U.S. Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-K

[X] Annual Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934 for the Fiscal Year Ended March 31, ~~2015~~2016


[ ]	Transition Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934 for the Transition Period from _______ to _______

ASIA TRAVEL CORPORATION

(Name of Registrant as specified in its charter)


Nevada	000-21909	86-0779928
(State or other jurisdiction of	(Commission File Number)	(IRS Employer ID No.)
incorporation or organization)

Unit 1202, Level 12, One Peking,

1 Peking Road, Tsim Sha Tsui,

Kowloon, Hong Kong

(Address of principal executive offices)

Registrant’s telephone number, including area code: +852 39809369

Securities registered under Section 12(b) of the Exchange Act:

Title of each class

Name of each exchange

on which registered

None

Not Applicable

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, par value $0.001

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [x]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [x]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [x] No [ ]

Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [x] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer £	Accelerated filer £	Non-accelerated filer £	Smaller reporting company S

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the exchange act). Yes [ ] No [x]

~~State~~As ~~the~~of ~~aggregate~~July ~~market~~4, ~~value~~2016, of the ~~voting~~Registrant ~~and non-voting common equity held by non-affiliates (139~~had177,~~578~~748,~~400~~501 shares of common stock ~~as September 30, 2014) computed by reference to the price at which the common equity was last sold, or the average bid~~ and ~~asked price of such common equity~~20,000 asshares of ~~the~~preferred ~~last~~stock ~~business~~issued ~~day~~and ~~of the registrant’s most recently completed second fiscal quarter~~outstanding. ~~The bid on September 30, 2014, was $1.02 giving the shares held by non-affiliates a market value of $142,369,968.~~

As of June 25, 2015, the Registrant had177,748,501 shares of common stock and 20,000 shares of preferred stock issued and outstanding.

TABLE OF CONTENTS

PART I:

Item 1. Business

Item 1A. Risk Factors

Item 1B. Unresolved Staff Comments

Item 2. Properties

Item 3. Legal Proceedings

Item 4. Mine Safety Disclosures

PART II:

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 6. Selected Financial Data

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 8. Financial Statements and Supplementary Data

Item 9A. Controls and Procedures

Item 9B. Other Information

PART III:

Item 10. Directors, Executive Officers and Corporate Governance

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13. Certain Relationships and Related Transactions, and Director Independence

Item 14. Principal Accounting Fees and Services

Item 15. Exhibits, Financial Statement Schedules

ITEM 1. BUSINESS

Organization and Corporate History

Asia Travel Corporation (formerly “Realgold International, Inc.”) (the “Company” or “Asia Travel”) was incorporated under the laws of the State of Arizona on November 14, 1994. On November 22, 1996, the Company reincorporated under the laws of the State of Nevada and effected a forward split of its common stock on a basis of approximately 242 shares of the Nevada corporation for each share of the Arizona corporation. The Company ceased to actively pursue its business operations relating to the publishing of interactive media software in July, 1999. On December 15, 2011, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of Nevada changing its name from Piranha Ventures, Inc. to Asia Travel Corporation. During December 2011, the Company established a subsidiary in Hong Kong, Asia Travel (Hong Kong) Limited (formerly “Realgold Venture Pte Limited”) (“Asia Travel (Hong Kong)”).

On November 22, 2012, Asia Travel (Hong Kong) entered into a Lease Management Agreement (“Lease Management Agreement”) with Zhuhai Tengfei Investment Co., Ltd. (“Tengfei Investment”), a limited liability company formed under the laws of the People’s Republic of China (“China” or “PRC”). Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Zhuhai Tengda International Travel Agency Co., Ltd. (“Tengda Travel”), a wholly owned subsidiary of Tengfei Investment, to Asia Travel (Hong Kong). Based on the agreement, Asia Travel (Hong Kong) obtained 20 years of business operation right from Tengda Travel from November 11, 2012 to November 19, 2032 for a consideration of US$16,048 (RMB100,000) per year.

On November 25, 2012, Asia Travel (Hong Kong) entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Asia Travel (Hong Kong) 100% of the ownership of Zhuhai Tengda Business Hotel Co., Ltd. (“Tengda Hotel”) for a total transfer price of RMB400,000 (approximately $64,192).

