Advertisement
सबै सूचनाहरूAll announcements
आधिकारिक सूचनाOfficial AnnouncementFinancial Analysis
13 Aug, 2026
राष्ट्रिय बीमा कम्पनी: आर्थिक वर्ष २०८२/८३ को चौथो त्रैमासिक वित्तीय विवरण

राष्ट्रिय बीमा कम्पनी: आर्थिक वर्ष २०८२/८३ को चौथो त्रैमासिक वित्तीय विवरणRastriya Beema Company: Q4 Financial Results FY 2082/83

वर्ग:Category:
Financial Analysis
प्रकाशित मिति:Published:
Published on August 13, 2026

Rastriya Beema Company Limited

Quarterly Financial Results for Fourth Quarter, F.Yr 2082/83 BS

CONDENSED STATEMENT OF FINANCIAL POSITION

As on Quarter Ended Ashadh end 2083

Fig in NPR

Particulars Unaudited At the end of this Quarter (Ashadh end 2083) Unaudited At the end ofImmediatePrevious Year (Ashad end 2082)
Assets
Goodwill & Intangible Assets8,745,1209,035,573
Property and Equipment55,370,98460,634,433
Investment Properties--
Deferred Tax Assets--
Investment in Subsidiaries--
Investment in Associates--
Investments18,250,717,11318,443,847,163
Loans596,664,999582,672,309
Reinsurance Assets2,577,924,4082,249,765,369
Current Tax Assets94,768,168-
Insurance Receivables170,077,992-
Other Assets2,755,429,1812,693,745,274
Other Financial Assets143,901,061-
Cash and Cash Equivalents161,101,68548,942,246
Total Assets24,814,700,71124,088,642,367
Equity:
Share Capital266,639,059266,639,059
Share Application Money Pending Allotment30,458,30013,510,600
Share Premium--
Special Reserves3,325,755,9093,153,536,955
Catastrophe Reserves709,496,025692,274,129
Retained Earnings2,595,584,4842,475,340,260
Other Equity10,155,761,45810,701,128,947
Total Equity17,083,695,23517,302,429,951
Liabilities:
Provisions3,008,824,2792,852,178,953
Gross Insurance Contract Liabilities3,346,476,7862,924,228,559
Deferred Tax Liabilities--
Insurance Payables58,132,944-
Current Tax Liabilities--
Borrowings--
Other Liabilities1,317,571,4671,009,804,905
Other Financial Liabilities--
Total Liabilities7,731,005,4756,786,212,417
Total Equity and Liabilities24,814,700,71124,088,642,367

OTHER INDICATORS

Particulars Current Year Up to This Quarter (YTD) Previous Year Up to This Quarter (YTD)
1. Total Issued Policy Count32,343159,671
2. Total Renewed Policy Count15,32020,136
3. Total Claim Paid Count1,7292,092
4. Outstanding Claims Count5,9645,920
5. Gross Outstanding Claim including IBNR and IBNER (Amount)2,554,648,9452,234,627,759
6. Net Outstanding Claim including IBNR and IBNER (Amount)659,368,570552,033,763
7. Margin Over Best Estimate (MOBE)--
8. Unearned Premium Reserve (Amount)791,827,841689,600,799
9. Unexpired Risk Reserve (Amount)--
10. Earthquake Premium Reserve (Amount)31,308,455-
11. Long Term Investment (Amounts at cost)1,528,809,7221,001,068,222
12. Short Term Investment (Amounts)6,630,000,0006,770,000,000
13. Gross Premium Written1,583,655,6821,379,201,599
14. Investment in cost (Amount)8,158,809,7227,771,068,222
15. Solvency Margin Ratio (Based on audited financials of FY 2078/79)3.623.62

Notes

1. These figures may vary with the audited figures at the instance of auditors and regulators.

2. Above condensed financial statement was prepared based on previous gaaps after adjusting revaluation of investment, gross insurance contract liability and reinsurance assets but full conversion as per NFRS can only be made after finalization of previous year financial statements.

3. RI ceded expenses and RI commission income has been booked based on reinsurance arrangements till third quarter of FY 2081/82 (except for aviation), which was previously calculated based on percentage of latest audited financial statements. It may change after accounting of actual figures.

