Annual Report for the period of Financial Year 2022-23
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Typhoon Holdings Limited filed its Annual Report for FY 2022-23. Total revenue from operations rose to Rs. 92.25 lakhs from Rs. 61.67 lakhs in FY22, a growth of about 49.6%. Profit after tax increased to Rs. 1.14 lakhs from Rs. 1.01 lakhs. Total expenses grew to Rs. 90.70 lakhs, eating into margins. No dividend was declared and no changes were made to share capital. The auditor (M/s VSSB & Associates) issued a Qualified Opinion flagging that financial assets and liabilities were not measured at fair value as required by Ind AS 113 and Ind AS 109. The auditor also highlighted serious compliance issues: the company's ROC status is INACTIVE due to non-filing of annual returns for two years, all directors' DINs are deactivated for non-filing of KYC, the company has defaulted on income tax returns and GST filings, and no internal audit system is in place.
The 49.6% revenue growth is positive, but the company remains very small with negligible profits and negative reserves (Rs. -46.72 lakhs), meaning accumulated losses exceed equity. The qualified audit opinion and multiple regulatory non-compliances (inactive ROC status, deactivated DINs, GST/income tax defaults) are red flags that may concern investors and could lead to further regulatory action.