October, 2020 3Rd Annual Report 2076/77

Presented By: Fund Manager Presented To: Unit Holders, Fund Supervisors & SEBON

Annual Report of Sanima Mutual Fund for the FY 2076/77 as per rule number 42(1) of prevailing Mutual Fund Regulations, 2067

October, 2020 3rd Annual Report 2076/77

• Sanima Mutual Fund

Mutual Fund Putalisadak, Kathmandu, Nepal

• Registered Office: Sanima Bank Limited

Fund Sponsor Narayanchaur, Naxal, Kathmandu, Nepal

• Registered Office: Sanima Capital Limited Fund Putalisadak, Kathmandu, Nepal Manager

• Registered Office: Sanima Capital Limited

Depository Putalisadak, Kathmandu, Nepal

• CA. Tirtha Raj Upadhyay • Dr. Hemanta Kumar Dabadi

Fund • Mr. Khyam Narayan Dhakal Supervisors • Mr. Lalit Bahadur Basnet • Mr. Madhav Prasad Dhakal

3rd Annual Report 2076/77

Sr. No. Index . . . 1. Fund Manager Report 2. Independent Auditors Report 3. Balance Sheet 4. Income Statement 5. Statement of Cash Flows 6. Statement of Changes in Equity 7. Annexures 8. Significant Accounting Policies 9. Notes to Accounts

Sanima Capital Limited

Registered/Corporate Office: Share Market Commercial Complex, Putalisadak, Kathmandu, State Number 3, Nepal. Email: [email protected] Tel: +977-1-4229124/25 Website: www.sanima.capital

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FUND MANAGER REPORT

REPORT FROM SANIMA CAPITAL LIMITED TO THE UNIT HOLDERS OF THE SCHEME(S) OF SANIMA MUTUAL FUND

Dear Unit holders,

It gives us great pleasure to communicate with you and present to you the 3'd Annual Report of Sanima Mutual Fund ("the Mutual Fund" or "the Fund") for the financial year ended Ashad 31, 2077 (15tn July, 2020), ("FY 2076177" / "review period") along with the audited financial statements of the Scheme(s).

Sanima Bank Limited ("the Fund Sponsor" or "the Sponso/') had registered "Sanima Mutual Fund" with the Securities Board of Nepal (SEBON) with the objective of introducing various Schemes in the Nepalese Capital Market through its subsidiary company Sanima Capital Limited ("the Fund Manager" and "the Depository"), and commenced its operations.

1. Scheme Performance, Macro-Financial Outlook and Operations of the Scheme(s)

a. Performance of the scheme(s):

The performance of the scheme(s) of the Fund as on Ashad 31,2077 is as follows: Particulars Sanima Equity Fund (SAEF) ^ Net Assets NRs 1,480,384,193 Net Assets Value Per Unit (NAV) NRs 11.39 Benchmark lndex NEPSE Returns since inception of the scheme* 23.88% Benchmark returns since inception of the scheme* -5.85%

Date of Inspection/Allotment of the Scheme December 26,2017 (2074-Poush-1 1 )

Past performance may or may not be sustained in future. *Scheme has completed Two and Half Year since the allotment date. ^Returns are calculated on NRs. 10.00 invested at inception, Rupee 1.00 per unit dividend distribution based on simple interest calculation.

# Detail regarding the financial position and performance of the Scheme(s) has been presented in the Financial Statements. NEPSE as on December 26, 2017 1,447 .04 NEPSE as on July 15,2020: 1,362.34

Brief comments on the perform3nge of the schemes €-=-/1?'arl /

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Sanima Equity Fund (SAEF)

The scheme has outperformed its benchmark since inception. The outperformance was due to tactical allocation to mark to market assets, optimal mix of fixed income securities and maximum utilizations of call deposits. The scheme has maintained its portfolio strategy of low volatility and high quality during the course of the year and will continue to do so. The scheme is meant for investors looking to deploy funds for a medium span of time. The intention is to offer high returns at high level of risk.

b. Macro-Financial Outlook

A. Global Economic Outlook

Global growth is projected at -4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The COVID-I9 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.ln2O2l global growth is projected at 5.4 percent. Overall, this would leave 2021 GDP some 6% percentage points lower than in the pre-COVID-19 projections of January 2020.fhe adverse impact on low-income households is particularly acute, imperiling the significant progress made in reducing extreme poverty in the world since the 1990s.

As with the April 2020 WEO projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic. In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020; greater scarring (damage to supply potential) from the larger-than- anticipated hit to activity during the lockdown in the first and second quarters of 2O2O; and a hit to productivity as surviving businesses ramp up necessary workplace safety and hygiene practices. For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity. Moreover, the forecast assumes that financial conditions-which have eased following the release of the April 2020 WEO-will remain broadly at current levels. Alternative outcomes to those in the baseline are clearly possible, and not just because of how the pandemic is evolving. The extent of the recent rebound in financial market sentiment appears disconnected from shifts in underlying economic prospects-as the June 2020 Global Financial Stability Report (GFSR) Update discusses-raising the possibility that financial conditions may tighten more than assumed in the baseline. Source: IMF/ World Economic Outlook Update, June 2020/ A Crisis Like No Other, An Uncertain Recovery

B. Nepal's Economic Outlook :9-:

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i. GDP According to the Central Bureau of Statistics, Gross Domestic Product is estimated to have grown 2.28 percent in 2019120. Agriculture, industry and service sectors estimated to grow 2.59 percent, 3.23 percent and 1.99 percent respectively. Share of agriculture, industry and service sectors in GDP stands 27.65 percent, 14.27 percent and 58.08 percent respectively in 2019120. Gross domestic saving to GDP stands 18.1 percentin 201912O. Ratio of gross capital formation, gross fixed capital formation and gross nationalsaving to GDP stands 50.15 percent,28.14 percent and 46.03 percent respectively.

tl Inflation The average consumer price inflation stood at 6.15 percent in2O19l2O compared to 4.64 percent a year ago. The y-o-y consumer price inflation stood at 4.78 percent in mid-July 2020 compared to 6.02 percent a year ago.

III Current Account and Balance of Payments (BOP) The current account deficit decreased 87.9 percent to Rs.32.06 billion in the review year. Such deficit was Rs.265.36 billion in the previous year. In US Dollar terms, the current account deficit remained at 326.0 million in the review year compared to 2.35 billion in the previous year.

In the review year, capital transfer decreased 8.1 percent to Rs.14.21 billion and net foreign direct investment (FDl) increased 49.1 percentto Rs.19.48 billion. In the previous year, capital transfer and net FDI amounted to Rs.15.46 billion and Rs.13.06 billion respectively.

Balance of Payments (BOP) remained at a surplus of Rs.282.41 billion in the review year against a deficit of Rs.67.4 billion in the previous year. In US Dollar terms, BOP recorded a surplus of 2.35 billion in the review year against a deficit of 591 million in the previous year.

IV. Fiscal Situation Fiscal position of the Government, based on banking transactions, remained at a deficit of Rs.267.45 billion in 2019120 compared to a deficit of Rs.180.50 billion a year ago.

Total expenditure of the federal government amounted to Rs.1094.34 billion in 2019120. The current expenditure, capital expenditure and financing expenditure of the federal government stood at Rs.786.53 billion, Rs.191 .77 billion and Rs.1 16.04 billion respectively in 201912O.

Revenue collection based on banking transactions (including the amount to be transferred to provincial and local governments) stood at Rs.793.78 billion in 2019120. illion a year ago. Total resource mobilization

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(including revenue and other receipts) of the federal government stood at Rs.841.36 billion.

v. Merchandise Trade ln 2019/20, merchandise exports increased 0.6 percent to Rs.97.71 Billion compared to an increase of 19.4 percent in 2018/19. Destination-wise, exports to lndia increased 11.8 percent whereas exports to China and the other countries decreased 43.5 percent and 18.2 percent respectively. Exports of palm oil, medicine (ayurvedic), herbs, plastic utensils, fruits, among others, increased whereas exports of zinc sheet, wire, polyester yarn and threads, readymade garment, woolen carpet, among others, decreased in the review year.

ln 2019/20, merchandise imports decreased 15.6 percent to Rs.1196.8 billion against an increase of 13.9 percent in the previous year. Destination-wise, imports from India, China and other countries decreased 19.9 percent, 11.5 percent and 5.3 percent respectively. lmports of crude palm oil, crude soya-bean oil, chemical fertilizer, edible oil, computer and parts, among others, increased whereas imports of petroleum products, transpott equipment and parts, M.S. billet, gold, other machinery and parts, among others, decreased in the review year.

