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Auditor Report of Trans Asia Corporation Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Trans Asia Corporation Limited as at 31st March 2014, Statement of Profit and loss and Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with the general circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of the section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act 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 March 31, 2014;

b) In the case Statement of Profit and Loss, 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) 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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and cash flow statement comply with the Accounting Standards notified under the act read with the general circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 5 of our report of even date we report that:-

1. (a) In respect of fixed assets, we have been explained by the management that the Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancy has been noticed on physical verification as confirmed by the management.

(c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. The company had no inventory during the year.

3. (a) The Company has not taken any loans, secured or unsecured, from the companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any unsecured loan, to companies covered in the registered maintained under section 301 of the Companies Act, 1956 and other clauses are not required to be commented upon.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and with regard to the sale of shares. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public in contravention with the provisions of Section 58-A, and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975.

7. The Company has an Internal Audit System which in our opinion is adequate commensurate with the size of he Company and nature of its business.

ANNEXURE TO THE AUDITORS'' REPORT

8. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 to the company.

9. (a) According to the information and explanations given to us, 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, customs duty, excise duty and cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March 2013 for a period of more than six months from the date they became payable, except Income Tax for the Assessment Year 2007-08, 2008-09, 2009-10 and 2010-11 for amount Rs. 133.19, Rs. 376.85, Rs. 192.88 and Rs. 69.89 thousand respectively and TDS of Rs. 9.84 thousand.

(c) According to the information and explanations given to us, there are no dues of sales-tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has accumulated losses as at the end of the financial year. The Company has incurred cash loss during the financial year covered by our audit of Rs. 154.86 thousands and of Rs. 205.25 thousands in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, banks during the year.

12. According to the information and explanations given to us, the Company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4 (xii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4 (xiii) of the companies (Auditors report) Order, 2003 are not applicable to the Company

14. In our Opinion, In relation to the Company''s dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction made. The shares, securities, debentures and other securities haven been held by the Company in its own name except to the extent of exemption as granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the Company has not taken any term loan from financial institutions.

ANNEXURE TO THE AUDITORS'' REPORT

17. According to the information and explanations given to us and on overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term assets.

18. The Company has not made preferential allotment of share to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year covered by our audit.

19. The Company has not issued any debentures; hence the provisions of clause 4(xix) are not applicable to the Company.

20. During the financial year, Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information & explanations given to us, no fraud on or by the Company has been noticed or reported during the course of audit.

For Nahata Mahajan & Co. Chartered Accountants Firm Reg. No. 009739C

S/d

Place: Indore CA. Sunil Nahata

Date: 30th August, 2014 Partner

M. No. 074831


Mar 31, 2013

We have audited the accompanying financial statements of Trans Asia Corporation Limited as at 31st March 2013, Statement of Profit and loss and Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act 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 March 31,2013;

b) In the case Statement of Profit and Loss, 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) 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

c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Referred to in paragraph 5 of our report of even date we report that:-

1. (a) In respect of fixed assets, we have been explained by the management that the Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancy has been noticed on physical verification as confirmed by the management.

(c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. (a) The inventory has been physically verified by the management during the year. In our opinion frequency of verification is reasonable.

(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to size of business and nature of business.

(c) In our opinion and according to the information given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) The Company has not taken any loans, secured or unsecured, from the companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any unsecured loan, to companies covered in the registered maintained under section 301 of the Companies Act, 1956 and other clauses are not required to be commented upon.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and with regard to the sale of shares. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public in contravention with the provisions of Section 58-A, and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975.

7. The Company has an Internal Audit System which in our opinion is adequate commensurate with the size of he Company and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 to the company.

9. (a) According to the information and explanations given to us, 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, customs duty, excise duty and cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March 2013 for a period of more than six months from the date they became payable, except Income Tax for the Assessment Year 2007-08, 2008-09, 2009-10 and 2010- 11 for amount Rs. 133.19, Rs. 376.85, Rs. 192.88 and Rs. 69.89 thousand respectively and TDS of Rs. 9.84 thousand.

(c) According to the information and explanations given to us, there are no dues of sales-tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has accumulated losses as at the end of the financial year. The Company has incurred cash loss during the financial year covered by our audit of Rs. 325.30 thousands and of Rs. 337.32 thousands in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, banks during the year.

12. According to the information and explanations given to us, the Company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4 (xii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4 (xiii) of the companies (Auditors report) Order, 2003 are not applicable to the Company

14. In our Opinion, In relation to the Company''s dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction made. The shares, securities, debentures and other securities haven been held by the Company in its own name except to the extent of exemption as granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the Company has not taken any term loan from financial institutions.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term assets.

18. The Company has not made preferential allotment of share to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year covered by our audit.

19. The Company has not issued any debentures; hence the provisions of clause 4(xix) are not applicable to the Company.

20. During the financial year, Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information & explanations given to us, no fraud on or by the Company has been noticed or reported during the course of audit.

For Nahata Mahajan & Co.

