Shankha Binayak Saving & Credit Cooperative Ltd

Micromax launches Canvas Nitro A310 in Nepal

2014-11-12T17:44:00.002-08:00

KATHMANDU: Micromax Informatics Ltd, the country’s leading handset player, has announced the launch of Canvas Nitro A310 in Nepal.

Delivering a combination of great aesthetics and superior features, the Canvas Nitro is power packed with a 1.7GHz Truocta-core processor promising seamless multi-tasking and an improved application performance.

Equipped with a five-inch HD IPS display, it offers a dynamic contrast and colour vibrancy with an immersive graphic quality.

Running on latest Android 4.4 KitKat, users get access to a number of features, including voice search, Google Drive, Hangouts for video calls, among others.

Available in Mystic Blue colour with a premium leather finish back, Canvas Nitro comes with innovative software features like QuickLook, Smart Alerts, all-in-one camera widget and customised gestures.

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Micromax launches X081‚ X082 models in Nepal

Public transport fare to increase by 5.63%

2014-10-26T20:49:00.000-07:00

KATHMANDU: The government is hiking up the public transport fare by 5.63 per cent from November 1, against the instruction of the Commission for the Investigation of Abuse of Authority (CIAA) to fix the rates based on practice in South Asian region.

The Department of Transport Management has decided to increase the fare despite recent reduction in oil prices citing that the decision to review the transport fees was taken before the fuel price was reviewed.

According to the department officials, the Ministry of Physical Infrastructure and Transport had given them a go-ahead to raise the transport fare two months ago and the department took a decision last Monday to finally implement the decision.

With the new rate, commuters will have to pay Rs 16, up from Rs 15, for a ride on short routes, while cab charge has been fixed at Rs 40 per kilometre. The department officials said that while the flag down rate in the taxis will remain constant at Rs 14, the cab fare has been increased by 6.58 per cent. Currently, the cab fare per kilometre is Rs 37.

“The fare of cargo carriers has gone up by 5.27 per cent in hilly routes and 5.21 per cent in Tarai routes,” said Mohan Bhattarai, mechanical engineer at the department. He added they were supposed to adjust the fares before Dashain, however, the plan had been postponed so as not to inconvenience festive movements.

The increment in cargo carriers’ fare means transporters will be permitted to charge Rs 10.63 per kilometre per tonne in hilly route — Narayanghat-Pokhara-Kathmandu and Rs 5.30 per kilometre per tonnes in Tarai. Department officials said that change in fare is in line with annual review of transport fare based on multiple components, like prices of spare parts, fuel, bank interest rate and inflation rate.

However, the decision to raise fares is against the instruction issued by the CIAA in 2010.

Sources said that the department was forced to increase the fares four years ago without carrying out the study as suggested by the anti-graft body, as the Ministry of Finance had failed to provide the budget for it. “After that, the CIAA has not shown any interest in the issue and the department is adjusting the fare as per its own set mechanism,” said the sources.

The department revises fares ‘scientifically’ by taking into consideration the changes in fuel prices and non-fuel components like bank interest rate, inflation, vehicle price, cost of spare parts and lubricants, and staff salary.

Source: The Himalayan Times

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Ford Figo Launches models in new refreshing look

Ford Figo launches models in new refreshing look

2014-10-26T18:13:00.000-07:00

KATHMANDU: Adding excitement and colour to the festive season, Ford has introduced Ford Figo in a refreshing new look with enhanced exteriors and bright new interiors.

The festive look of Ford Figo will win customers over with its smoky stealth finish exterior styling elements including 14” alloy wheels, fog lamp bezels and rear bumper valance. The exterior styling of the popular and dependable Figo has been further enhanced with a sleek-looking chrome signature fender badge and turn indicators on power mirrors to add to its premium appeal.

Making it just as stylish as it is smart, the interiors of the refreshed Ford Figo has a vibrant appeal with special cyber blue trim reflected on the dual-toned seat fabrics, centre stack and door pull handles in kinetic blue titanium. Enhanced styling cues across the rest of the product range consist of new dual-toned seat fabrics in cyber blue along with two-layer satin aluminium finish centre stack, inner door handles and door pull caps.

The refreshed Ford Figo is available in eight attractive colours — kinetic blue, mars red, diamond white, moondust silver, chill metallic, panther black, smoke grey and paprika red.

Source: The Himalayan Times

Micromax launches X081‚ X082 models in Nepal

2014-10-26T18:08:00.000-07:00

KATHMANDU: Micromax, an international brand of cellphones that has established itself as the frontrunner in the arena of mobile phone sales in Nepal, has added two new models — Micromax X081 and Micromax X082 — to its vast array of mobile phones in Nepal.

The all new Micromax X081 prides itself on its rejuvenation of the wireless FM feature along with better and diverse multimedia functions than any other brand in its league. Also, the GPRS in the new Micromax X081 lets the user be in touch with the world at all times. Adding to this, it also sports a digital camera. The phone also has Micromax’s signature M! Zone, through which users can play games, use multimedia, and so forth. Adding to its stupendous array of features, it also has Bluetooth for transferring any files or pictures and it also has dual SIM support, making it an ideal phone for both personal and business purposes. The new Micromax X081 supports a micro SD memory card. And to maintain all these amazing features, it has a powerful 1750 mAh battery.

Meanwhile, the all new Micromax X082 offers wireless FM and breathtaking multimedia features to keep you on your toes. Furthermore, the GPRS and Bluetooth lets you connect with your loved ones and share any files or pictures with them. The digital camera in the new handset lets users capture amazing moments anytime, anywhere. The dual SIM function and micro SD memory card add on to its long list of features, along with the signature M! Zone. It also has a 900 mAh battery.