Trade deficit narrowed down 16.8 percent to Rs.1099.09 billion in review year. Such deficit had expanded 13.5 percent in the previous year. Trade deficit stands 29.2 percent of GDP. The exporl import ratio increased to 8.2 percent in the review year from 6.8 percent in the previous year.

vi. Capital Markets and Outlook NEPSE index stood at 1362.4 points in mid-July 2020 compared to '1259 points in mid- July 2019. Stock market capitalization in mid-July 2020 stood Rs.1792.76 billion compared to Rs.1567.50 billion in mid-July 2019. Market capitalization to GDP ratio increased from 45.3 percent in mid-July 2019 to 47.6 percent in mid-July 2020. Number of companies listed at NEPSE stood 212, out of which 147 are Bank and Financial Institutions (BFls) and insurance companies, 33 hydropower companies, 19 manufacturing and processing industries, 4 hotels, 4 trading companies and 5 others. The number of companies listed at NEPSE was 215 in mid-July 2019. Share of BFls and insurance companies in stock market capitalization is 78.2 percent. Such share for hydropower companies is 5.4 percent, manufacturing and processing industries 3.7 percent, hotels 1.1 percent, trading company's 0.3 percent and the share of other sector companies is 1 1.3 percent. Share of BFls and insurance companies in stock market capitalization is 78.2 percent. Such share for hydropower companies is 5.4 percent, manufacturing and processing industries 3.7 percent, hotels 1.1 percent, trading company's 0.3 percent and the share of other sector companies is 11.3 percent. C) a'/--F ,/ ,,./,/,/ ,ryt h .. /rt 6

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Source: Nepal Rastra Bank (NRB)/Current Macroeconomic and Financial Situation of Nepal (Based on Annual Data of 2019/20) vii. Overview of the Mutual Fund Industry The Mutual Fund Industry continued its robust groMh during F.Y.2076177. All together there are 11 Mutual Fund Management companies managing 18 different schemes which include 2 Open Ended Schemes and 16 Close Ended Schemes. Initial Fund Size of 14

Close Ended mutual fund schemes stood at NRs 16.97 Billion as of Ashad End, 2077 " The Mutual Fund Industry has been showing robust groMh over the last six years. The potential for future growth of the industry is quite high and the industry is likely to continue to attract different individuals and institutions from different areas.

c. Operations of the Scheme(s) As of Ashad 31,2077, Sanima Capital Ltd. ("the Fund Manager") manages only one Close-Ended Scheme of the Fund named Sanima Equity Fund.

The net assets under management ofthe schemes ofthe Fund as atAshad 31,2077 is NRs. 148.03 Crore and the total number of investors under the scheme of the Fund was 19.971.

The brief of Scheme(s) under operation is given below.

Sanima Equity Fund (SAEF) Fund Name Sanima Mutual Fund Scheme Name Sanima Equity Fund Stock Code SAEF (at NEPSE) Scheme Type Close End NFO Unit 130,000,000 NFO Price Per Unit NRs. 10 Corpus 1,300,000,000 (NRs. 1,300 Million) Maturity Period 7 Years from the date of allotment of units

Allotment Date 2074-Poush-1 1 Maturity Date 2081-Poush-1 0 lnvestment Objectives The investment objective of the Scheme is to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities. The Scheme does not guarantee or assure any returns. Listing Date 2074-Falgun-08 Listed Exchange Nepal Stock Exchange Ltd. (NEPSE) Fund Supervisors Fee 0.15% of Net Assets Value (NAV) Fund Manager Fee 1.75% of NAVTill Magh End,2076 1 .50% of NAV Effective from 1"r of Falgun, 2076

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Depository Fee 0.50% of NAV Till Magh End, 2076 020% of NAV Effective from 1"tof Falgun, 2076 NAV NRs. 1 1.39 (as of Ashad 31.2077\

2. Brief Background of the Fund, Fund Sponsor, Fund Supervisor & Fund Manager/ Depository

a. Sanima Mutual Fund Sanima Mutual Fund ("the Mutual Fund" / "the Fund") was set up by the Fund Sponsor, Sanima Bank Limited ("the Fund Sponsor"/ "Sponsor") with Sanima Capital Limited ("the Fund Manager") as the Fund Manager and the Depository in accordance with the Mutual Fund Regulation, 2067 and Mutual Fund Guidelines, 2069 and is duly registered with Securities Board of Nepal (SEBON). The Fund Sponsor has entered into an agreement dated May 31,20'17 with Sanima Capital Limited, its wholly owned subsidiary to function as the Fund Manager and Depository for the Scheme(s) of the Fund. The inception (allotment) of the first scheme was on December 26,2017.

b. Fund Sponsor Sanima Mutual Fund is sponsored by Sanima Bank Limited ('SANIMA"). SANIMA is the "A" class commercial bank licensed by Nepal Rastra Bank (NRB) to function banking activities as per Banks and Financial Institutions Act, 2073. The Sponsor has entrusted a sum of NPR169,000,000.00 (Rupees One Hundred Sixty-Nine Million only) on the first scheme of the Fund named Sanima Equity Fund as the seed capital towards the corpus of the Fund/Scheme.

SANIMA, promoted by prominent and dynamic Non-Resident Nepalese (NRNs) Businessmen, commenced its operation in 2004 as a National Level Development Bank" Since February 2012, Sanima has been functioning as an "A" Class Commercial Bank with its registered office at'Alakapuri', Naxal, Kathmandu. SANIMA ("The Bank" / "Bank") is committed to provide one window financial solutions to the different customer segments and to achieve healthy growth in profitability consistent with the bank's risk appetite. The Bank has been dedicated to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. As a result, the bank is perceived as a 'strong and Reliable player in the banking industry'. The Bank has been committed to meet customer expectations in all areas of its business through continuous improvement for overall benefit of the economy. The Bank offers a wide range of banking products and financial services to corporate and retail customers through BOfull-fledged branches and 13 extension counters from all 7 provinces.

SANIMA's equity shares are listed in Nepal Stock Exchange Ltd. (NEPSE). c. Fund Supervisors ;>

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Following the approval from SEBON, the following professionals have been appointed as the Fund Supervisors for Sanima Mutual Fund- Sanima Equity Fund by the Sponsor- Sanima Bank and an agreement to this effect was signed between the Sponsor and the Fund Supervisors.

S. Educational Name Experience Address N. Qualification Chartered CA. Tirtha Raj More than 40 years of Lal Durbar, 1 Accountancy, Upadhyay professional experience. Kathmandu B.Com Dr. Hemanta Kumar Ph.D. (Economics), Senior Economist with more Minbhawan, 2 Dabadi M. Sc. (Economics) than 30 years of experience Kathmandu Former Executive Director, Mr. Khyam Narayan Sanobharyang, J MBA NRB. More than 27 years of Dhakal Kathmandu experience in NRB Former Legal Expert of the Mr. Lalit Bahadur LLM, MPA, MA Dhapashi, 4 President of Nepal. Has more Basnet (Political Science) Kathmandu than 15 years of experience. Retd. Joint Secretary with more Mr. Madhav Prasad MA (Economics), Battisputali, 5 than 40 years of professional Dhakal LLB, B.Com. Kathmandu expenence.

d. Fund Manager & Depository Sanima Capital Limited ("Sanima Capital") which is a wholly owned subsidiary of Sanima Bank Limited ("The Sponsor") is the Fund Manager and Depository of Sanima Mutual Fund. Sanima Capital Limited ("The Company"/ "Company") is incorporated under the Companies Act,2063 on December9,2015 (Marga 23,2072) having its registered office at Putalisadak, Kathmandu. The Company provides Merchant Banking and Investment Banking services as licensed by its apex regulator SEBON as Securities Businessperson to undertake merchant banking activities in Nepal.

Further, Sanima Capital has been licensed by SEBON to render the services of the Fund Manager and Depository in the mutual fund. Following the approval from SEBON, Sanima Capital has been appointed as the Fund Manager of Sanima Mutual Fund by the Fund Sponsor- Sanima Bank Limited on May 31,2017.

As a Fund Manager, Sanima Capital introduced its First Mutual Fund Scheme named Sanima Equity Fund, a closed ended, 7 Years scheme under Sanima Mutual Fund in the market which was allotted on Dec 26, 2017. Sanima Equity Fund was listed in Nepal Stock Exchange Ltd. (NEPSE) on February 20,2018. In addition, Sanima Capital is also rendering Depository related services to the unit holders of the Fund.

Sanima Bank holds 100% of the total ispue9 and paid up equity share capital of the company. 6-z

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Capital Structure of Sanima Capital Limited S. N. Names % Holding Paid Up Capital (NRs.)

