ANNUAL REPORT 2071/2072
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;dodf b]xfo adf]lhdsf ljifosf ;DaGwdf %nkmn tyf lg)f{o ug{ a:g] ePsf] x'+bf z]o/wgL dxfg'efjx?sf] hfgsf/Lsf]
nflu sDkgL P]g, 2063 sf] bkmf 67 adf]lhd of] ;"rgf k|sflzt ul/Psf] % . ;fwf/)f ;ef ;DalGw %nkmnsf ljifox?
z]o/wgL dxfg'efjx?nfO{ sDkgLdf pknJw u/fO{Psf] &]ufgfdf k&fO{Psf] % . syd\sbflrt k|fKt gePdf o;} ;"rgfnfO{
cwf/dfgL ;efdf pkl:yltsf] nflu xflb{s cg'/f]w ul/G% .
ldlt M 2073 ;fn h]i& 31 ut], ;f]djf/sf] lbg -tbg';f/ 13 h'g 2016_
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gfkmf–gf]S;fgsf] lx;fa tyf ;f]xL cjlwsf] gub k|jfx ljj/)f nufotsf ljlQo ljj/)fx? :jLs[t ug]{ .
sDkgL P]g 2063 sf] bkmf 111 cg';f/ cf= j= 2072¿73 sf] nflu n]vf kl/If)f ug{ n]vfkl/Ifssf] lgo'lQm ug]{
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GROWMORE MERCHANT BANKER LTD.
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ANNUAL REPORT 2071/2072
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GROWMORE MERCHANT BANKER LTD.
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ANNUAL REPORT 2071/2072
#= cf}Bf]lus tyf Jofj;flos ;DaGw M
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eO{/x]sf] ;]jfnfO{ u'0f:t/Lo / u|fxsd}qL agfpFb} n}hfg] 5f}+ . o; sDkgLsf ;Dk"0f{ sd{rf/Lx? pRr dgf]jnsf ;fy sDkgLsf] clej[l¢df,
bQlrTf, st{Aolgi7 / cg'zfl;teP/ nflu k/]sf 5g\ . Aoj:yfkg kIfn] ;Dk'0f{ sd{rf/Lx?af6 cfjZos ;xof]u k|fKt ul//x]sf] 5 /
eljiodfklg lg/Gt/ k|fKt eO/xg]g} 5 eGg] s'/fdf d k"0f{ ljZj:t 5' .
5
GROWMORE MERCHANT BANKER LTD.
6
&= ut jif{sf] pknlAw / eljiosf ;DaGwdf ;~rfns ;ldltsf] wf/0ffM
of] k|ltj]bg tof/ kfbf{ ;Dd ljqmL k|aGws eO{ ;j{;fwf/0fsf] nflu z]o/ lgisfzg ul/;s]sf], xsk|b z]o/ lgisfzg ul/;s]sf],
;j{;fwf/0fsf] nflu z]o/ lgisfzgsf] nflu ;Demf}tf eO{;s]sf], xsk|b z]o/ lgisfzgsf] nflu ;Demf}tf eO{;s]sf], lwtf]kq k|Tofe"lt
u/]sf], z]o/ /lhi6«]zg sfo{ u/]sf], sDkgLsf] sfo{ ;Dkfbg ;dLIff b]xfo adf]+lhd /x]sf] Joxf]/f cfb/0fLo z]o/wgL dxfg'efjx?df
lgj]bg ug{ rfxG5' .
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ahf/sf] eljio pHhjn /x]sf] 5 eGg] hfgsf/L u/fPsf] 5 .
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wGojfb,
;+rfns ;ldltsf] tkm{af6
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ANNUAL REPORT 2071/2072
7
-sDkgL P]g, @)^# sf] bkmf !)( pkbkmf $ ;Fu ;DalGwt
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jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
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jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
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k|ltj]bg tof/ ePsf] ldlt;Dd rfn'jif{sf] pknlAw / eljiodf ug'{kg]{ s'/fsf] ;DaGwdf ;~rfns ;ldltsf]
wf/0ff M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
3_
sDkgLsf] cf}Bf]lus tyf Jofj;flos ;DaGw M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
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;~rfns ;ldltdf ePsf] x]/km]/ / ;f]sf] sf/0f M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
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sf/f]af/nfO{ c;/ kfg]{ d'Vo s'/fx? M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
5_
n]vfk/LIf0f k|ltj]bgdf s'g} x}l;ot pNn]v eP ;f] pk/ ;~rfns ;ldltsf] k|ltlqmof M
n]vfkl/Ifsf] k|ltj]bg jflif{s k|ltj]bgdf ;+nUg /x]sf] 5 .
h_
nfef+z afF8kmfF8 l;kmfl/; ul/Psf] /sd M
gub nfef+z afF8kmfF8 jfkt ?= !,$),)),))=)) 5'6\ofO{Psf] 5 .
em_
z]o/ hkmt ePsf] eP hkmt ePsf] z]o/ ;+Vof, To:tf] c+lst d"No, To:tf] z]o/ hkmt x'g' eGbf cufj}
;f] jfkt sDkgLn] k|fKt u/]sf] /sd / To:tf] z]o/ hkmt ePkl5 ;f] z]o/ laqmL u/L sDkgLn] k|fKt u/]sf]
/sd tyf hkmt ePsf] z]o/ jfkt /sd lkmtf{ u/]sf] eP ;f] sf] ljj/0f M
o; cf=j=df z]o/ hkmt ePsf] 5}g .
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sDkgL / o;sf] ;xfos sDkgLn] ljut cfly{s jif{df u/]sf] k|ult M
o; sDkgLsf] s'g} ;xfos sDkgL 5}g .