Source: Himalayan Times

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The New LAVA Iris X5 Launched in Nepal

The New LAVA Iris X5 Launched in Nepal

2014-10-26T18:01:00.000-07:00

KATHMANDU: CG Impex — the sole authorised distributor for Lava mobile phones in Nepal — recently launched Lava Iris X5, as the successor of its hugely popular Iris X1.

The smartphone is a perfect combination of superlative camera performance and graceful design. It is especially designed to meet the needs of the ‘selfie’ generation. Running on Android 4.4 KitKat, the Lava Iris X5 with its brilliant features and design is a real treat at a price of Rs 17,999.

The Lava Iris X5 has a 5.0 MP BSI + auto focus front shooter with LED flash for low-light imaging that enables clicking perfect selfies with extraordinary detailing at any given time of the day. It comes laden with a wide-viewing angle shot which allows users to capture pictures of up to 84 degrees with the front camera. In addition, the phone has an 8.0 MP auto focus rear camera with exceptional imaging quality, making Lava Iris X5 a must have for all shutterbugs.

The smartphone offers a great viewing experience with its five-inch HD (1280X720) IPS full lamination LCM rich display that produces sharp images. The in-plane switching (IPS) etched in the phone enhances colour reproduction resulting in a bright display.

The Iris X5 is powered by 1.2 GHz Quad Core and 1GB RAM that promises seamless application performance and multitasking, supported by a 2100 mAh battery providing ample back up for multimedia playback, talk-time and stand-by. With an OGS 5-point touch, the phone offers a smooth touch experience. Additionally with a width of 71.5mm and thickness of 7.7mm, it is easy to handle.

The device comes with 8GB of internal memory that is expandable up to 32GB via micro-SD card. On the connectivity front, the dual SIM Iris X5 is facilitated with 3G connectivity apart from wi-fi, bluetooth v3.0 and micro- USB v2.0. It offers OTG support to enable file transfer through USB drive on the move. The device has a dual MIC for active noise cancellation that promises a crystal clear calling experience.

The handset is available for sale across all national retail stores and multi-brand outlets across the country.

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Samsung Galaxy Grand 2 launched in the Nepalese market

Century Commercial Bank starts distributing IPO allotment slips, refunds from 9th March

2014-03-05T19:01:00.002-08:00

A day after allotting the Initial Public Offering (IPO) worth Rs 92 crore, Century Commercial Bank Limited has stated that it will start distributing allotment slips and refund the non-allottees from March 9 i.e. coming Sunday.

The IPO was allotted yesterday at the head office of the commercial bank in Kathmandu at 7.90percent to retail investors who had applied up to Rs 50,000 and 3.09 percent to big investors.

However, those who had applied for up to Rs 12,000 had fallen under lottery.

The bank has stated that the allotment advices and the refund can be collected from the respective centers where the applicants had filed their IPO application firms.

Century’s IPO was oversubscribed by 24.48 times.

The IPO, which was issued from January 9, had closed on January 13.

Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.

Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.

ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.

Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion has now risen to Rs two billion, as per the regulatory requirement.

It may be noted that there was a huge response to the IPOs issued by three commercial banks — Civil Bank, Commerz and Trust Bank Nepal and Mega Bank—had issued their IPO over the last one year.

Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.

Source: sharesansar, 5th March 2014
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Samsung Galaxy S5 to be Launched in Nepal by mid-April

Civil Bank, Civil Merchant and Axis bank merged

2014-03-03T21:57:00.000-08:00

Endorsing the final deal on the merger through their special Annual General Meetings held yesterday, Civil Bank Limited, Civil Merchant Bittiya Sanstha and Axis Development Bank Limited have decided to name the merged entity as ‘Civil Bank Limited’.

The separately held special AGMs also gave the final nod to the swap ratio of 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company.

They have also decided to retain the Board of Directors and senior officials of all three BFIs. It may be noted here that they decided to retain these officials as Civil Bank and Civil Merchant have common promoters.

Following the decision, the incumbent Chief Executive Officer of Civil Bank Kishore Maharjan has been retained as the CEO of the merged entity.

With the merger the bank will now have 49 branches and 25 ATM counters.

Notbaly Nepal Stock Exchange Limited (NEPSE) has suspended the trading of shares of all three BFIs in the merger process in October.

Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.

Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year, and its EPS stands at 7.56 and has a net worth 107.65.

Axis Development Bank has a paid-up capital of Rs 71.81 crore, reserve and surplus of Rs 9.42 crore, and it earned a net profit of Rs 2.03 crore. Its EPS stands at Rs 2.84 and it has a net worth of 113.13.

Similarly, Civil Merchant Bittiya Sanstha has a paid-up capital of Rs 16.65 crore, reserve and surplus of Rs 3.17 crore. It had posted a net profit of Rs 1.32 crore in the last fiscal year, and its EPS stands at 7.98 and has a net worth 119.16.

Source: sharesansar, 4th March 2014
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South Korea allocates 5,700 jobs to Nepali workers

Samsung Galaxy S5 to be launched in Nepal by mid-April

2014-03-03T21:54:00.000-08:00

KATHMANDU, March 2: Samsung Galaxy S5 will hit the Nepali market by the second week of April.

Officials of International Marketing Service (IMS) said the new offering from the South Korean technology giant will take Samsung mobiles to a new high in Nepal as well as in the global market.

The phone was announced during Mobile World Congress, Barcelona on February 24. It is being launched globally in the first week of April.

“We are trying our best to unveil the phone in Nepal during the global launch in the first week of April. If it´s not possible, we will unveil it a week later,” Dikesh Malhotra, president of IMS, said.

According to initial reviews, S5 stands ahead of other competitor phone models like iPhone 5S, Sony Xperia Z2 and Nokia Lumia 1520.

Malhota said Galaxy S5 is likely to be priced below Galaxy Note 3. The phablet costs Rs 81,500 in the Nepali market.

