| We have audited the attached Balance Sheet of the Typhoon Holdings
Limited as at 31st March, 2014 and also the Profit and Loss Account and
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
Management. Our responsibility is to express our opinion on these
financial statements based on our Audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the Management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
As required by the Companies (Auditors Report) Order, 2003 (the order)
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
Further to our comments in the Annexure referred to above, we report
that :
1. We have obtained all the information and explanation, which is to
the best of our knowledge and belief were necessary for the purpose of
our audit.
2. In our opinion, proper books of account, as required by law have
been kept by the Company so far as appears from our examination of
those books.
3. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Account.
4. In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956.
5. On the basis of written representations received from the Directors
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on March 31, 2014 from being appointed
as Director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014; and
b) In the case of the Profit and Loss Account of the Loss for the year
ended on that date; and
c) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
1. Clause 1(a), 1(b) & 1(c) are not applicable since Company does not
have any Fixed Asset.
2. Clause 2(a), 2(b) & 2(c) is not applicable since there is no
activity and inventory during the year.
3. The Company has neither granted nor taken any loans, secured or
unsecured to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Therefore clause iii(b), iii(c), iii(d), iii(e), iii(f) and iii(g) of
paragraph 4 of the order is not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business. During the course of our audit, no major weakness has been
noticed in the internal controls procedures.
5. A. According to the information and explanations provided by the
Management, we are of the opinion that no transactions made with the
parties under Section 301 of the Companies Act, 1956.
B. Since no transaction entered this clause is not applicable.
6. The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of section 58 A of the Act and the rules framed there under apply.
7. The maintenance of cost records has not been prescribed for the
products of the Company by the Central Government under section
209(1)(d) of the Companies Act, 1956.
8. A. The Company is generally regular in depositing with appropriate
authorities, undisputed statutory dues including Provident Fund,
investor education and protection fund, employees' state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess and
other statutory dues applicable to it. According to the information and
explanations given to us, no undisputed amounts payable in respect of
income tax, wealth tax, sales tax, custom duty and excise duty were
outstanding at the year end for a period of more than six months from
the date they become payable.
B. According to information and explanation given to us and the records
of the Company examined by us, no disputed statutory dues on account of
sales tax, income tax, wealth tax, excise duty and cess.
9. The Company has accumulated losses at the end of the financial year
and has incurred losses in current and immediately preceding financial
year.
10. According to the records of the Company examined by us and
explanations given to us, since the Company has not borrowed from
financial institutions/banks, para 4(xi) of the Order is not applicable
to the Company.
11. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12. In our opinion, the Company is not a chit fund and nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xii) of
the Companies (Auditors' Report) Order, 2003 are not applicable to the
Company.
13. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditors' Report) Order, 2003 are not applicable to the Company.
14. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
15. According to information and explanations given to us and on
overall examination of the Balance Sheet of the Company, no fund short
term or long term have been raised by the Company during the year, para
4(xvi) of the Order is not applicable to the Company.
16. The Company has not made any preferential allotment of shares to
the parties or companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
17. The Company has not issued any debentures during the year and
there are no debentures outstanding on at the year ends, therefore the
question of creation of Securities does not arise.
18. The Company has not raised any money through a public issue during
the year.
19. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For D.M. Oza & Associates
Chartered Accountants
Firm Registration No. : 119407W
D.M. Oza
Proprietor
Date : May 30, 2014 M. No. : 106993 | 