6_
;dLIff cjlwdf sDkgL / o;sf ;xfos sDkgL;Fusf] sf/f]af/ / To;df ePsf] dxTjk"0f{ x]/km]/ M
o; sDkgLsf] s'g} ;xfos sDkgL 5}g .
GROWMORE MERCHANT BANKER LTD.
8
7_
ljut cfly{s jif{df sDkgLsf] cfwf/e"t z]o/wgLx?n] sDkgLnfO{ pknAw u/fPsf] hfgsf/L M
s]xL gePsf] .
8_
ljut cfly{s jif{df sDkgLsf ;~rfns tyf kbflwsf/Lx?n] lnPsf] z]o/sf] :jfldTjsf] ljj/0f M
s]xL gePsf] .
9_
sDkgLsf] ;DalGwt ;Demf}tfx?df x'g] ;~rfns tyf lghsf cfkmGtsf] JolQmut :jfy{ ;DaGwL hfgsf/L M
s]xL gePsf] .
0f_
k'gM vl/b ul/Psf z]o/x?sf] ljj/0f M
;dLIff jif{df z]o/x?sf] k'gM vl/b sfo{ ePg .
t_
cfGtl/s lgoGq0f Joj:yf M
Ps cg'ejL n]vfk/LIfssf] dftxtdf /xg] u/L sDkgLdf Ps :jtGq cfGtl/s n]vfk/LIf0f / cg'kfngf
(Compliance) ljefu /x]sf] 5 . o; ljefun] n]vfk/LIf0f tyf cfly{s ;ldltsf] k|ToIf /]vb]v /
lgu/fgLdf sfd ub{5 / n]vfk/LIf0f ;ldlt ;dIf cfkm\gf] k|ltj]bg k]z ub{5 . cfGtl/s n]vfk/LIf0f sfo{nfO{
;3fpg sDkgLn] Pp6f afXo n]vfk/LIf0f kmd{;d]tsf] ;]jf lnPsf] 5 .
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ljut cfly{s jif{sf] s"n Joj:yfkg vr{sf] ljj/0f M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
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n]vfk/LIf0f ;ldlt M
sDkgLsf] u}/–sfo{sf/L ;+rfnssf] ;+of]hsdf ul7t n]vfk/LIf0f tyf cfly{s ;ldltn] sDkgLsf] ljQLo l:ylt,
cfGtl/s lgoGq0f / hf]lvd Joj:yfkg Joj:yf, sfg"gL / lgod cg'kfngf, n]vfk/LIf0f sfo{qmd cflbaf/]
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dfly lj:t[t 5nkmn u/L ;ldltn] cfjZos ;'wf/sf sfdx? ub{5 / To;sf] hfgsf/L lgoldt ?kdf ;+rfns
;ldltnfO{ lbg] Joj:yf ul/Psf] 5 .
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s'g} ;+rfns, sfo{sf/L k|d'v, sDkgLsf cfwf/e"t z]o/wgL jf lghsf cfkmGt jf pgLx?;Fu ;DalGwt
;+:yfx?n] sDkgLnfO{ a'emfpg afFsL /sd M
s]xL gePsf] .
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;'ljwfx? M
jflif{s k|ltj]bgdf pNn]v ul/Psf] 5 .
ANNUAL REPORT 2071/2072
qm=;+=
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k_
z]o/wgLx?n] a'lemlng afFsL /x]sf] nfef+z /sd M
gePsf] .
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gePsf] .
a_
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sDkgL P]gsf] bkmf !&% adf]lhd ;Da4 sDkgLx? aLr s'g} sf/f]af/ gePsf] Joxf]/f hfgsf/L u/fO{G5 .
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sDkgL P]g tyf k|rlnt sfg"g adf]lhd ;~rfns ;ldltsf] k|ltj]bgdf v'nfpg' kg]{ cGo s'/fx?M
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o; sDkgLsf ;+rfns z]o/wgL sDkgLx? Ps cfk;df ufleP/ ;fljs gfd / 7]ufgf kl/jt{g eO{ xfn sfod
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9
GPO Box: 8347
Kathmandu, Nepal
Tel/Fax: +977-1-4102754
Email: mgs@mgs.com.np
Independent Auditors' Report
We have audited the accompanying statement of financial position of GROWMORE Merchant Banker
Ltd. As at 32 Ashadh 2072 and the related statement of Income, statement of changes in equity and
cash Flows Statement for the year then ended. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with Nepal Standards on Auditing or relevant practices. Those
standards or practices require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the statements. We believe our audit provides a reasonable basis
for our opinion.
In accordance with the Companies Act, 2063, we report that:
a) We have obtained all information and explanations, which to the best of our knowledge and belief
were necessary for the purpose of our examination.
b)
In our opinion, proper books of account as required by the companies Act have been kept by
the company to state the fair presentation of its transactions.
c) Balance Sheet, Income Statement and cash Flows Statement provided to us have been prepared in
accordance with the generally accepted accounting standards and these statements are in agreement
with the books of accounts maintained by the company.
d) In our opinion and to the best of our information and according to the explanations given to us
and from our examination of the books of accounts of the company, we have not come across
the cases Where the Board of Directors or any member there of or any employee of the company
have acted contrary to the provision of the prevailing law or caused loss or damage to the
company or committed any misappropriation of the properties of the company.
e) In our opinion, the business of the company has been conducted satisfactorily and within its authority.
In our opinion, the financial statements present fairly, in all material respects the financial position of
GROWMORE Merchant Banker Ltd. As of 32 Ashadh, 2072 and of the results of its operations,
changes in equity and its cash flows for the year ended in accordance with Nepal Accounting Standards
or relevant practices and comply with the companies Act 2063.
