4th Floor Trade Tower, Thapathali, Kathmandu

Contact No: 01-5111145

Newsletter Published on 21st February 2019

Your companion to Nepal Stock Market

AAKASH CAPITAL LIMITED Weekly Newsletter from Aakash Capital Limited for the week ending on 21st February, 2020

NEPSE UPDATE

Indicators 16th Feb, 2020

20th Feb, 2020

(+)/(-)

Change %

NEPSE 1344.59 1434.57 6.69%

SENSITIVE 284.24 300.44 5.70%

FLOAT 95.28 101.37 6.39%

SEN. FLOAT 94.25 100.17 6.28%

BANKING 1144.77 1202.72 5.06%

TRADING 832.11 886.49 6.54%

HOTELS 1917.55 1961.17 2.27%

DEVELOPMENT BANKS 1819.67 1881.63 3.41%

HYDROPOWER 1007.2 1049.93 4.24%

FINANCE 671.31 675.07 0.56%

NON LIFE INSURANCE 6200.29 7108.98 14.66%

MANU. & PRO. 2616.18 2903.49 10.98%

OTHERS 704.99 719.76 2.10%

MICROFINANCE 2352.12 2670.21 13.52%

LIFE INSURANCE 7637.19 8473.64 10.95%

MUTUAL FUND 10.07 10.26 1.89%

Market Summary Statistics (16th to 20th Feb, 2020)

Total Turnover (Rs) 11,205,465,474

Total Traded Shares 1,650,719,266 Total Number of Transactions 103,502 Scrips Traded 181

Market Cap at Week start 1,739,901.07 Millions

Market cap at Week end 1,831,089.24 Millions

Floated Market Cap at Week start 633,571.50 Millions

Floated Market Cap at Week end 666,687.89 Millions

Bullion Update

As on 21st February 2020 Hallmark Gold Rs.78,102.14/tola

Worked Gold Rs.77,804.71/tola

Silver Rs.915.04/tola

Quote for the week

“No price is too low for a bear or too high for a bull.”

The market increased by 6.69% (89.98 points) in the

trading week between 16th and 20th February 2020.

The sensitive index, which measures the performance

of the companies classified under group “A”, also

registered the gain of 5.70% (16.20 points). Similarly,

float index which measures the performance of

securities which are floated to public also went up by

6.39% and sensitive float followed the trend by

increasing 6.28%.

This week market opened at 1344.59 on Sunday and

went up 19.38 points to sit at 1363.97 level. After

crossing 1350 resistance level on Sunday, market

continued its increasing trend on the remaining days.

In the review week, market gained highest on Monday

with gain of 34.27 points. Similarly, index registered

the gain of 1.77, 5.24 and 29.32 points Tuesday,

Wednesday and Thursday respectively to end the week

at 1434.57 level.

In this review period, all the sub-index were able to

close higher. Non-Life Insurance sub-index gained the

highest with 14.66%, Microfinance sub-index which

gained highest of 7.52% last week continued its trend

with a gain of 14.66% in the review week. Manu. & Pro.

sub-index increased by 10.98% which was followed by

Life Insurance sub-index with 10.95%. Similarly,

Banking, Trading, Hotels, Development Banks,

Hydropower, Finance, Others and Mutual Fund sub-

index also registered the gain of 5.06%, 6.54%, 2.27%,

3.41%, 4.24%, 0.56%, 2.10% & 1.89% respectively in

the review period.

The market witnessed supportive volume of

transaction turnover this week. The total turnover

stood at Rs.11.20 billion with average of Rs.2.24 billion

a day. The total market value increased by

Rs.115,362.14 million as the market capitalization

went up by 6.72%. Similarly, floated market cap also

registered the gain of 6.62% this trading week.

.

Market Announcements

ICFC Finance Limited is going to issue "12% ICFC Finance Limited debenture 2083" (76,000 units @ Rs.1,000 per unit) to the general public from Falgun 13, to 16, 2076.

Lumbini General Insurance Limited is selling its 99,726 units ordinary share in an auction to the general public from (14th to 21st Falgun, 2076).

Nepal SBI Bank Limited has extended its (25,00,000 units @ Rs.1000 per unit) 10% Nepal SBI Bank Rinpatra 2086 to the general public till (28th Falgun, 2076).

