"ltstf{ z'Ns — ?=^,*),)))÷—
O_ lj1x?sf] kfl/>lds jf ;]jf z'Ns — g/x]sf] .
p_ n]vfkl/Ifssf] z'Ns —k|If]lkt ljQLo ljj/0f k|dfl0ft u/] afkt ?=&%,)))÷— (Exclusive Vat) e'QmfgL
ul/Psf] .
pm_ cGo—gePsf] .
u=!)=u= ;fj{hlgs lgisf;gaf6 k|fKt /sdnfO{ kl/of]hgfdf k|of]u ug{ k"j{ cGo s'g} Joj:yf ug{ nfluPsf] 5 eg] tT;DaGwL
ljj/0f M ;f] gePsf] .
u=!)=3= lk|ldoddf lwtf]kq hf/L ug]{ ePdf lk|ldod d"No lgwf{/0f ubf{ ckgfO{Psf] ljlw / cf}lrTo M z]o/sf] d"Nodf lk|ldod
yk ul/Psf] 5}g .
u=!)=ª= lwtf]kqsf] afF8kmfF8, lkmtf{ e'QmfgL tyf ;"rLs/0f ;DaGwL ljj/0f M
s_ cToflws dfu jf Go"g dfu ePsf] cj:yfdf afF8kmFf8sf] k|s[of M
o; ljj/0fkq dfkm{t hf/L ul/Psf] ;fwf/0f z]o/ ;+VofeGbf a9L ;+Vofdf ;fwf/0f z]o/ vl/bsf] nflu b/vf:t
k|fKt x'g cfPdf g]kfn lwtf]kq af]8{sf] k|rlnt ælwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$Æ df ePsf]
Joj:yf cg';f/ ;fwf/0f z]o/x? afF8kmfF8 ul/g]5 / z]o/ afF8kmfF8 ;DaGwL ;"rgf /fli6"o :t/sf] b}lgs klqsfdf
k|sflzt ul/g]5 .
!= z]o/ afF8kmfF8 ubf{ ;j{k|yd ;a} cfj]bsnfO{ bz lsQfsf] b/n] afF8kmfF8 ul/g]5 .
@= a'Fbf -!_ adf]lhd afF8kmfF8 u/] kZrft\ afFs L /x]sf] lgisflzt z]o/ aL; jf ;f] eGbf a9L lsQf cfj]bg ug]{
cfj]bsx?nfO{ k'gM bz lsQfsf] b/n] afF8kmfF8 ul/g]5 .
#= a'Fbf -@_ adf]lhd z]o/ afF8kmfF8sf] k|s[of ;DkGg ePkZrft\\ lwtf]kq afFsL ePdf ;f]xL k|s[of ckgfO{ afF8kmfF8
ul/g]5

@*
 $= pk/f]Qmfg';f/ z]o/ afF8kmfF8 ubf{ !) lsQfsf b/n] ;a} cfj]bsx?nfO{ afF8kmfF8 ug{ ck'u x'g] cj:yfdf Go"gtd
!) lsQf kfpg] ul/ uf]nf k|yfaf6 cfj]bs 5gf}6 ul/ ul/g]5 .
% Þz]o/ afF8kmfF8 ;ˆ6j]o/ tyf afF8kmfF8 tflnsfsf ;DaGwdf af]8{sf] ;xdlt lnO{g]5 .
^= z]o/ afF8kmfF8sf] hfgsf/L afF8kmfF8 u/]sf] ef]nLkN6;Dddf af]8{, lwtf]kq ahf/ tyf ;j{;fwf/0fnfO{ hfgsf/L
u/fO{g]5 . ;fy}, Go"g dfu ePsf] cj:yfdf dfu eP adf]lhdsf] z]o/ cfj]bsnfO{ afF8kmfF8 u/L afF8kmfF8 x'g afFsL
/x]sf] z]o/ ;+ul7t ;+:yf / k|Tofe"l tstf{x? aLr ePsf] k|Tofe"lt ;DaGwL ;D´f}tfdf pNn]v eP cg';f/
k|Tofe"ltstf{x?nfO{ bfdf;fxLn] afF8kmfF8 ul/g]5 .
v_ cToflws dfu ePsf] jf afF8kmfF8 gePsf] cj:yfdf lkmtf{ e'QmfgL ;DaGwL Joj:yf M z]o/ laqmL aGb ePsf] ldltn]
af]8{n] lgwf{l/t u/]sf] ;doleq z]o/ afF8kmfF8 u/L k"0f{ jf cf+lzs ?kdf :jLs[t/c:jLs[t ePsf] Joxf]/f hgfOPsf]
z]o/ afF8kmfF8 kq / /sd lkmtf{ e'QmfgL k"hf{ lbOg]5 .
u_ lgj]bg ;fy k|fKt /sdsf] lkmtf{ e'QmfgLdf l9nfO{ ePdf lbOg] Jofhb/ M
lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$ n] lgwf{l/t u/]sf] ;doleq z]o/sf] afF8kmfF8 kq tyf /sd
lkmtf{ e'QmfgL lbg g;lsPdf ælwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$Æ sf] bkmf @( -#_ ePsf] Joj:yf
adf]lhd z]o/ laqmL aGb ePsf] ldltb]lv /sd lkmtf{ e'QmfgL lbg z'? u/]sf] cl3Nnf] lbg;Ddsf] ;/sf/L C0fkqsf]
k|rlnt clGtd Jofhb/sf] cfwf/df x'g cfpg] Jofh ;lxt lx;fa u/L /sd lkmtf{ e'QmfgL ul/g] Joj:yf /x]sf]df
o; lgisf;gdf lwtf]kq vl/b -;fj{hlgs lgisfzg_ ;DaGwL lgb]{lzsf, @)&# -cf:jf_ n] u/]sf] Joj:yf adf]lhd
cfj] b g dfu ug' { k g] { ePsf] n ] cfj] b s s} a} + s vftfdf /sd /f] S sf x' g ] Joj:yf /x] s f] 5 .
3_ lwtf]kqsf] afF8kmfF8 tyf k|df0fkq hf/L ;DaGwL k|s[of / ;dofjwL M lgisfzg ul/g] ;fwf/0f z]o/ "lwtf]kq
lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$" df ePsf] Joj:yf cg';f/ ;fwf/0f z]o/sf] afF8kmfF8 u/L ;"rLs/0f
eP kZrft\ "lwtf]kq s]Gb|L o lgIf]k ;]jf lgodfjnL, @)^&" sf] lgod @$ sf] pklgod -&_ adf]lhd ;DalGwt
z]o/wgLsf] lxtu|fxL vftfdf cef}lts ¿kdf z]o/ hDdf ul/g]5 .
ª_ lwtf]kq ;"lrs/0f e};s]sf] eP To:tf] lwtf]kq ;"lrs/0f ul/Psf] lwtf]kq ahf/sf] gfd lwtf]kq sf/f]jf/ z'? x'gsf]
nflu ;+ul7t :f+:yfn] k"/f ug'{kg]{ zt{x? ;DaGwL ljj/0f M ;f] gePsf] .
r_ lwtf]kq ;"lrs/0f e}g;s]sf] eP, ;+ul7t ;+:yfn] lgisfzg tyf laqmL ul/g] lwtf]kqx? k|rlnt P]g, lgod cg';f/
;xh v/Lb/laqmL jf ljlgdo x'g ;Sg] u/fpgsf] nflu ul/g] Joj:yf ;DaGwL ljj/0f M lgisfzg ul/g] ;fwf/0f
z]o/sf] afF8kmfF8 kZrft\ lwtf]kq lgisfzg tyf afF8kmfF8 lgb]{lzsf, @)&$ df ePsf] Joj:yf cg';f/ lgwf{l/t
cjlw leq ;j{;fwf/0fnfO{ ;fj{hlgs lgisfzg ul/g] lwtf]kq tyf pBf]u k|efljt If]qsf afl;Gbfx?nfO{ lgisfzg
ul/Psf] ;fwf/0f z]o/ ;"lrs/0f u/fO{ z]o/ vl/b/laqmLsf] Joj:yf ldnfOg] 5 .
u=!)=r= k|Tofe"lt ;DaGwL ljj/0f M
s_ lwtf]kq k|Tofe"lt ug]{ ;+ul7t ;+:yfsf] gfd, 7]ufgf / k|Tofe"lt ug]{ lwtf]kqsf] ;+Vof / /sd Mo; ljj/0fkq dfkm{t
lgisfzg ug{ nfluPsf] lwtf]kq dWo] !))Ü n] x'g cfpg] 34,00,000 lsQf ;fwf/0f z]o/sf] nflu
?=34,00,00,000÷— -rf}lt; s/f]8_ k|Tofe"lt ;]jf k|bfg ug{ lgDg k|Tofe"ltst{fx?;Fu ;Demf}tf u/]sf] 5 .
l;=g+= k|Tofe"ltstf{sf] gfd, 7]ufgf k|Tofe"tL z]o/ lsQf k|Tofe"tL ul/Psf] /sd -?=_
! d'lQmgfy SofkL6n lnld6]8, sdnfbL, sf7df08f}+ 34,00,000 34,00,00,000÷–
hDdf 34,00,000 34,00,00,000÷–