Date : 2073/02/22
Place: Kathmandu
Sanjay Chandra Basnet, FCA
Chartered Accountant
ANNUAL REPORT 2071/2072
Statement of Financial Position
As At Ashad 31, 2072 (July 16, 2015)
EQUITIES & NON-CURRENT LIABILITIES
SCHEDULE
As at 31.03.2072
As at 32.03.2071
Amount (Rs)
Amount (Rs)
70,000,000.00
70,000,000.00
10,647,366.46
1,319,995.63
EQUITY HOLDERS’ FUND
Share Capital
Reserve fund & Retained Earning
1
Proposed Dividend
14,000,000.00
8,400,000.00
TOTAL EQUITY HOLDERS’ FUND
94,647,366.46
79,719,995.63
19,260,527.01
17,952,739.25
13,027,736.64
11,471,743.70
6,232,790.37
6,480,995.55
3
16,401,033.00
15,655,283.00
Cash and Bank Balances
4
54,903,398.96
53,250,439.89
Bank Balance (Merchant Banking Clients)
5
94,429,443.37
1,078,608,040.11
Loan, Advances & Deposits
6
6,951,414.40
4,060,300.71
Merchant Banking Receivables
7
13,478,246.56
5,937,985.06
Advance Tax (Net of Provision)
8
6,681,419.09
5,839,255.50
ASSETS:
NON CURRENT ASSETS:
Property, Plant and Equipments-Gross
Less: Accumulated Depreciation
2
NET
INVESTMENT
CURRENT ASSETS, LOANS AND ADVANCES:
Other Assets (Printing & Stationery Stock)
69,937.00
36,907.00
192,914,892.38
1,163,388,211.27
LESS: CURRENT LIABILITIES:
Payables & Refundables to Investors
9
91,889,926.33
1,082,836,546.32
Sundry Creditors
10
8,247,239.54
4,919,685.98
Provisions & Payables
11
3,845,168.64
1,670,052.89
Withholding taxes Payable
TOTAL CURRENT LIABILITIES
NET CURRENT ASSETS
TOTAL ASSETS
Significant accounting policies
21
Notes to the accounts
22
517,981.78
722,926.00
104,500,316.29
1,090,149,211.19
88,414,576.09
73,239,000.08
94,647,366.46
79,719,995.63
-
As per our report of even date.
Binod Thakali
Chairman
Subash Amatya
Director
Suraj Kumar Shrestha
Director
Sanjay Chandra Basnet, FCA
MGS & Associates
Laxman Gnawali
Director
Ekendra Kunwar
Director
Kshatraraj Timilsena
Accountant
Shankar Prasad Kalikota
General Manager
Date:
Place: Kathmandu
11
GROWMORE MERCHANT BANKER LTD.
12
Statement of Income
For the period from Shrawan 1, 2071 to Ashad 31, 2072
PARTICULARS
SCHEDULE
AS AT 31.03.2072
AS AT32.03.2071
Amount (Rs)
Amount (Rs)
INCOME
Income from Issue Management
12
627,500.00
1,547,500.00
Income from Share Registrar
13
4,875,572.25
6,644,015.37
Income from Underwriting
14
105,000.00
235,000.00
Income from Portfolio Management
15
-
-
Income from DP Operation
16
2,790.00
-
Other Income
17
45,588,996.80
20,068,654.84
51,199,859.05
28,495,170.21
EXPENDITURES
Office and Administrative Expenses
18
9,004,727.28
7,845,547.73
Personnel Expenses
19
6,033,141.00
5,782,160.50
SEBON Fees
20
392,521.00
463,958.00
Depreciation
2
1,555,992.94
1,520,604.05
TOTAL EXPENDITURE
16,986,382.22
15,612,270.28
PROFIT BEFORE STAFF BONUS AND TAX
34,213,476.83
12,882,899.93
Provision for Staff Bonus
3,110,316.00
1,171,173.00
Provision for Corporate Tax
7,775,790.00
2,927,932.00
92,414.00
99,010.00
23,234,956.83
8,684,784.93
Deferred Tax Liability
NET PROFIT AFTER BONUS & TAXATION
Significant accounting policies
21
Notes to the accounts
22
As per our report of even date.
Binod Thakali
Chairman
Subash Amatya
Director
Suraj Kumar Shrestha
Director
Sanjay Chandra Basnet, FCA
MGS & Associates
Laxman Gnawali
Director
Ekendra Kunwar
Director
Kshatraraj Timilsena
Accountant
Shankar Prasad Kalikota
General Manager
Date:
Place: Kathmandu
ANNUAL REPORT 2071/2072
Profit & Loss Appropriation Account for
the year ended July 16, 2015
For the period from Shrawan 1, 2071 to Ashad 31, 2072
PARTICULARS
SCHEDULE
AS AT 31.03.2072
AS AT 32.03.2071
INCOME
Net Profit Carried down from previous year
1,220,985.63
936,200.70
Net Profit for the current year
23,234,956.83
8,684,784.93
TOTAL INCOME
24,455,942.46
9,620,985.63
Proposed Dividend
14,000,000.00
8,400,000.00
TOTAL EXPENDITURE
14,000,000.00
8,400,000.00
TOTAL PROFIT / (LOSS) CARRIED TO BALANCE SHEET
10,455,942.46
1,220,985.63
191,424.00
99,010.00
10,647,366.46
1,319,995.63
EXPENDITURES
Deferred tax carried forward
TOTAL RESERVE FUND & RETAINED EARNING CARRIED
TO BALANCE SHEET
As per our report of even date.
Binod Thakali
Chairman
Subash Amatya
Director
Suraj Kumar Shrestha
Director
Sanjay Chandra Basnet, FCA
MGS & Associates
Laxman Gnawali
Director
Ekendra Kunwar
Director
Kshatraraj Timilsena
Accountant
Shankar Prasad Kalikota
General Manager
Date:
Place: Kathmandu
13
GROWMORE MERCHANT BANKER LTD.