1 Sanima Bank Limited 100 250 Million

Current Board of Directors of Sanima Capital Limited S.N. Names Designation Tej Bahadur Chand 1 Chairman (Representative- Sanima Bank Ltd.) Nischal Raj Pandey 2 Director (Representative- Sanima Bank Ltd.) Pawan Kumar Acharya 3 Director (Representative- Sanima Bank Ltd.) Saroj Guragain 4 Director (Representative- Sanima Bank Ltd.) Indeoendent 5 Dr. Gopal Prasad Bhatta* Professional Director lndependent 6 Rajendra Kaphle* Professional Director *Mr. Gopal Prasad Bhatta has replaced Mr. Shree Prasad Poudel. *Mr. Rajendra Kaphle replaced Mr. Balaram Parajuli.

Major Decisions Made by BOD of Fund Manager: The Board of Director (BOD) Meeting of Sanima Capital Limited ("the Fund Manager"/ "Fund Manager"/ "the Company") held on different dates over the review period has made following major decisions:

. Reviewed the valuation policy of Sanima Mutual Fund named "Sanima Mutual Fund Valuation Policy 2074". ' Approved resignation submitted by the former CEO Mr. Manish Narayan Joshi and authorized Mr. Mandip Luitelto act as the Acting CEO. . Appointment of G.P. Rajbahak & Co., Chartered Accountants as the Scheme Auditor of Sanima Equity Fund. . Tenure of Mr. Shree Prasad Poudel as the Independent Professional Director (BOD) has completed and the Sanima Capital provides it's sincere thanks to Mr. Poudel for his contribution to the company. . Approved the resignation of Mr. Balaram Parajuli as the Independent Professional Director (BOD) of Sanima Capital Ltd. (Approved on Running FY). Sanima Capital provides it's sincere thanks to Mr. Parajuli for his contribution to the company. . BOD has appointed Dr. Gopal Bhatta as the Independent Professional Director of '3 r c An *'t nl iir;,:: r::t I t j.",i. i

. BOD has appointed Mr. Rajendra Kaphle as the Independent Professional Director of Sanima Capital Ltd. replacing Mr. Balaram Parajuli. (Appointed on Running FY)

3. Investment Objectives of the Scheme(s)

a. Sanima Equity Fund (SAEF) The investment objective of the Scheme is to generate long-term capital appreciation through a diversified portfolio pre-dominantly with equity and equity related securities. The Scheme does not guarantee or assure any returns. As per the approved prospectus of the scheme (approved by SEBON), the scheme generally invests (0-20) % in fixed income instruments (FD/TD, Government Securities and Corporate Bonds/Debentures) for stable returns with lesser risk and the balance up to (80-100) % in equity of various sectors as per the market conditions.

4. Major Activities Performed by Scheme(s) Major activities performed by Fund Manager on behalf of each Scheme(s) over the review oeriod are listed below.

a. Sanima Equity Fund Major activities performed by Sanima Equity Fund (SAEF) ("the Scheme" / "Scheme")during the review period are listed here under. i. Investments/Divestments of assets of the Fund being made as per market opportunities/conditions and in line with Investment Policy of the Fund Manager & Standard lnstruction Manual (SlM) prepared for mutual fund ooerallons. ii. Assets Allocation of the scheme has made as per the Prospectus of the Scheme approved by SEBON which was prepared and published forlat the time of NFO for public issuance. iii. Safe-keeping of the assets of the Fund in lock & key. iv. Electronic maintenance of Unit holders records in the software & back-up of the same has been maintained. v. Weekly/Monthly computation of Net Assets Value (NAV) of the Fund & its disclosure to the Unit holders & timely notification to the Fund Supervisors & SEBON, as and when required. vi. Monthly reporting of schemes activities along with NAV to Fund Supervisors and SEBON. vii. Monthly performance report of the scheme(s) used to be discussed in BOD meeting of the Fund Manager. viii. Submission of Quarterly and Semi-Annual Report of the Scheme to Fund Supervisors and SEBON on timely basis. ix. Appointment of G.P. Rajbahak & Co., Chartered Accountants post approval from SEBON as auditor offtrqScheme.

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x. Booking of incomes & incurring of expenses pertaining to the scheme in line with the Prospectus approved by SEBON which is as per prevailing regulations/directives pertaining to mutual fund. xi. Valuation of Assets of the scheme as per the Valuation Policy approved by the BOD of Fund Manager duly notified to SEBON, which is as per prevailing regulations/directives pertaining to mutual fu nd. xii. Valuation Policy of the Scheme(s) shall be reviewed by the BOD of the Fund Manager and by the Fund Supervisors on half yearly basis. Any changes on the valuation policy have been notified to the SEBON. xiii. The Fund Manager in respect to the scheme activities has not received any warning/ deficiency letter from Fund Supervisors. xiv. Management & Operation of the scheme is in strict compliance with Policies, Regulations, Directives & SIM related to Mutual Fund. xv. The Fund Manager was paid a total of NPR 22,214,763 for rendering fund management services while the Depository was paid a total of NPR 5,002,690 for rendering depository seruices to the unit holders in line with the agreement during the review period. xvi. For the review period, the Fund Supervisors of the Scheme was paid a total amount of NPR 2,030,159 as the superuisory fees. xvii. Different topics related to overall Mutual Fund Industry has been discussed in the meeting of Merchant Bankers Association. xviii. SEBON has revised different fees viz. Fund Management, Depository and Funder Supervisors via Mutual Fund Regulations, 2067- 3'd Amendment. SAEF has charged the Fees as per the revised regulations during the review period.

5. Schemes Performance a. Sanima Equity Fund (SAEF) i. Scheme's Weekly Net Assets Value (NAV) per unit from the day of inspection to the end of the review period calculated on weekly basis is presented below.

SAfiF Weeklv NAV

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Financial Summary:

As on Ashad 31,2077 (JulY 15' 2019)

Capital and Liabilities 1,300,000,000 Unit Capital 1,300,000,000 133,820,485 Reserves and SurPlus 1 80,384,193 20,326,345 Current Liabilities and Provisions 23,092,211 1,503,476,405 1,454,',146,831 Assets 981,366,908 lnvestment in Securities 1,114,690,241 130,000,000 Fixed Deposits 130,000,000 440,737,938 Bank Balances 225,843,113 2,041,985 Other Current Assets 32,943,051 1,454,146,831

For the period from Shrawan'1,2076 to Ashad 3'1,2077 (Julv '17. 2O1g to JulY 15, 2019)- Current Year lncome & Gains 11,937,537 Dividend Income 20,553,077 lnterest Income 37,717,847 80,077,190 Profit on Sale/RedemPtion of 36,461,188 37,838,968

Total lncome 94,732,112 Expenses and Losses Registration / Processing/ Allotment 150,000 150,000 - Expenses lssue ExPenses Advertisement and Publication 157,014 149,183 Expenses (incl' Design Cost) Units Listing Fee 1 13,000 Audit Fees 113,000 6,875,679 Depositary Fee 5,002,690 24,064,875 Fund Management Fee 22,214,763 2,062,704 Fund SuPervisor Fee 2,030,159 Loss on Sale/RedemPtion of 1,434,236 351,070 lnvestments 50,000 NEPSE Annual Renewal Charge 50,000 22,335 25,469 31,174,1'97

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Gain/ Loss for the period prior to change in value of FWPL Financial 63,557,915 96,01 1,715 Instruments Appreciation/ (Diminution) in value 1 13,005,793 18,093,943 of FWPL Financial Instruments Net ProfiU (Loss) for the period 176,563,708 114,105,658 Other details regarding the financial position and performance of the Scheme is presented in the Financial Statements.

6. Significant Accounting and Valuation Policies The Fund Manager is responsible to maintain all books of account of the Scheme in line with the Accounting Policy of the Fund Manager which is in accordance with Mutual Fund Regulations, 2067, Mutual Fund Guidelines, 2069, SEBON directives and other relevant rules and regulations. Valuation of the assets in the portfolio of Sanima Mutual Fund is done as per the Valuation Policy approved by the Board of the Fund Manager and calculation of NAV is as per the prevailing mutual fund regulations/directives issued from SEBON. Summary of significant account policies is disclosed in Financial Statements of the Scheme(s).