v_ lwtf]kq k|Tofe"ltstf{;Fu ul/Psf] ;Demf}tfsf] d'Vo – d'Vo aF"bfx? M

k|Tofe"ltstf{;Fu ePsf] ;Demf}tfsf a'Fbfx? M
!_ k|Tofe"ltstf{x?n] ;Demf}tf kqdf dGh'/ u/]sf] adf]lhd z]o/x?sf] nflu k|Tofe"lt ;]jf k|bfg u/]sf] 5 .
@_ k|Tofe"ltstf{nfO{ ?=!))÷— c+lst b/sf] ;Demf}tf kqdf dGh'/ u/]sf] adf]lhd z]o/x?sf a/fa/sf] ;fwf/0f
z]o/sf] k|Tofe"lt ;]jf k|bfg u/] afkt sDkgLn] s"n k|Tofe"t ul/Psf] /sdsf] )=@) k|ltztsfb/n] ;]jf z'Ns
k|bfg ug]{5 .
#_ olb z]o/ k"0f{ jf cf+lzs ?kdf laqmL geO{ lålto kIfn] k|Tofe"lt u/]sf] /sd e'QmfgL ug'{ kg]{ cj:yfdf k|yd
kIfn] /sd dfu u/]sf] avt z]o/ vl/b ul/ e'QmfgL lbg' kg]{5 .
$_ k|yd kIfsf] z]o/ ;j{;fwf/0fdf laqmL ubf{ ;Dk"0f{ z]o/sf nflu cfj]bg k|fKt ePdf k|Tofe"ltstf{sf] bfloTj
:jtM k"/f x'g]5 .
%_ k|Tofe"l t u/]sf] z]o/ laqmL geO{ u|x0f ug{' k/]df pQm z]o/x? u|x0f u/]kl5 ;j{;fwf/0f z]o/wgL ;/x
k|Tofe"ltstf{nfO{ ;d]t ;fwf/0f z]o/wgL ;/x z]o/ k|ltsf] xs clwsf/ k|fKtx'g]5 .
^_ sy+sbflrt s'g} Ps kIfn] k'/f ug'{kg]{ cfly{s bfloTj k'/f gu/]df csf]{ kIfn] ;f] bfloTj k'/f u/fpg k|rlnt
P]g lgod tyf dWo:ytf P]g, @)%% adf]lhd sf/afxL ug{ ;Sg]5 .

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

s_ lwtf]kqjfnfsf] clwsf/ tyf k|ltaGwfTds Joj:yfx? h:t} dtflwsf/, nfef+z, xsk|b z]o/, lwtf]kqjfnfsf]
clwsf/df kl/jt{g ug]{ k|s[of tyf lwtf]kqsf] vf/]hL cflb ;DaGwL ljj/0f M o; ljj/0fkq cg';f/ lgisfzg
ul/g] ;fwf/0f z]o/sf] afF8kmfF8df k/]sf z]o/wgLx?sf] clwsf/ tyf k|ltaGwfTds Joj:yfx? h:t} dtflwsf/,
nfef+z, xsk|b z]o/, lwtf]kqjfnfsf] clwsf/df kl/jt{g ug]{ k|s [of tyf lwtf]kqsf] vf/]hL cflb ;DaGwL
Joj:yfx? k|rlnt sfg'g adf]lhd x'g]5 .