14
Cash Flow Statement
For the period from Shrawan 1, 2071 to Ashad 31, 2072
Sl. #
1
CASH FLOW FROM OPERATING ACTIVITIES
A
Profit After Taxation
CURRENT PERIOD
PREVIOUS YEAR
2071/072
2070/071
23,234,956.83
8,684,784.93
Adjustment for:
B
Depreciation on Fixed Assets
Operating cash before working capital changes
1,555,992.94
1,520,604.05
24,790,949.77
10,205,388.98
(11,306,568.78)
8,951,729.53
2
DECREASE/ INCREASE IN CURRENT ASSETS
A
(Increase)/Decrease in current assets except cash
B
Increase/ (Decrease) in Current Liabilities
(985,556,480.90)
803,509,425.14
Cash Generated (Out Flow) From Operations
(972,072,099.91)
822,666,543.65
(1,307,787.76)
(188,184.00)
(745,750.00)
(296,383.00)
(2,053,537.76)
(484,567.00)
3
CASH FLOWS FROM INVESTING ACTIVITIES
A
(Purchase) / Sale of fixed assets and capital expenditures
B
Purchase of Shares
Net cash used in investing activities
4
CASH FLOWS FROM FINANCING ACTIVITIES
A
Dividend Distribution
(8,400,000.00)
(6,629,000.00)
5
Net cash from financing activities
(8,400,000.00)
(6,629,000.00)
6
Net Cash Flow from all activities during the year
(982,525,637.67)
815,552,976.65
7
Cash/bank at the beginning of the period
1,131,858,480.00
316,305,503.35
8
Cash/bank at the end of the period
149,332,842.33
1,131,858,480.00
As per our report of even date.
Binod Thakali
Chairman
Subash Amatya
Director
Suraj Kumar Shrestha
Director
Sanjay Chandra Basnet, FCA
MGS & Associates
Laxman Gnawali
Director
Ekendra Kunwar
Director
Kshatraraj Timilsena
Accountant
Shankar Prasad Kalikota
General Manager
Date:
Place: Kathmandu
ANNUAL REPORT 2071/2072
15
GROWMORE MERCHANT BANKER LTD.
16
Schedule 1
Share Capital
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
200,000,000.00
200,000,000.00
100,000,000.00
100,000,000.00
70,000,000.00
70,000,000.00
70,000,000.00
70,000,000.00
Authorized Capital
1
2,000,000 ordinary share of Rs. 100 each.
Issued Capital
2
1,000,000 ordinary share of Rs. 100 each.
Paid up capital
3
700,000 ordinary share of Rs. 100 each.
Schedule 3
Investment
S.N.
ORDINARY SHARES
1
Biratlaxmi Development Bank Limited
-
1,617,500.00
2
Bright Development Bank Limited
-
11,836,000.00
3
Century Bank Limited
241,601.00
617,600.00
4
Kalika Microcredit Development Center Ltd.
-
8,200.00
5
Mega Bank Nepal Limited
182,500.00
182,500.00
6
NIBL Samridhi Fund - I
173,890.00
-
7
NLG Insurance Co. Ltd.
1.00
78,302.00
8
NBM Sulabhu Fund - I
9
Rural Microfinance Development Center Ltd.
130,500.00
-
1.00
206,280.00
10
Sanakishan Bikas Bank Limited
-
49,501.00
11
Sanima Mai Hydropower Limited
-
59,400.00
12
Siddhartha Investment Growth Scheme - I
1,000,000.00
1,000,000.00
13
Siddhartha Equity Oriented Scheme
1,179,540.00
-
14
Triveni Bikas Bank Limited
13,493,000.00
-
TOTAL
16,401,033.00
15,655,283.00
Schedule 4
Cash & Bank Balances
1 In Current / Special Account
2 Cash in Hand
TOTAL
54,817,701.96
53,179,523.89
85,697.00
70,916.00
54,903,398.96
53,250,439.89
Schedule 5
Bank Balances (Merchant Banking Clients)
1
In Current / Special Account
94,429,443.37
1,078,608,040.11
TOTAL
94,429,443.37
1,078,608,040.11
ANNUAL REPORT 2071/2072
17
Schedule 6
Loans, Advances and Deposits
Financial Year: 2071/2072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
-
1,796.00
6,392.00
-
581,700.00
-
1
Ramesh Kumar Bhandari
2
Advance Tax (TDS)
3
Cheque in Transit
4
Earnest Money
-
7,616.00
5
IPO - Araniko Bikas Bank Ltd.
379,878.06
379,878.06
6
IPO - Century Bank Limited
462,619.42
25,816.79
7
IPO - Mount Makalu Dev. Bank Ltd.
228,332.05
-
8
IPO - Nepal Community Dev. Bank Ltd.
14,606.11
-
9
IPO - Professional Bikas Bank Ltd.
19,114.10
92,043.00
828,309.97
637,013.33
-
65,000.00
242,000.00
242,000.00
-
900.00
10
IPO - Rara Bikas Bank Ltd.
11
IPO - Sahara Bikas Bank Ltd.
12
Mrs. Rachel Maiya Shrestha
13
New Toner House
14
Prepaid Expenses
9,040.00
-
15
Prepaid - Insurance
84,797.32
85,338.57
16
Prepaid - Internet Charges
29,584.00
29,584.00
17
Share Application Money - Western Develpoment Bank
-
17,200.00
18
CDS & Clearing Ltd. (Security Deposit)
19
General Post Office
20
Nepal Telecom
21
Three Brothers Oil Store
22
23
24
Professional Computer System Pvt. Ltd.
25
Time Mellow Pvt. Ltd.
26
27
28
Time Media Service Pvt. Ltd.