7" Unclaimed Dividends & Redemptions Summary of number of investors & corresponding amount as at Ashad 31, 2077 Scheme Name Unclaimed Dividends Unclaimed Redemptions Amount (NRs.) No. of Amount No. of lnvestors (NRs.) Investors Sanima Eouitv Fund 7.450.153.75 2,900 NIL NL

8. Unit Holders Holding more than 0.5% Holdings in Sanima Mutual Fund

a. Sanima Equity Fund S.N. Unit Holders Name Units Holing Holding% Holdinq Amount

1 Sanima Bank Ltd. 16,900,000 169,000,000 13.00 z Sanima Capital Ltd. 3,392,680 33,926,800 2.61 3 Jyoti Bikash Bank Ltd. 2,400,000 24,000,000 1.85 4 Rastriya Banijya Bank Ltd. 2,400,000 24.000.000 1.85 5 Nabil Bank Ltd. 2,400,000 24,000,000 1.85 o Rastriya Banijya Bank Retirement Fund 2,400,000 24,000,000 1.85 7 Deva Bikash Bank Ltd. 2,400,000 24,000,000 1.85 8 Central Finance Ltd. 2,400,000 24,000,000 1.85 I Nepal Investment Bank Ltd. 2,400,000 24,000,000 1.85 10 Union Life Insurance Company Ltd. 2.400.000 24,000,000 1.85 11 Nepal Life Insurance Company Ltd. 2,400,000 24,000,000 1.85 12 NMB Bank Ltd. 2,400,000 24,000,000 1.85

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13 Kamana Sewa Bikas Bank Ltd. 2.400.000 24.000.000 1.85 14 Kailash Bikas Bank Ltd. 2,400,000 24.000.000 1.85 15 Mahalaxmi Bikas Bank Ltd. 2.400.000 24.000.000 1.85 16 Garima Bikas Bank Ltd. 2,400,000 24.000.000 1.85 17 Nepal Bangladesh Bank Ltd. 2,400,000 24,000,000 1.85 18 United Finance Ltd. 2,400,000 24,000,000 1.85 19 Life Insurance Corporation (Nepal) Ltd. 2,000,000 20,000,000 1.54 20 Srijana Finance Ltd. 2,000,000 20,000,000 1.54 21 NMB Bank Ltd. 2,000,000 20,000,000 1.54 22 Siddhartha Bank Ltd. 1,970,140 19,701,400 1.52 23 Global IME Sammunat Scheme-1 1,419,200 14.192.000 1.09 24 Prabhu Bank Ltd. 1,200,000 12.000.000 0.92 25 Sagarmatha Insurance Ltd. 1,010,000 10.100.000 0.78 26 Reliance Finance Ltd. 1,000,000 10.000.000 0.77 27 National Life Insurance Company Ltd. 1.000.000 10,000,000 0.77 28 Agricultural Development Bank Ltd. 1,000,000 '10.000.000 0.77 29 Miteri Development Bank Ltd. 1.000.000 10.000,000 0.77 30 Muktinath Bikash Bank Ltd. 1.000.000 10,000,000 0.77 31 ICFC Finance Ltd. 1,000,000 10,000,000 0.77 32 Shikhar Insurance Co Ltd. 1,000,000 10,000,000 0.77 33 Machhaouchchhre Bank Ltd. 1,000,000 10,000,000 0.77

9. Investor Grievances No grievance was reported during the review period.

10. Voting Policy and Disclosures General policies and procedures for exercising voting rights (along with the relevant disclosures) in respect of the shares held by the Schemes of Sanima Mutual Fund shall be guided by the Mutual Fund Regulations, 2067, Mutual Fund Directives, 2069 and directive issued by SEBON from time to time. Fund Manager has not provided any proxy to any other individuals/parities and don't have any policy to provide proxy to others.

11. Liabilities and Responsibilities of the Fund Manager and the Sponsor The main responsibility of the Fund Manager is to safeguard the interest of the Unit holders and inter-alia ensure that the functions/decision made on behalf of Fund is with good faith and is in the interest of investors and in accordance with the Mutual Fund Regulations, 2067, Mutual Fund Directives, 2069, SEBON Directives, Statement of Additional Information and the Scheme Prospectus(s)/Document(s) of the respective Scheme(s). The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Scheme(s) beyond its initial investrp.eqt as seed capital made by them towards setting up of the Fund. ?_yE-'

/ ianimaCaPital 3rd Arnucl Report

1 2. Statutory Information i. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme(s) of the Fund beyond their initial contribution (to the extent contributed) for setting up the Fund, and such other accretions / additions to the same. tl The price and NAV value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. ll Weekly NAV computed is disclosed on the official website of the Fund Manager (www.sanima.capital) on weekly basis while the Monthly NAV is published in a national daily newspaper on monthly basis with prior notification of the same fonrvarded to the Fund Supervisors & SEBON. IV Annual Report shall be disclosed on the official website of Fund Manager (www. sanima. capital).

Acknowledgement We would like to thank the Unit holders of the Scheme(s) for their faith in Sanima Mutual Fund and also thank the Government of Nepal (GoN), the Securities Board of Nepal (SEBON), the Nepal Rastra Bank (NRB) and the Merchant Bankers Associations of Nepal (MBAN) for the guidance provided by them. We also appreciates the service provided by the CDS and Clearing Limited (CDSC), Nepal Stock Exchange Ltd. (NEPSE), lssue Manager, Registrar and Transfer Agents, Custodians, DP Members, ASBA Members, Bankers, Distributors and Brokers. We would like to provide out sincere thanks to the Auditors of the Scheme(s) for their valuable services. In addition, guidance and support provided by the Sponsor-Sanima Bank Limited, is highly recognized. Sincerity and dedication of the employees of Sanima Capital Limited is also highly appreciated.

Thanking You

For and on behalf of Fund Manager O

Tej Bahadur Chand Chariman Acting Chief Executive Officer

Date: October 4,2020 Place: Kathmandu, Nepal

16 BKR gpr INTERNATIOl{AL

Opinion We have audited the financial statements of Sanima Equity Fund, which comprise the Balance Sheet as at Ashadh3I,2O77 (July 15, 2020), and the Income Statemeng Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the Financial Position of the Fund as at Ashadh 31,,2077 (July 75, 2020), and its financial performance and its cash flows for the year then ended in accordance with Nepal Accounting Standard [NAS], Mutual Fund Regulation, 2067 & Mutual Fund Guidelines,2069.

Basis for Opinion We conducted our audit in accordance with Nepal Standards on Auditing [NSA]' Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Nepal, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in

Audit Matters Auditor's Response Fund Management Fee, Depository Fee We have verified the procedure and Fund Supervisor Fee determination: followed by the fund for the calculation Mutual Fund Regulation 2067 has of the fees payable on the periodic basis. prescribed the limit for the Also, we have checked the applicability determination of the fees payable by the of limit prescribed by the Mutual Fund fund. Further, the limit imposed on the regulation 2067 wlth respect to the fees. fees payable by the fund have been Furthermore, the determination of the changed through third amendment in the fees have been checked after the Mutual Fund Regulation dated changes in the limit of the fees payable 207 6 /17/01. So, we have considered it as for the post amended period. kev audit matters. Investment valuation, identification, Iimit Our audit approach regarding and impairment: Investment of the fund is based on the Investment of the fund comprises of Valuation policy, Mutual Fund investment in Fixed Deposits, Corporate Regulation, NAS issued bY the Debentures and investment in quoted Accounting Standard Board of Nepal. securities. The valuation of the aforesaid We have checked the limit of the securities has been done in accordance investment made by the fund in various with the valuation policy formed by the category to ascertain whether the fund in accordance with Mutual Fund investment has been made within the Reeulation 2067. The investment made

Narayanchaur, Sama Marga, Naxal, Kathmandu, Nepal, t: +977-7- 4475682,4415823, e: [email protected], w: www.gpr.com.np by the fund has a significant impact on limit prescribed by the Mutual Fund overall performance of the fund and Regulation. hence been considered as Kev Audit For the quoted investment, we have Matters in our audit. verified the same from the closing price as on 1,5.07.2020. Fixed Deposits, Corporate Debentures have been valued at Cost per the valuation policy. Further, the income and bonus have been verified from Demat statement, bank receipt and declaration made by the entiW wherever applicable.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with NAS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of Financial Statements Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement whether caused due to fraud or error, and to issue auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with NSAs will always detect a material misstatement when it exists. As part of an audit in accordance with NSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. . Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. . Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Report on Other Legal and Regulatory Requirements

We have determined to communicate following matters in accordance with the requirements of Securities Act 2063, Mutual Fund Regulation26T, Mutual Fund Guidelines 2069 and other regulatory requirements: -

o We have obtained all the information and the explanations, which, to the best of our knowledge and beliel were necessary for the purpose of our audit.

. Based on our audit, proper books ofaccounts as required by law have been kept by the Fund.

. The Balance Sheet, the Income Statement, the Cash Flow Statement, and the Statement of Changes in Equity dealt with by th,is-rep:ort are in agreement with the books of In our opinion and to the best of ourinformation and according to the explanations and from our examination of the books of accounts of the Fund, we have not come across any case where the Fund Manager or any office bearer ofthe Fund have acted contrary to the provisions of law, or committed any misappropriation or caused any loss ordamage to the Fund and violated provision of Mutual Fund Regulations or acted in a manner, ds would jeopardize the interest and security of the Fund and its unit holders. o The business of the Fund has been conducted satisfactorily and operated within its jurisdiction and has been functioning as per Mutual Fund Regulation.