@(
v_ lgodfjnL, k|aGwkq k|fKt ug]{ jf x]g{ ;Sg] 7fpF, e'QmfgL ug]{ tl/sf, lng'kg]{ Go"gtd lwtf]kq ;+Vof / ;f] eGbf
dfly lng] ePdf s'g u'0ffÍdf lng ;Sg] xf] ;f] ;DaGwL ljj/0f M
!= o; sDkgLsf] k|aGwkq tyf lgodfjnL sfof{no ;doleq sDkgLsf] /lhi68{ sfof{no, sf7df8f}+
dxfgu/kflnsf j8f g+ $, w'Daf/fxL jf lwtf]kq lgisfzg tyf laqmL k|aGws k|e' Soflk6n dfs]6{ ; \ lnld6]8,
sdnfbL, sf7df08f}+df ;Dks{ /flv x]g{ jf k|fKt ug{ ;lsg]5 .
@= o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/ vl/bsf nflu b/vf:t lbFbf b/vf:tjfnfn] b/vf:t
;fy cfkm'n] vl/b ug{ rfx]sf] ;fwf/0f z]o/ ;+Vofsf] k|lt ;fwf/0f z]o/ ?=!))÷—sf b/n] x'g cfpg]
Psd'i6 /sd o; lgisfzgsf] nflu tf]lsPsf] ;+sng s]Gb|x?df hDdf u/L ;f] sf] ;Ssn ef}r/ jf a}+s
8«fkm\6 ;+nUg u/L b/vf:t lbg' kg]{5 .
#= o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/sf] nflu b/vf:t lbFbf b/vf:tjfnfn] sDtLdf !)
lsQf ;fwf/0f z]o/sf] nflu b/vf:t lbg' kg]{5 . olb s'g} b/vf:tjfnfn] !) lsQfeGbf a9L z]o/sf] nflu
b/vf:t lbg rfx]df !) c+ssf] u'0ffÍdf clwstd !)),))) -Ps nfv_ lsQf ;fwf/0f z]o/ vl/b ug{sf
nflu b/vf:t lbg ;Sg]5 .
$= o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f ;]o/ j}b]lzs /f]huf/Ldf /x]sf JolQmx?sf] xsdf z]o/ vl/b
ug{sf nflu b/vf:t lb+bf b/vf:tjfnfn] af]8{af6 lwtf]kq vl/b b/vf:t ;+sng ;DaGwL sfo{ ug{ cg'dlt
k|fKt cfZjf ;b:o a}+s jf ljQLo ;+:yfdf /x]sf] ljk|]if0f -/]ld6\ofG;_ art vftf dfkm{t dfq e'QmfgL ug'{
kg]{5 .
u_ cfj]bg lb+bf kfngf ug'{kg]{ zt{ aGb]hx? h:t} Ps eGbf a9L b/vf:t lbg gkfOg], nufgLstf{sf] klxrfgsf]
nflu gful/stf÷hGdbtf{sf] k|dfl0ft k|df0fkqsf] k|ltlnlk k]z ug'{kg]{ jf lwtf]kq bnfn Joj;foLn] lbPsf]
u|fxssf] kl/ro gDa/ / ;DalGwt Joj;foLsf] gfd v'nfpg'kg]{ / a}+s vftf dfkm{t sf/f]af/ ul/g'kg]{ h:tf
kIfx? M
cfof]hgf k|efljt If]qsf jfl;Gbfx?sf] xsdf
;+v'jf;ef lhNnfsf] wd{b]jLsf] lkn'jf vf]nf hnljB't cfof]hgfsf clt k|efljt tyf k|efljt lhNnfsf :yfgLo
afl;Gbfx?n] o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/ lgDg adf]lhd k|s[of k'/f ePsf] cj:yfdf
z]o/ vl/b ug{ cfj]bg lbg ;Sg]5g\ M
!= cfj]bsn] b/vf:t kmf/ddf tf]lsP adf]lhd ;Dk"0f{ ljj/0f e/L] b:tvt u/L pBf]u clt k|efljt tyf k|efljt
lhNNffsf afl;Gbf k|dfl0ft ug]{ :yflgo lgsfoaf6 hf/L sfuhft ;lxt b/vf:t kmf/d a'emfpg' kg]{5 .
@= !^ jif{ pd]/ k'u]sf] xsdf cfj]bsn] cfkm\gf] gful/stf k|df0fkqsf] k|ltlnlk :jo+n] k|dfl0ft u/L clgjfo{
?kdf b/vf:t kmf/d a'emfpFbf k]z ug'{kg]{5 .
#= !^ aif{eGbf sd pd]/sf nflu cfdf÷afa'n] ;+/Ifs eO{ cfj]bg lbg' k/]df g]kfn ;/sf/sf] kl~hsflwsf/Lsf]
sfof{noaf6 k|fKt gfafnssf] hGdbtf{ k|df0f–kqsf] k|ltlnlk ;+/Ifsåf/f clgjfo{ ?kdf k|dfl0ft u/L
cfj]bg;fy k]z ug'{kg]{5 . ;fy} b/vf:t kmf/ddf ;+/Ifssf] gful/stf k|df0fkqsf] k|ltlnlk ;d]t ;+/Ifs
:jo+n] k|dfl0ft u/L ;+nUg ug'{ kg]{5 .
$= ljjfx e} cfPsf dlxnfsf xsdf ljjfxbtf{ k|df0fkqsf] k|ltlnlk ;d]t ;+nUg u/]s f] x' g' kg]{5 .
%= aF;fO{+;/fO{ ul/ cfPsf] xsdf cfJxfgkq k|sflzt x'g' eGbf cufj}÷z]o/ cfj]bg lbg] ;do;Dd aF;fO{ ;/fO{
u/L cfPsf] k|df0fkqsf] k|ltlnkL ;d]t ;+nUg u/]sf]] x'g'kg]{5 .
^= dfly pNn]lvt x'g 5'6]sf ljt/0f k|lqmofdf ljjfb cfPdf ;DalGwt sfof{nosf] ;j{blno ;+oGqsf] lg0f{o
jf lhNnf ljsf; ;ldltsf] ;j{b lno ;+o Gqsf] lg0f{o ;lxtsf] l;kmfl/; kq k] z ug' {k g] {5 .
&= !^ aif{ pd]/ k'uL gful/stf lnPsf] t/ ljjfx u/L ;+v'jf;ef lhNnf 5f]l8 cGo lhNnf uPsf dlxnf Pj+
lhNnf 5f]l8 a;fO{ ;/fO{ u/L uPsf JolQm / kl/jf/x?df pNn]lvt ;'/lIft z]o/ lng] clwsf/ /xg] 5}g .
*= cfdf afa' afx]s cGo JolQm ;+/Ifs e} gfafns jf ljlIfKt JolQmsf] gfddf b/vf:t lb+bf sfg'g adf]lhd
;+/IfsTjsf] k|df0f k]zug{'kg]{5 .
(= lwtf]kq vl/b ug{sf nfuL b/vf:t lbg rfxg]n] tf]lsPsf] ;+sng s]Gb|df z]o/ vl/bsf] nfuL b/vf:t
a'emfpg' kg]{5 .
!)= cfj]bg kmf/d a'emfpFbf b/vf:t kmf/ddf Go"gtd ?kdf v'Ng'kg]{ egL tf]lsPsf ljj/0fx? ;a} :ki6 ?kdf
e/]sf] b/vf:t kmf/d a'emfpg' kg]{5 .
!!= Ps JolQmn] cfkm'n] lng rfx]sf] ;Dk"0f{ z]o/sf] nflu Psj6f dfq cfj]bg u/]sf] x'g' kg]{5 . olb Ps} JolQmn]
Ps eGbf a9L cfj] b g lbPsf] e] l 6Pdf lghn] lbPsf] ;a} cfj] b gx?nfO{ /2 ul/g] 5 .
!@= pBf]u clt k|efljt tyf k|efljt lhNnfsf afl;Gbfaf6 cfj]bg dfu ubf{ a;fO{;/fO{ jf cGo sf/0fn] a;fO{
;/]sfx?n] cfj]bg lbg kfpg] 5}gg\ .
!#= ;fwf/0f z]o/ vl/b ug{sf nflu b/vf:t lbg] JolQm :jo+n] b/vf:t kmf/ddf b:tvt u/L tf]lsPsf] ;+sng
s]Gb|x?df ;fwf/0f z]o/ vl/bsf nflu b/vf:t a'emfpg' kg]{5 . o;/L b/vf:t kmf/ddf b:tvt gu/]sf] /
tf]lsPsf ;+sng s]Gb|x? afx]s cGo :yfgx¿df b/vf:t kmf/d a'emfPsf] b/vf:t kmf/dnfO{ /2 ul/g]5 .
!$=cfof]hgf clt k|efljt tyf k|efljt lhNnfsf afl;Gbfx?n] z]o/ vl/b u/]df ;j{;fwf/0fsf nflu ;fj{hlgs
lgisfzg ul/g] ;fwf/0f z]o/sf] nflu k'gM cfj]bg lbg kfpg] 5}gg\ .
!%= ;Dk"0f{ b/vf:tjfnfx? -gfafnsx? ;d]t_ n] clgjfo{ ?kdf cfkm\gf] vftf /x]sf] a}+s jf ljQLo ;+:yfsf]
gfd, 7]ufgf / vftf gDa/ ;d]t :ki6 ?kdf b/vf:t kmf/ddf v'nfpg' kg]{5 . b/vf:tjfnfn] b/vf:t
kmf/ddf cfkm\gf] vftf gDa/ pNn]v ubf{ Clearing House sf] ;b:o ePsf] a}+s jf ljQLo ;+:yfdf
ePsf] vftf gDa/ pNn]v ug'{ kg]{5 .
#)
!^= ?=%),)))÷– eGbf a9L nufgL ug]{ b/vf:tjfnfn] b/vf:t lb+bf clgjfo{ ?kdf PsfpG6k]oL r]s dfkm{t
/sd hDdf ug'{ kg]{5 .
!&= ?=% nfv ;Dd /sd a/fa/sf] cfj]bg ug]{ b/vf:tjfnfn] :j]lR5s ?kdf / ?=% nfv eGbf a9L /sd
a/fa/sf] cfj]bg ug]{ b/vf:tjfnfn] clgjfo{ ?kdf Kofg (PAN No.) gDa/ b/vf:t kmf/ddf v'nfpg'
kg]{5 .
!*=b/vf:tjfnfn] Psf3/ kl/jf/ afx]s Ps eGbf a9L b/vf:t kmf/d ;dfj]z u/L cfj]bg lbPsf] cj:yfdf
k|To]s b/vf:tjfnfn] cfkm\g} vftfsf] Psfp06 k]oL r]s a'emfpg'kg]{5 .
!(= lxtu|fxL vftf vf]nL ;s]sf] cfj]bssf] xsdf lxtu|fxL vftf g+= pNn]v ug'{kg]{5 .
@)=;fy} g]kfn lwtf]kq af]8a{ f6 ldlt @)&%÷!)÷)& sf] lgb]z { g adf]lhd cfof]hgf k|efljt If]qsf :yflgojf;Lx?n]
P]lR5s ?kdf cf:jf k|0ffnLdfkm{t\ cfj]bg lbg ;Sg] 5 .
@!= cfof]hgf k|efljt tyf clt k|efljt lhNnfsf afl;Gbfx?sf] nflu ljt/0f ul/Psf] z]o/ ;j{;fwf/0fsf nflu
lgisfzg ul/Psf] z]o/ afF8kmf6 ePsf] ldltn] tLg jif{ k"/f geP;Dd c? s;}nfO{ laqmL jf x:tfGt/0f
ug{ kfOg] 5}g .
@@= ;fy} :yflgo af;LGbfx?sf] nfuL 5'6ofO{Psf] z]o/df s'g} Ps ;d'x÷If]qdf sd cfj]bg k|fKt ePdf ;dfg'kftLs
?kdf ;f]] a/fa/sf] z]o/ csf]{ ;d'x÷If]qdf ;dfof]hg u/L afF8kmfF8 ul/g]5 .
j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf] xsdf M
!= g]kfn ;/sf/sf] ;DalGwt lgsfoaf6 >d l:js[lt lnO{ ljb]zdf j;L /f]huf/L ul//x]sf g]kfnLx?n] o;
ljj/0fkq cg';f/ cfj]bg ug{ kfpg]5g\ .
@= o; ljj/0fkq cg';f/ lwtf]kq vl/b ug{ rfxg] g]kfnLx?n] z]o/df cfj]bg lb+bf g]kfn lwtf]kq af]8{af6
b/vf:t ;+sng ;DalGw sfo{ ug{ cg'dlt k|fKt cf:jf ;b:o a}+s jf ljQLo ;+:yfdf /x]sf] ljk|]if0f -/]ld6\ofG;_
art vftf dfkm{t dfq e'QmfgL ug'{kg]{5 .
#= z]o/df cfj]bg ug{ ljk|]if0f -/]ld6\ofG;_ art vftfdf kl5Nnf] 5 dlxgfdf sDtLdf %) xhf/ g]kfnL ?k}ofF
;DalGwt cfj]bsn] cfkm' /f]huf/ /x]sf] d'n'saf6 hDdf u/]sf] x'g' kg]{5 .
$= g]kfn ;/sf/sf] ;DalGwt lgsfoaf6 >d l:js[lt lnO{ j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?n] o;/L cfj]bg
ug{sf nflu l8Dof6 clgjfo{ /x]sfn] ;DalGwt lgIf]k ;b:ox?af6 k|bfg ul/g] cgnfO{6 kf]6{nx?af6 klg
l8Dof6 vftf vf]Ng ;Sg]5g\ .
%= lgisflzt z]o/df cfj]bg lbPsf ljb]zdf a;L /f]huf/ ul//x]sf g]kfnL gful/sn] ;j{;fwf/0fnfO{ 5'6\ofO{Psf]
z]o/df cfj]bg ug{ ;Sg] 5}gg\ .
^= cfof]hgf k|efljt If]qsf afl;Gbfsf nflu lgisfzg ul/Psf] z]o/df afF8kmfF8df k/]sf z]o/wgLx?n] o;
lgisfzgdf cfj]bg lbg kfpg] 5}gg\ / olb cfj]bg u/]sf] kfO{Pdf ;f] cfj]bg :jtM cof]Uo 7xl/g] 5 .
&= cf:jf (ASBA) ;]jfdf ;xefuL a}s tyf ljQLo ;+:yfn] ASBA cGt{ut lng] cfj]bgsf] 9fFrf lwtf]kqsf]
;fj{hlgs lgisfzgsf] s]lb|s[t ljB'tLo ;]jf ;DaGwL sfo{ ;~rfng lgb]{lzsf, @)&$ sf] cg';'rL % adf]lhd
x'g'kg]{5 .
*= cf:jf (ASBA) ;]jfdf ;xefuL a}s tyf ljQLo ;+:yfn] ASBA cGt{ut lng] cfj]bgsf] 9fFrf lwtf]kqsf]
;fj{hlgs lgisfzgsf] s]lb|s[t ljB'tLo ;]jf ;DaGwL sfo{ ;~rfng lgb]{lzsf, @)&$ sf] cg';'rL % adf]lhd
x'g'kg]{5 .
(= l;l8P; P08 lSnol/Ë lnld6]8af6 pknAw u/fO{Psf] æd]/f] z]o/Æ ;ˆ6j]o/af6 klg cfj]bsn] cfj]bg ug{
;Sg]5g\ . To;sf nflu cfj]bsn] cfˆgf] lxtu|fxL vftfdf a}+s vftfsf] ljj/0f pNn]v ul/;s]sf] x'g' kg]{5
/ ;DalGwt a}+s tyf ljQLo ;+:yfaf6 CRN g+= lnO{;s]sf] x'g' kg]{5 .
!)= l/tk"j{s k|fKt gePsf] b/vf:t tyf cfj]bg kmf/fddf pNn]v ePsf] lxtu|fxL vftf g+= / cfj]bssf] gfd
l;l8P;;Lsf] clen]vdf km/s k/]sf] kfO{Pdf ;f] kmf/fdnfO{ z]o/ afF8kmfF6df ;dfj]z gul/g] x'+bf cfj]bg
kmf/fddf e/]sf] lxtu|fxL vftf g+= cfj]bs :jo+n] Plsg ug'{kg]{5 .
!!= l/tk"j{s k|fKt gePsf] b/vf:t tyf cfj]bg kmf/fddf pNn]v ePsf] lxtu|fxL vftf g+= / cfj]bssf] gfd
l;l8P;;Lsf] clen]vdf km/s k/]sf] kfO{Pdf ;f] kmf/fdnfO{ z]o/ afF8kmfF6df ;dfj]z gul/g] x'+bf cfj]bg
kmf/fddf e/]sf] lxtu|fxL vftf g+= cfj]bs :jo+n] Plsg ug'{kg]{5 .
!@= cfj]bsn] cfj]bg kmf/d a'emfpFbf b]xfosf s'/fx?df ljz]if Wofg lbO{ :ki6;+u cfj]bg kmf/d e/L a'emfpg'
kg]{5 M
s= lwtf]kq lgisf;gstf{ sDkgLsf] gfd .
v= cfj]bssf] gfd, y/, 7]ufgf, gful/stf g+=, b:tvt, ;Dks{ kmf]g g+=, Od]n 7]ufgf .
u= vl/b ug{ rfx]sf] lwtf]kqsf] ;+Vof –c+s / cIf/df .
3= vl/b ug{ rfx]sf] lwtf]kq jfktsf] /sd –c+s / cIf/df .
ª= cfj]bssf] vftf /x]sf] a}+ssf] gfd, 7]ufgf, vftf g+= / vftfsf] lsl;d .
5= cfj]bssf] lxtu|fxL –l8Dof6 vftf gDa/
!#= cfj]bsx?n] cfj]bg lb+bf l;–cf:jf ;b:o a}+sx?df /x]sf] cfj]bg jfktsf] /sd /f]Ssf /flvg] vftf cGo
s'g} k|sf/n] /f]Ssf /x]sf] jf lgliqmo (Dormant) /x]sf] x'g' x'b}g .
!$= cfj]bg lbPsf] /sd a/fa/sf] /sd vftfdf x'g' kg]{5 .
!%= Ps JolQmn] cfkm'n] vl/b ug{ rfx]sf] ;fwf/0f z]o/sf] nflu Ps eGbf a9L b/vf:t lbg kfOg] 5}g . olb
Ps JolQmsf] gfddf Ps eGbf a9L cfj]b g k|f Kt x' g cfPdf ;Dk'0 f{ b/vf:tnfO{ /2 ul/g]5 .