29
Dipsikha Dhitopatra Karobar Co. Pvt. Ltd.
30
Share Application Money - Shine Resunga
31
Cash Dividend - Pashchimanchal
32
Cash Dividend - Shangrila
33
Share Application Money (Investment)
100,000.00
-
2,000.00
2,000.00
15,000.00
15,000.00
100,000.00
100,000.00
Pashchimanchal Development Bank Limited
-
140,174.96
Apex Development Bank Limited
-
218,940.00
750.00
-
1,180.50
-
Xeon International
450.00
-
Rainbow Technologies Pvt. Ltd.
935.00
-
TOTAL
9,185.73
-
3,648,067.57
-
14,700.00
-
145,350.56
-
27,422.01
-
-
2,000,000.00
6,951,414.40
4,060,300.71
GROWMORE MERCHANT BANKER LTD.
18
Schedule 7
Merchant Banking Receivables
Financial Year: 2071/2072
S.N.
AS ON 31.03.2072
1
Apex Development Bank Ltd.
2
Araniko Development Bank Ltd.
3
Bishwa Bikas Bank Ltd.
4
Bright Development Bank Ltd.
5
Business Universal Development Bank Ltd.
6
7
8
Global IME Capital Limited
9
Goodwill Finance Limited
AS ON 32.03.2071
NRS
NRS
164,516.55
300,009.55
95,995.40
57,611.35
253,376.90
115,460.93
44,322.80
125,000.00
353,697.05
322,214.00
Century Bank Limited
-
114,945.00
Civic Development Bank Ltd.
-
52,285.00
25,264.40
168,365.00
8,013.46
-
268,948.85
63,117.75
10
Hamro Bikas Bank Limited
11
Infrastructure Development Bank Ltd.
12
Janautthan Samudayik Micro Development Bank Ltd.
13
Jebil's Finance Limited
14
Jhimruk Bikas Bank Ltd.
15
Kalinchowk Development Bank Limited
16
Kamana Bikas Bank Ltd.
17
Kankai Bikas Bank Limited
18
Kankrebihar Bikas Bank Ltd.
19
Karnali Bikas Bank Limited
20
Kathmandu Finance Limited
21
Khandbari Bikas Bank Ltd.
22
Manaslu Bikas Bank Ltd.
23
Mirmire Microfinance Development Bank Limited
24
Mount Makalu Development Bank Limited
25
Mission Development Bank Ltd.
26
Miteri Development Bank Ltd.
-
33,320.90
27
Muktinath Bikas Bank Limited
50,000.00
372,718.58
28
National Hydropower Co. Limited
324,361.20
16,604.00
29
NDEP Development Bank Ltd.
214,902.00
10,532.00
30
Nepal Community Development Bank Ltd.
-
580,025.13
31
Nepal Gremeen Bikas Bank Ltd.
154,364.00
-
32
Nepal Insurance Co. Ltd.
819,674.61
362,152.90
33
NMB Capital Ltd.
696,621.52
175,048.63
34
Pashchimanchal Development Bank Ltd.
176,552.45
154,513.20
35
Pashchimanchal Gramin Bikas Bank
181,942.20
337,619.50
36
Progressive Finance Ltd.
9,040.00
16,500.00
37
Shangri-la Development Bank Ltd.
37,889.10
37,798.70
38
Shine Resunga Development Bank Ltd.
18,947.46
164,407.35
39
Siddhartha Capital Limited
-
874,318.30
40
Siddhartha Development Bank Limited
41
Sindhu Bikas Bank Ltd.
42
Synergy Finance Limited
43
Vijay Laghubitta Bittiya Sanstha Ltd.
44
Western Development Bank Ltd.
45
Zenith Finance Ltd.
TOTAL
1,650.00
4,501.00
3,231,591.00
72,500.00
-
61,494.00
141,513.30
103,074.52
4,474.80
-
234,193.49
197,907.96
2,946.10
9,117.00
90,117.40
54,270.00
388,701.05
219,848.00
-
30,131.25
506.00
50,506.00
3,950.00
3,000.00
469,982.33
-
60,393.90
88,885.40
-
1,660.00
16,790.45
17,470.00
149,442.15
100,101.70
-
12,934.00
4,285,926.97
-
497,637.67
370,549.46
-
85,467.00
13,478,246.56
5,937,985.06
ANNUAL REPORT 2071/2072
19
Schedule 8
Advance Tax (Net of Provision)
Fiscal Year 2071-072
AS ON 31.03.2072
S.N.
NRS
AS ON 32.03.2071
NRS
1
Balance B/d from previous year
5,839,255.50
4,809,917.38
2
Installment Tax Paid and TDS Deducted by Clients During the Year
8,617,953.59
3,957,270.12
3
Total
14,457,209.09
8,767,187.50
4
Provision for Taxation for the Year
7,775,790.00
2,927,932.00
5
Balance C/f.
6,681,419.09
5,839,255.50
Schedule 9
Payables & Refundables to Investors
Fiscal Year 2071-072
AS ON 31.03.2072
S.N.
NRS
NRS
1
Cash Dividend
2
Deposit from Shareholders
134,460.00
82,100.00
3
IPO Refundable to Investors
43,279,373.38
1,052,682,347.41
4
Share Application Money
22,337,630.00
189,530.00
5
Share Auction Money
3,105,355.50
196,000.00
6
Siddhartha Development Bank - Adjustment A/c.
648,828.28
648,828.28
7
Undistributed Refund IPO / Right
535,095.54
669,842.40
91,889,926.33
1,082,836,546.32
TOTAL
21,849,183.63
AS ON 32.03.2071
28,367,898.23
GROWMORE MERCHANT BANKER LTD.
20
Schedule 10
Sundry Creditors
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
1
Collection Charges Payable
7,943,940.73
1,544,338.54
2
Aakirti International Pvt. Ltd.