The Galaxy S5 comes with updated features of Galaxy S4 including faster processor and improved camera that can also record ultra high-definition video, and a larger battery. It has 5.1-inch Super Amoled display with 1920x1080 resolution compared to 5-inch screen of its predecessor. The phone is powered by 2.5 GHz Snapdragon 801 quad-core processor. It runs on Android 4.4.2 KitKat operating system.

Samsung has incorporated water resistant technology in the Galaxy S5. The handset weighs 145 grams. The edges of the device feature the same familiar silver accents as that in Galaxy S4 and Note 3, according to the company.

The Galaxy S5 has 2GB RAM and internal storage of 32 GB. It sports an 8MP rear camera with Samsung´s ISOCELL technology that boosts photography in low light settings, according to the company. The phone is powered by 3000 mAh battery power.

Malhotra said Galaxy S5 will be liked by Nepali users. He said the company hopes to sell 1,000 units of S5 per month.

IMS has sold more than 10,000 units of Galaxy S4 so far.

Source: myrepublica, 2nd March 2014
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South Korea allocates 5,700 jobs for Nepali workers

NIC Asia to distribute 20% Cash Dividends

2014-03-01T22:32:00.002-08:00

The first Annual General Meeting of NIC Asia Bank Limited following the merger of NIC Bank and the Bank of Asia has concluded in Biratnagar endorsing 20 percent cash dividend to the commercial bank’s shareholders from the net profit it posted in the last fiscal year 2069/70.

Addressing the AGM, the bank management informed that cash dividend will be distributed from March 4.

Observed as the 16th Annual General Meeting, the annual event also elected Jagadish Prasad Agrawal, Trilok Chandra Agrawal, Tulsi Ram Agrawal, Lokmanya Golchha and Ram Chandra Sanghai as the directors from among the promoters and Rajendra Prasad Aryal, Birendra Kumar Sanghai and Binod Kumar Pyakurel as the public directors.

During the AGM, the management of the merged bank, which had posted a net profit of Rs 64.20 crore in the last fiscal year, has informed that 14 more branches and many more ATM counters will be added in the current fiscal year to expand the service of the bank.

Source, Sharesansar, 2nd March 2014
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Century Commercial Bank IPO allotment from March 3rd

South Korea allocates 5,700 jobs for Nepali workers

2014-03-01T22:08:00.001-08:00

KATHMANDU, MAR 02 -

The South Korean human resource department has allocated 5,700 jobs to Nepali workers for 2014 under the Employment Permit System ( EPS ). The workers will be selected from a roster of some 9,700 aspirant Nepali migrants who have successfully completed the Korean language test. South Korea had hired 5,234 Nepali migrants in 2013.

Korea Employment Permit System ( EPS ) in Nepal said the quotas will be applicable to those who will work in the manufacturing sector. The ceiling allocated to Nepali workers is the fourth largest in terms of quantity after Cambodia, Indonesia, and Thailand.

South Korea currently hires workers from fifteen countries under the EPS and plans to hire some 53,000 workers this year. Around 64,000 were hired last year. Lee Dong Sirk, human resource director at the Korea EPS centre in Nepal, said his government has given priority to Nepali workers despite overall fall in job demands due to their good track records and the tendency to return back home. “Those who have three years of work experience in Korea can apply again after passing the special Korea language test. The recruitment process has been simplified for such workers,” Lee told reporters on Friday.

The EPS centre in Nepal holds a special language test every month. The upcoming test will be held on March 12 and the exam forms can be collected from February 26 to March 2. The result of the test will be published on March 31. For both fresh workers and reentrants, successfully completing the Korean language test alone does not guarantee a job in Korea, the centre added.

“We request the aspirant migrants not to be misled and leave the job in hand unless they receive the labour contract. Passing the language only qualifies workers to to be enlisted in the roster and a skill test enhances their chance of selection,” said Lee. The South Korean government has increased the minimum salary of migrant workers by seven percent.

EPS ‘aware’ of Nepalis’ deaths

Korea Employment Permit System ( EPS ) in Nepal has said that it is ‘aware and concerned’ of the rising number of deaths among Nepali workers in South Korea. Responding to a recently released report of Nepali Embassy in South Korea, the EPS Center in Nepal said the Korean government has also taken the matter seriously.The report states that 57 Nepali migrant workers have died in South Korea between 2007 and 2013, with a majority of them categorized as suicide and the ‘sudden unexpected death syndrome’.

The Post on December 13 had published the report. The report shows that various factors including workers’ difficulty in adapting to the new environment, tough working conditions and inhumane treatment at the hands of employers all play a role in raising fatalities of Nepali workers.

Lee Dong Sirk, human resource director at the Korea EPS centre in Nepal, said stress and depression causing from difficulty in adapting to the work and new environment could, likely, be the cause of rising deaths. He said that the proportion of death of Nepali workers in Korea is not as serious as in the Gulf countries, but quickly added that his government wants to address the issue nonetheless.

“We are concerned about these deaths. We are looking into the causes and seeking solutions to tackle it,” Lee told the Post. The report shows that nineteen people died in first eleven months of 2013, while only eight deaths were reported a year earlier.

Source: ekantipur, 2nd March 2014

Number of Troubled Cooperatives on the rise

2014-03-01T22:04:00.000-08:00

KATHMANDU: The number of troubled cooperatives has doubled in the last three months.

The number of savings and credit cooperatives that are considered crisis ridden reached 148, by the end of February. Back in early December, there were 71 such troubled institutions when a high level committee to inquire into problematic savings and credit cooperatives was formed.

So far, the victims have lodged 16,859 complaints of financial misappropriation against the cooperatives. Among the total complaints lodged, the commission has processed 9,348 claims worth Rs 5.8 billion.

