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Haryana Financial Corporation Ltd.

BSE: 530927 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Haryana Financial Corporation Ltd. (HARYANAFINCO) - Director Report

Company director report

The Board of Directors of the Haryana Financial Corporation has great pleasure inpresenting this 48th Annual Report together with the Audited statements of Accounts on theworking of the Corporation for the year ended 31st March. 2015.

Financial Results

During the financial year 2014-15 the Corpoariion has achieved the following workingresults

( Rs.in crore)
2014 - 15 2013 - 14
Income
A. Income from operations/other income 6 97 13. 46
Expenditure
B. Interest & Other Financial Expenses 043 001
C. Personnel Expenses 9. 33 9 73
D Administrative Expenses 0. 80 081
E Depreciation 0 42 050
F. Total Expenditure ( B to E ) 10. 98 11. 05
G. Operating Profit/(Loss)( A- F ) (4. 01) 2. 41
H Less Other expenditure
Prior period adjustment 0. 00 020
Bad Debts written off 50. 84 1. 74
Total: (H) 50. 84 1. 94
Add Other Income
Provision against NPAs written back 45. 90 2. 50
Profit on sale of Assets 9. 06 0. 00
Waiver of principal amount of Refinance from SIDBI under OTS 51. 68 000
Refund of Income Tax - AY 1995-96 0. 04 0. 00
Total (I) 106. 68 2. 50
J. Net Profit/(Loss) ( G - H + I) 51. 83 2. 97

Operational Highlights

The Corporation has already stopped sanction of loans w e f May 2010 as already statedin the previous Annual Reports The details of the operations of the Corporation recoveryof its dues during the year are given as under

Performance for the Year 2014-15 (Rs. in crore)
Sanction 0 00
Disbursement 0 00
Recovery 13 08

Recovery of Dues

During the year ‘One Time Settlement Scheme' of the Corporation was extended inview of the requirements of the Corporation/borrowers under NPAs with a view to maximisethe recovery and minimize the loan cases The Corporation made efforts to contact theborrowers and pursued them to come forward under the above settlement scheme to settletheir cases The Corporation also monitored the other borrowers (standard / sub-standard)for the timely repayment of dues to the Coporation Due to the above measures theCorporation made the recovery of Rs 13. 08 crore.

Resources Management

The Corporation has managed its limited resources efficiently The Corporation was ableto meet its commitments The details of the sources are discussed in the subsequent paras.

Share Capital from State Government

During the year the State Govt has not released any amount towards share capitalRefinance

In the previous Annual Reports it was informed that during the year 2010-11 theCorporation was able to settle its entire outstanding refinance of Rs. 181. 68 crore dueto the SIDBI at Rs 130 00 crore payable within a period of three years

The Corporation paid Rs 119 67 crore to the SIDBI upto 31 03 2014 against thesettlement amount of Rs 130 00 crore On the Corporation's request the SIDBI has allowedthe Corporation to pay the balance amount by 30th September 2014 The above arrangementwas made as per availability of the funds/best utilization of the limited sourcesavailable with the Corporation

The Corporation paid the balance amount of Rs 10. 33 crore to SIDBI on 29 09 2014 asper settlement The Corporation also paid inteerst of Rs 5. 12. 255/- on delayed paymentfor the period 01 04 2014 to 28 09 2014 against the demand of Rs 65 31. 249/- asnegotiated with SIDBI As on 31 03. 2015 the Corporation has no outstanding loan againstSIDBI/ others

Corporate Governance/ Management Discussion & Analysis Report

The Corporate Governance and Management discussion and Analysis report as per clause 49of the Listing Agreement is annexed as Annexure with the Director's Report A certificatefrom M/s Sharma Sarin & Associates. Company Secretaries on the above for the yearending on 31st March. 2015 is also annexed with this report

Listing

The equity shares of the Corporation are listed at Bombay Stock Exchange Ltd (BSEScript No 530927) The Corporation has paid the Annual Listing fee to the Stock Exchange(BSE) within time

Audit

The shareholders in its 47th Annual General Meeting held on 17. 11. 2014 as perprovisions of section 37 of State Financial Corporations' Act. 1951 appointed M/s R PMallick & Associates Chartered Accountants. Chandigarh (or the panel of the RBI) asStatutory Auditors for the financial year 2014-2015 (for 2nd term) who have conducted theaudi of the Corporation M/s R P. Mallick & Associates. Chartered AccountantsChandigarh are eligible for re-appointment tor the FY 2015-lb i. e. for 3rd term The RBIvide letter dated 13. 05. 2015 have confirmed their eligibility. Further as per RBIguidelines M/s R. P Mallick & Associates. Chartered Accountants Chandigarh have alsosubmitted the necessary declaration and other details to the effect that theirappointment if made would be within the prescnbed limits and they are not disqualifiedfor such appointment within the meaning of provisions of Companies Act/RBI guidelines

The item for re-appointment has been included in the notice for the AGM Audit ByComptroller & Auditor General of India

The Comptroller & Auditor General of India (CAG) had conducted the audit of theaccounts of the Corporation for Financial year 2013-14 and their report has been placedbefore State Legislature as per provisions of State Financial Corporations Act. 1951 Theaudit of the affairs of the Corporation for the year 2014-15 will be undertaken by theComptroller & Auditor General of India under section 37(6) of the SFCs'Act 1951 indue course

Cash flow Statement

In conformity with the provisions of clause 32 of the listing Agreement the Cash FlowStatement for the year ending on 31. 03 2015 is annexed with the Annual Accounts

Board of Directors

The list of the Board of Directors as on 31 03. 2015 has seperately been given in theAnnual Report During the year under review. 4 meetings of Board of Directors have beenheld

Acknowledgements

Your Directors take this opportunity to place on record its gratitude to StateGovernment Department of Industnes. 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 opportunity to thank the Banks and Shareholders for extendingtheir support & co-operation

The Board of Directors placed on record its appreciation of the contribution made bypast Chairman Sh. S. S Dhillon. IAS and by the past Managing Directors Sh. Tarun BajajIAS and Sh. T. L. Satyaprakash IAS

The Board of Directors also placed on record its appreciation of the contribution madeby the outgoing Directors

The Board placed on record its appreciation for the services rendered by the staff ofthe Corporation at different levels during the year.

For and on behalf of Board of Directors
Place: Chandigarh Managing Director