-
189,000.00
3
A-Roll Pvt. Ltd.
20,817.50
45,765.00
4
Bhimsen Banjara
-
27,200.00
5
Bonus Share Adjustment
6
Dividend Payable 2069-070
7
8
9
Hill Side Cargo & Courier Service
121,516.00
173,426.00
-
1,565,391.50
Cosmos Advertising & Media Pvt. Ltd.
4,937.65
700.00
Energy Vision Computers Pvt. Ltd.
9,301.86
10 Media Alliance & Research Center House
11 Mindworks Pvt. Ltd.
12 Miteri Development Bank Ltd.
13 New Nepal Press
-
-
23,640.00
-
2,439.81
38,923.35
-
2,055.00
-
2,142.38
14,932.95
25,131.50
25,131.50
15 Professional Computer System Pvt. Ltd.
-
313,928.00
16 Provident Fund
-
25,916.00
17 Rainbow Technologies Pvt. Ltd.
-
42,135.00
18 Retirement Fund
-
11,800.00
14 People First Pvt. Ltd.
19 Sagarmatha Trading House
20 Sarbgya Stationery Center
21 Simko Business System Pvt. Ltd.
22 Three Brother's Oil Store
-
11,000.00
11,829.00
13,685.00
1,525.50
-
53,978.00
39,263.10
23 Times Media Service Pvt. Ltd.
-
740,517.73
24 Time Mellow Pvt. Ltd.
-
105,865.50
25 United Sajha Courier & Cargo Pvt. Ltd.
TOTAL
11,141.07
3,610.35
8,247,239.54
4,919,685.98
Schedule 11
Provisions & Payables
Fiscal Year 2071-072
NRS
S.N.
1
Provision for Staff Bonus
2
Electricity Charges Payable
3
CDS & Clearing Ltd.
4
Meeting Fee Payable
19,550.00
5
Misc. Expenses Payable
15,496.00
6
Provision for Audit Fee
111,500.00
7
Provision for Gratuity Fund
310,404.00
8
Provision for Telephone Charges
19,178.18
9
Salary Payable
19,349.00
10 Securities Board of Nepal
NRS
3,110,316.00
1,171,173.00
28,044.46
29,505.07
60.00
56,350.00
100,350.00
23,716.82
-
211,271.00
288,958.00
3,845,168.64
1,670,052.89
ANNUAL REPORT 2071/2072
21
Schedule 12
Income from Issue Management
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
1 IPO Issue Management Fee
202,500.00
641,250.00
2 Right Share Issue Management Fee
425,000.00
906,250.00
627,500.00
1,547,500.00
TOTAL
Schedule 13
Income from Share Registrar
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
1 RTS Service Charges
3,470,416.00
3,996,667.00
2 Other Income from RTS
1,405,156.25
2,647,348.37
4,875,572.25
6,644,015.37
TOTAL
Schedule 14
Income from Underwriting
Fiscal Year 2071-072
S.N.
1 Underwriting Commission
TOTAL
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
105,000.00
235,000.00
105,000.00
235,000.00
Schedule 15
Income from Portfolio Management
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
TOTAL
Schedule 16
DP Operation
Fiscal Year 2071-072
S.N.
1
2
Annual Fee
Account Opening Fee
TOTAL
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
1,860.00
-
930.00
-
2,790.00
-
GROWMORE MERCHANT BANKER LTD.
22
Schedule 17
Other Income
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
NRS
1
Application Processing & Reconciliation Charges
2
Collection Charges
3
Dividend
4
5
6
Insurance Claim
7
Interest on Bank deposits
8
9
AS ON 32.03.2071
NRS
301,978.70
91,234.30
3,227,629.50
3,606,137.75
794,239.91
94,601.37
Income From Sale of Shares
7,243,861.01
402,840.00
Increase in No. of Shares
1,656,999.00
-
-
98,000.00
29,092,443.03
12,761,023.17
Misc. Income
49,919.77
105,438.58
Prospectus Preparation Charges
50,000.00
100,000.00
2,185,382.19
2,416,485.67
347,457.69
117,239.00
10 Refund Charges
11 Repay Order Printing Charges
12 Share Application Form
294,311.00
80,555.00
13 Share Auction Fee
310,000.00
185,000.00
14 Share Auction Form
TOTAL
34,775.00
10,100.00
45,588,996.80
20,068,654.84
ANNUAL REPORT 2071/2072
Schedule 18
Office & Administrative Expenses
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
AS ON 32.03.2071
NRS
NRS
1 Advertisement Expenses
111,504.00
57,470.00
2 AGM Expenses
103,635.00
100,196.00
71,732.40
58,508.00
3 AMC Charges
4 Audit Expenses
5 Audit Fee
6 Bank Charges
7 BOD Meeting Allowances
48,867.00
23,338.00
135,600.00
124,300.00
42,235.00
2,200.00
211,000.00
166,000.00
8 BOD Meeting Expenses
40,755.00
1,008.00
9 Books & Periodicals
33,050.00
25,370.00
10 Business Promotion Expenses
11 Capital Gain Tax
12 CDS Fee
13 Commission (Share Broker)
14 Conveyance Expenses
15 Electricity Charges
85,286.00
555,782.63
225.00
77,138.64
39,225.60
6,931.09
5,130.00
11,710.00
246,865.20
218,308.59
16 Equipment Rental Charges
28,933.65
17 Fees & Taxes
98,480.00
117,040.00
18 Fuel Expenses
448,788.45
357,261.50
19 Fuel Expenses - DG SET
592,075.40
596,120.10
20 Insurance Expenses
139,508.38
144,517.66
21 Internet Charges
150,139.34
115,260.00
22 Meeting Allowance (Other Sub-Committee)
25,000.00
32,500.00
23 Membership Fee
70,000.00
50,000.00
24 Miscellaneous Expenses
-
1,592.85
3,659.97
99,195.00
93,114.00
26 Parking Expenses
3,970.00
4,460.00
27 Postage & Courier
6,327.35
146.90
671,324.37
329,625.95
-
379,501.00
25 Office Expenses
28 Printing and Stationery
29 Reduction in No. of Equity Shares
30 Refreshment Expenses
31 Rent
539,040.19
433,852.00
2,904,000.00
2,882,000.00
32 Repair & Maintenance - Pool - A
860.00
5,510.00
33 Repair & Maintenance - Pool - B
161,457.54
221,283.00
34 Repair & Maintenance - Pool - C
434,198.58
506,275.35
35 Repair & Maintenance - Pool - D
160,714.95
161,129.90
36 Security Guard Expenses
238,591.20
166,246.80
-
39,490.00
38 Technical Service & Consultancy
198,250.00
109,350.00
39 Telephone Charges
115,104.16
120,178.32
40 Training & Development
10,170.00
28,860.00
41 Travelling Expenses
79,050.00
54,250.00
37 Share Application Form Printing
42 Water Charges
TOTAL
23
59,150.00
59,350.00
9,004,727.28
7,845,547.73
GROWMORE MERCHANT BANKER LTD.