On November 29, 2012, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengda Hotel to Asia Travel (Hong Kong). On March 26, 2013, Guangdong Province Department of Foreign Trade and Economic Cooperation approved this ownership transfer.

Tengda Hotel and Tengda Travel are wholly owned subsidiaries of Tengfei Investment. They are considered as entities under common control. Accordingly, the financial statements for Tengda Hotel and Tengda Travel have been consolidated for all periods presented, similar to a pooling-of-interests.

Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB 300,000, or approximately $47,662 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.

Tengda Hotel, formerly named Zhuhai Meihua Hotel Co., Ltd., is a limited liability company formed under the laws of the People’s Republic of China on January 16, 2006. Tengda Hotel had registered capital of RMB500,000, or approximately $79,403 based on the exchange rate as of March 31, 2013. Tengda Hotel is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room , ballroom, game room, and a large parking lot.

Upon the completion of the said ownership transfer, Tengda Hotel became the wholly owned subsidiary of Asia Travel (Hong Kong).

On November 6, 2013, Tengda Hotel entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement’) with Zhou Hui Juan and Yu Li Ying. Under the Ownership Transfer Agreement, Zhou Hui Juan and Yu Li Ying transfers to Tengda Hotel 100% of the ownership of Tengfei Investment for a total transfer price of RMB5,000,000 (approximately $820,309).

On January 22, 2014, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengfei Investment to Tengda Hotel.

Upon the completion of the said ownership transfer, Tengfei Investment became the wholly owned subsidiary of Tengda Hotel. Lease Management Agreement would be automatically terminated on January 22, 2014.

On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase

authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.

Set forth below is the Company’s organizational chart:


Asia Travel Corporation
100%
Asia Travel (Hong Kong) Limited (Hong Kong)
100%
Zhuhai Tengda Business Hotel Co., Ltd. (PRC)
100%
Zhuhai Tengfei Investment Co., Ltd. (PRC)
100%
Zhuhai Tengda International Travel Agency Co., Ltd. (PRC)

Stock Split

On June 13, 2011, the Company effected a reverse stock split of the issued and outstanding shares of the Company on a ten (10) to one (1) basis with all fractional shares rounded up to the nearest whole share. The capital stock accounts, all share data and earnings per share data give effect to the stock split, applied retrospectively, to all periods presented.

Overview of the Business

We operate a travel agency, hotel and Tengfei through direct ownership in China.

Travel Agency

Tengda Travel, our wholly owned subsidiary in China, operates a travel agency (Tengda Travel) in Zhuhai, Guangdong Province, China. Tengda Travel was opened in late 2011, we provide the following travel services and products:

(1)

Packaged tours

Tengda Travel contracts with traffic service providers, accommodation providers and leisure service providers to purchase tickets, accommodation, leisure or entertainment packages in bulk and then resell them to our customers with a mark-up.

(2)

Reservation of hotel rooms and golf course.

Tengda Travel has contracted with a number of hotels and golf courses in China to offer the reservation services. Our customers receive confirmed bookings with those hotels and golf courses through us.

(3)

Corporate conferences, exhibits and show events

Tengda Travel also occasionally organizes corporate conferences, exhibits and show events for our institutional customers, however, it is not one of our main lines of business.

Hotel

Tengda Hotel, our wholly owned subsidiary in China, operates a hotel (Tengda Business Hotel) in Zhuhai, Guangdong Province, China. Tengda Business Hotel was opened in late 2006. It is a three-star hotel with 59 guest rooms, including 24 Standard Rooms, 24 Deluxe Rooms, 10 Business Rooms and 1 Luxury Suite, with many other amenities including fitness club, gym, business center, gift shop, meeting room, ballroom, game room, and a large parking lot.

Tengfei

Tengfei, our wholly owned subsidiary in China, operates a hotel (Tengfei) in Zhuhai, Guangdong Province, China. Tengfei was opened in February 2012. It is a three-star hotel with 66 guest rooms, including 62 Standard Rooms and 4 Deluxe Rooms.

Customers

Our customers are primarily tourists and business travelers. Our tourist customers are from mainland China, Hong Kong, Macau, Taiwan, Singapore, Malaysia and other southeastern Asian countries. We also assist other travel agencies to arrange their tours. In addition, we organize annual or quarterly corporate conferences and exhibition events for enterprises and institutional customers.

