Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 33 Annual Report on the
business and operations of the company together with the Audited
Accounts for the year ended 31st March, 2014. The Summarized financial
results for the year ended 31st March, 2014 are as under:
FINANCIAL RESULTS
Key aspects of Company'' financial performance for the year 2013-14 is
tabulated below:
[Amount in Rupees]
Particular 2013-14 2012-13
Total Income 1962000 5626000
Total Expenditure 1783512 261361
Profit/(Loss) Before Extraordinary
items and Taxation 178488 5364639
Extraordinary items Nil Nil
Profit/(Loss) before Tax (PBT) 178488 5364639
Less: current Tax 60000 1105000
Net Profit/(Loss) after Tax for the year 118488 4259639
REVIEW OF OPERATION
During the year under review, the Company has earned of Rs. 1,962,000/-
from 5,626,000 /-. The net profit for the year under review has been
Rs. 118488/- as against Rs. 4259639/- net profit during the previous
financial year. Your directors are continuously looking for avenues for
future growth of the Company.
OPERATIONS AND BUSINESS PERFORMANCE
Kindly refer to Management Discussion & Analysis covered under
Corporate Governance and forms part of this Annual Report.
LISTING OF SHARES
The Company''s share continues to remain listed with Bombay Stock
Exchange, Mumbai. The Listing fees for the Financial Year 2014-15 have
been paid to the Exchange.
DIVIDEND
Your Directors have not declared any dividend during the year under
review due to loss incurred.
FIXED DEPOSIT
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
CORPORATE GOVENANCE
It has always been the company''s Endeavour to excel through better
Corporate Governance and fair and transparent practices, many of which
have already been in place even before they were mandated by the law of
the land. The company complies with the revised clause 49 of the
listing Agreement.
The Board of Directors of the company had also evolved and adopted a
code of conduct based on the principles of Good Corporate Governance
and best management practices being followed globally.
The Compliance Report on Corporate Governance forms part of the Annual
Report. The Auditors certificate on the compliance of Corporate
Governance Code embodied in clause 49 of the Listing Agreement.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, the
Directors confirm:
I) That in the preparation of the annual accounts, the applicable
accounting standards have been followed and no material departures have
been made from the same;
II) That they had selected such accounting policies, applied them
consistently, made judgment and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the
company for the period;
III) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularity;
IV) The Directors had prepared the Annual Accounts ongoing concern
basis.
AUDITORS
M/s B. V. Ganatra & Co., Chartered Accountants, be and are hereby
re-appointed as the Auditors of the Company to hold office from Annual
General Meeting up to the conclusion of the next Annual General Meeting
of the Company.
AUDITORS'' REPORT
The observations of the auditors in their report are self-explanatory
and therefore, in the opinion of the directors, do not call for further
comments.
PARTICULARS OF EMPLOYEES
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
Further during the year review, the company has neither earned nor used
any foreign exchange.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the continuing
support of Shareholders, bankers and Business associates at all levels.
For the continuing support of investor, Business Associates and
Employees in ensuring an excellent all around performance. Your
directors also wish to place on records their sincere thanks and
appreciation.
For and on Behalf of the Board
For, CHAMPION FINSEC LIMITED
PLACE: RAJKOT
DATE: 03.09.2014
(SACHIN CHAMPKLAL VALANI)
CHAIRMAN
Mar 31, 2013
The Directors have pleasure in presenting the 32nd Annual Report on
the business and operations of the company together with the Audited
Accounts for the year ended 31st March, 2013. The Summarized financial
results for the year ended 31st March, 2013 are as under:
CHANGE OF NAME
As the management foresee the business prospects and long-term growth
of the Company, it has been considered appropriate by the management to
change the name of the Company by obtaining necessary approvals to make
the name of the Company in consonance with the present business
activity. Accordingly, the name of the Company has been changed to
Champion Finsec Limited w.e.f. 04th January, 2013.
The Shareholders are requested to take note of the same and make future
communications with the new name of the Company.
FINANCIAL RESULTS
Key aspects of Company'' financial performance for the year 2012-13 is
tabulated below:
[Amount in Rupees]
Particular 2012-13 2011-12
Total Income 5626000 173694
Total Expenditure 261361 273576
Profit/(Loss) Before
Extraordinary items and Taxation 5364639 (99882)
Extraordinary items Nil Nil
Profit/(Loss) before Tax (PBT) 5364639 (99882)
Less: current Tax Nil Nil
Net Profit/(Loss) after Tax for the year 5364639 (99882)
REVIEW OF OPERATION
During the year under review, the Company has earned of Rs. 5,626,000/-
from 173,694 /-. The net profit for the year under review has been Rs.
