Annual Report for the financial year 2023-24
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Typhoon Holdings Limited reported total revenue of Rs. 51.86 lakhs in FY24, down from Rs. 92.25 lakhs in FY23 — a decline of about 44%. Despite the revenue drop, the company swung to a higher profit after tax of Rs. 2.22 lakhs versus Rs. 1.14 lakhs last year, mainly because total expenditure fell sharply to Rs. 48.85 lakhs. No dividend was declared. During the year, statutory auditor M/s V S S B & Associates resigned in November 2023 citing pre-occupation of work, and M/s S K Bhavsar & Co was appointed in their place. The auditor issued an unmodified opinion but flagged several concerns in an Emphasis of Matter, including pending verification of trade receivables, payables and loans, the absence of a GST registration, the company not maintaining a bank account in its own name, and non-compliance with Section 203 for not appointing a whole-time Company Secretary.
For shareholders, the smaller company remains operationally tiny and structurally weak — no fixed assets, no inventory, prior-year cash losses of Rs. 508.48 lakhs, auditor changes mid-year, and multiple compliance lapses flagged by the auditor raise governance concerns, though the bottom line did improve modestly in FY24.