The commission chaired by Gauri Bahadur KC had formally started working in the first week of December. The commission has so far summoned chairpersons of 65 cooperatives. But only 17 have appeared at its office, including Sudhir Basnet of Oriental Cooperatives and Rajendra Shakya of Guna Multipurpose Cooperatives.

Two weeks back, the commission wrote to the Police Headquarters requesting it to round up chairpersons of 48 financial cooperatives that had failed to report to the commission. Following this, seven cooperatives sent their representatives to the commission’s office.

Source: The Himalayan Times, 28th Feb 2014
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Century Commercial Bank IPO allotment from March 3rd

2014-03-01T21:51:00.002-08:00

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited will be allotted on March 3 at the office of the commercial bank in Kathmandu, according to highly placed sources privy of the development.

The reliable sources also informed that the IPO allotment model is such that the IPO will be allotted at an impressive 7.90percent to retail investors who had applied up to Rs 50,00 and at just 3.09 percent to big investors.

This means that the smaller investors will be benefitted more from the allotment as has been the policy of the regulator and the key stakeholders in the market.

“The allotment model has been designed in such way also because there were more applicants who applied for more than Rs 50,000,” one of the sources told ShareSansar.
“To explain with an example, those who had applied for Rs 50,000 will get 40 units of the shares while those who applied for, say, Rs 51,000 will get just 16 units.”

However, the sources further informed that those who had applied for up to Rs 12,000 who fall under lottery.

According to the issue manager, they are planning to distribute the allotment slips and refund the non-allottees will begin in five working days from the allotment (i.e. by March 9).

Century’s IPO was oversubscribed by 24.48 times.

The IPO, which was issued from January 9, had closed on January 13.

Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.

Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.

ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.

Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion will rise to Rs two billion, as per the regulatory requirement.

It may be noted that there was a huge response to the IPOs issued by three commercial banks — Civil Bank, Commerz and Trust Bank Nepal and Mega Bank—had issued their IPO over the last one year.

Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.

Source: Sharesansar.com, 28th Feb 2014
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NLG Insurance distributing cash dividend warrants from 23rd Feb 2014

2014-02-23T00:01:00.001-08:00

NLG Insurance Company Limited is distributing 11.05 percent cash dividend warrants to its shareholders from today.

Earlier this month the Annual General Meeting of the insurer had endorsed 11.05 percent cash dividend and 10 percent bonus shares to its shareholders from the net profit it earned in the last fiscal year 2069/70.

NLG had posted a net profit of Rs 14.37 crore in the last fiscal year.

The dividend warrants are being distributed through its RTS, Civil Capital Market Limited at Kamaladi in Kathmandu from 10:00 AM to 3:00 PM from Sunday to Thursday, and from 10:00 AM to 1:30 PM on Fridays.

Source: sharesansar.com, 23rd Feb 2014
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Riddhi Hydropower to be oversubscribed by 70 times

Ridi hydropower IPO to be oversubscribed by 70 times

2014-02-22T23:02:00.001-08:00

Ridi Hydropower Development Company Limited’s Initial Public Offering (IPO) of 11.70 lakh units, is oversubscribed by more than 70 times, according to the preliminary estimate.

“We collected 2.7 arba by Wednesday, which means it was oversubscribed by some 25 percent in the first three days,” a highly placed official with Civil Capital Limited told ShareSansar today. “Going by the data pouring in from the collection centers, we are expecting the IPO to be oversubscribed by more than 70 times, may be up to 75 times.”

Long queues of applicants could be seen in all the eight collection centers from early in the morning till late into the evening. And most importantly, the IPO usually draws more money in the last day compared to the initial days combined as institutional investors turn up only on the final day.

Initially the issue manager had estimated the IPO may be oversubscribed by some 50 times.

Ridi hydropower had issued the IPO at the face value of Rs 100 per unit on February 16.

The IPO being managed by Civil Capital Market Limited and co-managed by Elite Capital Limited will close on February 20 latest.

Applicants must apply for a minimum of 50 units and could apply for the maximum of 10,000 units.

Of the total units of the primary shares, 58,500 units have been kept aside for Nabil Balanaced Fund-1, SIG1 and Nagarik Ekanaga Yogana, and additional 23,400 units have been reserved for the hydropower's staff.

It may also be noted that Ridi has already issued the IPO for 3 lakh unit equity shares to the local residents affected or in the vicinity of the 2.4 MW Ridi Khola Small Hydropower Project in October last year.

Ridi Khola Small Hydropower Project came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.

The developer of the project, Ridi Hydropower Development Company was registered as a private company back in Ashwin 2057 and converted to a public undertaking in Shrawan 2063.

The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 18.3 crore after the issuance of the IPO to the locals.
After the issuance of the IPO to the general public, Ridi Hydropower’s paid-up will surge to Rs 30 crore.

ICRA Nepal has given Grade 3 credit rating to the IPO of the company, which had posted a net profit of Rs 2.12 crore in the last fiscal year 2069/70.

Ridi Hydropower Development Company, which is one of the companies in the group of Arun Valley and Rairang Hydropower Development Company have four projects under its belt.

Among them, three are already operational while one is under construction.

Source: sharesansar.com, 21st Feb 2014
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Riddhi Hydropower Company to issue IPO from Feb 16th

Century Bank IPO allotment by March 3rd to 4th

2014-02-22T22:53:00.001-08:00

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited is expected to be allotted March 3 or 4, according to the issue manager.

“We are planning to allot the IPO by March 3 or 4, and distribute the allotment slips and refund the non-allottees most probably by March 9,” an official with Civil Capital Limited, the issue manager, told ShareSansar today.

Century’s IPO was oversubscribed by more than 25 times.

The IPO, which was issued from January 9, had closed on January 13.

Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.

Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.

The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.

ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.

Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion will rise to Rs two billion, as per the regulatory requirement.

It may be noted that there was a huge response to the IPOs issued by three commercial banks — Civil Bank, Commerz and Trust Bank Nepal and Mega Bank—had issued their IPO over the last one year.

Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.

Source: sharesansar.com, 19th Feb 2014
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Samsung Galaxy Grand 2 launched in the Nepalese market

2014-02-09T21:55:00.000-08:00

KATHMANDU: International Marketing Service (IMS), the authorized distributor of Samsung mobile phones in Nepal, on Sunday launched Galaxy Grand 2 phablet in the market.

The successor of Galaxy Grand has been priced at Rs 36,900.

The dual-SIM phablet runs on Android 4.3 Jelly Bean OS and features a 5.25-inch HD TFT display. The phone with 720x1280 pixels resolution is powered by 1.2 GHz quad-core processor and 1.5 GB RAM. The phone has 8GB internal memory and supports external memory up to 64 GB via microSD card.

According to the company, the Grand 2 has 1.9 MP front camera and 8 MP rear camera. Powered by 2100 mAh battery, the phone supports Wi-Fi, Bluetooth, GPS/A-GPS, Micro-USB and 3G (HSPA+) connectivity.

Meanwhile, the company has announced two percent discount for all the buyers of Grand 2 for a limited period.

Source: myrepublica.com
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Ridhi Hydropower Company to issue IPO from February 16th

2014-02-09T21:51:00.001-08:00

KATHMANDU, Feb 9: Ridi Hydropower Development Company (RHDC) is floating 1.17 million units of primary shares with face value of Rs 100 each from February 16.

The company had received the go-ahead from the Securities Board of Nepal (Sebon) - the stock market regulator -- to issue shares worth Rs 117 million on February 3. The IPO will continue till February 20.

The 2.4-megawatt capacity project has been developed on Ridi River that borders Gulmi and Palpa districts. It has allocated 58,500 units of shares to three mutual funds -- Nabil Balance-1, Siddhartha Investment Growth Scheme-1 and Nagarik Yekanka Yojana - on proportional basis and 23,500 units to its employees.

According to the company, one should apply a minimum of 50 units of shares while the maximum limit has been fixed at 10,000 units. The company has appointed Civil Capital Market as the issue manager and Elite Capital as the joint issue manager.

With the issuance of primary shares, the paid-up capital of the company will reach Rs 300 million. Kuber Mani Nepal, director of the RHDC, told Republica that they were planning to utilize the money collected from the IPO to develop Iwa Khola Hydropower Project (10 MW) in Panchthar district. “The issuance of primary shares will help to change the perception that Nepal´s hydropower companies are not transparent,” he said, adding that the company anticipates an overwhelming response to the IPO.

Nepal said he expects the company´s IPO to be oversubscribed by 10 times. “If the attraction of investors toward primary issues in recent years is anything to go by, our IPO could be oversubscribed by 20 times,” he added.

RHDC would be the sixth hydropower company to issue primary shares. So far, Arun Valley Hydropower Development Company, Butwal Power Company, Chilime Hydro Power Company, National Hydro Power Company and Sanima Mai Hydropower have gone public. Similarly, Upper Tamakoshi Hydro Power (UTHP) has sought permission of Sebon to float 25.42 million units of shares, while Barun Hydropower Company has applied at Sebon to issue 243,000 units of shares to the people in the project affected area.

In recent years, IPOs have been attracting investors in droves. Anjan Raj Poudel, former president of Stock Brokers´ Association of Nepal, told Republica that the investors are lured toward IPOs as the shares they bought go up once they are listed in the secondary market. “Most of these investors are from the secondary market and they invest their money with the expectations of good return in short span of time,” he said.

Source:myrepublica.com, 9th Feb 2014
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Tourists coming to Nepal for Mountain Biking tripled in the last 3 years

2014-02-01T22:40:00.001-08:00

KATHMANDU, Feb 1: The number of tourists coming to Nepal for mountain biking has tripled over the last three years.

Ranjan Rajbhandari, director of Nepal Mountain Bike Tours, said the number of foreigners as well as Nepalis preferring mountain biking has shot up mainly because of increasing public consciousness about health and shortening of trekking trails.

“Our record shows that around 20 percent of the tourists visiting Nepal go for mountain biking compared to around eight to 10 percent in 2009/10,” said Rajbhandari who is also the executive member of Trekking Agencies´ Association of Nepal (TAAN).

According to figure compiled by TAAN, around 120,000 tourists went for mountain biking in 2011/12 compared to around 40,000 in 2009/10. “The number has been increasing constantly,” added Rajbhandari.

The company which started its operation in 2005 operates mountain biking in Kathmandu Valley, Pokhara, Daman, Hetauda, Chitwan, Lumbini, Tansen, Mustang and Jomsom to Muktinath, among others.

The company charges Rs 1,000 per day for Nepalis which includes cycle only while it charges Rs 5,000 for foreigners that include cycle, lunch and a guide facility.
Foreigners, however, have to pay Rs 3,000 extra for accommodation in case they have to stay at various places while cycling.

Mountain bike tour operators said almost 20 percent of the total tourists visiting Nepal went for mountain biking in 2011/12. During the year 2009/10, around eight percent tourists were mountain-bikers.

According to the Ministry of Culture, Tourism and Civil Aviation (MoCTCA) in 2012, number of tourists coming for trekking and mountaineering has jumped to 105,015 from 70,218 recorded in 2010.

However, the data does not separate the tourists coming for mountain biking. Mountain biking in Nepal is usually carried out up to an altitude of 4,500 meters.
However some companies even offer biking services to Thorong La Pass which is at the height of 5,416 meters.

Nepal is considered as the best destination for mountain biking.