5,364,639/- as against Rs. 99,882/- net loss during the previous
financial year. Your directors are continuously looking for avenues for
future growth of the Company.
SHARE CAPITAL Preferential Allotment:
During the year under review, 3,700,000 Warrants allotted to Mr.
Dhirajlal Hirpara and Mr. Jitendra Hirpara, Non - Promoter Group of
the Company on preferential basis.
Authorised Share Capital:
During the year under review, the Authorised share capital of the
company increased from Rs. 93,500,000 (Rupees Nine Crores Thirty Five
Lacs Only) divided into 9,350,000 (Ninety Three Lacs Fifty Thousand
only) equity shares of Rs. 10 each to Rs. 135,000,000 (Rupees Thirteen
Crores Fifty Lacs Only) divided into 13,500,000 (One Crores Thirty Five
Lacs only) equity shares of Rs. 10 each.
OPERATIONS AND BUSINESS PERFORMANCE
Kindly refer to Management Discussion & Analysis covered under
Corporate Governance and forms part of this Annual Report.
LISTING OF SHARES
The Company''s share continues to remain listed with Bombay Stock
Exchange, Mumbai. The Listing fees for the Financial Year 2013-14 have
been paid to the Exchange.
DIVIDEND
Your Directors have not declared any dividend during the year under
review due to loss incurred.
FIXED DEPOSIT
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
CORPORATE GOVENANCE
It has always been the company''s Endeavour to excel through better
Corporate Governance and fair and transparent practices, many of which
have already been in place even before they were mandated by the law of
the land. The company complies with the revised clause 49 of the
listing Agreement.
The Board of Directors of the company had also evolved and adopted a
code of conduct based on the principles of Good Corporate Governance
and best management practices being followed globally.
The Compliance Report on Corporate Governance forms part of the Annual
Report. The Auditors certificate on the compliance of Corporate
Governance Code embodied in clause 49 of the Listing Agreement.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, the
Directors confirm:
I) That in the preparation of the annual accounts, the applicable
accounting standards have been followed and no material departures have
been made from the same;
II) That they had selected such accounting policies, applied them
consistently, made judgment and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit of the
company for the period;
III) The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularity;
IV) The Directors had prepared the Annual Accounts ongoing concern
basis.
AUDITORS
M/s. Y. D. & Co., Chartered Accountants, Statutory Auditors of the
Company, hold office up to the conclusion of the Annual General Meeting
from the last Annual General Meeting of the Company be and are hereby
resigned from such office of the Auditors.
M/s B. V. Ganatra & Co., Chartered Accountants, be and are hereby
appointed as the Auditors of the Company to hold office from Annual
General Meeting up to the conclusion of the next Annual General Meeting
of the Company.
AUDITORS'' REPORT
The observations of the auditors in their report are self-explanatory
and therefore, in the opinion of the directors, do not call for further
comments.
PARTICULARS OF EMPLOYEES
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review.
Further during the year review, the company has neither earned nor used
any foreign exchange.
ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the continuing
support of Shareholders, bankers and Business associates at all levels.
For the continuing support of investor, Business Associates and
Employees in ensuring an excellent all around performance. Your
directors also wish to place on records their sincere thanks and
appreciation.
For and on Behalf of the Board
For, CHAMPION FINSEC LIMITED
PLACE: MUMBAI
DATE: 02.09.2013 (SACHIN CHAMPKLAL VALANI)
CHAIRMAN
Mar 31, 2011
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accounts for the year ended 31st
March, 2011
FINANCIAL RESULT: (in Rs.)
PARTICULARS 2010-2011 2009-2010
Profit/(Loss) Before Tax (2,38,719) (2,61,093)
Less: Provision for Income Tax 0 0
Deferred Tax 0 0
Profit/(Loss) for the year after
Taxation (2,38,719) (2,61,093)
Add/(Less) prior year's tax adjustment 0 0
TOTAL (2,38,719) (2,61,093)
Balance Brought Forward 69,71,075 72,32,168
Balance available for appropriation
Surplus/(deficit) carried to Balance
Sheet 67,32,356 69,71,075
OPERATIONS:
During the year under review the company has incurred net Loss of Rs.
2,38,719/- against the loss Rs. 2,61,093/- during the previous year.
Your Directors expects the company will achieve growth in the coming
years.
DIVIDEND:
Directors do not recommend any dividend on equity shares of the
company.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration in accordance with the
provisions of section 217(2A) of the companies Act 1956 read with the
companies (Particulars of employee) Rules 1975 as amended.
