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L Axmi B Ank L Imited L AXMI B ANK L IMITED L AXMI B ANK www.laxmibank.com L IMITED Annual Report 2003/2004 Annual Report 2003/2004 Mission Statement We are committed to excellence in delivery of the entire gamut of financial services in L AXMI B ANK order to achieve L IMITED Head Office Adarshanagar, P.O. Box. 61 Birgunj, Parsa sound business Tel. 051-526195, 530394 Fax. 051-530393 growth and maximize Banepa Branch 174, Arniko Highway West Banepa-5, Kavre Tel. 011-663425, 663426 stakeholder values by Fax. 011-663427 Pokhara Branch New Road, P.O. Box. 561 embracing team spirit, 188, B.P. Marga, Pokhara-9, Kaski Tel. 061-533580, 540153 Fax. 061-525514 progressive Kathmandu Office Hattisar, P.O. Box. 19593 Kathmandu Tel. 01-4444684, 4444685 technology and good Fax. 01-4444640 corporate governance. Designed and Processed by: WordScape, 4229825 Photograph by: Kishor Kayastha L AXMI B ANK L IMITED Annual Report 2003/2004 About Us p1 CEO’s Comments p17 Balance Sheet p24 Services and Activities p2 Risk Management p18 Profit and Loss Account p25 Chairman's Statement p11 Corporate Governance p21 Schedules p27 Director's Report p12 Auditor’s Report p23 Accounting Policies & Notes p47 frontmatter.pm6 1 1/9/05, 11:33 AM frontmatter.pm6 2 1/9/05, 11:33 AM frontmatter.pm6 3 1/9/05, 11:33 AM frontmatter.pm6 4 1/9/05, 11:33 AM BOARD OF DIRECTORS CHANDRA PRAKASH KHETAN MOHAN GOPAL KHETAN Director Chairman 4 Director, Khetan Group 4 Chairman, Khetan 4 Managing Director, Gorkha Group Brewery Pvt. Ltd. 4 Honorary Consul 4 Director, Himalayan Snax & General of Turkey Noodles Pvt. Ltd. 4 Advisor, Federation of 4 Hon. Secretary, Nepal India GOPI KRISHNA SIKARIA Nepalese Chamber of Chamber of Commerce & Industry Director Commerce and Industry 4 Executive Member, Nepal 4 Promoter, Mercantile 4 Advisor, Confederation Chamber of Commerce Finance Co Ltd. of Nepalese Industries 4 Advisor, Nepal Scandinavia 4 Director, Nepal 4 EC Member of SAARC Chamber of Commerce & Industry Petroleum P. Ltd. Chamber of Commerce 4 Member, Nepal Bhutan Joint 4 Director, Everest & Industry Economic Council Insurance Co. Ltd. MADHUSUDAN AGRAWAL Director 4 President, SR Drugs Laboratories P. Ltd. NARENDRA K. BASNYAT 4 Executive Director, Advisor to the Board of Directors Sunrise Group 4 Career bureaucrat - retired 4 Director, Everest at a senior level at Ministry Insurance Co. Ltd. of Finance. 4 Executive Member, RATAN LAL SHANGHAI 4 Past President of Nepal USA Nepal Chamber of Advisor to the Board of Directors Chamber of Commerce of Commerce 4 Vice Chairman, Everest Industry 4 Treasurer, Nepal China Insurance Co. Ltd. 4 Vice President, Chamber of 4 Engaged in garment, textile, Confederation of Nepalese Commerce & Industry plastic manufacturing Industries SUMAN JOSHI CEO NANDAN HARI SHARMA 4 Professional banker Observer since 1989 4 Executive Director, 4 Board Member, Asian Citizen Investment Trust Bankers Association frontmatter.pm6 5 1/9/05, 11:33 AM Management Committee MR. SUMAN JOSHI Chief Executive Officer MR. BHUWANESHWAR P. SHAH Corporate Affairs Director MR. BHUBAL RAI Head of Operations MR.AJAYA SHAH Manager Credit & Head of Consumer Bank MR. SANJEEV R. JOSHI Manager Branches MR. SUMED BHATTARAI Senior Relationship Manager MR. JIWAN P. LIMBU Head of Information Technology MR. SANTOSH NIRAULA Head of Internal Audit and Compliance MS. MONICA MATHEMA Head of HR & Organization Development MR. RAKSHENDRA M. PATRABANSH Manager - Special Projects MS. BRINDA SHRESTHA Treasury Dealer frontmatter.pm6 6 1/9/05, 11:33 AM ABOUT US In operation since April 2002, Laxmi Bank has grown rapidly with branches / offices in Birgunj, Banepa, Pokhara and Kathmandu. The bank merged with Hisef Finance Ltd., a decade old first generation finance company, to bring about business synergies and economies of scale, making it the first merger in Nepalese corporate history. Post merger, Hisef Finance's office in Hattisar has been converted to that of Laxmi Bank, transferring 40% of the ownership of the prime corporate building at Hattisar, Kathmandu to Laxmi Bank. After the issuance of the initial public offering in August 2003 and with the merger of Hisef Finance 1 Ltd., the bank's issued capital has online shopping capabilities, which is With a management team been raised to NPR 610 million, in a new phenomenon in Nepal. Similarly, comprising of young, enthusiastic, line with the authorized capital of through the bank's alliance with professional bankers with extensive NPR 1 billion. The shares of the Smart Choice Technologies (SCT), the experiences with leading banks, and bank are now actively traded in ATM/Debit cardholder of Laxmi Bank with a strong commitment to the Nepal Stock Exchange. The current has an access over a network of safety of the customers' deposits, approximate shareholding pattern ATMs, and Point of Sales (PoS) confidentiality, professionalism, of the bank constitutes of terminals located in all major urban transparency, good governance and