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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) - Director Report

Company director report

DIRECTOR

To

The Members

Your Directors have pleasure in presenting the 33rd Annual Report on thebusiness and operations of the company together with the Audited Accounts for the yearended 31st March 2014. The Summarized financial results for the year ended 31stMarch 2014 are as under:

FINANCIAL RESULTS

Key aspects of Company’ financial performance for the year 2013-14 is tabulatedbelow: [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. 1962000/- from 5626000/-. 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 continuouslylooking for avenues for future growth of the Company.

OPERATIONS AND BUSINESS PERFORMANCE

Kindly refer to Management Discussion & Analysis covered under Corporate Governanceand 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 lossincurred.

FIXED DEPOSIT

The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.

CORPORATE GOVENANCE

It has always been the company’s Endeavour to excel through better CorporateGovernance and fair and transparent practices many of which have already been in placeeven before they were mandated by the law of the land. The company complies with therevised clause 49 of the listing Agreement.

The Board of Directors of the company had also evolved and adopted a code of conductbased on the principles of Good Corporate Governance and best management practices beingfollowed globally.

The Compliance Report on Corporate Governance forms part of the Annual Report. TheAuditors certificate on the compliance of Corporate Governance Code embodied in clause 49of the Listing Agreement.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act 1956 withrespect to Directors’ Responsibility Statement the Directors confirm:

I) That in the preparation of the annual accounts the applicable accounting standardshave been followed and no material departures have been made from the same;

II) That they had selected such accounting policies applied them consistently madejudgment and estimates that are reasonable and prudent so as to give true and fair view ofthe state of affairs of the Company at the end of the financial year and of the profit ofthe company for the period;

III) The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 asthe Auditors of the Company to hold office from Annual General Meeting up to theconclusion of the next Annual General Meeting of the Company.

AUDITORS’ REPORT

The observations of the auditors in their report are self-explanatory and therefore inthe 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 CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.

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 CompaniesAct 1956 in respect of conservation of energy and technology absorption have not beenfurnished considering the nature of activities undertaken by the company during the yearunder review. Further during the year review the company has neither earned nor used anyforeign exchange.

ACKNOWLEDGEMENTS

Your Directors place on record their gratitude for the continuing support ofShareholders bankers and Business associates at all levels. For the continuing support ofinvestor Business Associates and Employees in ensuring an excellent all aroundperformance. Your directors also wish to place on records their sincere thanks andappreciation.

For and on Behalf of the Board
For CHAMPION FINSEC LIMITED
PLACE: RAJKOT (SACHIN CHAMPKLAL VALANI)
DATE: 03.09.2014 CHAIRMAN

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