CA. Ashesh Partner G. P. Raibahak & Co. Chartered Accountants

U D I N : 201014CAO027 BLDSkZ Place: Kathmandu Date: October L4,2020 I

,) SANIMA CAPITAL LIMITED SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & Managed by Sanima Capital Ltd.)

Balance Sheet As on Ashadh 3L,2077 (fuly 15,2020) Amt. in NPR Particulars Annexure Current Year Previous Year Caoital and Liabilities Unit Capital 1 1,300,000,000 1,300,000,000 Reserves and Surplus 180,384,193 t33,820,485 Current Liabilities and Provisions 6 23.092.zrt 20.326,34s Total r.503.476.405 1.4s4.746.831

Assets lnvestment in Securities L L,r74,690,24t 881,366,908 Fixed Deposits 3 130,000,000 130,000,000 Bank Balances 4 225,843,rt3 440,737,938 0ther Current Assets 32,943,051 2,047.985 Total 1.so3.476.405 1.454.146.431

SignificantAccounting Policies & Notes to Accounfs 8 The Schedules referred to above form an integral port of this Bolonce Sheet

on even date,

Ralbahak Partner G.P. Rajbahak & Co. r ^lJ Chartered Accountants

{ Krishna Ral Shrestha P Accounts

Date: October 4,2020 Place: Kathmandu SANIMA CAPITAL LIMITED SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd' & Managed by Sanima Capital Ltd.)

Income Statement For the period from Shrawan L,2076 to Ashadh 3L,2077 (fuly 17, 2019 to luly 15,2020) Amt. in NPR Particulars Annexure Current Year Previous Year ncome & Gains Dividend Income 20,553,077 t1,937,537 lnterest Income 37,777,847 80,077,L90 Profit on Sale/Re of 36.+6t.1AA 37,A3a,968 Total Income [A 94.732.712 129.853.695

ExDenses and Losses Registration / Processing/ Allotment Expenses 150,000 150,000 Advertisement and Publication Expenses (incl. Design CostJ L57,O\4 149,183 Audit Fees 113,000 113,000 Depositary Fee 5,002,690 6,A75,679 Fund Management Fee 22,274,763 24,064,875 Fund Suoervisor Fee 2,030,1.59 2,062,704 Loss on Sale/Redemption of InvestmenLs 7,434,236 35r,070 NEPSE Annual Renewal Charge 50,000 50,000 469 Other Exoenses 22.335 7\ Total Expenses [B] 31.L74.t97 33,841,980

Gain/ Loss for the period prior to change in value of FVTPL Financial Instruments 63,557,915 96,Ott,7LS Aooreciation/ fDimunitionl in value of FVTPL Financial Instruments 7 113,005.793 18,093,943 Net Profit/ flossl for the period 176.563.704 114.105.658 Accumulated Pront/ (Loss) 133,820,485 L9.774.827 Dividend Paid 130.000.000 Profit/ flossl t/f to B/S 18O.384.193 133.820.48s SigniJicant Accounting Policies & Notes to Accounts The Schedules referred to obove form an integral part of this Income Statement

G.P. Raibahak & Co.

lJ-r' P-..- \l Pawan Kumar Acharya Director

Dr. Gopal Prasd Bhatta

Date: October 4, 2020 Place: Kathmandu SANIMA CAPITAL LIMITED SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & Managed by Sanima Capital Ltd.)

Statement of Cash Flows

For the period from Shrawan 1, 2076 to Ashadh 31, 2O77 (luly 17,2019 to f uly 15, 2020)

Amt. in NPR Particulars Current Year Previous Year A Cash Flow from Operating Activities Net Profit/ (Loss) for the period t76,563,704 114,105,658 Adjustment for [AppreciationJ/ Dimunition in value ofFVTPL Financia] Instruments (113,005,793J (18,0e3,943) (lncreaseJ/ Decrease in Current Assets (1s1,218,606J (s7L,8s7,O42) Increase/ (DecreaseJ in Current Liabiliti es ? 76\R66 (?o 976 497.\ Net Cosh Flow from Operotion (84.894.825 ft46.777.820

B. Cash Flow frorn Financing Activities Issue of Unit Capital Redemption of Unit Capital Premium on Issue/ (Redempfion) ofUnits Dividend Paid 1130 000 000' Net Cosh Flow from Financing Activities t730.000.000, c. Cash Flow frorn Investment Activities Investment in Fixed Deposits Redemption of Fixed Deposits 130,000,000 lnterest Income from FD Investment Net Cash Flow from InvestmentActivities 130.000.000

Net Change in position of Cash & Cash Equivalents during the Year (274,894,825 (316,77t,820) Add : Ooenins Cash & Cash Eouivalents 440.737,938 7 57.509,757 Closino Cosh & Cosh Eouivolents 225.843.773 440,737,938

even date,

Partner G.P. Rajbahak & Co. Chartered Accountants

Kr Pawan Kumar Acharya

Dr. Professional lr

Profesional I ndependent Director

Date: October 4,2020 Place: Katlmandu

j ' : j', i' Sanima[aPital SANIMA CAPITAL I,IMITED SANIMA EQUITY FUND

(A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & Managed by Sanima Capital Ltd.)

Statement of Changes in Equity For the period from Shrawan1-,2O76 to Ashadh 31,2077 (f uly 17, 2O19 toluly 15,2O2O) AML iN NPR Particulars Unit CaDital Realized Profit Unrealized Profit Total Opening Balance 1,300,000,000 135,836,060 (2,01s,s7s) r,+33,820,485 Issue of Unit Capital Redemption of Unit Capital Premium on lssue/ (Redemptionl ofUnits Net Profit/ (Lossl for the period 63,557,9t5 113,005,793 176,563,708 Dividend Paid 1130.000.000] r130.000,0001 Total 1.300.000.000 69.393.975 110.990.218 L4AO3a4,l93

Qt-t- Krishna Ral Shrestha Pawan Kumar Acharya Accounts Director

Dr. Gopal Prasad Bhatta

Date: October 4, 2020 Place: Kathmandu

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odd o tqq = = nc! z ta N SANIMA CAPITAL LIMITED SANIMA EQUITY FUND (A Mutual Fund scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & l\4anaged by Sanima Capital Ltd.)

