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Directors Report of Champion Finsec Ltd.

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

 
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