24
Schedule 19
Personnel Expenses
Fiscal Year 2071-072
AS ON 31.03.2072
S.N.
NRS
1
Allowance
2
Dashain Allowance
3
Leave Encashment Benefit
4
Medical Allowance
5
Provident Fund Contribution
6
Staff Salary
7
Uniform Allowance
8
Wages
9
Gratuity Fund
TOTAL
AS ON 32.03.2071
NRS
1,132,316.00
1,362,157.00
279,368.00
245,720.00
83,795.00
180,013.50
59,862.00
129,568.00
136,035.00
172,192.00
2,544,058.00
2,899,821.00
216,250.00
168,000.00
1,271,053.00
624,689.00
310,404.00
6,033,141.00
5,782,160.50
Schedule 20
SEBON Fee
Fiscal Year 2071-072
S.N.
AS ON 31.03.2072
NRS
AS ON 32.03.2071
NRS
1
5% of Total Service Fee
210,146.00
288,958.00
2
Depository Participant Renewal Fee
3
Misc. Fee
31,250.00
25,000.00
4
Annual Fee
150,000.00
150,000.00
TOTAL
392,521.00
463,958.00
1,125.00
-
ANNUAL REPORT 2071/2072
25
GROWMORE MERCHANT BANKER LTD.
26
Schedules to and forming the part of financial
Statements as on 31.03.2072
Shedule 21
SIGNIFICANT ACCOUNTING POLICIES:
1. CORPORATE INFORMATION
Growmore Merchant Banker Ltd., Durbarmarg, Kathmandu Nepal is a public company incorporated under Companies Act 2063. It has obtained
license from Securities Board of Nepal (SEBON) under Securities Act, 2063 and Securities Businessperson (Merchant Banker) Regulation, 2064 on
2066.04.05 to carry out merchant banking activities. Growmore has been established with a vision to be a leader in providing financial services to
corporations, institutions and individual investors thereby contributing in the development of the Nepalese Capital Market.
The company has total paid up capital of Rs. 70,000,000. The company has to go for an initial public offering of Rs. 30,000,000.
2. APPROVAL OF FINANCIAL STATEMENTS BY BORAD OF DIRECTORS
The BOD has approved the Financial Statements for the year ended 16th July, 2015 vide BOD meeting no. 88 dated May 22, 2016.
3. PRINCIPAL ACTIVITEDS AND OPERATIONS
Growmore Merchant Banker licensed as Security Businessperson from SEBON on 2066.04.05 has started its commercial operation on 2066/05/16.
The major activities of the Company are Issue Management, Registrar to the Shares, Underwriting, Portfolio Management and Depository Participant (DP).
4. BASIS OF PREPARATION
The Financial Statements are presented in Nepalese Ruppees (NRs) and are prepared on historical cost basis. Preparation of financial statements in
conformity with NAS and GAAP requires the use of certain critical accounting estimates and also requires management to exercise judgement in
process of applying the GMBL's accounting policies
5. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
The principal accounting policies adopted by the Board of Directors are presented below .
i INCOME RECOGNITION
a. Income from Investments
-Interest earnings on call deposits are recognised on cash basis. Any interest payable to the client/investor in netted off with the interest income of
the same nature.
b. Fee Income
- Issue Management Income is recognised as per the fee receipt clause of the agreement, normally when the issue management services are fully
rendered.
- Underwriting Commission is recognised when the Investment Banks complies with all the terms of underwriting commitments.
ii EXPENSE RECOGNITION:
-All expenses have been booked on an accrual basis
a. Staff Bonus
- Provision for staff bonus is provided for as per the Bonus Act, 2030.
iii INVESTMENTS
a. The investments held by GMBL are classified under 3 categories:
- Investments Held for Trading:
These are marketable investments and held with the primary intention of resale over a short period of time. These investments are initially measured
at cost and subsequently accounted at market value.
- Investments Available for Sale :
These are investments held with the primary intention ot recover value of investments through sale rather than continuing to hold. These invesments
are initially measured at cost and subsequently accounted at market value.
- Investments Held till Maturity (HTM) :
These investments are primarily intended to be held until maturity and are stated at cost and carried at these values in the Balance Sheet until maturity.
Any impairment losses arising in such investments are provisioned and charged in the Income Statement. Premiums paid while acquiring HTM Investments
shall be recognized as the part of inital cost and subsequently amortized on proportionate basis until maturity.