The number of tourists preferring mountain biking in Nepal increased noticeably after the government recognized mountain biking as adventure sports for Nepal Tourism Year 2011 campaign.

“With the recognition of mountain biking as sports tourism, the number of tourists coming for mountain biking has started to increase,” said Jagan Biswokarma, manager of Pokhara Mountain Bike Adventure (PMBA).

PMBA which started its operation in 2004 offers high altitude mountain biking from 2,800 meters in Jomsom to 5,416 meters in Thorong La Pass. The charge ranges from Rs 500 to Rs 1,500 per day depending on the location.

Source: myrepublica.com, 1st Feb 2014
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Farmers switching to Fish Farming due to High Rate of Return

2014-01-26T18:25:00.000-08:00

BHAIRAHAWA, Jan 26: Lured by fast cash, more farmers in Rupandehi are turning to commercial fish farming.

Many farmers in the district are shifting from traditional food crop to fish farming as the rate of return on the latter is high.

According to District Agriculture Office (DAO) Rupandehi, commercial fish farming is done in around 900 hectares in the district. In Chapiya of Dayanagar-8 alone, commercial fish farming is done in over 200 hectares.

Gopal Prashad Pandey, a farmer from Chapiya, told Republica that farmers are shifting to commercial fish farming as crop yields cannot meet even their daily needs. “Many farmers here have become financially successful through fish farming,” Pandey, who is also the chairman of Jaldevi Fish Production Cooperative, said.
According to Pandey, overseas returnees are also involved in commercial fish farming.

Not only the farmers of Chapiya, the popularity of fish farming has gripped the Maanmateriya VDC also. Punya Prashad Chaudhary, a farmer of Maanmateriya, said he recently fish farming from 0.20 hectare to 4 hectares. “Unlike traditional crops, fish farming ensures regular income throughout the year,” he added.

Farmers say they do not have problem finding market for their production. “We do not have to stroll in the city to sell our products as merchants come to our village itself,” Faudar Tharu, a farmer at Bhaglapur, said.

Apart from 900 hectares of land, commercial fish farming is also being done in 126 natural ponds in the district. According to DAO Rupandehi, 3,510 tons of fish is produced in the district annually.

Source: myrepublica.com, 26th Jan 2014
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Latest Cinema Experience - Dine while you watch movie

2014-01-18T23:57:00.001-08:00

KATHMANDU, Jan 18: With an objective to provide a different cinema viewing experience to the customers, a new multiplex with dining experience is coming up at CTC Mall in Sundhara.

Cine de Chef Company is opening a new cinema hall named Cine de Chef within next two weeks which provides movie goers with the experience of latest movie as well as mouth-watering food while watching the movie.

The company claims that it is the first of its kind cinema hall in Nepal which has a built-in kitchen that serves full breakfast, lunch and dinner besides just tit-bits that the cinema halls are serving currently.

“At a time when state-of-the art cinema halls are turning into the most appealing destination for moviegoers, we have tried to enhance their experience by providing various new facilities like introducing latest electronic menu to order food, recliner chairs to tilt according to the need, mini freezers in the chair, Meyer EXP sound system and Christie Digital 2K and 4K projectors among others,” said Gaurav Goel, managing director of the company adding that all these facilities are introduced for the first time in Nepal.

The multiplex will have two different theatres: Cine Dine and Cine with capacity of 58 seats and 169 seats respectively. According to Goel, at Cine Dine, customers can order their food from the electronic menu through a tablet where in they can select the food item and set their time of receiving the food which will directly be forwarded to the kitchen.
At Cine Dine waiters will be at customers´ service while in Cine customers have to go and order their food and get it themselves.

Cine Dine is equipped with leather recliner chairs which can be tilted to 150 degrees and is equipped with touch sensors, back massager inbuilt in the chair, mini freezer, space, waiter call button and lamps among others. Cine will have 30 luxury sofa and 139 normal chairs.

Customers can experience the Meyer EXP sound system which helps to create soundtracks with greater nuance and precision, and give cinema operators the ability to reproduce these soundtracks without distortion to every seat in the theatre.

Goel claims that only 4 to 5 movie theaters across the globe has used Meyer which is the official sound sponsor of Metallica and Beijing Olympics held in 2008.
The Christie Digital Projectors is being introduced for the first time in Nepal provides precise and clear image viewing experience to the viewers.

Besides all these, the theatre has two bars that serve organic cocktail and mocktails and the lobby area has been made interactive where touch screen displays have been installed. Customers can play games and watch movie trailers through 42-inch displays.

According to the company, customers will have to pay Rs 600 to Rs 1,500 for enjoying movie at Cine Dine and Rs 400 to Rs 700 to enjoy movie at Cine depending upon the time of the show and days. The tickets include complimentary food items. The company is also planning to open Cine de Chef inside the valley within this year.

Source:myrepublica.com, 18th Jan 2014
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Nepal Urges Asian Neighbours to Invest in Nepal

Nepal urges Asian neighbours to invest in Nepal

2014-01-12T00:11:00.000-08:00

KATHMANDU, Jan 10: Government officials have urged foreign investors to increase trade and investment cooperation in Nepal.

Nepal has put high priority on attracting foreign investment in crucial sectors such as hydropower, tourism, road transport and agriculture for the past few years.

Speaking at an interaction organized in Kolkata on Thursday, Chandra Kumar Ghimire, Nepali Consul General in Kolkata, said investors would benefit greatly by putting their money in Nepal which is strategically located between two Asian economic giants -- India and China.

“I want to urge foreign investors, specially prominent Indian investors, to invest in Nepal which enjoys duty free access to Indian and Chinese markets for large numbers of products,” Ghimire said at a conclave on “Bilateral Trade: Opportunities and Challenges” organized by Bharat Chamber of Commerce Kolkata Chapter.