NIC Asia Bank Limited is selling 55,000 units promoter shares of (Surya Life Insurance Company Limited) in auction to the general public from (5th to 13th Falgun, 2076).

NLG Insurance Company Limited is issuing it's 10:6 ratio 38,42,437.5 units right share to its shareholders from (22nd Falgun to 12th Chaitra, 2076).

Nabil Investment Banking Limited has published a notice to pay annual charge for DMAT account renewal.

Sahara Bikash Bank Limited has posted a net profit of Rs 14.53 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Forward Community Microfinance Bittiya Sanstha Limited is distributing 12.5% cash dividend directly to bank accounts to its shareholders and urged its shareholders to dematerialize their shares.

Shikhar Insurance Company Limited has announced a book closure date for its upcoming 10:3 ratio right share on 13th Falgun, 2076.

NIC Asia Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 111.21 million during the 2nd quarter of the fiscal year 2076/77.

Swastik Laghubitta Bittiya Sanstha Limited has posted a net loss of Rs 1.26 million during the 2nd quarter of the fiscal year 2076/77.

Navkiran Laghubitta Bittiya Sanstha Limited has announced its Special General Meeting going to be held on 24th Falgun, 2076.

Solve Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 0.12 million during the 1st quarter of the fiscal year 2076/77.

NADEP Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 31.92 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Multipurpose Finance Company Limited has posted a net profit of Rs 1.94 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Srijana Finance Limited has posted a net profit of Rs 31.26 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Oriental Insurance Company Limited has posted a net profit of Rs 290.07 million during the 2nd quarter of the fiscal year 2076/77.

Salt Trading Corporation Limited has posted a net profit of Rs 10.63 million and published its 1st quarter company analysis of the fiscal year 2076/77.

Himalayan Bank Limited has published its financial highlights of the fiscal year 2075/76.

Ngadi Group Power Limited has announced its 6th AGM going to be held on 27th Falgun, 2076.

Singati Hydro Energy Limited has announced its 10th AGM going to be held on 30th Falgun, 2076.

Navkiran Laghubitta Bittiya Sanstha Limited has announced its Special General Meeting going to be held on 24th Falgun, 2076.

IME General Insurance Limited has announced its 22nd AGM going to be held on 24th Falgun, 2076.

NEPSE - TECHNICAL ANALYSIS

The Nepalese stock market (NEPSE) has ended its three and half years of bearish trend in mid-Jan 2020. The bearish trend was

started in July 2016 when index was at 1881 level. Currently, Market is moving towards resistance level of 1540. Market boomed

this week after crossing the resistance level of 1350 on Sunday. In the review week, NEPSE opened at 1344.59 and formed a

green candle by closing at 1363.97, gaining 19.38 points during the day. The overall market gained 89.98 points during the week

as it closed at 1434.57 on Thursday gaining 29.32 points. Record breading turnover was seen on Thursday with Rs.2.78 billion.

This week the average turnover has increased to Rs.2.24 billion from Rs.1.34 billion of previous week. As of weekly line chart

1540-1550 level might be considered as the next resistance level.

TECHNICAL INDICATORS

Indicators Value Signal

Support (S1) 1350 -

Resistance (R1) 1540 -

Relative Strength Index (RSI) 80.26 Overbought Zone

Moving Average Convergence Divergence (MACD) 38.24 Bullish

5-Day Exponential Moving Average (EMA) 1402.18 Bullish

20-Day Exponential Moving Average (EMA) 1349.91 Bullish

180-Day Exponential Moving Average (EMA) 1234.66 Bullish

Relative Strength Index (RSI) Analysis

RSI is a moment indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions

in the price of a stock. RSI is typically used on a 14-day time frame, measured on a scale from 0 to 100, where a value above 70

represents overbought and below 30 represents oversold condition.

Current RSI value of NEPSE is 80.26 which indicates that the market is at overbought zone. As on daily chart from January 20 to

February 20, there seems the possibility of formation of bearish divergence if it returns from the resistance level of 1440. Bullish

divergence was observed last week which have let the index to rise by 6.69% this week.