#!
 !^= lwtf]kq v/Lbsf] nflu b/vf:t lb+bfsf] cj:yfdf jf b/vf:t lbO{;s]kl5 v/Lb u/]sf] lwtf]kq jfktsf]
/sd e'QmfgL gx'+b} k|rlnt sfg'g adf]lhd clwsf/ k|fKt clwsf/L jf lgsfoaf6 nufgLstf{sf] vftf /f]Ssf
/fVg] cfb]z k|fKt ePdf lgisfzg tyf ljqmL k|aGwsn] To:tf] b/vf:t kmf/fdnfO{ cfb]z adf]lhd ug]{5 .
!&= lwtf]kq afF8kmfF8 ug'{k'j{ clVtof/ k|fKt lgsfoaf6 s'g} nufgLstf{sf] vftf /f]Ssf /fVg cfb]z jf lgb]{zg
k|fKt ePdf ;DalGwt a}+s jf ljQLo ;+:yfn] To:tf] cfb]z jf lgb]{zg cg';f/ ;DalGwt nufgLstf{sf] vftf
/f]Ssf u/L To;sf] hfgsf/L t'?Gt lgisfzg tyf ljqmL k|aGwsnfO{ lbg' kg]{5 .
!*=z]o/sf] afF8kmfF8 u/L ;"lrs/0f eP kZrft afF8kmfF8df k/]sf cfj]bsx?nfO{ afF8kmfF8df k/]sf] z]o/ lghx?sf]
lxtu|fxL vftfdf hDdf ug{] Joj:yf ul/g] ePsf]n] ;Dk"0f{ cfj]bsx?n] clgjfo{ ?kdf cfkm\gf] lxtu|fxL vftf
g+= cfj]bg kmf/fddf pNn]v ug'{ kg]{5 .
!(= ?= %,)),)))÷– ;Ddsf] nflu cfj]bg lbg] cfj]bsn] :j]lR5s ?kdf / ;f]eGbf a9L /sdsf] nflu cfj]bg
lbg] cfj]bsn] clgjfo{ ?kdf cfj]bgdf cfkm\gf] :yfoL n]vf gDa/ (PAN) v'nfpg'kg]{5 . o; cltl/Qm ?=
%,)),)))÷– jf ;f]eGbf a9L /sd cfj]bg lbg] cfj]bsx?n] cfkm"n] cfj]bg lbFbf hDdf u/]sf] /sd ;DklQ
z'4Ls/0f P]gsf] alv{nfk x'g] u/L cfh{g gu/]sf] egL pb\3f]if0f ug'{kg]{5 .
@)=j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu o; ljj/0fkq dfkm{t lgisfzg ul/g] z]o/sf nflu Go"gtd
!) lsQf / clwstd %),))) lsQf ;Ddsf nflu cfj]bg lbg ;Sg]5g\ .
;j{;fwf/0fn] o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/ lgDg adf]lhd cfa]bg lbg ;Sg]5g\ .
1. lwtf]kq vl/b ug{sf nflu b:tvt lbg rfxg]n] g]kfn lwtf]kq af]8{af6 cg' dlt lnO{ lwtf]kqsf] ;fj{hlgs
lgisfzgsf] s]lGb|s[t ljB'lto ;]jf ;DaGwL sfo{ ;~rfng lgb]{lzsf, @)&$ adf]lhd ;fj{hlgs lgisfzgdf
Centralized Application for ASBA Based Issuance (C-ASBA) k|0ffnL dfkm{t\ cfa]bg ;+sng ug{
cfaå cf:jf (ASBA) ;]jfdf ;xefuL a}s+ tyf ljQLo ;+:yf tyf tLgsf zfvf sfof{nox?af6 cfj]bg
lbg ;Sg]5g\ .
2. (C-ASBA) ;]jfdf ;xefuL a} +s tyf ljQLo ;+:yfx?n] pk/f]Qm adf] lhd a' emLlnPsf] kmf/d tf] lsPsf]
;dojlw leq (C-ASBA ) k|0ffnLdf k|ljli6 ug'{kg]{5 .
3. ;Ël7t ;+:yfn] k|f/lDes ;fj{hlgs lgisfzg dfkm{t hf/L u/]sf] z]o/ vl/bsf nflu k|fs[lts JolQmn] dfq
b/vf:t lbg ;Sg]5. tf]lsPsf] cjlwleq laqmL gePdf ;+ul7t ;+:yf jf k|rlnt sfg'g ad]lhd :yfkgf
ePsf ;+:yfn] To:tf] z]o/ vl/b ug{ ;Sg]5 .
u=!!= ;DalGwt kIf aLrsf] sf/f]af/ ;DaGwL ljj/0f M
lgisfzgstf{ ;+ul7t ;+:yf / lgDg lnlvt kIf aLr ljut @ jif{sf] cjlwdf s'g} k|sf/sf] j:t'ut sf/f]af/ ePsf]
jf s'g} sf/f]af/ ug{ k|:tfj ul/Psf] eP sf/f]af/df ;+nUg JolQmx?sf] gfd, ltgLx?sf] ;+ul7t ;+:yf ;Fusf] ;DaGw,
sf/f]af/sf] k|s[lt / /sd M
s_ ;+ u l7t ;+ : yfsf] sfo{ s f/L clws[ t jf ;+ r fnssf] ?kdf /x] s f] JolQm M sf/f] a f/ gePsf] .
v_ cfwf/e"t z]o/wgL M cfwf/e"t ;+:yfks /x]sf] k|e' Soflk6n lnld6]8n] lgisfzg tyf ljqmL k|aGws afktsf]
z'Ns ?=!,)),)))÷–-Ps nfv_ lnPsf] .
u_ v08 -s_ / -v_ df pNn]lvt s'g} AolQmsf] Psf3/ kl/jf/ ;b:o M sf/f]af/ gePsf] .
3_ ;+ul7t ;+:yfsf] sfo{sf/L clws[t jf ;+rfns jf cfwf/e"t z]o/wgLn] #) k|ltzt jf ;f] eGbf a9L dtflwsf/
x'g] u/L z]o/ :jfldTj u|x0f u/]sf] sDkgL jf ;+ul7t ;+:yf M ;f] gePsf] .
ª_ ;+ul7t ;+:yf jf To;sf] ;xfos sDkgLn] xfnsf] ;+rfns jf gLhsf] Psf3/sf] kl/jf/sf] ;b:osf nflu s'g}
sf/f]af/ jf ;Demf}tf u/]sf] 5 eg] ;f] jf ljj/0fkq k|sfzg ug'{ eGbf # jif{ cufl8sf] cjlwdf ;+:yfsf] ;+rfns
jf ;+rfnssf] Psf3/ kl/jf/sf] ;b:osf nflu s'g} sf/f]af/ jf ;Demf}tf u/]sf] eP ;f] s'/f M s'g} sf/f]af/ jf
;Demf}tf u/]sf] 5}g .
r_ s'g} ;+rfns jf ;+rfnssf] Psf3/ kl/jf/sf] ;b:onfO{ s'g} C0f lbPsf] jf lgh;Fu lnPsf] eP pQm C0f
;DaGwL lj:t[t ljj/0f h:t} C0f afkt lnPsf] /sd, C0fsf] Aofhb/, C0f lnPsf] ldlt, C0f e'QmfgL cjlw
cflb s'/f ljj/0fkqdf v'nfpg' kg]{ M C0f sf/f]af/ u/]sf] 5}g .
u= !@= ljb]zL nufgL / Joj:yfkg ;DaGwL ljj/0f M
ljb]zL nufgL / Joj:yfkgdf ;+ul7t ;+:yf ;+rfng x'g] eP ;f] sf] ljj/0fsf ;fy} ;DalGwt ;Demf}tfsf] d'Vo
tyf tflTjs a'Fbfx? M sDkgLdf ljb]zL nufgL / ljb]zL Joj:yfkgdf g/x]sf] .
u= !#= ;"lrs[t ;+ul7t ;+:yfn] ;fj{hlgs lgisfzg ug]{ ePdf ;f] sf] ljj/0f M
s_ ;+ul7t ;+:yfsf] ljut # cfly{s jif{sf] k|To]s q}dfl;s cjlwsf] pRrtd, Go"gtd, clGtd ahf/ d"Nosf ;fy}
sf/f]af/ ePsf] z]o/ ;+VofM lgisfzgstf{ sDkgL ;"lrs[t ;+ul7t ;+:yf gePsf] .
v_ af]8{df ljj/0fkq btf{sf] nflu k|:t't ug'{ eGbf ^ dlxgf cufl8sf] cjlwsf] dfl;s ?kdf pRr, Go"g / clGtd
d"Nosf ;fy} k|To]s dlxgfdf sf/f]jf/ ePsf] s'n lbg / s'n sf/f]af/ ePsf] lwtf]kq ;+Vof M gePsf] .
u= !$= kl5Nnf] ;fj{hlgs lgisfzgsf] cg'dfg tyf pknAwL ;DaGwL ljj/0f M
;+ul7t ;+:yfn] o; eGbf cuf8L lwtf]kq lgisfzg ubf{ tof/ u/]sf] ljj/0fkq jf cGo ljj/0fx?df pNn]lvt
ul/Psf nIo tyf sfo{qmdx? tyf v'b d'gfkmf xfl;n ug{ ;s]÷g;s]sf], g;s]sf] cj:yfdf nIo tyf sfo{qmdsf
;fy} ljj/0fkq jf cGo ljj/0fx?df k|If]lkt v'b d'gfkmf eGbf aL; k|ltzt jf ;f] eGbf a9Ln] Go"g x'g uPsf] eP
o;/L km/s kgf{sf] sf/0f M xfn;Dd s'g} ;fj{hlgs lgisfzg gul/Psf] .