lnvestment in Securities Annexure - 2 on Ashadh 15. Current Year SNo Particulars UN valua00n Amount W 1 qDBL' Lisred ordinary 4r,997 345 16,168,845 75,205,q9 26,115 409 10,926,435 9,581,580 2 {lOD-Ordinary- IPO 13,636 92 r,254,512 7,363,600 3 qMFI-Ordinary-IPO 643 222 742.624 64,300 643 222 142,624 64,300 BOKL- Listed Ordrnary 33.157 219 7,261343 8,890,087 28,899 255 7,369,245 4,269,460 5 RPCL - LisEd Ordinary 23,381 359 4393,779 10,687,544 21,255 409 4,693,295 10,64754 6 :BBL'Lisbd Ordinary t9,709 1,090 2r,4e2,8rO t7,244,469 t?,7 ts 950 16,429,250 16.742,424 7 :81- LisEd Ordinery 57,r85 139 7,98,7 tS 8,474,993 53,192 r58 8,404,336 a,478,993 a :HCL- Lisbd Ordinary 4,332 398 1,724,136 3,611 521 1,881,331 2,573,937 9 :lT- Liskd Ordinery 11,183 2,424 27,152,324 2r,882,0r8 4,7 t3 2 429 27,763,477 1A342,774 10 :zBlL- Lisred ordinary 72,646 188 73,657,48 t6,172,107 70,16r 224 75,116,064 r6,089,188 11 FI4DBL'Lisbd ordinrry 4522,025 5,834705 13,124 375 4,927,500 5,834,705 t2 FOWAD - Listed Ordinary 4,967 r,599 74334,233 76,046,425 4,967 | 324 r\,904.176 16,o46,425 IBIME - Liskd Ordinary 119,549 239 24,572,211 27,55437 | 52,446 295 r5,589,570 14,546,757 t4 :lMES1 - Listed Units 10,000 9 85,800 8r,690 :-^ HBL- Llsbd Ordinrry 21,855 540 11,801,700 12,462,454 35,675 19,692,600 20,255,803 BNL'Listed Ordinary 6r,054 214 r3,065,556 77,361,201 t7 SLBE- Lisbd Ordihary r45 7,670 242,150 796,379 66 6t,7 to L49,779 la KBL- Lisred ordinary 83,583 186 r5,565,038 16,285,389 2?,AAO 220 6,133,600 6.769,523 t9 KMCDB - Lisled Ordih.ry 1,306 425 1,077,4SO 130,600 20 Ks88L- Lisred ordinary 3,200 145 464,000 s42,345 2l LBL- ListedOrdinary 21,724 209 4,54r,152 4,934,640 19,754 226 4,464,404 4,934,640 22 .BBL- Lbtcd 0rdinan 13,739 181 2,86,759 2,684,979 23 LICN - Lisbd Ordinary t7,134 1,330 22,744,220 21,606,085 12,7 43 t 500 20,388,800 2r,606,085 24 MBL- Lisredordinary 75349 220 16,585,580 r6,683,150 27,642 264 7.297,444 5,906,964 25 MLBL - Listed ordinary t7,540 183 3,209,420 3,570,666 z6 NBL- Lisred ordinary r33,294 249 33,r90,206 36,299,M7 92,334 336 3r.024,224 24,997 843 27 Nl8 - Lisbd Ordinary 9,464 431 4,078,984 4,593,900 75,259 519 7,9t9,421 8,185,328 2A NIBPO - Listed Promobr ttt,247 363 40342,667 49,683,192 to7,707 48 50,406,476 53,264,O90 29 NlcA ' Lisred ordinary 96,15O 553 53,170,950 6,366,451 55,666 4A 24,934368 24,99A,5A1 30 NICBF - Mulual Fund 100,000 l0 1,038,000 r,000,000 31 NICLBSL-Ordinary-IPO 21,619 s32 11,50r308 z,16t9OO 32 NIL- Listed Ordinary 500 607 303,500 304,234 33 NLBBL - Lisred ordinary s62 16r 427,642 347,210 562 470 264,740 347,2t0 34 NLG - Lisbd ordinary 13,016 657 a59O,932 13.479,433 15,076 762 77,447,972 14,865,468 35 NLlc - Lisred ord'nary 8,943 r,260 11,268,180 9,521,984 4,234 901 7,418,834 10,959,385 36 NLICL - Listed ordinary 33,4r2 662 22,1t8,14 29,709,445 32,597 585 79,069,245 29,?09,AAS 37 NTC - Lrsted ordinary 37,7 rr 655 24,700,705 27,46r,695 34,570 693 23,957,O10 25,357,lA3 38 PCBL'Lrsted Ordinary 794,089 255 49,492,695 47,201,91O 95,105 214 26,439,r90 32,O04,643 39 mDHl-Lisbd ordinary 578 119 103,462 74,747 r49 81,950 74,747 40 RMDc ' Listed ordinary 33,149 701 23,654.049 19,065,015 24,165 657 r5,973,065 14,573,294 41 SADBL-Auction ordinary 1,300 141 183,300 777,134 1,300 r59 206,100 177,r34 42 sBL- Listed ordjnary 107,090 296 31,694,640 37,644,464 81,313 3r8 25,457,534 25,506,081 43 SIC - Listed Ordinary 5,412 700 4,068,400 4,749,249 605 r,a90,62s 4,n9,249 4 slL - Lisred ordinary 9,223 580 5,349,340 6,343,224 7,981 455 3,634,085 6,343,224 45 SKBBL- Listed ordin.ry 30,005 1 301 39,036,505 32,575,774 22,641 9€ 21,501,588 2r,135,938 +6 SRBL- ListedOrdlnery 7 4854 234 17,s76,172 rc,744,959 61,800 28 75,326,400 15,20a,354 sWBBL- Listedordinary a,lal 1233 10,087,173 9,829,63! 6,536 875 5,7r9,000 6,833,7 52 48 UMB - Listed Ordinary 540 714,155 71,469 538 800 430,400 7 7,469 ccBL- Lisred ordinary 762,034 26,735,610 26,666.A7 4 1S,355 t77 26,258,835 24,593,545 50 CHLBS-Ordinary-IPO 774 277 150,461 11,400 714 271 150,461 7 1,400 cMFl - Mutual Fund 50,000 10 503,000 500,000 50,000 10 509,000 500,000 DDBL- Listed Ordinary r,796 866 r,397,853 5,493 722 3.965.946 3,27 6,419 53 EBL- Listed ordinary Share 54,423 36,735,525 3r,305,0r0 4A,479 666 32,553,4t4 29,288,881 54 EDBL ' Lisred ordinary 25,145 298 7,493,270 7,036,7 49 20,260 2a3 5,733,580 5,416,324 55 CBBL - Liskd Ord'nary 43,162 223 14,545.726 t5,67 6,37 4 56,067 224 12,559,008 10,963,007 56 CDBL- LisFd Ordinary 79.694 188 15,0r3,553 15,S5,704 60,694 216 13,109,904 77,4\0,744 51 CLBSL - Ordinary' lrc 460 400 184,000 46,000 58 HDL - Ljsted Ordinary 6,400 I 599 to,233,500 7,200,994 5,000 670 8,350,000 a,4ta,992 59 ILBS-Ordinery-lPO 754 423 620,542 68,545 2,031 400 814,800 203,700 60 losHl - Lisred ordinary r5,000 50 750,000 1,500,000 15,000 77 1,155,000 1,500,000 KBBL- Listedordinary s2,oa2 234 12,395,516 1r,835,r41 MDB - Lisred ordinary 5,3r1 307 t,630,477 \,r22,24r 3,830 234 496,220 1,122,247 63 MEGA - Listed Ordinary 5 1,3 14 204 ro,613,312 r0,593,64 20,ss4 273 437A,002 4,r9\946 64 MNBBL- Listed Ordinary 44,472 372 26,355,264 23342,00r 44,A5A 370 76,59?,460 16,734,646 65 NABIL ' Lisred ordinary 115,590 765 44,426,350 72,726522 106,€4 800 85,187,200 74,759,439 66 NADEP-Ordinary-lPo 1,752 646 1,207,a72 15234 2,800 4r2 1,153,500 280,000 NACRO - Ordinary' IPO 168 r9306 10,000 809 €6 393,r7 4 80,900 6A NBB - Lisred ordinary 42,O60 209 8,790,540 9,353,675 20,830 222 4,624,260 4,610,086 69 NMB - Lisred ordinrry 65,262 391 25909,O74 15,605,014 79,920 2t3 r7,006,177 2r.4o2,739 70 NMBSFl - Mutual Fund u0,000 1,839,400 1,7A9,755 71 NMB 50- Mutual Fund 250,000 l0 2,500,000 2,500,000 72 NRICL- ordinary lPo 59,650 504 30,053,500 ?,247 345 73 PIC'Lisbd Ordinary 5,285 616 3,256,t76 3,53A,7 69 2,813 490 7,407,770 3,534,7 69 74 PRVU - Listed Ordinary r35,940 230 37,266,200 30,754,977 91,550 24,352,300 23,599,67 | RHPL - Ordinary IPO 60,316 1S0 9,047,400 7,170,712 76 SABSL-Ordin?ry- IPO r,666 432 L3A6,t12 r41,458 77 SEoS - Milturl Fund 2,934,479 11 31,794,343 30,943,071 7A sHINE- Lisred ordinary 41,262 222 9,160,164 r0,5s2,616 35,C1 252 8,99r,612 9,250,155 79 SHIVM-Ordinary-lPO 2,o50 608 1,245,400 615,000 80 SLB-Ordinary-lPO 3,277 too 327,700 321,?OO 81 sLBSL - ordlnary' lPo 75 532 39,900 7,500 E2 SMFBS'Ordianry - IPO r93 980 149.140 34,7 67 993 471 467,703 99,300 llPCl - Ordin2ru IPO 14474 89 7 323 1a6 sub - To@t lAl 997,720,827 ao7 635 799 EZ4 750 443 B. 1 ADBL- 1035Y0 Debenture s 229 1,000 5,229,000 s,229,000 2 AKLBSL- Ordinery - IPO , ooo 88 17s,40 200,000 3 AMFI - UnlisEd Bonus fordinary Sharel 47 222 ro,425 4 CBBL - UnlisEd Bonus [Ordinary Sh?rel 5 941 1,090 6,475,690 3 590 950 3,505,500 5 CBL' Unlisred Bonus [Ordin?ry Share) 3 993 158 630,894 6 CCBL - UnlisEd Eonus (Ordinary Sharel 3 275 177 569,055 7 cHLBS - Unliskd Bonus (Ordinary Sharel 2t1 r0,537 8 clT - Unlisted sonus (ordinary share) 2,428 5,745,924 9 DDBL - Unlisbd Bonus [Odinrry Share) 466 1,082,500 l0 EBL - Unl'sted Bonus (Ordinary Share) 675 675 ll EDBL - Unlisted Eonus (Ordinary Share) 294 1,305,836 t2 FOWAD' Unliskd Bohus [Ordinary Share] 1,599 4,659,46 CBIME - Debentures 1,000 50,000,000 50,000,000 50,000 r,000 50,000,000 50,000,000 14 CCLBSL-Ordinary- IPO 663 a2 54,611 65,300 HBL- Unlisbd Eonus [Ordianry Sharel 540 1,931,040 IsLBB - Unallored/Unlisred Rishr 66 400 52,800 77 ISLBB - Unlisted Bonus (ordinary Share) ,.iro 60,120 13 935 72,755 18 ISLBSL-Ordinary-IPO 2,316 100 231,600 231,600 19 KBL - Unlisted Bonus (Ordinary Slare) 4,462 220 1,069,640 20 K8L - 10 25% Debenlure 1 000 r0,000,000 10,000,000 2l MDB - UnlisFd Bonus (ordinary Sharel 651 234 ,zrta 22 Nabil - 10% Debenture 2082 I 000 10,000,000 10000000 23 NADEP - Unlisted Bonus (Ordinary Share) 420 it -- 173,040 24 NBB - Unlisted Bonus (ordinery Share) 209 439,527 25 NL88L - Unlisted Bonus [Ordinary Share) 761 63,924 26 NLC. Unallot€d/Unlisted Risht 279 4,277,742 )" 27 NLIC - UhlisEd Bonus [Ordinary Share] 2,058 tot 1,854,258 2A PCBL- Unlis@d 8o 73,117 278 3,646,526 4 D5 ?' ry ,4 +N, rital -"/ & 2I 29 lPlC- UnlisEd Bonus (OrdlneryShare) 2,413 490 - 2A r49 4,172 30 IMDHI Unlis@d Bonus tordinaryshare) | 31 lRcHcL-ordinarylPo 51,316 97 4992,534 | s.131,600 32 ISABAIKO-Ordlnary-lPO 2,650 100 265,000 | 26S,OCO 33 ISHINE - Unllsed Bonus (Ordlnary Share'l 1,373,958 34 lslc- UnlisEd Bonus (OrdlnaryShare) - | 2,84 o5 r,626,240 35 lSlL- Unllsed BonustordlDarysharel - | 1236 455 562 380 29375 134 4003250 3,307,737 | 27,375 96 2,536,760 | 2,737 ,sOO 37 ISKBBL- UnllsEd Bonus fordineryShare) 6181 1,301 a,o4l,8l 38 ISMFBS- UnllsEd Bonus(OrdinaryShere) 234 980 233240 39 lSWBBI,- Unllsbd Bonus(ordinaryshare) 1,663 2,O5O,479 540 SANIMA O{PITAL LIMITf,D SANIMA EQUITY FUND (A Mutual Fund Scheme underSanlma Mutual Fund, Sponsored by Sanima Bank Ltd.&managed by Santm Caplbl Ltd.)