Bollinger Band

Bollinger band is a technical indicator that consists of a set of lines plotted two standard deviations up and below a 21-day simple

moving average. The bands are an indication of volatility; a widening gap indicates higher volatility and vice-versa. Prices are

relatively high when above the upper band and low when below the lower band.

The upper, middle and the lower bands are at 1421.53, 1345.09 and 1268.64 respectively. The market is trading in between above

the upper band which indicates the market is at overbought zone.

Stock Analysis: ICFC Finance Limited (ICFC)

ICFC Finance Limited, registered in 2003 under the Company Act 2053 and Bank & Finance Ordinance, 2060 commenced its operations from July 17, 2004. Headquartered in Bhatbhateni, Kathmandu, Nepal. ICFC has been promoted primarily to cater to the financial needs of small and medium enterprises.

ICFC seeks to facilitate the increasing credit demands of its customers through innovative and sophisticated financial instruments through the state of the art technology and best international practices. The company is striving to achieve a paperless working environment with modern banking Technology. For day to day efficient operation, we are using latest virtualization technology with renowned core banking software PUMORI PLUS IV which provides real time services to our valuable customer across all the branches. The system provides easy access and use of database information for proper decision making purpose. The system also includes recovery system for disaster and accidental failure. The company is also extensively wired with the latest networking safeguard technologies.

Board of Director

Name Designation

Mr. Ram Babu Pant Chairman

Mr. Shyam Singh Pandey Director

Mr. Sushil Kumar Aryal Director

Mr. Rajendra Gopal Shrestha Director

Mr. Achyut Prasad Acharya Director

Mr. Tanka Ram Gautam Director

Ms. Hemsikha Joshi Garg Director

(Source: https://www.icfcbank.com/)

Chief Executive Officer: Mr. Sunil Pant

Capital Structure (As on 31st Asar 2076)

Authorized Capital (Rs.) 2,000,000,000.00

Issued Capital (Rs.) 882,172,400.00

Paid Up Capital (Rs.) 882,172,400.00

S.N. Particulars Amount (Rs.) Percent (%)

1 Domestic Ownership 882,172,400 100.00%

1.1 Nepal Government - -

1.2 “A” Class Licensed Institutions - -

1.3 Other Licensed Institutions - -

1.4 Other Institutions 73,557,700 8.34%

1.5 Public 432,365,500 49.01%

1.6 Other 376,249,200 42.65%

2 Foreign Ownership - -

Total 882,172,400 100.00%

Other Institutions8%

Public49%

Other43%

OWNERSHIP STRUCTURE

Financial Analysis

Year 2071/72 2072/73 2073/74 2074/75 2075/76 CAGR

Paid-up Capital (Rs.000) 507,249 801,784 881,962 882,172 882,172 14.84%

Retained Earnings (Rs.000) 10,340 9,672 16,236 162,246 125,080 86.50%

Reserves (Rs.000) 100,452 151,116 168,430 190,263 272,990 28.39%

Deposit Liabilities (Rs.000) 4,309,412 5,969,625 6,797,888 8,878,570 10,932,872 26.21%