4. NFRS has been applied for the calculation of unearned premium, gross insurance contract liability and reinsurance assets from Quarter-2 of FY 2081/82. Adjustment of the opening figure of outstanding claim payable of FY 2080/81 has been done based on the outstanding claim details finalized till 2075/76. Similarly, adjustment of the opening figure of unexpired risk reserve has been done based on NIA directive for quarterly reporting.

5. Plan assets in CIT fund has been deducted from provisions figure from Quarter-2 of FY 2081/82 which was previously shown in investments section.

6. The figures presented in the above financial statements are subject to change after adjustment of its opening balance to be made after approval of previous years financial statements from auditors, regulators and other stakeholders.

7. Share Application Pending Allotment includes share application amount received from EPF, NBL and MOF for shares proportion as mentioned in MOA of the company. Certain balances have been reclassified or re-presented under the relevant heads of assets, liabilities and insurance-related balances to comply with the presentation requirements.

8. Similarly, provision for impairment losses for FY 2082/83 has been assumed as Rs 3 crores and such amount is divided proportionately for every quarter.

Disclosure as per Section 84(3) of Insurance Act, 2079

1. Solvency Ratio related disclosure

Particulars Ratio

Solvency Ratio (Based on audited financials of FY 2078/79) 3.62

2. Reinsurance related disclosure

Rastriya Beema Company Limited has arranged its reinsurance coverage in accordance with its underwriting policy, financial strength, and risk profile. The company's reinsurance arrangements are considered adequate, with placements made through both reputable local and globally trusted reinsurers.

3. Details regarding legal proceeding:

Apart from matters arising in the normal course of business, there are no material lawsuits filed by or against the company, its promoters, or its directors in relation to violations of prevailing laws, criminal offences, or financial crimes.

4. Corporate Governance

The Company has been compliant with Corporate Governance Directive issued by Nepal Insurance

CONDENSED STATEMENT OF PROFIT AND LOSS

For the Quarter Ended Ashadh 2083

Particulars Unaudited Current Year This Quarter Unaudited Current Year Up to This Quarter (YTD) Unaudited Corresponding Previous Year This Quarter Unaudited Corresponding Previous Year Up to This Quarter (YTD)

Income:
Gross Earned Premiums533,113,7391,481,428,640463,605,0291,484,562,478
Premiums Ceded(463,107,378)(1,249,815,405)(382,959,974)(1,237,093,699)
Net Earned Premiums70,006,361231,613,23580,645,055247,468,779
Commission Income52,373,118222,661,47428,804,091201,815,848
Other Direct Income----
Income from Investments48,516,664461,227,14979,413,634591,834,896
Net Gains/ (Losses) on Fair Value Changes----
Net Realized Gains/ (Losses)----
Other Income1,726,308(3,410,951)3,879,2194,436,891
Total Income172,622,450912,090,907192,741,9991,045,556,415
Expenses:
Gross Claims Paid117,521,019301,061,67868,689,564326,350,982
Claims Ceded(88,858,236)(231,415,836)(43,068,934)(270,019,913)
Gross Change in Contract Liabilities(317,253,537)320,021,185(69,646,841)(34,354,958)
Change in Contract Liabilities Ceded to Reinsurers272,563,306(212,686,379)72,741,49648,213,370
Net Claims Incurred(16,027,448)176,980,64928,715,28770,189,481
Commission Expenses1,327,0623,547,288812,3099,839,450
Service Fees242,0611,637,757375,5571,836,441
Other Direct expenses----
Employee Benefits Expenses60,452,966208,204,10573,403,767247,376,707
Depreciation and Amortization Expenses1,943,0338,219,941--
Impairment Losses7,500,00030,000,000-50,000,000
Other Operating Expenses34,668,46575,158,35137,773,76095,275,393
Finance Cost----
Total Expenses90,106,139503,748,092141,080,679474,517,473
Net Profit/(Loss) For The Year Before Share of Net Profits of Associates Accounted for Using Equity Method and Tax82,516,311408,342,81551,661,320571,038,941
Share of Net profit of Associates accounted using Equity Method----
Profit Before Tax82,516,311408,342,81551,661,320571,038,941
Income Tax Expense27,031,80763,904,90719,682,020143,396,309
Net Profit/ (Loss) For The Year55,484,504344,437,90731,979,300427,642,633
Earning Per Share
Basic EPS20.81129.1811.99160.38
Diluted EPS20.81129.1811.99160.38