Flxed DeposiB

Benk Balan@ 2077 F M3,212 Clobel IME Bank Ltd. s,000 5,000 3 lyod Blkas Bank L!d. 24,305 6537O,9O3 4 Kumerl Benk Ld. 346,657 s,697,464 5 Prlm€ Commerclel Bank Ltd. 66r$B3s 44,766,137 Ma.hhapuchchhre Bank Ltd 51,r58 49,685 7 Muktlnelh Blk s Bank Ltd, 47,991,75A a7,662,74L I llepal Bantlad€sh Bank Ltd. 637 299 15,002,538 9 N€pal lnveshent Bank Lrd. 20,000 20,000 10 NMB Bahk Ltd. 2,467 60,365,967 l1 Sanlha Bahk Lrd, 75,779,859 31,380,7r6 t2 Slddhertha Bank Lld. 2r,365 1,951,144 Xaman, Sewa Blkash Bank Ltd, r,801,84 l4 Mahalexml Bibsh Bank L!d. 30873,7 44 Garima Bikes Benk Lld. 41na1a saa

Other CurrehlAsseb Ahherure - S

Currcnt Llabilllies & Provlsions AmL In NPN ail cu a6 trtenl y€ar I 2 Broker Payables 9,279,476 3,154543 3 tuposlbry Fee Payables 1,711,435 3,018,7 41 4 kpenses Payable t2,o4l 11,439 Fund Managemen!Fee Payable 1O,624,781 10.565,594 SchemeAudlt Fee Payable 2Z3,OOO 111,500 7 Superuisor Fee Payables 893,011 905,622 tobl 23 09ZZ1l 'c-9-

frp SANIMA CAPITAL LIMITED SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & Managed by Sanima Capital Ltd.)

Appreciation/ (Dimunition) in Value of Securities Holding As on Ashadh 31,2077 (fuly 15, 2020)

A. qq1 1 DBL - Listed Ordinary L1 385 16,168,845 1-5,205,409 963,436 2 J0D - Ordinary- lP0 13,636 92 7,254,572 1,363,600 (109,088J MFI-Ordinary-lPO 643 222 742,624 64,300 74324 L - Listed Ordinary 2t9 7,267,383 8,890,087 (7,628,704) PCL - Listed Ordinary 23,38L 359 R ?q? 77q 70,687,544 (2,2e3,76s) 6 BL- Listed Ordinary 79,709 1,090 27,482,8r0 17,288,469 4,794,347 7 L- Listed Ordinary 57,r85 139 7,94A,7t5 8,878,993 (93O,278) 8 L ??7 398 7,724,136 (849,801) 9 1 1,183 2,428 27,752,324 2r,882,078 5,270,306 10 72,646 188 73,657,444 1,6,172,707 (2,575,2s9) 11 Listed 0rdinary 555 8,522,025 5,834,705 2,687,320 12 OWAD - Listed Ordinary 8,967 1

q DBL - 10.35% Debenture 2)o 1,000 5,2?,9,O00 5,229,000 70,425 Fl - Unlisted Bonus (Ordinary Share) 47 222 70,425 6,475,690 BBL - Unlisted Bonus (Ordinary Share) < oal 1,090 6,475,690 10,537 - Unlisted Bonus (0rdinary Share) 50 2tl 10,537 5,7A5,924 CIT - Unlisted Bonus (Ordinary Share) 2343 2,424 5,785,924 1,082,500 DDBL - Unlisted Bonus (odinary Share) 7,250 866 1.,082,500 EBL - Unlisted Bonus (Ordinary Share) I 1,305,836 EDBL - Unlisted Bonus (ordinary Share) 4342 298 1,305,836 4,659,486 FOWAD - Unlisted Bonus (Ordinary Share) 2,91-4 1,599 4,659,446 GBIME - Debentures 50,000 1,000 50,000,000 50,000,000 7,937,040 HBL - Unlisted Bonus (Ordianry Share) 3,576 540 1,931,040 60,120 ISLBB - Unlisted Bonus fordinary Share) 36 1,670 60,720 KBL - 10.?5o/o Deben tu re 10,000 1,000 10,000,000 10,000,000 :il - 1070 Debenrure 2082 10,000 1,000 10,000,000 10,000,000 439,527 B - Unlisted Bonus (Ordinary Share) 2,1-03 209 439,527 63,924 BL - Unlisted Bonus (Ordinary Share) 84 63,924 4,277,782 NLG - Unalloted/Unlisted Right 15,076 279 4,2L7,7A2 - Unlisted Bonus (Ordinary Share) 6,189 222 r,373,958 7,373,954 29,A75 734 +,oo3,250 3,307,737 695,513 - Unlisted Bonus (0rdinary Share) 6,181 1,301 8,047,487 a,o47,48\ 233,240 SMFBS - Unlisted Bonus (Ordinary Share) 238 980 233,240 1 2?? 2,050,479 SWBBL - Unlisted Bonus (Ordinary Share) 7,663 2,050,479 540 540

72+ trg k SanimaCaPital SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

Schedule B - Significant Accounting Policies & Notes to Accounts Significant Accounting Policies

L. Basis of Preparation The financial statements are presented in nearest Nepalese rupees. They are prepared under the historical cost convention and on the accrual basis.

2. Statement of compliance The financial statements have been prepared in compliance with securities act, 2063 & mutual fund regulations, 2067; mutual fund guidelines, 2069 in accordance with Nepal Accounting Standards [NAS). The principal accounting policies are adopted in preparation of financial statements, which have been consistently applied unless otherwise stated.

3. Revenue Recognition

deposits, call deposits and bonds and debentures is recognized on accrual basis.

the right to receive/ entitlement to receive dividend is established.

IFVTPL). However, the gain/ Qoss) on sale of securities are computed on basis of average cost of securities investment.

realized.