promoters holding 55.42 percent, centers of the country. The bank also sound business growth and more, Citizen Investment Trust holding continues to strengthen its trade the bank strives to break free from 9.02 percent and the general finance activities through its traditional banking to give a whole public holding 35.56 percent. membership with the SWIFTNet new meaning to banking business. community, an advanced version of The bank believes in working closely With the bank's continued effort to the SWIFT technology, which is used with its customers, in order to provide safe, seamless, quick and for speedy and secure remittances improvise and provide customized advance banking services, the bank and trade finance services. In fact, banking solutions that suit the has been heavily investing in Laxmi Bank is the first bank in the financial needs of each customer. In contemporary banking SAARC region to implement the coming days, Laxmi Bank seeks technologies. With a banking SWIFTNet, the advanced and to gain prominence and place itself platform of Flexcube, which sophisticated version of the as a technology-driven, outward incidentally is one of the best and technology. looking bank with a focus primarily largely circulated banking system in on trade and retail business. In the the world, the bank has been able The bank also continues its days ahead, the bank seeks to move to provide its services through a Technical Service Agreement (TSA) ever forward with a vision of being host of delivery channels including with Hatton National Bank (HNB), a one of the top banks in Nepal, with cell phone, Internet, ATM, Point of prominent bank in Sri Lanka. The its passion for excellence. Sales (PoS) terminals, to name a few. TSA has been providing the bank with HNB's technical and managerial As a mark of its technological expertise, training to banks staff advancement, the bank has and allowing access to HNB's vast introduced its Internet banking network of over 450 banks in over facility with online payment and 80 countries. LAXMI BANK LIMITED ANNUAL REPORT 2004 report.PM6 1 1/9/05, 11:33 AM SERVICES AND ACTIVITIES Deposit Services To meet growing needs of the depositers and backed by a cutting edge technology and commited to superior customer service, Laxmi Bank has rolled out various forms of deposit products, to suit varied customer requirements. Specialized accounts for children, students, servicemen, corporate employees are in the offing with specific features, based on the unique needs of each segment. Consumer Financing Laxmi Bank has been providing a host of flexible consumer financing products, including auto loan, home loan and personal loan, at highly competitive interest rates. In modulation to the existing consumer financing products, customers can now plan their own repayment to best suit their future cash flow. 2 SME Focus The small and mid-sized enterprises (SMEs) in Nepal have been making a significant contribution to the country's economy. However, there is a big gap between the SMEs' need and their access to reasonably priced funds. In this backdrop, Laxmi Bank has taken an initiative to approach this segment in a structured manner. SMEs can now supplement entrepreneurs' investments to start a small business or to achieve growth in capacity by borrowing term and working capital funds from Laxmi Bank. The Bank has created a full-fledged SME cell to cater to the financing need of small and medium sized business enterprises. Treasury Services Financial institutions, particularly commercial banks, have hitherto been reluctant to lend money to this sector The bank provides full range of foreign exchange services applicable to the Nepalese owing to perceived high-risk nature of the exposure. Laxmi Bank's foray into this business therefore assumes market. The bank uses "Telerate" to access up- to-date knowledge on foreign exchange significance. The Bank believes that it has the markets, currency movements and commodity wherewithal to manage the risk of lending to SMEs. The decision to engage in this sector is in line with the Bank' prices in the world market. With this, Laxmi Bank has the capability to provide various philosophy to "grow with the customers" as SMEs essentially are emerging corporates. treasury related services, which include financial advisory services through informative newsletters and updates and through the incorporation of various hedging tools provided to the customers. LAXMI BANK LIMITED ANNUAL REPORT 2004 report.PM6 2 1/9/05, 11:33 AM 3 Payroll SMS Banking Management Laxmi Bank launched its mobile banking service - sms@laxmibank, which The bank enables the accountholders of Laxmi Bank perform a host of banking introduced its transactions through their mobile phone using the Short Messaging Service Payroll Management (SMS) facility. Mobile Banking comes as a part of the bank's initiative to offer services, which multiple delivery channels for the convenience of its customers.
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