#@
u=!%= k/fdz{bftf÷ ljz]if1 ;DaGwL ljj/0f M
s_ n]vfkl/Ifs, k|d'v a}+s, lgisfzg sfo{;Fu ;+nUg a}+s, k|If]lkt ljQLo ljj/0f 7Ls 5 egL k|dfl0ft ug]{ lj1 cflbsf]
gfd tyf 7]ufgf M
c_ cf=j=@)&*÷&( df o; sDkgLsf] n]vfkl/Ifsdf rf6{8{ PsfpG6]06 >L cf/= s]= P08 Pzf]lzo6\; sf >L
/ljg s'df/ >]i7, sf7df08f} /xg' ePsf] 5 .
cf_ o; lgisfzgsf] nflu b]xfosf a}+snfO{ lgisfzg a}+s (Banker to the Issue) sf] ?kdf lgo'Qm ul/Psf]
5.
l;=g+= lgisfzg a}+ssf] gfd, 7]ufgf a}+s vftf gDa/
! k|e' a}+s lnld6]8, sdnfbL !!!))^#!*!!^))!!#
;fy} cfjZostf cg';f/ lgisfzg z'? x'g' eGbf # lbg leq af]8{nfO{ hfgsf/L lbO{ cGo a}+sx?nfO{ ;d]t
o; z]o/ lgisfzgsf] nflu lgisfzg a}+ssf] ?kdf lgo'Qm ug{ ;lsg]5 .
O_ o; ljj/0fkqdf pNn]lvt ljQLo ljj/0f tyf k|If]k0fsf] cg'dfg tyf cfwf/x? xfnsf] hnljB't ahf/sf]
l:ylt, lgisfzgstf{ sDkgLsf] xfnsf] bIftf / lgisfzgstf{ sDkgLn] k|fKt u/]sf] xfn;Ddsf] sfo{ k|ultsf]
cfwf/df k'g/fjnf]sg u/L ljj/0f 7Ls 5 egL cf/= l6= P08 Pzf]lzo6\;, rf6{8{ PsfpG6]G6\; af6 k|dfl0ft
ePsf] 5 . sDkgLsf] ljQLo ljj/0f k|If]k0f ljut jif{sf] sf/f]jf/sf] cfwf/df lgisfzg sDkgLn] tof/ u/]sf]
xf] .
z]o/ lgisfzg ;DaGwL Joj:yf tyf ljj/0fx? sDkgLn] k|bfg u/]sf] ljjj/0fsf] cfwf/df Joj;flos ;+:yf
>L k|e' Soflk6n lnld6]8, sdnfbL, sf7df08f}+n] tof/ u/]sf x'g\ . o; z]o/ lgisf;gsf nflu lgisfzg
tyf laqmL k| a Gwsdf k| e ' SofkL6n lnld6] 8 , sdnfbL, sf7df08f} } n fO{ lgo' Q m ul/Psf] 5 .
v_ dfly v08 -s_ df pNn]lvt ;+:yf jf JolQm;Fu ePsf] ;xdltsf d'Vo d'Vo a'Fbf tyf zt{x? M ;f] gePsf] .

u= !^= kl/of]hgf ;DkGg ug{sf] nflu ;fj{hlgs lgisfzgafx]s cGo ljQLo >f]tx? k|of]u ul/Psf] 5÷5}g, tT;DaGwL ljj/0f
of] kl/of]hgf lgdf{0f ug{sf nflu ;+:yfks z]o/wgLx?sf] :jnufgL, / a}+s tyf ljQLo ;+:yfx?af6 C0f k|fKt ul/
cfof]hgfsf sfdx? ;+rfng e}/x]sf] 5 . sDkgLn] shf{ /sd e'QmfgL q}dfl;s ?kdf ug]{5 . k|:t't ljj/0f efb| !%,
@)&( ut] ;Ddsf] /x]sf] 5 .
qm= a}+s tyf :jLs[t shf{sf] ls:tf z'? tyf xfn ;Dd afFsL
;+= ljlQo shf{ em'QmfgLsf] e'QmfgLsf] xfnsf] e'QmfgL shf{
;+:yfsf] gfd /sd cjlw tl/sf Jofhb/ ul/Psf] shf{ /sd /sd
! l;l6hG; a}+s 85,80,00,000/- kl/of]hgf &%,(!,@@,#!$/- 9,88,77,686/-
O{G6/g]zgn lnld6]8 30,00,00,000/- lgdf{0f !@=@!Ü
7,50,00,000/- ;DkGg q}dfl;s
@ l;len a}+s lnld6]8 57,10,00,000/- kZrft !@ !@=@!Ü $&,$$,&*,!)(/- 9,65,21,891/-
# ;]~r'/L a}s
+ lnld6]8 57,10,00,000/- jif{ leq !@=@!Ü $&,@$,)^,&^(/- 9,85,93,231/-

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

s_ ;+ul7t ;+:yfsf] t/ntf, df}Hbft, sfo{ ;+rfngdf tflTjs c;/ kg]{ vfnsf] s'g} d'2fdfldnf jf ljjfb eP ;f]
;DaGwL ljj/0f tyf pk/f]Qm d'2f jf ljjfbsf] sf/0faf6 kg{ ;Sg] k|efj ;DaGwdf Joj:yfkgsf] wf/0ff M o;
sDkgLsf s'g} bfloTj g/x]sf] Joxf]/f cg'/f]w 5 .
v_ ;+ul7t ;+:yfnfO{ c;/ kg]{ u/L ;+:yfsf] ;+:yfks÷;~rfnsn] jf nfO{ bfo/ ul/Psf] d'2f ;DaGwL ljj/0f M;f]
gePsf]
u_ ljut kfFr jif{df ;+ul7t ;+:yfsf] s'g} ;+:yfks÷;~rfns sfnf] ;"rLdf k/]sf] jf s'g} g}lts jf cfly{s sf/0faf6
s'g} lgodg lgsfo jf cbfntn] ;hfo u/fPsf] eP, To:tf] ;+:yfks÷;+rfnssf] gfd / ;hfo ug]{ lgodg lgsfo
jf cbfntsf] gfd pNn]v ug'{kg]{ M ;f] gePsf] .
3_ ;+ul7t ;+:yf a}+s jf ljQLo ;+:yfdf C0f glt/L l8kmN6 ePsf], lgod cg';f/sf] z'Ns glt/]sf], lwtf]kqjfnfx?sf]
s'g} /sd e'QmfgL gul/Psf] eP tT;DaGwL ljj/0fx? M ;f] gePsf] .

u=!*= u'gf;f] ;'Gg] / ;dfwfg ug]{ k|s[of M

lgisflzt lwtf]kq ;DaGwL nufgLstf{x?sf] u'gf;f] tyf ;'emfj ;'Gg tyf ;f] sf] ;dfwfgsf nflu lgisf;g sDkgL
tyf lwtf]kq lgisf;g tyf laqmL k|aGwssf] sfof{nodf Ps ljz]if sIfsf] Joj:yf ul/Psf] 5 . nufgLstf{x?n] b]xfosf]
dfWod dfkm{t cfˆgf] u'gf;f] tyf ;'emfjx? k|]lift ug{ ;Sg]5g\ M
!= lgisf;gstf{ sDkgLsf] tkm{af6 >L ;fu/ g]kfn kmf]g g+=M )!–$$#^#@% tyf Od]n M mayakhola.hpc@gmail,com
@= lgisf;g tyf ljqmL k|aGwssf] tkm{af6 >L /fdx/L vqL – kmf]g g+=M )!–$$!^(!)) -PS;= #)$_ tyf
Od]nM ramhari.khatri@prabhucapital.com
u=!(= gub glnO{ s;}nfO{ lwtf]kq lgisfzg ul/Psf] 5 eg] To:tf] JolQm jf ;d"xsf] gfd, v/Lb ul/Psf] ;DklQ jf ;]jf
;DaGwL ljj/0f, lgisfzg ul/Psf] lwtf]kqsf] ;+Vof / b/ ;DaGwL ljj/0f M ;f] gePsf] .
##
u=@)= C0fkq lgisfzg;DaGwL ljj/0f M xfn;Dd sDkgLn] C0fkq hf/L ul/Psf] 5}g .
u=@!= cu|flwsf/ z]o/ lgisfzg ;DaGwL ljj/0f M ;f] gePsf] .