Loans (Rs.000) 3,515,831 4,670,574 5,482,780 6,496,176 8,145,519 23.37%

Total Assets (Rs.000) 5,009,482 8,735,049 8,618,591 9,650,608 12,531,766 25.76%

Interest Income (Rs.000) 471,749 537,819 793,503 971,076 1,275,441 28.23%

Net Interest Income (Rs.000) 185,386 256,937 327,637 262,215 364,267 18.40%

Total Operating Income (Rs.000) 216,958 300,121 369,229 330,079 467,956 21.19%

Personnel Expenses (Rs.000) 47,618 51,450 75,857 103,632 143,100 31.66%

Net Profit (Rs.000) 58,943 146,832 192,675 113,414 143,601 24.93%

YoY Growth (%) - 149.11% 31.22% -41.14% 26.62%

Net Interest Income to Total Operating Income %

85.45% 85.61% 88.74% 79.44% 77.84%

Return on Assets (ROA) 1.18% 1.68% 2.57% 1.18% 1.15%

Return on Equity (ROE) 9.54% 15.25% 15.31% 9.19% 11.22%

EPS (Rs.) 13.81 21.44 24.03 12.86 16.28

DPS (including Bonus) % 11.05% 17.89% 21.05% 8.00% 13.00%

Book Value Per share (Rs.) 144.75 140.46 133.03 139.96 145.12

Market Value per share (Rs.) 225 365 288 172 168

Price Earnings Ratio 16.29 17.02 11.99 13.37 10.32

Capital Fund to RWA (CAR) % 13.61% 14.88% 14.96% 13.08% 12.01%

Non-Performing Loan(NPL) to Total Loan % 2.71% 1.49% 0.75% 0.02% 0.09%

Total Staff number 100 101 135 151 153

Per employee staff cost (Rs.) 476,178 509,408 561,901 686,308 935,291

Based on the data presented above, the company has made consistent growth in most of the fundamentals in last five years. As of unaudited report of fiscal year 2075/76 the company has reported Share Capital of Rs.882.17 million. It has already fulfilled the paid up capital directed by the Central Bank to the national level finance companies. The company has reported the Compounded Annual Growth Rate (CAGR) of 28.39% in Reserve & Surplus, it has reached to Rs.272.98 million with 43.48% growth in 2075/76. Deposit Liabilities has grown consistently throughout the review period, with 26.21% CAGR and 23.14% growth in 2075/76, it has reached to Rs.10.93 billion which have let the Loans to grow by 25.39%, Total Assets by 29.85, Interest Income by 31.34% and Net Profit by 26.62%. Company had negative growth in Net Profit in 2074/75 due to decline in Operating Income. Analyzing the important fundamental ratios like Capital Adequacy ratio (CAR) and Non-performing loan to Total loan, they seems to be in a stable position in the review period. As of 2075/76 CAR stand at 12.01% which indicates the safer side as directed by NRB and NPL to Total loan is 0.09%.

The company has given consistent dividend either in the form of cash or bonus. It seems highly focused on distributing bonus dividend to its shareholders. It has distributed 13% (5% bonus, 8% Cash) dividend from the profit of 2075/76.

Debenture Notice

ICFC Finance Limited is going to issue 76,000 units debenture having 7 years maturity period with 12% coupon rate from 13th to 16th Falgun 2076 (25th to 28th February, 2020) to the general public. Interested individuals can apply for a minimum of 25 units at Rs.1,000 per Debenture. Global IME Capital Ltd has been appointed as the issue manager.

Financial Highlights

50.72

80.1888.20 88.22 88.22

10.0515.11 16.84 19.03

27.30

0.00

20.00

40.00

60.00

80.00

100.00

2071/72 2072/73 2073/74 2074/75 2075/76

PAID -UP CAPITAL & RRESERVES

Paid-up Capital (Rs.crores) Reserves (Rs.crores)

430.94

596.96679.79

887.86

1,093.29

351.58467.06

548.28649.62

814.55

0.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

2071/72 2072/73 2073/74 2074/75 2075/76

Deposits & Loans

Deposit Liabilities (Rs.crores) Loans (Rs.crores)

5.89

14.68

19.27

11.3414.36

13.81

21.4424.03

12.8616.28

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2071/72 2072/73 2073/74 2074/75 2075/76

Net Profit vs EPS

Net Profit (Rs.crores) EPS (Rs.)

13.81 21.44 24.03 12.86 16.28

225

365

288

172168

0

100

200

300

400

2071/72 2072/73 2073/74 2074/75 2075/76

EPS vs MVPSEPS (Rs.) Market Value per share (Rs.)

4.76 5.15 7.5910.36

14.315.89

14.6819.27

11.3414.36

0.00

5.00

10.00

15.00

20.00

25.00

2071/72 2072/73 2073/74 2074/75 2075/76

Personnel Expenses vs Net Profit

Personnel Expenses (Rs.crores) Net Profit (Rs.crores)

4.76 5.15 7.59 10.36 14.31

100 101135

151 153

0.00

50.00

100.00

150.00

200.00

2071/72 2072/73 2073/74 2074/75 2075/76

Personnel Expenses vs Total Staff no

Personnel Expenses (Rs.crores) Total Staff number

9.54%

15.25% 15.31%

9.19%11.22%

2071/72 2072/73 2073/74 2074/75 2075/76

11.05%

17.89%

21.05%

8.00%

13.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2071/72 2072/73 2073/74 2074/75 2075/76

DPS (including Bonus) %

Technical Analysis of ICFC as on February 20, 2020

Day Candle

Open 185

High 188

Low 184

Close 188

Pattern Analysis

Resistance R1: 195 R2: 208

Support S1: 180 S2: 170

Particulars Points Remarks

Volume 10,869 The daily volume of stock is higher than both 1

week’s and 1 month’s average volume. Avg. Volume (1 week) 7,597.40

Avg. Volume (1 month) 8,426.57

No. of Transaction 21 The daily number of transaction is lower than 1 week’s but higher than 1 month’s average no of transaction.