DIRECTOR:
Mr. Vipul Trivedi, Director of the company will retire at the
forthcoming annual general meeting of the company, and being eligible,
offer them for re-appointment.
BONUS ISSUE:
The Board of directors of the Company has decide to make a bonus issue
of 41,39,200 Equity Shares of Rs. 10/- each fully paid up at a
proportion of Four equity shares for every five equity shares held by
the equity shareholders of the company as on record date ranking paari
paasu with the existing e q u i t y shares. The Extra Ordinary General
Meeting was called for shareholders approval for the Bonus issue as on
18th April, 2011. The company has received in-principle approval from
the BSE and Shareholders of the Company and after that allot the bonus
issue to the Existing Shareholders of the Company.
APPOINTMENT OF AUDITORS:
M/s. Y. D. & Co.,, Chartered Accountants, Ludhiana, are proposed to be
re-appoint as auditor of the company for the financial year 2011-2012.
The auditors of the Company retire at the forthcoming Annual General
Meeting. The board will fix the remuneration of newly appointed
auditors of the company. The necessary certificate under section
224(1B) of the Companies Act, 1956 has been received from the auditor.
The Statutory Auditors of the Company have submitted auditor's report
on the accounts of the Company for the accounting year ended 31st
March, 2011 which is self-explanatory and needs no comments.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the companies Act 1956 your director
confirms that in the preparation of the annual accounts:
w applicable accounting standards have been followed along with proper
explanation relating to material departures.
2) Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, so as to give
a true and fair view of the state of affairs of the company at the end
of the financial year and the profit/loss of the company for that
period.
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANG:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
LISTING AGREEMENT:
The securities of the company are listed with the Stock Exchange,
Mumbai. The company has paid the annual listing fees.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors, for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
By the order of the Board of Directors
Place: Mumbai
Date: 28.05.2011 Director
Mar 31, 2010
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accounts for the year ended 31st
March, 2010.
FINANCIAL RESULTS:
(in Rs.)
PARTICULARS 2009-2010 2008-2009
Profit/(Loss) Before Tax (2,61,093) 22,480
Less: Provision for Income Tax 0 0
Deferred Tax 0 0
Profit/(Loss) for the year after Taxation (2,61,093) 22,480
Add/(Less) prior yearÃs tax adjustment 0 0
TOTAL (2,61,093) 22,480
Balance Brought Forward 72,32,168 72,09,688
Balance available for appropriation 0
Surplus/(deficit) carried to Balance Sheet 69,71,075 72,32,168
OPERATIONS:
During the year under review the company has incurred net Loss of
Rs.2,61,093/- against the Profit Rs.22,480/- during the previous year.
Your Directors expects the company will achieve growth in the coming
years.
DIVIDEND:
Directors do not recommend any dividend on equity shares of the
company.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration in accordance with the
provisions of section 217(2A) of the companies Act 1956 read with the
companies (Particulars of employee) Rules 1975 as amended.
DIRECTOR:
Mr. Ketan Sorathiya, Director of the company will retire at the
forthcoming annual general meeting of the company, and being eligible,
offer them for re-appointment.
Mr.Vipul Trivedi, appointed as an additional director of the company be
and hereby appointed as director liable to retire by rotation.
AUDITORS:
The existing auditors M/s.J K.Agrawal & Co. Chartered accountants,
Mumbai, have expressed their unwillingness to be re-appointed as
auditors for the Financial year 2010-2011. The Chairman suggested the
name of M/s. Arvind A. Thakkar & co. Chartered Accountants, Ahmedabad
for the Auditor of the company for the financial year 2010-2011. and
holds office from the conclusion of this meeting until the conclusion
of next annual General Meeting of the company. Members are requested to
appoint them as auditors of the company and fix their remuneration.
The Statutory Auditors of the Company have submitted auditors report on
the accounts of the Company for the accounting year ended 31st March,
2010 which is self-explanatory and needs no comments.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the companies Act 1956 your director
confirms that in the preparation of the annual accounts:
1) The applicable accounting standards have been followed along with
proper explanation relating to material departures.
2) Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, so as to give
a true and fair view of the state of affairs of the company at the end
of the financial year and the profit/loss of the company for that
period.
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANG:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
LISTING AGREEMENT:
The securities of the company are listed with the Stock Exchange,
Mumbai. The company has paid the annual listing fees.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors, for their continued assistance and co- operation. The
directors also wish to place on record the confidence of members in the
company.
For & on behalf of the Board of Directors
Place : Mumbai Sd/-
Date : 04/09/2010. Director