You are here » Home » Companies » Company Overview » Typhoon Financial Services Ltd

Typhoon Financial Services Ltd.

BSE: 539468 Sector: Financials
NSE: N.A. ISIN Code: INE761R01013
BSE 00:00 | 11 Mar 20.00 0
(0.00%)
OPEN

20.00

HIGH

20.00

LOW

20.00

NSE 05:30 | 01 Jan Typhoon Financial Services Ltd
OPEN 20.00
PREVIOUS CLOSE 20.00
VOLUME 10
52-Week high 20.00
52-Week low 19.20
P/E 117.65
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.00
Sell Qty 90.00
OPEN 20.00
CLOSE 20.00
VOLUME 10
52-Week high 20.00
52-Week low 19.20
P/E 117.65
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.00
Sell Qty 90.00

Typhoon Financial Services Ltd. (TYPHOONFINSER) - Auditors Report

Company auditors report

To

The Members of Typhoon Financial Services Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Typhoon Financial ServicesLimited (‘the Company') which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act as applicable. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of these financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder and the Order under Section 143(11) ofthe Act.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

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 of the state of affairs of the Company as at March31 2018 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law relating to preparation of the financial statements have beenkept by the Company so far as it appears from our examination of those books. c. TheBalance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with bythis Report are in agreement with the books of account maintained for the purpose ofpreparation of these financial statements. d. In our opinion the aforesaid financialstatements comply with the Accounting Standards specified under Section 133 of the Act asapplicable. e. On the basis of the written representations received from the Directors ason March 31 2018 taken on record by the Board of Directors none of the Directors aredisqualified as on March 31 2018 from being appointed as a Director in terms of Section164 (2) of the Act f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in ‘Annexure A'. g. With respect to the other matters to beincluded in the Independent Auditors' Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us: (i) the Company has disclosed the impact ofpending litigations on its financial position in its financial statements – ReferNote 20 to the financial statements; (ii) the Company has made provision as requiredunder the applicable law or accounting standards for material foreseeable losses if anyon long-term contracts including derivative contracts; (iii) there has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company.

(iv) in our opinion and according to the information and explanations given to usreporting on clause (d) of Rule 11 of the Companies (Audit and Auditors) Rules 2014 isnot applicable for the financial year.

2. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government in terms of Section 143(11) of the Act we give in‘Annexure B' a statement on the matters specified in paragraphs 3 and 4 of the Order.

For VIRENDRA SURANA & CO.
Chartered Accountants
Firm's Registration No. 319179E
V. K. SURANA
Place : Kolkata Partner
Date : May 30 2018 Membership No. 054470

Annexure ‘A' to the Independent Auditors' Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TyphoonFinancial Services Limited (‘the Company') as of March 31 2018 in conjunctionwith our audit of the financial statements of the Company for the year ended and as onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (the ‘Guidance Note').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For VIRENDRA SURANA & CO.
Chartered Accountants
Firm's Registration No. 319179E
V. K. SURANA
Place : Kolkata Partner
Date : May 30 2018 Membership No. 054470

Annexure ‘B' to the Independent Auditors' Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 (‘the Order') issued by theCentral Government in terms of Section 143(11) of the Companies Act 2013 (‘the Act')of Typhoon Financial Services Limited (‘the Company')

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification (c) According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

(ii) The Company does not have inventories and therefore the provisions of the clause3(ii) of the Order are not applicable to the Company.

(iii) According to the information and explanations given to us the Company has givenunsecured loan to bodies corporate covered in the register maintained under section 189 ofthe Companies Act 2013.

(a) According to the information and explanations given to us the terms and conditionsof the grant of loans are prima facie not prejudicial to the interest of the Company.

(b) As per information and explanation given to us no specific terms of repayment ofthe above unsecured loans had been stipulated but the same were stated to be repayable ondemand. Accordingly paragraph 3(iii)(b) of the Order is not applicable to the Company inrespect of repayment of the principal and interest amount. (c) As per the information andexplanations given to us there are no overdue amounts of more than ninety days in respectof the above unsecured loans.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisionsof Section 185 of the Act in respect of loansgiven to persons in whom director are interested.

In our opinion and according to the information and explanations given to us theCompany being engaged in the business of financing section 186of the Act in respect ofgrant of loans making investments and providing guarantees and securitiesis notapplicable.

(v) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed maintenance of cost records u/s 148(1) of the Act and therefore the provisionsof the clause 3(vi) of the Order are not applicable to the Company.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxValue Added Tax duty of Customs duty of Excise Cess and other material statutory duesapplicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax duty of Customsduty of Excise Cess and other material statutory dues in arrears as at March 31 2018 fora period of more than six months from the date they became payable.

(c) According to the information and explanation given to us there are no duesoutstanding of income tax sales tax wealth tax service tax custom duty excise dutyvalue added tax and cess on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company does not have any loans or borrowings from banks financial institutions orgovernment and has not issued any debentures.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

(xi) In our opinion the Company has not paid or provided any managerial remuneration.Accordingly reporting under clause 3(xi) of the Order is not applicable.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theOrder is not applicable

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its Directors and hence provisions of Section 192 of theAct are not applicable.

(xvi) The Company is registered under Section 45-I of the Reserve Bank of India Act1934.

For VIRENDRA SURANA & CO.
Chartered Accountants
Firm's Registration No. 319179E
V. K. SURANA
Place : Kolkata Partner
Date : May 30 2018 Membership No. 054470