Avg. no. of Transaction (1 week) 22.60

Avg. no. of Transaction (1 month) 18.81

180 days Average (Rs.) 162.92 The price of the stock is trading above both 180 day’s 360 day’s average. 360 days Average (Rs.) 159.53

52 Weeks High Price (Rs.) 196 The stock is currently trading around 52 week’s high price. 52 Weeks Low Price (Rs.) 143

Nepse Index 1 year Change 28.98% The overall market and industry has gained in last 1 year. Similarly, the stock has also gained in last 1 month and even more in last 12 months.

Industry Index 1year Change 14.20%

Stock 1-Month Change 3.87%

Stock 1-Year Change 27.03%

Total Holdings of Mutual Funds (Poush, 2076) 63,396 The Mutual Funds are holding less no of shares of the company.

Quarterly Analysis

Year Q2, 2075/76 Q2, 2076/77 Growth (%)

Paid-up Capital (Rs.000) 882,172 882,172 0.00%

Retained Earnings (Rs.000) 125,080 92,368 -26.15%

Reserves (Rs.000) 272,990 327,754 20.06%

Deposit Liabilities (Rs.000) 10,932,872 11,596,359 6.07%

Loans (Rs.000) 8,145,519 8,868,759 8.88%

Total Assets (Rs.000) 13,812,009 14,560,989 5.42%

Interest Income (Rs.000) 598,377 758,761 26.80%

Net Interest Income (Rs.000) 181,123 222,125 22.64%

Total Operating Income (Rs.000) 222,690 267,139 19.96%

Personnel Expenses (Rs.000) 71,058 68,739 -3.26%

Net Profit (Rs.000) 71,471 81,971 14.69%

Net Interest Income to Total Operating Income % 81.33% 83.15% 2.23%

Return on Assets (ROA) 0.98% 1.00% 2.04%

Return on Equity (ROE) 10.67% 13.00% 21.84%

EPS (Rs.) 13.99 18.58 32.81%

Book Value Per share (Rs.) 131.08 148 12.91%

Market Value per share (Rs.) 154 160 3.88%

Price Earnings Ratio 11.01 8.61 -21.79%

Capital Fund to RWA (CAR) % 12.30% 12.44% 1.14%

Non-Performing Loan(NPL) to Total Loan % 0.32% 0.60% 87.50%

As of second quarter report of 2076/77, Paid-up Capital stands at Rs.882.17 million. Retaining Earnings has declined by 26.15% to Rs.92.36 million due to dividend distribution. Similarly, Deposit Liabilities has increased by 6.07% to Rs.11.59 billion which have let the loans to grow by 8.88%, Total Assets by 5.42%, Interest Income by 26.80%, and Net Profit by 14.69% to Rs.81.97 million as compared to the corresponding quarter of previous year.

Concluding Remarks

Currently institution is providing financial services through 7 branches and 1 extension counter in 4 provinces mobilizing more than 150 employees. To achieve objective of an organization the company have highly competitive and energetic human resource. The Company currently employs adequate number of staff with high level of academic qualification and professional skills to ensure smooth operation of its services. Most of the fundamentals of the company are operating above the industry average which indicates the benefit of competitive advantage in its sector. The company can perform better with wider network and possess huge potential to become a market leader in the Nepalese emerging financial market.

Indicators Points Remarks

RSI (14) 67.56 ICFC is at bullish zone.

MACD (12,26,9) 5.01 The MACD line is above the signal line and both are above the baseline.

Signal Line (12,26,9) 4.73

Histogram (12,26,9) 0.27

EMA (5,0) 184.76 The price is trading above both EMA 5 days and 20 days moving average.

