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Champion Finsec Ltd.

BSE: 504367 Sector: Financials
NSE: N.A. ISIN Code: INE815H01018
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Champion Finsec Ltd. (CHAMPIONFINSEC) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To

The Members of Champion Finsec Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Champion Finsec Limited("the company) which comprises the Balance Sheet as at March 31 2014 statement ofProfit and Loss and the cash flow statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The company’s management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the company in accordance with the accounting standards referred to insection 211(3c) of the Companies Act 1956 ("the Act") and in accordance with theaccounting principles generally accepted in India. This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theinstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor consider internal control relevant to the Company’s preparation of thefinancial statements in order to design audit procedure that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company’s internal control. An audit also includes evaluating the appropriatenessof the accounting policies used and the reasonableness of the accounting estimates made bythe Management as well as evaluating the overall presentation of the financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31March2014

b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

c) In the case of the Cash Flow Statement of the cash flows of the year ended on thatdate.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order2003 ("theOrder") issued by the Central Government in terms of Section 227(4A) of the Act wegive the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementsdealt with by this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet The Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred to in Section 211(3C) of theAct.

e) On the basis of the written representations received from the directors as on 31March 2014 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2014 from being appointed as a director in terms of Section274(1)(g) of the Act.

For Bakul V Ganatra & Co.
Chartered Accountants
Bakul V Ganatra
Proprietor
Place: Rajkot Mem. No. : 031813
Date:03/09/2014 Firm No.: 100915W

ANNEXURE TO THE AUDITORS’ REPORT

Annexure referred to in Paragraph 3 of the Auditors Report of Even date to the Memberof CHAMPION FINSEC LIMITED

i) The Company does not have any Fixed Assets.

ii) The Company does not have any inventory during the year.

iii) The Company has neither granted nor taken any loans during the year secured orunsecured from companies firms or other parties listed in the register maintained underSection 301 of the Act.

iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business. During the course of our audit no major weakness has beennoticed in the internal controls.

v) According to the information and explanations given to us we are of the opinionthat there are no transactions that need to be entered into the register maintained undersection 301 of the companies Act 1956.

vi) In our opinion and according to the information and explanations given to us thecompany has not accepted any fixed deposits which are covered under provisions of section58A and section 58AA of the Companies Act 1956 and the Companies (Acceptance of Deposits)Rule 1975.

vii) In our opinion and according to the information and explanations given to usCompany does not have internal audit system commensurate with the size and nature of itsbusiness.

viii) The Central government has not prescribed any maintenance of cost records for theCompany’s product pursuant to Rules made under section 209 (1)(d) of the CompaniesAct 1956.

ix) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth tax customs duty excise duty cess and other materialstatutory dues as applicable with the appropriate authorities.

x) The Company has incurred cash profit of Rs. 1962 000/- during the year and inimmediately preceding financial year company has incurred profit of Rs. 5626000/-. TheCompany does not have any accumulated losses as at 31st March 2014.

xi) During the year the Company has neither taken any loan from Financial Institutionnor any debentures issued.

xii) As per information & according to explanation given to us the Company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities.

xiii) The provisions of any special statue applicable to chit fund/nidhi/mutual benefitfund/societies are not applicable to the Company.

xiv) As per information & according to explanation given to us the Company hasmade investments and proper records for the same are maintained & all the investmentsare in name of the company.

xv) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

xvi) As per information & according to explanation given to us the company has notobtained any term loan during the year.

xvii) On the basis of an overall examination of the balance sheet of the Company andaccording to the information and explanations given to us in our opinion funds raised ona short-term basis have not been used for long-term investment and vice versa.

xviii) The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 301 of the Act during the year.

xix) The Company has not issued any debenture till date. Therefore creation ofreserves in respect of debentures does not arise.

xx) The Company has not raised any money by public issues during the year.

xxi) During the course of our examination of the Books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the Management.

For Bakul V Ganatra & Co.
Chartered Accountants
Bakul V Ganatra
Proprietor
Place: Rajkot Mem. No. : 031813
Date: 03/09/2014 Firm No.: 100915W

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