The program also saw participation of consul generals of other neighboring countries like China, Bangladesh and Myanmar.
At the conclave, participants from different countries exchanged their views on increasing trade and investment relation between India and their respective countries.

India, which has already emerged as the Asia´s third largest economy after China and Japan, is heading toward becoming one of the world´s economic superpower.
On the occasion, Ghimire informed the participants about the progress that Nepal has made in different sectors like education, telecommunication, infrastructure and media, despite prolonged political instability.

He also said Nepal has been offering different incentives to lure big investment in hydropower, agro-processing, tourism, carpet, garment, cement, herbal processing, tea, coffee, medical, engineering, education and Information Technology, among others.

Nepal has allowed foreign investment of up to 80 percent in telecom, 90 percent in aviation, 51 percent in consultancy services and 100 percent in industries other than cottage firms, travel and tour agencies and some restricted business.

“Nepal is one of the liberal and appropriate destinations for investments in South Asia,” claimed Ghimire. Other participants stressed the need to remove tariff as well as non-tariff barriers and enhance transport connectivity between partner countries to boost bilateral trade.

They also suggested that the host countries develop trade infrastructure and simplify visa system to facilitate foreign investors.

Source: myrepublica.com, Jan 10th 2014
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Tax Dodgers in Nepal to face stern action

2014-01-11T23:51:00.000-08:00

KATHMANDU, JAN 11 -

After failing to attract expected number of tax payers under a special scheme that offers a certain tax exemption, the government on Friday said it will take stern action against tax evaders.

The Financial Ordinance 2013 has offered different levels of tax exemptions to different types of tax payers, provided they pay outstanding tax es within mid-January 2014. The targeted tax payers are private institutions, small traders, cooperatives, professionals and other individuals. The scheme has been designed for both income tax payers and VAT payers.

Under the scheme, tax payers who have registered with tax office for years have been allowed to register by paying the tax for the last two years only. Although the private sector has been demanding an extension to the deadline, the government on Friday made it clear the deadline will not be extended, warning of a sterner action after the deadline ends.

Speaking at an interaction with the regulators such as Insurance Board and Securities Board of Nepal, Finance Minister Shankar Prasad Koirala told those not responding to the government’s scheme not to expect a deadline extension. “After the current deadline ends, the revenue authority will reach to your doorstep to take a legal action,” he said.

According to the Inland Revenue Department (IRD), around 4,400 small traders having annual transaction of less than Rs 2 million, who were facing problem of mismatch in tax records, were supposed to avail facility. “But only 1,000 such traders have come forth,” said IRD General Director Tanka Mani Sharma.

Under programme, traders have been asked to pay income tax for fiscal year 2010-11 and 2011-12

within mid-January 2014 to get exemptions in tax , fees and interest. The facility was announced after traders’ complaints about record mismatch.

According to the IRD, only around 600 professionals took the benefit of the scheme, IRD officials termed disappointing. The Financial Ordinance has told the professionals—who are liable to pay tax es but have not acquired Personal Account Number (PAN) and have failed to pay income tax until fiscal year 2011-12—to pay the tax es for fiscal year 2010-11 and fiscal year 2011-12 within mid-January 2014. If they do so, they will be exempted from paying income tax es for previous fiscal years, fee and interest.

Sharma said although there are some 30,000 cooperatives, only 15,000-16,000 have been registered with the tax authority.

He said those failing to apply for the current facility will be penalised and asked to pay their entire tax liability.

During the interaction, government officials asked the regulators to help increase the number of tax payers as well as recover tax es through a mechanism under

which transactions of tax payers would be affected if they fail to clear their tax es.

Finance Minister Koirala asked the regulator to make mandatory that those seeking to register with the regulator should first register with the tax authority.

Finance Secretary Shanta Raj Subedi asked the regulators to tell their licensees that they would not be able to defend them if the tax authority initiates action.

Source: ekantipur.com, Jan 11th 2014

Malaysia no longer allows foreign workers in restaurants and fast food chains

2014-01-11T23:49:00.000-08:00

MALAYSIA, JAN 11 -

With fast-food restaurant operators in Malaysia no longer allowed to hire foreign workers, it is likely to have an adverse effect on prospective Nepali migrant workers.

A meeting of the Cabinet Committee on Foreign Workers and Illegal Im migrant s of Malaysia chaired by Deputy Prime Minister Muhyiddin Yassin recently took a decision to this effect with an aim to encourage the local work force in the sector.

There has been a growing demand of Nepalis in international food chains like KFC. And, the decision could affect thousands of Nepali aspirants who are preferred for such frontline office jobs, including waiter and cashier. Most of the Nepalis working in Malaysian restaurants serve as cook, kitchen help and cleaner, among others.

Although the Malaysian government has said it won’t entertain foreign workers, no further details have been given. An official at Nepal’s embassy in Malaysia told

the Post he came to know about the issue through the media and is yet to get detailed information.

Restaurants and fast food chains are among the most soft after employers in Malaysia after, security jobs. It has been learnt the Malaysian government took the decision considering the youngsters’ attraction towards the sector.

One of the manpower agents said as the number of foreign workers in fast food chains and restaurants is already less, it won’t have a big impact on Nepali workers. “Most of the restaurants and fast food chains have native workers. Therefore, it won’t have a big impact on Nepalis.”

“Fast food restaurant operators are barred off deploying foreign workers, as many locals are attracted towards this profession,” Yassin was quoted in news carried by local newspaper New States Times.

“We should prioritize locals in this sector.”

The Malaysian government had permitted foreign workers in fast food restaurants, newspaper shops and as cleaners in Dec 27, 2011.

Since it is easier to work in the services sector compared to others, the locals aren’t much interested sectors like construction and agriculture.

In a bid to cut the number of foreign workers and manage them properly, Malaysia had introduced a blanket amnesty and validation schem in 2011.