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Quarter Ended Ashadh 2083

Particulars Current Year This Quarter Current Year Up to This Quarter (YTD) Corresponding Previous Year This Quarter Corresponding Previous Year Up to This Quarter (YTD)

Net Profit/(Loss) for the period55,484,504344,437,90731,979,300427,642,633
Other Comprehensive Income -Changes in fair value of Financial Instruments(384,367,424)(579,801,823)370,225,891682,010,818
Total Comprehensive Income(328,882,920)(235,363,915)402,205,1911,109,653,450

A. Compliance of Insurance Acts, Regulations

B. Compliance with Directives & Circulars issued by Nepal Insurance Authority

C. Periodic Internal Audit

D. Periodic Review and strengthening of Internal Control System

धितोपत्र दर्ता तथा निष्काशन नियमावली, २०७३ को अनुसूची १४

(नियम २६ को उपनियम (१) सँग सम्बन्धित)

आ.व. २०८२/८३ को चौथो त्रैमासिकसम्मको प्रतिवेदन

१. वित्तीय विवरण :

(क) त्रैमासिक अवधिसम्मको वासलात नाफा/नोक्सान सम्बन्धी विवरण :

यस कम्पनीको आ.व. २०८२/८३ को चौथो त्रैमासिक अवधिसम्मको वासलात, नाफा/नोक्सान तथा एकीकृत आय/व्यय हिसाब सम्बन्धी वित्तीय विवरण यसै साथ प्रकाशित गरिएको छ ।

(ख) प्रमुख वित्तीय अनुपातहरू :

प्रति शेयर आम्दानी (रू.)१२९.१८११५.१८
प्रति शेयर नेटवर्थ (रू.)६,४०७.०५९,३०६.४८

तरलता अनुपात २.२३

२. व्यवस्थापकीय विश्लेषण :

यस त्रैमासिक अवधिसम्ममा कम्पनीको बीमा शुल्क आम्दानी, लगानी एवं जगेडा कोष सन्तोषजनक रहेको छ ।

३. कानूनी कारबाही सम्बन्धी विवरण :

यस त्रैमासिक अवधिमा कम्पनी विरुद्ध कुनै पनि कानूनी कारबाही सम्बन्धी मुद्दा दायर भएको जानकारी प्राप्त भएको छैन ।

४. संगठित संस्थाको शेयर कारोबार सम्बन्धी विवरण :

धितोपत्र बजारमा सूचीकृत संगठित संस्थाहरूको शेयर मूल्य तथा कारोबारमा हुने उतार चढाव खुला बजारले निर्धारण गरे अनुरूप हुने हुँदा यस संस्थाको शेयर मूल्य एवं कारोबार पनि सोही मान्यता अनुरूप केही उतार चढाव भइरहेको छ ।

अधिकतम मूल्य (साधारण शेयर)१६,९००१४,०१५
अधिकतम मूल्य (संस्थापक शेयर)१३,५३०११,०००
अन्तिम मूल्य (साधारण शेयर)१४,८३९६८,९११
अन्तिम मूल्य (संस्थापक शेयर)१२,८२८-

कारोबार भएको कुल दिन (साधारण शेयर) २२१ -

कारोबार भएको कुल दिन (संस्थापक शेयर) १९७ -

कारोबार शेयर सङ्ख्या (संस्थापक शेयर) ३४,२६८ -

५. समस्या तथा चुनौती :

हाल देश विषम परिस्थितिबाट गुज्रिरहेको र बजारमा तरलताको अवस्थाका बाबजुत कम्पनीले आफ्नो व्यवसाय सुचारू रूपमा गर्दै आइरहेको छ। बीमा बजारमा रहेका अन्य कम्पनीहरूसँग स्वस्थ प्रतिस्पर्धाको माध्यमबाट व्यवसायमा आफ्नो दरिलो उपस्थिति जनाउन कम्पनी सफल भएको छ। आगामी दिनहरूमा अर्थतन्त्र चलायमान हुने अवस्थामा कम्पनीले आफूलाई चुस्त दुरुस्त राख्नु पर्ने टड्कारो आवश्यकता हो।

६. संस्थागत सुशासन :