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

s_ ljz]if1sf] s'g} /fo ePdf, ;f] sf] ljj/0f M k|If]lkt ljQLo ljj/0f l7s 5 elg cf/= l6= P08 Pzf]lzo6\;, rf6{8{
PsfpG6]G6\; af6 k|dfl0ft ePsf] xf] . jf:tljs ljQLo ljj/0fsf cfwf/df ;+ul7t ;+:yfn] tof/ u/]sf] k|If]lkt
ljQLo ljj/0f oyfy{k/s /x]sf] Joxf]/f k|dfl0ftu/L cfkm\gf] /fo JoQm ug'{ePsf] 5 .
v_ ut tLg cfly{s jif{ leqdf s'g} ;+rfns, n]vfk/LIfs kl/jt{g ePsf] eP, ;f] sf] sf/0f M
ut tLg cfly{s jif{df ;~rfns ;ldltdf ePsf] kl/jt{g b]xfo adf]lhd /x]sf] 5 M
qm=;+= ;+rfnsx?sf] gfd kb ;+rfnsdf axfn /x]sf] cjlw kl/jt{gsf] sf/0f
b]lv ;Dd
! dgf]x/ k|zfb z]/rg ;+rfns @)&%÷)%÷)% @)&*÷)#÷)( sfo{ Jo:ttf
@ lr/~hLjL sfsL{ ;+rfns @)&%÷)%÷)% @)&*÷)#÷)( sfo{ Jo:ttf

ut tLg cfly{s jif{df n]vfk/LIfsdf ePsf] kl/jt{g b]xfo adf]lhd /x]sf] 5 M

qm=;+= k|ltlglwTj ul/Psf] ;+:yf axfn /x]sf] cjlw kl/jt{gsf] sf/0f kl/jt{gsf] sf/0f
b]lv ;Dd
! cf/= l6= P08 Pzf]l;o6\; @)&$÷@)&% @)&^÷@)&& ltg jif{sf] cjlw k'u]sf] s}lkmot
u_ sDkgL ;lrjsf] gfd, 7]ufgf / of]Uotf M
gfd M glag s'df/ adf{
7]ufgf M sf=d=g=kf !, gS;fn
of]Uotf M :gftssf]Q/ -sfg'g_

