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