Chartered Accountants

Firm Reg. No. 009739C

Sd/-

Place: Indore CA. Sunil Nahata

Date: 2nd September, 2013 Partner

M. No. 074831


Mar 31, 2012

We have audited the attached Balance Sheet of Trans Asia Corporation Limited as at 31st March 2012, Statement of Profit & Loss and the 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 an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards reauire 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 statement. 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 for our opinion.

1. As required by the companies (Auditor's Report) Order, 2003 as amended by the companies(Auditor's Report)(Amendment) Order, 2004 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 to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) 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.

c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow statement dealt with by this report subject to notes on accounts at schedule 11, comply with the accounting standards referred to in sub - section (3C) of Section 211 of the companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31s' March, 2012 form being appointed as a director in terms of Clause (g) of sub Section (1) of Section 274 of the companies Act 1956.

f) 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 accounting principles generally accepted in India:

I. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2012,

II. In the case of Statement of the Profit and Loss Account, of the Loss for the year ended on that date and

III. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 of our report of even date we have to report that:-

1. (a) In respect of fixed assets, we have been explained by the management that the Company has maintained proper records showing fuli particulars including quantitative details and situation of Fixed Assets.

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancy has been noticed on physical verification as confirmed by the management.

(c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. (a) The inventory has been physically verified by the management during the year. In our opinion frequency of verification is reasonable.

(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to size of business and nature of business.

(c) In our opinion and according to the information given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) The Company has not taken any loans, secured or unsecured, from the companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any unsecured loan, to companies covered in the registered maintained under section 301 of the Companies Act, 1956 and other clauses are not required to be commented upon.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and with regard to the sale of shares. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public in contravention with the provisions of Section 58-A, and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975.

7. The Company has an Internal Audit System which in our opinion is adequate commensurate with the size of he Company and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 to the company.

9. (a) According to the information and explanations given to us, 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, customs duty, excise duty and cess and other material statutory dues applicable to it, except for TDS to Income Tax Department of Rs. 19.82 thousand.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable, except Income Tax for the Assessment Year 2008-09 and 2009-10 for amount Rs. 274.48 thousand and Rs. 167.58 thousand respectively , VAT of Rs. 1054.34 thousand, TDS of Rs. 42.10 thousand and Fringe Benefit Tax of Rs. 9.54 thousand.

(c) According to the information and explanations given to us, there are no dues of sales-tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has accumulated losses as at the end of the financial year. The Company has incurred cash loss during the financial year covered by our audit of Rs. 337.32 thousands and of Rs. 1638.29 thousands in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, banks during the year.

12. According to the information and explanations given to us, the Company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4 (xii) of the companies (Auditor's Report) Order, 2003 are not applicable to the Company.

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4 (xiii) of the companies (Auditors report) Order, 2003 are not applicable to the Company

14. In our Opinion, In relation to the Company's dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction made. The shares, securities, debentures and other securities haven been held by the Company in its own name except to the extent of exemption as granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the Company has not taken any term loan from financial institutions.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term assets.

18. The Company has not made preferential allotment of share to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year covered by our audit.

19. The Company has not issued any debentures; hence the provisions of clause 4(xix) are not applicable to the Company.

20. During the financial year, Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information & explanations given to us, no fraud on or by the Company has been noticed or reported during the course of audit.

For Nahata Mahajan & Co.

Chartered Accountants

Firm Reg. No. 009739C

Sd/-

Place: Indore Sunil Nahata

Date: 3rd September 2012 Partner

M. No. 074831


Mar 31, 2011

We have audited the attached Balance Sheet of Trans Asia Corporation Limited as at 31st March 2011, the Profit & Loss account and the 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 an 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 statement. 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 for our opinion.

1. As required by the companies (Auditor's Report) Order, 2003 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 to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) 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.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow statement dealt with by this report subject to notes on accounts at schedule 11, comply with the accounting standards referred to in sub - section (3C) of Section 211 of the companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31st March 2011 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March, 2011 form being appointed as a director in terms of Clause (g) of sub Section (1) of Section 274 of the companies Act 1956.

f) 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 accounting principles generally accepted in India:

I. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2011,

II. In the case of the Profit and Loss Account, of the Profit for the year ended on that date and

III. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 of our report of even date we have to report that:-

1. (a) In respect of fixed assets, we have been explained by the management that the Company has

maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancy has been noticed on physical verification as confirmed by the management.

(c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. (a) In respect of the Inventory, we have been explained by the management that the Company is not having any inventory hence other clauses are not applicable.

(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to size of business and nature of business.

(c) In our opinion and according to the information given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) The Company has not taken any loans, secured or unsecured, from the companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any unsecured loan, to companies covered in the registered maintained under section 301 of the Companies Act, 1956 and other clauses are not required to be commented upon.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and with regard to the sale of shares. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public in contravention with the provisions of Section 58-A, and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975.

7. The Company has an Internal Audit System which in our opinion is adequate commensurate with the size of he Company and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 in respect of Investment Company.

9. (a) According to the information and explanations given to us, 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, customs duty, excise duty and cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March 2011 for a period of more than six months from the date they became payable, except Income Tax for the Assessment Year 2008-09 and 2009-10 for amount Rs. 2.74 Lacks and Rs. 1.68 Lacks.