EMA (20,0) 178.92

+DMI(13,8) 29.56 The +DMI is dominant over -DMI and ADX is at 48.46

-DMI(13,8) 6.80

ADX (13,8) 48.46

The following table shows the total dividend declared by National Microfinance Companies from the profit of 2075/76

Symbol Company Name Dividend Total Dividend

(%) Bonus (%) Cash (%)

ALBSL Asha Laghubitta Bittiya Sanstha Limited 12.00 0.63 12.63

CBBL Chhimek Laghubitta Bittiya Sanstha Limited 27.11 17.21 44.32

CLBSL Civil Laghubitta Bittiya Sanstha Limited 5.00 5.00 10.00

DDBL Deprosc Laghubitta Bittiya Sanstha Limited 30.00 15.00 45.00

FOWAD Forward Community Microfinance Bittiya Sanstha Limited 32.50 12.50 45.00

GILB Global IME Laghubitta Bittiya Sanstha Limited 17.50 0.92 18.42

GMFBS Ganapati Microfinance Bittiya Sanstha Limited 7.00 0.36 7.36

ILBS Infinity Laghubitta Bittiya Sanstha Limited 10.00 5.00 15.00

KMCDB Kalika Laghubitta Bittiya Sanstha Limited 12.00 0.63 12.63

LLBS Laxmi Laghubitta Bittiya Sanstha Limited 15.00 11.32 26.32

MERO Mero Microfinance Laghubitta Bittiya Sanstha Limited 30.00 1.58 31.58

MSMBS Mahila Sahayatra Laghubitta Bittiya Sanstha Limited 10.00 7.50 17.50

NLBBL Nerude Laghubitta Bittiya Sanstha Limited 15.00 5.79 20.79

NMBMF NMB Laghubitta Bittiya Sanstha Limited 12.00 0.63 12.63

NMFBS National Microfinance Bittiya Sanstha Limited 75.00 5.00 80.00

SABSL Sabaiko Laghubitta Bittiya Sanstha Limited 13.00 0.68 13.68

SDESI Swadeshi Laghubitta Bittiya Sanstha Limited 20.00 15.00 35.00

SLBBL Swarojgar Laghubitta Bittiya Sanstha Limited 26.75 1.40 28.15

SMFBS Swabhimaan Laghubitta Bittiya Sanstha Limited 24.00 1.27 25.27

SWBBL Swabalamban Laghubitta Bittiya Sanstha Limited 26.00 14.00 40.00

VLBS Vijaya Laghubitta Bittiya Sanstha Limited 15.00 5.00 20.00

WOMI Womi Laghubitta Bittiya Sanstha Limited 20.00 6.00 26.00

Growing our hard-earned money should be simple and accessible to everybody, so that each of us is able to live the life we

desire. With this objective, we ensure we gain an in-depth understanding of each individual’s aspirations and ambitions so

that we are able to recommend the right investment solution. We encourage people to link their investments to specific life

goals so that they are able to realize these goals meticulously and with ease.

Portfolio Management Services

Tailor made solutions to meet your investing needs

Across the world people are turning to specialists Portfolio Management Services for managing their equity investments.

Portfolio Management Services is the Portfolio Management division of Aakash Capital that helps you access the equity

market in Nepal.

Portfolio Management Service brings you a whole range of investment products,

from which your portfolio manager puts together your optimal portfolio. We take

into account your financial goals, time horizon, risk appetite and investment

outlook.

Choose a solution that fits your needs

Disclaimer and important information: This document has been prepared by Aakash Capital Limited for information and

illustration purpose only. The information provided in this document is subject to change. While this information has been

obtained from sources believed to be reliable, Aakash Capital Limited is not liable for erroneous information obtained from the

sources. Aakash Capital Limited, its directors and employees are not liable/responsible for any direct, indirect or consequential

loss arising from use of this document or its contents. Past performance is no indication of future results. Aakash Capital is

regulated by Securities Board of Nepal. This document may not be reproduced, distributed or published by any person for any

purpose without Aakash Capital Limited’s prior written consent.

Aakash Capital Limited

4th Floor, Trade Tower, Thapathali, Kathmandu, Nepal

Tel: 01-5111145

Email: info@aakashcapital.com.np

Website: www.aakashcapital.com.np

Facebook: www.facebook.com/AakashCap