संस्थागत सुशासन अभिवृद्धिका लागि कम्पनी सदैव प्रतिबद्ध रहेको छ। यसका लागि आन्तरिक नियन्त्रण प्रणालीलाई सुदृढ गर्नुका साथै आवधिकरूपमा लेखापरीक्षण समिति लगायत अन्य विभिन्न समितिहरूले नियमित तथा पुनरावलोकन गर्दै कम्पनीको कार्यमा महत्वपूर्ण भूमिका खेलिरहेका छन्। नेपाल सरकार तथा नियमनकारी निकायहरूको निर्देशन पालना गरी विभिन्न नीति, निर्देशिकाहरू तर्जुमा गरी संस्थागत सुशासनको नीति कार्यान्वयन गर्दै आइरहेको छ। आन्तरिक कार्यविधि र नीति नियमहरू तयार गरी कम्पनी अगाडि बढिरहेको छ।

७. नायब प्रमुख कार्यकारी अधिकृतको उद्घोषण :

यस राष्ट्रिय बीमा कम्पनी लिमिटेडले आजका मितिसम्म, यस अपरिष्कृत प्रतिवेदनमा उल्लिखित विवरणहरूको शुद्धता तथा सत्यता, तथ्यता सम्बन्धमा म उत्तरदायित्व ग्रहण गर्दछु। साथै मैले जाने बुझेसम्म यस प्रतिवेदनमा उल्लिखित विवरणहरू सत्य, तथ्य र पूर्ण छन्। नेपाल सरकार लगायत अन्य संस्थागत तथा व्यक्तिगत लगानी कर्ताहरूलाई सुसूचित निर्णय लिन आवश्यक कुनै विवरण, सूचना तथा जानकारीहरू लुकाइएको छैन।

Rastriya Beema Company Limited

Quarterly Financial Results for Fourth Quarter, F.Yr 2082/83 BS

CONDENSED STATEMENT OF FINANCIAL POSITION

As on Quarter Ended Ashadh end 2083

Fig in NPR

Particulars Unaudited At the end of this Quarter (Ashadh end 2083) Unaudited At the end ofImmediatePrevious Year (Ashad end 2082)
Assets
Goodwill & Intangible Assets8,745,1209,035,573
Property and Equipment55,370,98460,634,433
Investment Properties--
Deferred Tax Assets--
Investment in Subsidiaries--
Investment in Associates--
Investments18,250,717,11318,443,847,163
Loans596,664,999582,672,309
Reinsurance Assets2,577,924,4082,249,765,369
Current Tax Assets94,768,168-
Insurance Receivables170,077,992-
Other Assets2,755,429,1812,693,745,274
Other Financial Assets143,901,061-
Cash and Cash Equivalents161,101,68548,942,246
Total Assets24,814,700,71124,088,642,367
Equity:
Share Capital266,639,059266,639,059
Share Application Money Pending Allotment30,458,30013,510,600
Share Premium--
Special Reserves3,325,755,9093,153,536,955
Catastrophe Reserves709,496,025692,274,129
Retained Earnings2,595,584,4842,475,340,260
Other Equity10,155,761,45810,701,128,947
Total Equity17,083,695,23517,302,429,951
Liabilities:
Provisions3,008,824,2792,852,178,953
Gross Insurance Contract Liabilities3,346,476,7862,924,228,559
Deferred Tax Liabilities--
Insurance Payables58,132,944-
Current Tax Liabilities--
Borrowings--
Other Liabilities1,317,571,4671,009,804,905
Other Financial Liabilities--
Total Liabilities7,731,005,4756,786,212,417
Total Equity and Liabilities24,814,700,71124,088,642,367

OTHER INDICATORS

Particulars Current Year Up to This Quarter (YTD) Previous Year Up to This Quarter (YTD)
1. Total Issued Policy Count32,343159,671
2. Total Renewed Policy Count15,32020,136
3. Total Claim Paid Count1,7292,092
4. Outstanding Claims Count5,9645,920
5. Gross Outstanding Claim including IBNR and IBNER (Amount)2,554,648,9452,234,627,759
6. Net Outstanding Claim including IBNR and IBNER (Amount)659,368,570552,033,763
7. Margin Over Best Estimate (MOBE)--
8. Unearned Premium Reserve (Amount)791,827,841689,600,799
9. Unexpired Risk Reserve (Amount)--
10. Earthquake Premium Reserve (Amount)31,308,455-
11. Long Term Investment (Amounts at cost)1,528,809,7221,001,068,222
12. Short Term Investment (Amounts)6,630,000,0006,770,000,000
13. Gross Premium Written1,583,655,6821,379,201,599
14. Investment in cost (Amount)8,158,809,7227,771,068,222
15. Solvency Margin Ratio (Based on audited financials of FY 2078/79)3.623.62

