Ok, you can do the following:
1) Create a new phrase:
Phrasetype: Timezones
Varname: timezone_gmt_plus_0545
Text: (GMT +5:45) Nepal Standard Time
2) Edit ./includes/adminfunctions.php
Find:
PHP Code:
'5.5' => $vbphrase['timezone_gmt_plus_0530'],
Add under:
PHP Code:
'5.75' => $vbphrase['timezone_gmt_plus_0545'],
3) Edit ./includes/functions_misc.php
Find:
PHP Code:
'5.5' => 'timezone_gmt_plus_0530',
Add Under:
PHP Code:
'5.75' => 'timezone_gmt_plus_0545',
Not tested, but this should do the trick.