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The Board of Directors of Haryana Financial Corporation has pleasure in presenting the
58th Annual Report on the working of the Corporation together with the Audited
Financial Statements of Accounts for the year ended 31st March, 2025.
FINANCIAL RESULTS
During the financial year 2024-25 the Corporation has achieved the following working
results.
(Rs. in Crore)
Sr.No. Particulars |
F.Y. |
F.Y. |
|
2024-25 |
2023-24 |
A Income |
|
|
Income from operations |
0.41 |
1.37 |
Other Income |
5.35 |
30.19* |
Total Income |
5.76 |
31.56 |
B Expenditure |
|
|
Interest 6t other Financial Expenses |
0.04 |
0.04 |
Personnel Expenses |
4.96 |
3.74 |
Administrative Expenses |
0.64 |
0.55 |
Bad debts/Leasing Assets written off |
0.00 |
0.03 |
Depreciation |
0.01 |
0.01 |
Total Expenditure |
5.65 |
4.37 |
C Operating Profit /(Loss) (A-B) |
0.11 |
27.19 |
D Add: Excess Provision against Investments and Income Tax
written back |
0.02 |
0.00 |
E Less: |
|
|
i) Provision against NPAs Loan Assets, Investments |
0.06 |
0.10 |
ii) Provision against Income Tax |
0.08 |
1.65 |
Net Profit/(Loss) (C+D-E) |
(0.01) |
25.44 |
Explanation
* During the last (FY 2023-24), the Other Income was Rs.30.19 Crore which included a
sum of Rs.26.43 crore the income from sale of Corporate Building at Panchkula and Rs.2.27
crore (P.Y. Rs. 1.77 crore) as interest income from Bank deposits.
OPERATIONAL HIGHLIGHTS
The Corporation has already stopped sanction of the loans w.e.f. May, 2010 as already
stated in the previous Annual Reports. The details of the operations of the
Corporation i.e. recovery of its dues during the year are given as under:-
(Rs. in Crore)
|
Performance for the year 2024-25 |
Performance for the year 2023-24 |
Sanction |
0.00 |
0.00 |
Disbursement |
0.00 |
0.00 |
Recovery |
0.42 |
0.96 |
RESOURCES MANAGEMENT
The Corporation has stopped fresh Sanctions since May, 2010. No borrowings from the
market/banks have been made during the year. As stated earlier, the Corporation has since
repaid its borrowings and there is no outstanding loan against the Corporation. The
Corporation utilized its limited resources for meeting the commitments/liabilities during
the year.
SHARE CAPITAL FROM STATE GOVT.
Since the State Government has already decided to wind up the Corporation, the State
Govt, has not sanctioned/released any amount towards share capital during the year.
CORPORATE GOVERNANCE/MANAGEMENT DISCUSSION a ANALYSIS REPORT
The Corporate Governance and Management discussion and Analysis report as per SEBI
(Listing Obligations a Disclosure Requirements) Regulations, 2015, is annexed as Annexure
with the Directors' Report. A certificate from M/s Sharma Sarin a Associates, Company
Secretaries, on the above for the year ending on 31st March, 2025 is also
annexed with this report.
DEMATERIALIZATION FACILITY
The demat facility of the Corporation has been activated. The ISIN No. issued to the
Corporation is INE737G01016.
LISTING
The equity shares of the Corporation are listed at BSE Ltd. (BSE Script Code
No.530927). The Corporation has paid the Annual Listing fee of Rs. 3.25 lakh plus GST to
the Stock Exchange (BSE) within time. The State Govt (being Promoter) had filed an
exemption application with SEBI in accordance with Regulation 42 of SEBI (Delisting of
Equity Shares) Regulations, 2021 for delisting of shares of the Corporation from Bombay
Stock Exchange and the SEBI had granted certain exemptions/relaxations to the Corporation
from delisting procedure subject to certain conditions.
AUDIT
The shareholders in its 57th Annual General Meeting held on 30.12.2024 as
per provisions of section 37 of State Financial Corporations' Act, 1951, had appointed M/s
Prem Ravinder fit Co., Chartered Accountants, Chandigarh (on the panel of the RBI) as
Statutory Auditors for the financial year 2024-25, (for 4th term), who have
conducted audit of the Financial Statements of the Corporation, which form part of the
Report.
As per RBI guidelines, in the normal course, an audit firm may continue for a term of 4
years in one spell. The term of 4 years of existing statutory auditors M/s Prem Ravinder
& Co., Chartered Accountants, Chandigarh has been completed. Accordingly, the RBI vide
their letter dated 05.06.2025 have forwarded a list containing the names of the eligible
audit firms based at Chandigarh and complying with the norms for appointment as Statutory
Auditors in public sector banks for appointment as Statutory auditors for the years
2025-26. The name of the one audit firm has been short listed and the item for appointment
of statutory auditors for the year 2025-26 has been included in the notice for the AGM.
AUDIT BY COMPTROLLER & AUDITOR GENERAL OF INDIA (CAG)
The Comptroller & Auditor General of India (CAG) had conducted the audit of the
accounts of the Corporation upto FY 2024-25 and their report alongwithg replies of
Management thereto shall form part of this Directors' Report and is being forwarded to the
State Govt, for placing before the State Legislature.
CASH FLOW STATEMENT
In conformity with the provisions of SEBI (LODR) Regulations, 2015, the Cash Flow
Statement for the year ending on 31.03.2025 is annexed with the Annual Accounts.
BOARD OF DIRECTORS
The composition of the Board of Directors of your Corporation as on 31.03.2025 was as
under:-
1. |
Shri Arun Kumar Gupta, IAS |
Chairman |
2. |
Shri D. Suresh, IAS |
Director |
3. |
Smt. Amneet P. Kumar, IAS |
Director |
4. |
Shri Yash Garg, IAS |
Director |
5. |
Shri Sushil Sarwan, IAS |
Managing Director |
6. |
Smt. Radhika Singh, HCS |
Director |
7. |
Shri Satish Nema |
Director |
8. |
Shri Shrawan Kumar Anand |
Director |
9. |
Shri Mohinder Kumar Chopra |
Director |
During the year under review, four meetings of Board of Directors were held on
30.05.2024, 14.08.2024, 12.11.2024 and 13.02.2025. The detail of the number of meetings of
the Board held during the Financial Year 2024-25 form part of the Report on Corporate
Governance in terms of regulation 34(3) of SEBI (LODR) Regulations, 2015.
POSITION OF WINDING UP/LIQUIDATION OF CORPORATION
It was already informed to the shareholders in the previous Annual General Meetings
that the proposal for liquidation/winding up of the Corporation has been forwarded to the
State Govt and the State Govt, has appointed Managing Director, HSIIDC as the Nodal
Officer for commencing and completing the liquidation proceedings. Further, the
Merchant Banker for delisting procedure of the Corporation, has already been appointed and
further action is being taken.
ACKNOWLEDGMENTS
The Board of the Haryana Financial Corporation wishes to place on record its special
thanks and gratitude to Govt, of Haryana, Department of Industries & Commerce, Finance
Department and Small Industrial Development Bank of India (SIDBI) for their continuous
co-operation and support in all the operational/financial matters.
The Board wishes to take the opportunity to thank the Banks and shareholders for
extending their support and cooperation.
The Board of Directors placed on record its appreciation of the contribution made by
the outgoing Directors.
The Board placed on record its appreciation for the services rendered by the staff of
the Corporation at different levels during the year.
Dated: 2.G-02 ‘2j02?> Place : CH/\Nt>C,/\RH
For and on behalflbf Board of Directors
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