Notes

1. These figures may vary with the audited figures at the instance of auditors and regulators.

2. Above condensed financial statement was prepared based on previous gaaps after adjusting revaluation of investment, gross insurance contract liability and reinsurance assets but full conversion as per NFRS can only be made after finalization of previous year financial statements.

3. RI ceded expenses and RI commission income has been booked based on reinsurance arrangements till third quarter of FY 2081/82 (except for aviation), which was previously calculated based on percentage of latest audited financial statements. It may change after accounting of actual figures.

4. NFRS has been applied for the calculation of unearned premium, gross insurance contract liability and reinsurance assets from Quarter-2 of FY 2081/82. Adjustment of the opening figure of outstanding claim payable of FY 2080/81 has been done based on the outstanding claim details finalized till 2075/76. Similarly, adjustment of the opening figure of unexpired risk reserve has been done based on NIA directive for quarterly reporting.

5. Plan assets in CIT fund has been deducted from provisions figure from Quarter-2 of FY 2081/82 which was previously shown in investments section.

6. The figures presented in the above financial statements are subject to change after adjustment of its opening balance to be made after approval of previous years financial statements from auditors, regulators and other stakeholders.

7. Share Application Pending Allotment includes share application amount received from EPF, NBL and MOF for shares proportion as mentioned in MOA of the company. Certain balances have been reclassified or re-presented under the relevant heads of assets, liabilities and insurance-related balances to comply with the presentation requirements.

8. Similarly, provision for impairment losses for FY 2082/83 has been assumed as Rs 3 crores and such amount is divided proportionately for every quarter.

Disclosure as per Section 84(3) of Insurance Act, 2079

1. Solvency Ratio related disclosure

Particulars Ratio

Solvency Ratio (Based on audited financials of FY 2078/79) 3.62

2. Reinsurance related disclosure

Rastriya Beema Company Limited has arranged its reinsurance coverage in accordance with its underwriting policy, financial strength, and risk profile. The company's reinsurance arrangements are considered adequate, with placements made through both reputable local and globally trusted reinsurers.

3. Details regarding legal proceeding:

Apart from matters arising in the normal course of business, there are no material lawsuits filed by or against the company, its promoters, or its directors in relation to violations of prevailing laws, criminal offences, or financial crimes.

4. Corporate Governance

The Company has been compliant with Corporate Governance Directive issued by Nepal Insurance

CONDENSED STATEMENT OF PROFIT AND LOSS

For the Quarter Ended Ashadh 2083

Particulars Unaudited Current Year This Quarter Unaudited Current Year Up to This Quarter (YTD) Unaudited Corresponding Previous Year This Quarter Unaudited Corresponding Previous Year Up to This Quarter (YTD)

Income:
Gross Earned Premiums533,113,7391,481,428,640463,605,0291,484,562,478
Premiums Ceded(463,107,378)(1,249,815,405)(382,959,974)(1,237,093,699)
Net Earned Premiums70,006,361231,613,23580,645,055247,468,779
Commission Income52,373,118222,661,47428,804,091201,815,848
Other Direct Income----
Income from Investments48,516,664461,227,14979,413,634591,834,896
Net Gains/ (Losses) on Fair Value Changes----
Net Realized Gains/ (Losses)----
Other Income1,726,308(3,410,951)3,879,2194,436,891
Total Income172,622,450912,090,907192,741,9991,045,556,415
Expenses:
Gross Claims Paid117,521,019301,061,67868,689,564326,350,982
Claims Ceded(88,858,236)(231,415,836)(43,068,934)(270,019,913)
Gross Change in Contract Liabilities(317,253,537)320,021,185(69,646,841)(34,354,958)
Change in Contract Liabilities Ceded to Reinsurers272,563,306(212,686,379)72,741,49648,213,370
Net Claims Incurred(16,027,448)176,980,64928,715,28770,189,481
Commission Expenses1,327,0623,547,288812,3099,839,450
Service Fees242,0611,637,757375,5571,836,441
Other Direct expenses----
Employee Benefits Expenses60,452,966208,204,10573,403,767247,376,707
Depreciation and Amortization Expenses1,943,0338,219,941--
Impairment Losses7,500,00030,000,000-50,000,000
Other Operating Expenses34,668,46575,158,35137,773,76095,275,393
Finance Cost----
Total Expenses90,106,139503,748,092141,080,679474,517,473
Net Profit/(Loss) For The Year Before Share of Net Profits of Associates Accounted for Using Equity Method and Tax82,516,311408,342,81551,661,320571,038,941
Share of Net profit of Associates accounted using Equity Method----
Profit Before Tax82,516,311408,342,81551,661,320571,038,941
Income Tax Expense27,031,80763,904,90719,682,020143,396,309
Net Profit/ (Loss) For The Year55,484,504344,437,90731,979,300427,642,633
Earning Per Share
Basic EPS20.81129.1811.99160.38
Diluted EPS20.81129.1811.99160.38