3_ ;fj{hlgs lgisfzg ug{sf nflu ;~rfns ;ldltaf6 ePsf] lg0f{o ;DaGwL ljj/0f M
sDkgLsf] ldlt @)&*÷)#÷)( df a;]sf] ;~rfns ;ldltsf] a}7saf6 ;j{;fwf/0fsf] nflu 5'§fOPsf]?=!))÷—
c+lst b/sf] #$,)),))) lsQf z]o/ lgisfzg ug{] lg0f{o ul/Psf] 5 . sDkgLn] cfˆgf] hf/L k"h
F L ?=!,)),)),)),)))÷–
-Ps ca{_ dWo] ;:yfks ;d'xsf z]o/wgLx?nfO{ ^^% cyf{t ^^,)),)),)))÷– -5}+;7L s/f]8_ /sd a/fa/sf]
?= !))÷— c+lst b/sf ^^,)),))) lsQf z]o/ afF8kmfF8 ul/;s]sf], sDkgLn] cfˆgf] hf/L k"FhL ?=!,)),)),)),)))÷–
-Ps ca{_ sf] #$Ü cyf{t\ #$,)),))) -rf}lt; nfv_ lsQf ;fwf/0f z]o/ ;j{;fwf/0fsf] nflu lgisfzg ug]{5 .
h;dWo] o; ljj/0f dfkm{t hf/L k"FhLsf] !)Ü cyf{t ?=!),)),)),)))÷– -bz s/f]8_ /sd a/fa/sf] ?=!))
c+lst b/sf !),)),))) lsQf ;fwf/0f z]o/ cfof]hgf k|efljt If]q -r}gk'/ gu/kflnsf j8f g+ * / (, wd{b]jL
g=kf=sf j8f g+= #,$,%, dfbL g=kf=sf j8f g+= $ / ^ / afFsL tLg} gu/kfnLsfsf] j8fx?_ sf afl;Gbfx?sf] lwtf]kq
btf{ tyf afF8kmfF8 lgb]{lzsf, @)&$ sf] clwgdf /xL lgisfzg u/L laqmL ljt/0f ul/g]5 . ;fy}, cfof]hgf k|efljt
If]qsf afl;Gbfx?nfO{ z]o/ afF8kmfF8 u/] kZrft ;j{;fwf/0fnfO{ hf/L k"FhLsf] @ k|ltzt cyf{t ?=$*,)),)))÷–
-c7rfnL; nfv_ /sd a/fa/sf] ?=!))÷– c+lst b/sf $*,))) lsQf z]o/ sd{rf/Lx?sf] nflu 5'6\ofPsf] /
hf/L k"FhLsf] % k|ltzt cyf{t ?=!,@),)),)))÷– -Ps s/f]8 aL; nfv_ /sd a/fa/sf] ?=!))÷– c+lst b/sf
!,@),))) lsQf z]o/ ;fd"lxs nufgL sf]ifsf] nflu ;'/lIft u/L afFsL @@,#@,))) lsQf ;fwf/0f z]o/x?sf]
;j{;fwf/0fx?sf] nflu lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# sf] clwgdf /xL ;fj{hlgs lgisfzg
ul/g]5 .
gf]6M g]kfn lwtf]kq af]8a{ f6 ldlt @)&(÷)&÷!& ut] b]lv nfu' x'g] u/L :jLs[t ePsf] lwtf]kq lgisfzg tyf afF8kmfF8
-5}7f}+ ;+zf]wg_ lgb]{lzsf, @)&( sf] bkmf $ -v_,-!_ df Joj:yf eP adf]lhd ;j{;fwf/0fdf ;fj{hlgs lgisfzg
ul/g] z]o/sf] !) k|ltzt j}b]lzs /f]huf/Ldf /x]sf g]kfnLx?sf nflu 5'6\ofOPsf] .
ª_ ;+ul7t ;+:yf jf o;sf z]o/wgLnfO{ s'g} ljz]if s/ ;'ljwf lbOPsf] eP,;f] ;DaGwL ljj/0f M ;f] gePsf] .
r_
;+ul7t ;+:yfsf] kl5Nnf] cfly{s jif{sf] n]vfk/LIf0f ePsf] jf;nft, gfkmf gf]S;fg lx;fj / gub k|jfx ljj/0f
k|fKt ug{ jf x]g{ ;Sg] 7fpF / ;do M
sfof{no ;doleq lgDg lnlvt :yfgx?df sDkgLsf] kl5Nnf] cfly{s jif{sf] n]vfk/LIf0f ePsf] jf;nft, gfkmf–gf]S;fg
lx;fj tyf gub k|jfxsf] ljj/0f k|fKt ug{ jf lg/LIf0f ug{ ;lsg]5 .
!= sDkgLsf] /lhi68{ -s]Gb|Lo_ sfof{no, sf7df8f}+ dxfgu/kflnsf j8f g+ $, w'Daf/fxL .
@= lwtf]kq lgisfzg tyf laqmL k|aGws >L k|e' Soflk6n lnld6]8, sdnfbL, sf7df08f}+ .
5_ af]g; z]o/ ;DaGwL Joj:yf M
xfn;Dd af]g; z]o/ hf/L ul/Psf] 5}g . eljiodf k|rlnt P]g / g]kfn lwtf]kq af]8{sf] k|rlnt af]g; z]o/
lgisfzg ;DaGwL Joj:yf cg';f/ af]g; z]o/ hf/L ug{ ;Sg]5 .
#$
h_ z]o/jfnf, sd{rf/L jf c? s;}sf] nflu z]o/ ;'/lIft ug]{ Joj:yf ul/Psf] ePdf ;f] s'/f M
o; ljj/0fkq dfkm{t lgisfzg ul/g] !),)),))) lsQf ;fwf/0f z]o/ cfof]hgf k|efljt If]q -pBf]u k|efljt
If]q_ ;+v'jf;ef lhNnf clt k|efljt If]q r}gk'/ gu/kflnsf j8f g+ * / (, wd{b]jL g=kf=sf j8f g+= #,$,% dfbL
g=kf=sf j8f g+= $ / ^ / afFsL tLg} gu/kfnLsfsf] j8fx?nfO{ k|efljt If]qdf :yfoL ?kdf a;f]jf; ug]{ ;Dk"0f{
afl;Gbfx?sf nflu lgisfzg ul/Psf] 5 . ;fj{hlgs lgisfzg ul/g] z]o/sf] !) k|ltzt cyf{t ?=@,$),)),)))÷–
-b'O{ s/f]8 rfnL; nfv_ /sd a/fa/sf] ?=!))÷– c+lst b/sf @,$),))) -b'O{ nfv rfln; xhf/_ lsQf z]o/x?
g]kfn ;/sf/sf] ;Dalwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf g]kfnLx?sf nflu
lgisfzg ul/Psf] 5 . o; ljj/0fkq dfkm{t lgisfzg ul/g] ;fwf/0f z]o/ ;a} laqmL x'g g;sL afFsL /x]df To:tf]
afFsL /x]sf] z]o/x? ;j{;fwf/0fx?nfO{ yk u/L laqmL ug{ ;lsg]5 . afFsL @$,)),))) dWo] !,@),))) lsQf
;fwf/0f z]o/ ;fd'lxs nufgL sf]if / $*,))) lsQf ;fwf/0f z]o/ sDkgLsf sd{rf/Lsf nflu 5'§fOPsf] / afFsL
!(,(@,))) lsQf ;fwf/0f z]o/ ;j{;fwf/0fx?sf] nflu lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# sf] clwgdf
/xL lgisfzg ul/g]] 5 . sd{rf/Lsf] nflu 5'§fOPsf] z]o/ dWo] sd{rf/Laf6 a9L dfu e} cfPsf] xsdf ;~rfns
;ldltn] cf}lrTok"0f{ tj/af6 afF8kmfF6 ug]{5 . sd{rf/Lsf] nflu 5'§fOPsf] z]o/sf nflu dfu eO{ gcfPsf] cj:yfdf
afFls z]o/x? ;j{;fwf/0fdf afF8kmfF8 ul/g]5 .
em_ sDkgLn] sDkgL P]gn] u/]sf] Joj:yfx?, cfˆgf] sf/f]af/;Fu ;DalGwt P]g, lgod tyf lgodg Joj:yf k"0f{ kfngf
u/]sf] ;DaGwdf u/]sf] pb\3f]if0f M
sDkgLn] sDkgL P]g, @)^# n] u/]sf] Joj:yfx?, cfkm"n] ug]{ Joj;fo;Fu ;DalGwt P]g, lgod tyf lgodg Joj:yf
tyf lgodg lgsfox?n] lbPsf] lgb]{zgx?sf] k"0f{ ?kdf kfngf u/]sf] 5 / ;f]xL lgb]{zgx?sf] bfo/f leq /xL sfo{
ul//x]sf] / o; ljj/0fkqdf pNn]v ul/Psf] ljj/0fx? ;d]t ;f]xL cg'?k tof/ ul/Psf] xf] eGg] sDkgLsf] pb\3f]if0f
/x]sf]5 .
`_ lwtf]kq laqmL ljt/0f ;DaGwL Joj:yf M
o; ljj/0fkq dfkm{t lgisflzt ;fwf/0f z]o/ laqmL ljt/0fsf nflu cfof]hgf clt k|efljt tyf k|efljt If]q -
pBf]u k|efljt If]q_ ;+v'jf;ef lhNnfdf slDtdf rf/ ;+sng s]Gb|sf] Joj:yf u/L cfjb]g kmf/d tyf ljj/0fkq
ljt/0f / cfj]bg kmf/d ;lxt b/vf:t /sd a'lemlng] Joj:yf ul/g]5 . cfjZostf cg';f/ :jLs[lt lnP kl5
cGo ;+sng s]Gb|x? yk ug{ ;lsg]5 . ;j{;fwf/0fsf] xsdf g]kfn lwtf]kq af]8{af6 Ohfhtkq k|fKt cf:jf ;b:o
a}+s tyf ljQLo ;+:yfx?sf tyf ltgsf tf]lsPsf] zfvf sfof{nox?af6 cfa]bg lbg;Sg] Aoa:yf ul/Psf] 5 ;fy}
l;l8P; P08 lSnol/Ë lnld6]8åf/f ;~rflnt d]/f] z]o/ (Mero Share) cgnfOg k|0ffnL dfkm{t klg cfj]bg ug{
;lsg]5 .\
6_ qm]l86 /]l6Ë ;DaGwL Aoa:yf M
o; ljj/0fkq cg';f/ lgisfzg ul/g] ;fwf/0f z]o/sf] nflu lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# df
ePsf] Joj:yf adf]lhd sDkgLsf] O:o"/ /]l6Ë u/fpg' kg]{ ePsf]n] qm]l86 /]l6Ë lgodfjnL, @)^* sf] lgod #
adf]lhd g]kfn lwtf]kq af]8{af6 cg'dlt k|fKt qm]l86 /]l6Ë ;+:yf Oqmf g]kfn lnld6]8af6 O:o"/ /]l6Ë u/fO{ "[ICRANP-
IR) BB-" /]l6Ë k|fKt u/]sf] 5 . "[ICRANP-IR) BB-" n] sDkgLsf] bflxTj jxg ug]{ Ifdtf cf};t hf]lvd "Moderate
risk of default regarding timely servicing of financial Obligations" /x]sf hgfpFb5 . Oqmf g]kfn lnld6] 8n]
[ICRANP-IR) AAA b]lv [ICRANP-IR) D ;Ddsf] /]l6Ë k|bfg ub{5 h;df u|]8 [ICRANP-IR) AAA n] ;sf/fTds cfwf/
hgfpF5 eg] [ICRANP-IR) D n] gsf/fTds cfwf/x¿ hgfpF5 . ;f] ;DaGwL ljj/0f o; ljj/0fkqsf] bkmf @@ -0f_
df pNn]v ul/Psf] 5 . O:o"/ /]l6Ë u|]8 k|bfg u/]sf] ldlt M @)&(÷)%÷!$ axfn /xg] cjlw @)*)÷)%÷!@
7_ ljj/0fkq tof/ ug]{ JolQmsf] gfd, y/, z}lIfs of]Uotf / cg'ejsf] ljj/0f M o; ljj/0fkq tof/ kfg]{ Joj;flos
;+:yfdf k|e' Soflk6n lnld6]8, sdnfbL, sf7df08f}+ /x]sf]] 5 .
8_ ;sf/fTds kIfx? M
!= cfof]hgfaf6 k|fKt x'g] cfodf !) jif{ cfos/ 5'6 tyf ;f] kZrft\\ % jif{sf] nflu %) k|ltzt cfos/ 5'6
k|fKt ePsf] x'Fbf nfef+zsf] b/ a9L /x]sf] .
@= 8fpg lkn'jf vf]nf ;fgf hnljB't cfof]hgfsf] ;Dk"0f{ ;+/rgf, d]l;g, cf}hf/ tyf pks/0fx?sf] hf]lvdnfO{
Go"lgs/0f ug{ ladf
ul/Psf] .
#= sDkgL;Fu bIf o'jf hgzlQm /x]sf]n] of] sDkgL g]kfndf hnljB't cfof]hgfsf] ljsf; / lgdf{0fsf] sfddf
;kmn /x]sf] .
$= hnljB'tsf] If]qdf cWoog cg';Gwfg tyf ljsf; sfo{df of]hgfj4 9+un] ;dlk{t eP/ sfd ul//x]sf] o;
sDkgLsf] eljio pHjn
/x]sf] .
9_ z]o/ /lhi6«f/ ;DaGwL Joj:yf M
g]kfn :6s PS;r]~h lnld6]8 tyf l;l8P; P08 lSnol/Ë lnld6]8df ;"lrs/0f u/] kZrft\\ z]o/sf] bflvn vf/]h,
b:tvt ?h' cflb ;DaGwL sfo{ o; sDkgLsf] sfof{noaf6 jf sDkgLsf] ;~rfns ;ldltn] tf]s] adf]lhd z]o/
/lhi6«f/sf] sfof{noaf6 x'g] u/L Joj:yf ul/g]5 .
0f_ lwtf]kq laqmL v'Nnf cjlw M
o; ljj/0fkq dfkm{t\ k|yd r/0fdf cfof]hgf k|efljt If]qsf jfl;Gbfx?df lgisfzg ul/g] ;fwf/0f z]o/sf] nflu
cfa]bg lbg] cjlw sDtLdf !% -kGw|_ lbg / a9Ldf #) -tL;_ lbg x'g]5 . ;fj{hlgs lgisfzg ul/g] z]o/sf] !)
k|ltzt g]kfn ;/sf/sf] ;Dalwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf g]kfnLx?sf