4. Expenses, Service Fees & Charges All expenses are recorded in books based on accrual concept, i.e. onlywhen they are incurred.

5. Securities Transacti on Trade date accounting has been adopted for recording securities transactions. The scheme uses the weighted average cost method for determining the gain or loss on sale of investments. The cost of investment includes regulatory charges like brokerage, SEBON commission, CDS charge, etc. incidental to purchase. Similarly, net proceed from sales of investment is computed, deducting all regulatory charges incidental to sale of investment.

.:) \ SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

6. Taxation Income Tax Act, 2058 has envisaged income tax liability on person only, either natural or artificial. Mutual Fund Scheme is a mere product only, not a person. Further, the act has specifically provided for non-applicability of tax withholding provisions in respect of interest, dividend capital gains income of mutual fund scheme/s. Accordingly, Mutual Fund Scheme is not considered as tax entity, income tax liability is not considered.

7. Valuation Policy 7.1 Equity/ Equity Related Securities

7.I.L Securities Listed with Stock Exchange:

Traded Securities: The securities shall be valued at the last quoted closing price on the stock exchange. Ifthe securities are not traded on stock exchange on a particular valuation date, the closing price at which it was last traded prior valuation date shall be used for valuation provided such date is not more than thirty days prior to the date of valuation.

N on-traded Securities: Force Majeure: In case of non-operation of the secondary market due to uncontrollable reasons like: 'Act of God', System Failure, Strike etc., the last closing market price of the securities on its trading date shall be considered for valuation despite the scripts not traded for more than 30 davs.

If the securities are not traded on stock exchange for a period of thirty days prior to the valuation date due to the reasons other than covered by Force Majeure, the scripts are treated as'non-traded' securities.

Non- traded securities shall be valued in good faith by the Fund Manager appointed by Sanima Mutual Fund as per the following principles of valuation: Based on the latest available Balance Sheet fAudited) or Management certified Financial Statement, Net Worth per share shall be calculated as follows:

Net-worth per Share = [Share Capital + Free Reserves (excluding Revaluation Reserves) - Deferred Expenditure, debit balance in P & L A/c, intangible assets and accumulated losses] divided by the No. of Paid up Shares.

Average capitalization rate [based on P/E ratio) for the sector as defined by stock exchange (should be followed consistently and changes , if any, noted with proper justification thereof) shall be taken and discounted by 75o/o i.e. only 75o/o of the sector specific P/E ratio shall be taken for computing the capitalization rate. Earnings per Share as per the latest audited z'rQannual report or Management certified Financial Statement shall be considered. SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

If the EPS is negative in any year, the EPS value for that year shall be taken as zero for the purpose of deriving capitalized earnings.

If the net worth of the Company is negative, the share will be valued as per the derived net worth.

The value as per the net worth per share and earnings capitalization method as computed above shall be averaged to derive a fair value per share.

7.t.2 Publicly issued Securities and Securities Registered with SEBON: Publicly issued securities and securities registered with SEBON [unlisted securities) shall be valued at a price derived by above methodology stipulated for non-traded securities.

7.2 Right Shares

[a) The value of the right shares from the book closure till one day prior to the allotment date shall be as under:

Vr=n/mx(Pex-Pof)

Where Vr = Value of rights n = No. of right shares offered m = No. of original shares held Pex = Ex-rights price Pof = Rights Offer Price

(b) From the date of allotment till one day prior to the date of transaction at stock exchange post listing, the right shares shall be valued at the last quoted closing price on stock exchange post book closure discounted by 75o/o for illiquidity.

If it is decided not to subscribe for the rights but to renounce them, the rights can be valued at the renunciation value.

The securities when traded shall be valued at the last quoted closing price on the stock exchange.

7.3 Bonus Shares

From the date of allotment of bonus shares, the securities shall be valued at the last quoted closing priceq on the stock exchange. SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

Ifthe securities are not traded on stock exchange on a particular valuation date, the closing price at which it was last traded prior valuation date shall be used for valuation provided such date is not more than thirty days prior to the date of valuation.

If the securities are not traded on stock exchange for a period of thirty days prior to the valuation date, the basis of valuation stipulated above for non-traded securities shall be made applicable.

B. Net Asset Value (NAV) per Unit NAV per unit of the scheme is calculated by deducting the schemes' liabilities over market value of the total investment plus value of other assets, and divided by number of units outstanding on a weekly basis & monthly basis. The NAV so calculated is uploaded in Sanima Capital's website \4ryuls_amn0a.eap*al; Further NAV calculated on monthly basis is published in national daily economic newspaper by 1Sth of succeeding month.

9. Reporting The Fund Manager has been reporting its activities in relation to scheme (Sanima Equity Fund) and periodic reports to the Fund Supervisors on regular basis while the statutory reports are also forwarded in line with the prevailing regulations/guidelines on mutual funds. SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

Notes to Accounts

* Unit Capital The Capital of the scheme [hereinafter referred as'SAEF') comprises of the following:

s. 7o of Unit F.V. per Particulars No. of Units Amount No. Holdine Unit L Seed Capital 20,292,680 75.610/o 10 202,926,800 Unit Capital 2 - 109,707,320 84.39o/o 10 r,097,073,200 Public Total 130,000,000 100.00% 1,300,000,000

10. Reserves & Surplus Reserves & Surplus of NPR 180,384,193 has been arrived after addition of NPR 11-3,005,793 against appreciation in value of securities holding as of Ashadh 31,, 2077 .

11. Investment Threshold The fund manager has been in align with the requirements of Section 36 of Mutual Fund Regulations, 2067 [Third Amendment dated 2076/77/01) while investing in securities in name of SAEF all of the investment has been made within the limit specified in the prospectus filed with SEBON wherein SEBON has accorded its approval.

12. Fund Management, Depositary & Fund Supervisor Fees As per Mutual Fund Regulation, 2067 [Second Amendment 2071./12/1,1), the management participation fess of the fund are as follows:

. Fund management fees: 2% of Net Assets Value [NAV) o Depository fees: 0.50o/o of Net Assets Value (NAV) o Fund Supervisor Fees: 0.50%o of Net Assets Value [NAV)

NAV for this purpose is computed on the basis of half yearly average of weekly NAV.

Subsequently, as per Mutual Fund Regulation, 2067 (Third Amendment 2076/11/01), the management participation fees of the fund are as follows:

o Fund management fees: 7.50o/o of Net Assets Value (NAV) o Depository fees: 0.20o/o of Net Assets Value [NAV) o Fund Supervisor Fees: 0.20% of Net Assets Value (NAVI

NAV for this purpose is computed on the basis of quarterly average of weekly NAV.

Fund Management, Depositary & Fund Supervisor fees for the first half year of FY 76-77 is calculated in compliance to Mutual Fund Regulation, 2057 (second amendment). Subsequently, fee calculation SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

for second half year of FY 7 6-77 has been segregated in two parts. The fee calculation of first month of second half year is in accordance with Mutual Fund Regulation,2067 [Second amendment) and the fees for the remaining 5 months has been computed in accordance with Mutual Fund Regulation, 2067 [Third Amendment).

Total of such fees is as mentioned below:

Period Fund Manaser Depository Fund Supervisors Shrawan 2076to Poush 2076 tl,428,r76.71 3,265,L93.33 979.558.02 Maeh2076 r,964,061,.93 561,160.55 1,68.348.77 Falsun 207 6 to Asadh 207 7 8,822,523.84 1,776,336.57 882,252.38 Total 22,2L4,762.48 5.002.690.39 2,O30,158.57

13. Related Party Disclosure L3.L Fund Sponsor - Sanima Bank Ltd. 1-3.2 Fund Manager& Depositary - Sanima Capital Ltd., (A wholly owned subsidiary of fund sponsor)

Ai ? fr i:

// SANIMA EQUITY FUND (A Mutual Fund Scheme under Sanima Mutual Fund, Sponsored by Sanima Bank Ltd. & managed by Sanima Capital Ltd.)

14. Sector-wise Investment Summary of concentration of Sector-wise Investment based on the value of securities investment as per valuation policy of the scheme is given below:

Sector Exposure Sector Exposure Sector ValuationAmount (%) (%) CurcentYear Prev, Year Commercial Banks 657,769,773 59.01 6t.360/o Development Banks 87,227,467 7.82 8.02o/o Hydro Power 25,063,207 2.25 2.360/o Life Insurance 56,175,144 5.04 5.53o/o Micro finance 159,353,055 L4.30 10.78o/o Mutual Fund 4,126,800 0.37 3.87o/o Non-Life Insurance 27,034,642 2.43 2.47o/o Others 87,702,553 7.87 6.21o/o Manufacturine & Processin g 10,233,600 0.92 Total 7,774,690,240 700.00%o 700.00%

1Y/