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Quarter Ended Ashadh 2083

Particulars Current Year This Quarter Current Year Up to This Quarter (YTD) Corresponding Previous Year This Quarter Corresponding Previous Year Up to This Quarter (YTD)

Net Profit/(Loss) for the period55,484,504344,437,90731,979,300427,642,633
Other Comprehensive Income -Changes in fair value of Financial Instruments(384,367,424)(579,801,823)370,225,891682,010,818
Total Comprehensive Income(328,882,920)(235,363,915)402,205,1911,109,653,450

A. Compliance of Insurance Acts, Regulations

B. Compliance with Directives & Circulars issued by Nepal Insurance Authority

C. Periodic Internal Audit

D. Periodic Review and strengthening of Internal Control System

Schedule 14 of Securities Registration and Issue Regulations, 2073

(Related to Sub-regulation (1) of Regulation 26)

Report up to Fourth Quarter of F.Y. 2082/83

1. Financial Statement:

(a) Balance Sheet and Profit/Loss Statement up to quarterly period:

The financial statements related to balance sheet, profit/loss, and consolidated income/expense account of this company up to the fourth quarter of F.Y. 2082/83 have been published herewith.

(b) Key Financial Ratios:

Earnings Per Share (Rs.)129.18115.18
Networth Per Share (Rs.)6,407.059,306.48

Liquidity Ratio 2.23

2. Management Analysis:

During this quarterly period, the company's premium income, investment, and reserve fund have remained satisfactory.

3. Details Regarding Legal Actions:

No information has been received regarding any legal proceedings/lawsuits filed against the company during this quarterly period.

4. Details Regarding Share Trading of the Corporate Body:

Since the share price and trading fluctuations of corporate bodies listed on the securities market are determined by the open market, the share price and trading of this institution are also undergoing some fluctuations in accordance with the same principle.

Maximum Price (Ordinary Share)16,90014,015
Maximum Price (Promoter Share)13,53011,000
Closing Price (Ordinary Share)14,83968,911
Closing Price (Promoter Share)12,828-

Total Traded Days (Ordinary Share) 221 -

Total Traded Days (Promoter Share) 197 -

Traded Share Volume (Promoter Share) 34,268 -

5. Problems and Challenges:

Despite the current adverse situation in the country and liquidity conditions in the market, the company has been smoothly operating its business. The company has been successful in establishing a strong presence in the market through healthy competition with other insurance companies. In the coming days as the economy regains momentum, keeping the company agile and efficient is a pressing necessity.

6. Corporate Governance:

The company remains continuously committed to enhancing corporate governance. For this purpose, along with strengthening internal control systems, the audit committee and various other committees regularly review and play significant roles in company operations. Policies and guidelines are formulated and implemented in compliance with directives from the Government of Nepal and regulatory authorities. The company is moving forward by preparing internal procedures and rules.

7. Declaration by Deputy Chief Executive Officer:

I take full responsibility for the accuracy, truthfulness, and factual correctness of the details mentioned in this un-audited report of Rastriya Beema Company Limited up to this date. To the best of my knowledge and belief, the details stated in this report are true, factual, and complete. No details, information, or disclosures necessary for making informed decisions by the Government of Nepal, institutional, or individual investors have been concealed.

Advertisement