B. Investments in unlisted companies are initially stated at cost and carried at these values in the Balance Sheet. Any impairment losses arising
in such investments are provisioned and charged in the Income Statement. GMBL recognizes equity method to calculate impariment losses on
unlisted investments.
iv FIXED ASSESTS
a. Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged to Income Statement on Written Down Value method as
per Income Tax Act, 2058. The depreciation rates applied for various are asfollows :
Details
Rate
Pool - A
Office Renovation
(Civil Work)
5%
Details
Pool - B
Computer Networks
Computers
Furnitures & Fixtures
Note Counting Machine
Office Equipments
Photocopy Machines
Printers
Scanners
Rate
25%
25%
25%
25%
25%
25%
25%
25%
Details
Pool - C
Car Chevrolet
Car Mahindra Scorpio
Motor Cycle
Rate
20%
20%
20%
Details
Pool - D
Air Conditioners
Electrical Fittings
DG Set
UPS
Rate
15%
15%
15%
15%
Details
Pool - E
Software
Trade Mark
Rate
5 Years
7 Years
b. Lease hold improvement is categorized under Block A (building).
c. Cost of computer software licenses are capitalised and are amortized over a period of useful life of the software, estimated as 5 years from the
date of acquisition.
d. Non- consumable items having life span less than one year and/or costing less than Rs. 2,000 are expensed off during the year of purchase.
GROWMORE MERCHANT BANKER LTD.
27
v. CONTINGENT LIABILITIES
All types of guarantees, claims whose future outcome cannot be ascertained with reasonable certainties are recognized as contingent liabilities
in accordance with NAS - 12 " Provisions, Contingent Liabilites and Contingent Assets"
VI. STATIONERY STOCK
Stationery purchased are charged to revenue at the time of consumption and valued at FIFO cost basis.
VII. INCOME TAXES
a. Provision for current tax is made based on the provisions of the Income Tax Act, 2058 and amendments thereto.
b. Deferred tax is recognized and provided for on the timing differences between taxable income and accounting income.
c. Deferred tax assets are not recognized unless there is a virtual/reasonable certainty that there will be sufficient future taxable income
available to realize such assets. Deferred tax assets & liabilities are netted off and presented either under 'Other Assets' or under 'Other
Liabilities'.
viii. Proposed Dividend
Proposed dividend is recognized on the balance sheet as a part of appropriation, in consideration to reporting format designed by SEBON.
The dividend proposed for the year is 20% of equity share capital
ix. Provision for Gratuity Fund
Porvision for gratuity of permanent staffs has been recognized pursuant to NAS since current year, as the term of employment of permanent
staff quality for gratuity liability current year onwards.
Notes ot the Accounts.
1 Related Party Disclosures
a. The Company has maintained call accounts and made transaction on account
of Merchant Banking Liability with the following related parties during F.Y. 2071/2072.
S.N.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
RELATED PARTIES
Apex Development Bank Limited
Civil Bank Limited
Fewa Bikas Bank Limited
Business Universal Development Bank Limited
Citizens Bank International Limited
Goodwill Finance Limited
Hamro Bikas Bank Limited
Society Development Bank Limited
Infrastructure Dev. Bank Limited
Jhimruk Bikas Bank Limited
Muktinath Bikas BAnk Limited
Deva Bikas Bank Limited
Pashchimanchal Development Bank Limited
Prabhu Bank Limited
Professional Diyalo Bikas Bank Limited
Shangri-la Development Bank Limited
Shine Resunga Development Bank Limited
Siddhartha Development Bank Limited
Triveni Bikas Bank Limited
ACCOUNT TYPE
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
NETT TRANSATIONS DURING THE YEAR (RS)
3,921,492.51
214,465.28
1,751,364.30
36,344.66
1,485,184.45
22,396,122.35
3,587,869.24
40,566.15
8,223,950.60
2,850,258.16
40,867.28
199,912.00
287,964.51
990,502.37
3,726.32
843,009.75
2,536,371.82
821,917.48
653,842.64
b. Compensation to Key Management Personnel of GMBL
Total employee benefits paid/payable to Kabindra Bikram Dhoj Joshi in the capacity as GM of GMBL amounts
to NRs. 1,499,589.50 during the review period.
c. Transaction with Key Management Personnel of the GMBL
Meeting Fee paid to Board Directors
S.N.
1
2
3
4
5
6
7
8
Name of the Board Member
Jhapat B. Vohra
Laxman Gnawali
Krishna Raj Parajuli
Mahesh Sharma Dhakal
Sujan Subedi
Rajendra Bir Rai
Ekendra Bdr. Kunwar
Kshatraraj Timilsena
Designation
Chairman
Director
Director
Director
Director
Director
Director
Co. Secretary
Amount Rs.
55,000.00
44,000.00
44,000.00
8,000.00
24,000.00
8,000.00
12,000.00
22,000.00
217,000.00
d. Provision has been made for the gratuity liability as the period of five years from the date of operation has
elapsed and management has made provision for gratuity.
2. Previous year's figures have been regrouped/rearranged in case of reserve fund and retained earnings, cash
& bank to reflect the more appropriate presentation.
Shedule 22
CLOSING BALANCE (RS)
17,328,039.72
603,734.69
1,260,593.78
233,944.48
1,068,026.43
22,415,300.78
5,629,943.31
10,572.40
8,701,684.86
8,039,904.19
1,259,008.31
45,272.63
887,376.24
1,221,606.81
78,749.36
39,674.36
3,939,405.38
825,444.11
671,324.28
ANNUAL REPORT 2071/2072
28
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GROWMORE MERCHANT BANKER LTD.
29
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ANNUAL REPORT 2071/2072
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30
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GROWMORE MERCHANT BANKER LTD.
NOTES
31
ANNUAL REPORT 2071/2072
NOTES
32