ID cards for migrant s

MALAYSIA: The Malaysian government has said it will provide identity cards to around 2.3 million migrant workers. The cards, which will have thumb prints of the holders, will be different in colour based on the sectors the cardholders work in. The card is likely to come into the practice from November 15. (PR)

Source: ekantipur.com, Jan 11th 2014

Operating Capacity of Nepalese Industries at 57.83%

2014-01-11T23:44:00.001-08:00

KATHMANDU, JAN 12 -

Capacity utilisation of Nepali manufacturing industries could not go up in the last fiscal year, thanks to poor industrial environment as a result of protracted political transition, power crisis and skilled labour shortage.

The average capacity utilisation of industries stood at 57.83 percent, according to a study carried out by the Nepal Rastra Bank (NRB) in eight major cities and surrounding areas covering 47 districts. Industrialists have also termed the level of capacity utilisation poor.

The study was carried out on industries producing 23 products in Kathmandu, Biratnagar, Janakpur, Birgunj, Pokhara, Siddharthanagar, Nepalgunj and Dhangadhi and surrounding areas.
Industries manufacturing vegetable ghee, cooking oil, rice, wheat flour, biscuits, sugar, noodles, animal feed, processed tea, beverages, liquor and cigarette were surveyed. Other surveyed were those producing of cotton textiles, woollen garment, pashmina, garment, paper, soap, brick, cement, iron and steel and electric wire.

The level of capacity utilisation last year is almost same to that of the previous fiscal year 2011-12 when the figure was at 57.79 percent. However, the previous fiscal year’s survey was done on 18 products in 42 districts, including all the aforementioned cities.

According to the NRB report named “Economic Activity Report 2012-13”, noodles factories witnessed the highest capacity utilisation of 87.4 percent, while rice factories posted the poorest 22.1 percent.

Hari Bhakta Sharma, vice president of the Confederation of Nepalese Industries (CNI), said the main constraint for domestic industries to run at full capacity is energy crisis. “Most of the industries are not being able to operate due to power shortage,” said Sharma. “This has also increased the cost of production and operational costs.”

Labour-related issues, other local-level problems and the government’s failure to maintain efficient supply chain have also affected industries . “There is no efficient supply chain in Nepal. Some this or the other is also affecting industrial operation,” he said. “Take an example of problems created by truck entrepreneurs now.”

Sharma urged the government to shift its focus to the industrial sector and provide necessary support for its sustainable growth.

According to the NRB study, a big downfall in paddy production last fiscal year contributed to the dismal performance of rice factories. The report, however, said the state of rice industries this year will be better as rice production is forecast to be better this year. The report has said industries producing items like noodles, biscuits and light beverages will witness a positive growth, with improving living standard of the general people and changing consumption trend.

During the review period, industries manufacturing soybean oil, rice, wheat flour, animal feed, biscuit, sugar, noodles, refined tea, liquor, beer, refined leather, resin, medical products, plastic products, brick, cement, iron and steel, GI wire, metal utensils, aluminium products and footwear posted growth in terms production capacity. Industries witnessing fall in production capacity include those manufacturing vegetable ghee, mustard oil, dairy products, light beverage, thread, synthetic apparels, jute products, wooden products, paper, electric wire and cable, and tire and tube, among others.

The report has also identified major manufacturing items being produced in different regions. While Kathmandu and its surrounding primarily boasts of industries producing refined milk, pashmina, noodles and footwear, Biratnagar comprises mostly industries that manufacture ghee and oil, daily essentials, jute products, metal products and cement, among others. Janakpur area features industries producing sugar, liquor, paper and cement among others, whereas Birgunj mostly has factories making refined milk, animal feed, light beverage, cigarette, leather, apparels, cement, refined lather and medical items.

Pokhara mostly has biscuit, noodles and rubber industries ; Siddharthanagar wheat flour, light beverage and cement; Nepaljung mustard oil, wheat flour, rice; and Dhangadhi hosts industries making wheat flour and resin.

Economic activity report ’12-13

Top 5 industries with highest capacity utilisation

Industry   Utilisation
Noodles    87.35%
Refined tea    82.41%
Liquor    79.62%
Biscuit    71.99%
Light beverage    71.77%

Top 5 industries with lowest capacity utilisation
Industry   Utilisation
Rice    22.12%
Vegetable ghee    22.38%
Electric wire    38.13%
Pashmina    41.44%
Animal feed    44.36%

Source:ekantipur.com, Jan 12th 2014
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Nepalese Businesses in Hongkong expanding to China

Nepalese businesses in Hongkong expanding to China

2014-01-09T22:10:00.000-08:00

HONG KONG, Jan 9: A Hong Kong government official has said that Nepali businessmen who are established in Hong Kong are now expanding their businesses to China.

Speaking at the sixth anniversary of Nepal Chamber of Commerce (NCC) - Hong Kong, held on Tuesday, Director General of InvestHK Charles Ng said the government was aware about the Nepali companies doing good business in Hong Kong.

InvestHK is the government body of Hong Kong Special Administrative Region responsible for foreign direct investment. “Nepali businessmen are now expanding their arm toward China after being established in Hong Kong,” he said.

Nepal´s Consul General to Hong Kong Mahesh Prasad Dahal urged the chamber to bring plans for promotion of Nepal-Hong Kong trade.

Similarly, Richard Vuylsteke, the president of American Chamber of Commerce in Hong Kong, said his group was ready to work with NCC-Hong Kong.

NCC-Hong Kong Chairman Dasu Ram Parajuli said NCC-Hong Kong would remain active in the coming days in encouraging Nepalis working in Honk Kong to start their own businesses and promote Hong Kong-Nepal trade.

Source:myrepublica.com, 9th Jan 2014
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