#%
 nflu cfa]bg lbg] cjlw sDtLdf !% -kGw|_ lbg x'g]5 . pQm cjlwdf cfof]hgf k|efljt If]qsf afl;Gbfx?sf nflu
/ g]kfn ;/sf/sf] ;Dalwt lgsfoaf6 >d :jLs[t k|fKt u/L ljb]zdf a;L /f]huf/ ul//x]sf g]kfnLx?sf nflu
lgisfzg u/]sf] z]o/ k'/f laqmL gePdf pQm laqmL gePsf] z]o/ ;d]t yk u/L ;j{;fwf/0fsf] nflu yk u/L bf]>f]
r/0fdf ;j{;fwf/0fsf] nflu cfj]bg lng] sfo{ sDtLdf rf/ sfo{ lbgsf] nflu v'Nnf ul/g]5 . ;f] cjlwleq lgisfzg
ul/Psf] ;a} lwtf]kq laqmL gePdf ;+:yfut nufgLstf{n] ;d]t cfa]bg ug{ kfpg] u/L bf>f] r/0fsf] b/vf:t
v'Nnf ePsf] ldltn] j9Ldf !% lbgsf nflu lwtf]kqsf] b/vf:t v'Nnf /xg]5 . cfjZostfeGbf a9L ;fwf/0f z]o/sf]
nflu cfj]bg kg{ cfPdf s'g} klg avt ;fwf/0f z]o/sf] laqmL aGb ug{ ;lsg]5 t/ $ -rf/_ sfo{ lbgeGbf cufl8
z]o/ vl/bsf] nflu cfj]bg lng] sfo{ aGb ul/g] 5}g .
t_ lwtf]kq lgisfzgsf] qmddf af]8a{ f6 :jLs[t ePsf] ljj/0fkq nufgLstf{n] ;xh ?kdf x]g{ ;Sg]5g\ / nufgLstf{x?nfO{
;'lrt lg0f{o (Informed Decision) df k'Ug ;xh ug]{ p2]Zon] To:tf ljj/0fx? ;DalGwt lgisfzg tyf laqmL
k|aGws tyf lgisfzgstf{ sDkgL k|To]s sf] cfkm\gf] j]e ;fO6df lwtf]kq laqmL aGb geP;Dd /flvg]5 .
y_ af]8{af6 :jLs[t ePsf] ljj/0fkq ;fj{hlgs lgisfzgsf] nflu k|sfzg ug{' @ lbg cufl8 ;f] sf] Ps k|lt (Soft
Copy) af]8{sf] j]e;fO6df /fVg] k|of]hgsf] nflu pknAw u/fpg] 5f}+ .
b_ lwtf]kq btf{ tyf lgisfzg lgodfjnL, @)&# sf] bkmf ( sf] pkbkmf # adf]lhd zt{x? kfngf ;DaGwL ljj/0f .
s_ cfˆgf] pb]Zo cg';f/ sf/f]af/ ;~rfng ug{sf] nfuL cfjZos sfo{x? cufl8 a9fO{ Ps aif{sf] cjlw k"/f u/]sf] M
ldlt @)^&÷)@÷!$ df g]kfn ;/sf/ sDkgL /lhi6«f/sf] sfof{nodf dfof vf]nf xfO8«f]kfj/sf] gfddf k|fOe]6
lnld6]8 sDkgLsf] ?kdf btf{ eO{ ldlt @)&#÷)*÷!& b]lv vf]nf xfO8«f]kfj/ sDkggL lnld6]8 sDkgLdf kl/0ft
e} sDkgL P]g, @)^# / ljB't P]g, @)$( cGtu{t sfd÷sf/f]af/ ub}{ cfO{/x]sf] 5 . ;+vj' f;ef lhNnfdf !$=(
d]=jf= Ifdtfsf] dfof vf]nf hnljB't cfof]hgfsf] lgdf{0f sfo{ e}/x]sf] 5 .
v_ k|rlnt sfg'g adf]lhd n]vfkl/If0f tyf ;fwf/0f;ef ;DkGg ePsf] M
cf=j= @)&&÷&* sf] n] v f kl/If0f tyf ;fwf/0f ;ef ldlt @)&*÷)(÷@* df ;DkGg ePsf] .
u_ cfˆgf] pb]Zo cg';f/ sf/f]af/ ;+rfng ug{sf] nflu k|rlnt sfg'g adf]lhd s'g} lgsfoaf6 Ohfht cg'dlt
jf :jLs[lt lng'kg]{ ePdf o:tf] Ohfht, cg'dlt kq jf :jLs[lt lnO{;s]sf] M
!$=)( d]=jf Ifdtfsf] dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8nfO{ pQm cfof]hgf ;+rfngsf nflu g]kfn ;/sf/,
ljB't ljsf; ljefuaf6 ldlt @)&!÷)@÷@^ df Ohfht kq k|fKt u/]sf] .
3_ ;+ul7t ;:yfsf] nflu cfjfZos kg]{ hUuf vl/b jf cGo k|sf/sf] Joj;fo u/L sf/vfgf ejg, sfof{no ejg,
uf]bfd3/ tyf cGo cfjZos ;'ljwfx?sf] lgdf0f{ sfo{ ul/;s]sf] M
o; kl/of]hgfsf] nflu cfjZos kg]{ hUuf vl/b u/L sfof{no ejg nufot kl/of]hgfsf] lgdf0f{ sfo{
e}/x]sf] .
ª_ pTkfbgsf] k|j[lQ 5gf]6 u/L pBf]usf] nflu cfjZos kg]{ oflGqs pks/0f tyf To;sf kf6k"hf{ cflb vl/b
ug'{kg]{ ePdf 6]08/ cflb vl/b k|s[of cufl8 a9fO{;s]sf] M
o; cfof]hgf l;len ;+/rgf, xfO8«f] d]sflgsn O{SjLkd]G6 / O{n]S6«f] d]sflgsn O{SjLkd]G6jS;x? h:t} l;len
jS;x? – :joDe' —PdPd h]le, wf}nflu/L sG:6«S;g P08 8]end]G6 k|f=ln tyf kljtf—lhof]6]s h]le tyf
xfO8«f] d]sflgsn O{SjLkd]G6 – P;f/ l:6n lnd6]9 ef/t cfoft ul/ 8g xfO8«f] d]sflgsn jS;{ k|f= nL= dfkm{t
h8fg ug]{ sfo{ / O{nS] 6«f] d]sflgsn O{SjLkd]G6 8An'=8An'=P;= jf;/qmfkm\6, cli6«of dfk{mt v/Lb k|lqmof l;naGbL
sf]6];g lnO{ ;6{ln:6 k|lqmof ¢f/f ;DkGg ePsf] / cfof]hgfsf nflu cfjfZos kg]{ oflGqs pks/0f vl/b
u/L h8fg ;d]t e}/x]sf]5 .
r_ lwtf]k qsf] ;fj{ h flgs lgisfzg ;DaGwdf lgisfzgtyf laqmL k| aGws;F u ;Demf}t f eO;s]s f] M
dfof vf]nf xfO{8f« ]kfj/ sDkgL lnld6]8af6 k|alw{t o; kl/of]hgfdf nufgL ug{ dfof vf]nf hnljB't cfof]hgfn]
lwtf]kqsf] ;fj{hlgs lgisfzg ;DaGwdf k|e' Soflk6n lnld6]8nfO{ lgisfzg tyf laqmL k|aGwssf] ?kdf
lgo'ltm u/L ldlt @)&&÷!@÷!@ df ;Demf}tf e};s]sf] .
5_ cfof]hgfsf] lgdf0f{ cjlwe/ sDkgLsf] C0f / kF"hLsf] cg'kft lgb]{lzsfdf tf]lsPsf] cg'kftdf /fVg ;xdt
ePsf] M
dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8af6 k|al4{t o; dfof vf]nf hnljB't cfof]hgf kl/of]hgfdf nufgL
ug{ sDkgLsf] C0f / kF"hL ^^M#$ sf] cg'kftdf /fVg ;xdt ePsf] .
h_ ;+:yfksn] lng sa'n u/]sf] lwtf]kq /sd zt k|ltzt r'tmf eO;s]sf] M
;+:yfksn] lng sa'n u/]sf] dfof vf]nf xfO{8«f]kfj/ sDkgL lnld6]8n] dfu u/]sf] lwtf]kq /sd r'tmf eO;s]sf] .
em_ kl/of]hgf lgdf0f{sf] nflu kmfOgflG;on Snf]h/ e};s]sf] M
dfof vf]nf hnljB't cfof]hgf !$=)( d]=jf ;+rfngsf] nflu l;l6hG; a}+s O{G6/g]zgn ln= sf] ;xljQLos/0f
cGtu{t l;len a}+s lnld6]8 / ;]~r'/L a}+s lnld6]8, ;F+u kmfOgflG;on Snf]h/ eP/ C0f;d]t lnO{Psf] .
~f_ hnljB't pTkfbg ;:yf ePdf ljB't vl/b laqmL ;Demf}tf ul/;s]sf] M
dfof vf]nf hnljB't cfof]hgfsf !$=( d]=jf Ifdtfsf] dfof vf]nf xfO{8«fk] fj/ sDkgL lnld6]8af6 pQm cfof]hgf
;+rfngsf nflu g]kfn ;/sf/, ljB't ljsf; ljefuaf6 ldlt @)&!÷)@÷@^ df Ohfht kq k|fKt u/]sf] .
6_ ;j{;fwf/0fsf] nflu lgisfzg ug{ nfu]sf] z]o/x? lgb]{lzsfdf tf]lsPsf] adf]lhd k|Tofe"lt u/fPsf] M
dfof vf]nf xfO{8f« ]kfj/ sDkgL lnld6]8af6 k|jlw{t o; kl/of]hgfdf nufgL ug{ lwtf]kqsf] ;fj{hlgs lgisfzg
ug{ nfu]sf z]o/x? lgb]{lzsfdf tf]lsP adf]lhd d'lQmgfy SofkL6n lnld6]8 af6 ldlt @)&(÷)!÷!% df
k|Tofe"lt ;DaGwL ;Demf}tf ePsf] .
#^
u=@#= ;~rfns tyf lj1x?sf] gfd tyf b:tvt M
o; ljj/0fkqdf k|sflzt tYo tyf ljj/0fx? 7Ls b'?:t 5g, ;f] df s'g} km/s k/]df xfdL ;~rfnsx? k"0f{?kdf
lhDd]jf/ x'g]5f}+ egL ;xL 5fk ug] sDkgLsf ;~rfnsx?sf] gfd tyf b:tvt M

qm=;+= ;~rfnsx?sf] gfd kb b:tvt

!= ljhodfg z]/rg cWoIf

@= lbg]z k|zfb >]i7 ;~rfns

#= ljgf]b ysfnL ;~rfns

$= lbgfgfy bfxfn ;~rfns

%= x]dlglw zdf{ ;~rfns

#&
u=@$= lgisfzg tyf laqmL k|aGwssf] k|:t't u/]sf] k|lta4tf kq -8\o' 8]lnh]G;\ ;l6{lkms]6_ sf] k|lt M

#*
u=@%= ljj/0fkq, ljQLo ljj/0f tyf cGo s'g} s'/fdf lj1n] /fo lbPsf] ePsf] ;DaGwL kq M

#(