(c) According to the information and explanations given to us, there are no dues of sales-tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has not incurred cash loss during the financial year covered by our audit and there was no loss in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks during the year.

12. According to the information and explanations given to us, the Company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4 (xii) of the companies (Auditor's Report) Order, 2003 are not applicable to the Company.

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4 (xiii) of the companies (Auditors report) Order, 2003 are not applicable to the Company

14. In our Opinion, In relation to the Company's dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction made. The shares, securities, debentures and other securities haven been held by the Company in its own name except to the extent of exemption as granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the Company has not taken any term loan from financial institutions.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term assets and no long term funds have been used to finance short term assets other than temporary deployment of funds in the ordinary course of business.

18. The Company has not made preferential allotment of share to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year covered by our audit.

19. The Company has not issued any debentures; hence the provisions of clause 4(xix) are not applicable to the Company.

20. During the financial year, Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information & explanations given to us, no fraud on or by the Company has been noticed or reported during the course of audit.

For M/s. Nahata Mahajan & Co.

Chartered Accountants

FRN: 009739C

Sd/-

Sunil Nahata Place: Indore Partner

Date: 26th August, 2011 M.No. 074831


Mar 31, 2010

We have audited the attached Balance Sheet of Trans Asia Corporation Limited as at 31st March 2010, the Profit & Loss account and the cash flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an 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 statement. 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 for our opinion.

1. As required by the companies ( Auditors Report) Order, 2003 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 to the extent applicable.

2. Further to our comments in the Annexure referred to in paragraph 3 above, we report that

a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) 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.

c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow statement dealt with by this report subject to notes on accounts at schedule 11, comply with the

accounting standards referred to in sub - section (3C) of Section 211 of the companies Act, 1956.

e) On the basis of written representations received from the directors, as on 31st March 2010 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March, 2010 form being appointed as a director in terms of Clause (g) of sub Section (1) of Section 274 of the companies Act 1956.

f) 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 accounting principles generally accepted in India:

I. In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010:

II. In the case of the Profit and Loss Account, of the Profit for the year ended on that date : and

III. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.





ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of our report of even date we have to report that:-

1. (a) In respect of fixed assets, we have been explained by the management that the Company has

maintained proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) Fixed Assets have been physically verified by the management periodically in a phased manner and no material discrepancy has been noticed on physical verification as confirmed by the management.

(c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern assumption.

2. (a) In respect of the Inventory, we have been explained by the management that inventories have been physically verified by management at reasonable intervals during the year.

(b) As per the information given to us, the procedures of physical verification of inventory followed by management are, in our opinion, reasonable and adequate in relation to size of business and nature of business.

(c) In our opinion and according to the information given to us , the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

3. (a) The Company has not taken any loans, secured or unsecured, from the companies, firms or other parties, covered in the register maintained under section 301 of the Companies Act, 1956. The Company has not granted any unsecured loan, to companies covered in the registered maintained under section 301 of the Companies Act, 1956 and other clauses are not required to be commented upon.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventory and with regard to the sale of shares. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

5. (a) In our opinion and according to the information and explanations given to us, the transactions

that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered.

(b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year, have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time where such market prices are available.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public in contravention with the provisions of Section 58-A, and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975.

7. The Company has an Internal Audit System which in our opinion is adequate commensurate with the size of he Company and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act 1956 in respect of Investment Company.

9. (a) According to the information and explanations given to us, 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, customs duty, excise duty and cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth-tax, sales-tax, customs duty, excise duty and cess were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable, except Income Tax for the A.Y.2008-2009 and 2009-10 for amount Rs.2.74 Lacs and Rs. 1.68 Lacs

(c) According to the information and explanations given to us, there are no dues of sales-tax, income tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

10. The Company has not incurred cash loss during the financial year covered by our audit and there was no loss in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks during the year.

12. According to the information and explanations given to us, the Company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4 (xii) of the companies (Auditors Report) Order, 2003 are not applicable to the Company.

13. In our opinion the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of Clause 4 (xiii) of the companies (Auditors report) Order, 2003 are not applicable to the Company

14. In our Opinion, In relation to the Companys dealing in shares, securities, debentures and other investments, proper records have been maintained of the transaction made. The shares, securities, debentures and other securities haven been held by the Company in its own name except to the extent of exemption as granted under section 49 of the Act.

15. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

16. According to the information and explanations given to us, the Company has not taken any term loan from financial institutions.

17. According to the information and explanations given to us and on overall examination of the Balance Sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term assets and no long term funds have been used to finance short term assets other than temporary deployment of funds in the ordinary course of business..

18. The Company has not made preferential allotment of share to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year covered by our audit.

19. The Company has not issued any debentures; hence the provisions of clause 4(xix) are not applicable to the Company.

20. During the financial year, Company has not raised any money by public issues.

21. To the best of our knowledge and belief and according to the information & explanations given to us, no fraud on or by the Company has been noticed or reported during the course of audit.

For M/s. Nahata Mahajan & Co.

Chartered Accountants

FRN: 009739C

S/d Sunil Nahata Partner M.No. 074831

Place: Indore

Date : 24th August,2010

 
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