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Notes to Accounts of Trans Asia Corporation Ltd.

Mar 31, 2014

I. Corporate Information

Trans Asia Corporation Limited (formerly known as Gujarat Overseas Drugs Limited) was incorporated in 1993. The company is primarily engaged in plastic products and other commodities.

NOTE 2: OTHER NOTES ON ACCOUNTS:

i. Current Assets, Loans and Advances

In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value at which they are stated in the Balance Sheet if realized, in the ordinary course of business.

ii. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium enterprises development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to the parties during the year is nil.

iv. Related Party Disclosure

Information in accordance with the requirements of AS - 18 on Related Party Disclosures is as follows:

A. List of Related Parties

Associates of the Company

Asia Pacific Exports Partnership Firm

Others

Manish Sinvhal - Director

Manish Maheshwari - Director

Dayaram B. Dhoot - Director

Sushil Kumar Chokhani - Director

Vikram Khandelwal - Managing Director

B. Transactions with Related Parties - NIL

v. Disclosure as per Clause 32 of the Listing Agreement

No Loans and Advances in the nature of Loans have been given to Subsidiaries.


Mar 31, 2013

I. Current Assets, Loans and Advances

In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value at which they are stated in the Balance Sheet if realized, in the ordinary course of business.

ii. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium enterprises development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to the parties during the year is nil.

A. Transactions with Related Parties - NIL

ii. Disclosure as per Clause 32 of the Listing Agreement

No Loans and Advances in the nature of Loans have been given to Subsidiaries.

iii. The Revised Schedule VI has been effective from April, 2011 for preparation of financial statements. This has significantly impacted the disclosure & presentation made in the financial statements. Previous year''s figures have been accordingly been regrouped and/or reclassified wherever necessary, to correspond with the current year''s classification/disclosure.


Mar 31, 2012

1.1 Terms / Rights attached to Equity Shares :-

The company has only one class of Equity shares having a par value of Rs. 10 Each per share.

Each holder of Equity Share is entitled to one vote per Share.

All Shares ranK equally with regards to repayment of capital in the event of Liquidation of the Company.

i. Current Assets, Loans and Advances

In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value at which they are stated in the Balance Sheet if realized, in the ordinary course of business.

ii. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium enterprises development Act 2O06) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to the parties during the year is nil.

iii. Related Party Disclosure

Information in accordance with the requirements of AS - 18 on Related Party Disclosures is as follows:

iv. Disclosure as per Clause 32 of the Listing Agreement

No Loans and Advances in the nature of Loans have been given to Subsidiaries:

v. The Revised Schedule VI has been effective from April, 2011 for preparation of financial statements. This has significantly impacted the disclosure & presentation made in the financial statements. Previous year's figures have been accordingly been regrouped and/or reclassified wherever necessary, to correspond with the current year's classification/disclosure.


Mar 31, 2011

1. The sales & purchase transactions which the company has entered into during the year include Plastics and Chemicals. In some cases, the outstanding balances have been adjusted within the parties.

2. Current Assets, Loans and Advances

In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value at which they are stated in the Balance Sheet if realized, in the ordinary course of business.

3. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium enterprises development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to the parties during the year is nil.

4. Deferred Tax Liability

Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However when there is unabsorbed depreciation or carried forward loss under taxation loss, deferred tax assets are realized only if there is virtual certainty of realization of such assets. Pursuant to AS-22, Accounting for taxes on income, deferred tax liability has been provided as under:

5. Related Party Disclosure

Information in accordance with the requirements of AS -18 on Related Party Disclosures is as follows:

6. Disclosure as per Clause 32 of the Listing Agreement

No Loans and Advances in the nature of Loans have been given to Subsidiaries:

7. Previous year's figures have been regrouped and/or rearranged wherever necessary.

8. There was no employee employed during the year on a remuneration of Rs. 2.00 Lacs per month or Rs. 24.00 Lacs per annum or more.


Mar 31, 2010

1. The sale and Purchase transaction which the Company has entered into during the year include Plastics, Chemicals and Agro Products. In some cases, the outstanding balances have been adjusted within the parties.

2. Current Assets, Loans and Advances

In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value at which they are stated in the Balance Sheet if realized, in the ordinary course of business.

3. The company has not received any memorandum (as required to be filed by the suppliers with the notified authority under Micro, Small and Medium enterprises development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/ payable to the parties during the year is nil.

4. Segment Reporting

The company has only one reportable segment i.e. trading.

5. Deferred Tax Liability

Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However when there is unabsorbed depreciation or carried forward loss under taxation loss, deferred tax assets are realized only if there is virtual certainty of realization of such assets. Pursuant to AS-22, Accounting for taxes on income, deferred tax liability has been provided as under.

6. Related Party Disclosure

Information in accordance with the requirements of AS -18 on Related Party Disclosures is as follows:

A. List of Related Parties

Associates of the Company - Asia Pacific Exports, (Partnership Firm)

Manish Sinvhal - Director

Manish Maheshwari - Director

Dayaram Dhoot - Director

Sushil Kumar chokhani - Director

Rajeev Khandelwal - Director

Vikram Khandelwal - Managing Director

7. Disclosure as per Clause 32 of the Listing Agreement

No Loans and Advances in the nature of Loans have been given to Subsidiaries:

8. Previous years figures have been regrouped and/or rearranged wherever necessary.

9. There was no employee employed during the year on a remuneration of Rs. 2.00 Lacs per month or Rs. 24.00 Lacs per annum or more.

 
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