Our customers are diverse. Most of our customers are individuals and none of our customers comprise more than 1% of our revenue. The loss of any one of our customers will not have a material adverse effect on any segment of our business or our business, as a whole.

Our Competitors

There are hundreds of travel agencies and thousands of hotels in China. We are relatively very small compared to those province level or national level travel agencies and those large hotels. Due to the size of our operations and assets, neither our travel agency nor our hotel has any significant market share in China (less than 1% of the travel service and hotel service markets in China).

Insurance

As a travel agency, Tengda Travel subscribed to various types of travel insurance including visitors accidental injury insurance, personal accident travel insurance, accommodation tourist life insurance, travel assistance insurance and travel bailout insurance.

As a hotel, Tengda Hotel subscribed to various types of insurance including visitors accidental injury insurance and property insurance.

Government Regulation

Foreign Currency Exchange

Pursuant to the Foreign Currency Administration Rules promulgated on January 29, 1996 and amended on August 1, 2008, as well as various regulations issued by State Administration of Foreign Exchange (“SAFE”) and other relevant PRC government authorities, the RMB is freely convertible into a foreign currency for current account items, including trade-related receipts and payments, interest and dividends, but not for capital account items, such as direct equity investments, loans and repatriation of investment, unless prior approval from SAFE or a local branch has been obtained. Transactions that occur within the PRC must be settled in RMB. Almost all of our revenues will be settled in RMB and, any future restrictions on currency exchanges may limit our ability to use revenue generated in RMB to fund any future business activities outside China or to make dividend or other payments in U.S. dollars.

Travel Agency Regulatory Authority

Travel agencies are directly administrated by local tourism bureaus while these bureaus are attributed to China National Tourism Administration (“CNTA”). CNTA is the tourism policies and regulations maker and statistics distributor. Regulations on Administration of Tourism Agencies are formulated by CNTA.

Local government, local tourism supervisory authorities and local consumer associations perform supervisory duties. Tengda Travel is under the supervision of Zhuhai City Urban Tourism Bureau.

There are a series of regulations on the administration of travel agencies. Those who violated these regulations would be punished with fining, warning, business suspension, cancellation of the license or criminal penalties.

Hotel Regulatory Authorities

The hotel industry is regulated by multiple government authorizes including the Public Security Bureau, the Civil Defense Bureau, Trade and Industry Administration. The hotel License is only issued and approved after review of these relevant departments.

License, Permit and Approval

We have all the following licenses, permits and approvals under PRC laws:

For travel agency:

Travel agency business license

Corporate business license

Tax registration certificate

Organization code certificate

For hotel:

Fire inspection certificate

Special trade license

Corporate business license

Tax registration certificate

Organization code certificate

Intellectual Property

We do not own any intellectual property rights other than our legal business names which were reserved in our business license and may not be used by other parties.

Properties

Tengfei owned a land and building situated at Block 4, Qing Hua Shi Er Jun, 8 Cui Fu Lu, Xiang Zhou District, Zhuhai, Guangdong Province, China which operate a hotel since the end of 2013.

~~Tengda~~On ~~Hotel~~September ~~leased~~21, an2015, ~~8-story-building~~Tengfei ~~for~~entered ~~hotel~~into ~~services~~an ~~from~~agreement ~~Zhuhai~~with ~~City~~Zhengshun ~~Xiangzhou~~property ~~District~~to ~~Meihua~~sell ~~Street~~Rooms ~~Office~~1401-1415 ~~under~~of aBlock ~~lease agreement dated November 1~~4, ~~2010~~Qing ~~for~~Hua aShi ~~ten-year~~Er ~~term commencing November 1~~Jun, ~~2010~~8 toCui ~~October~~Fu 31Lu, ~~2020.~~Xiang ~~The~~Zhou ~~rental~~District, ~~expenses~~Zhuhai, ~~were~~Guangdong ~~$107~~Province,~~070~~ ~~for~~China ~~the~~and ~~fiscal~~got ~~year~~a ~~ended~~gain ~~March~~on ~~31,~~disposal ~~2015~~of ~~as compared to~~ $~~104~~176,~~596 for the fiscal year ended March 31, 2014~~447.

Tengda Hotel leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1, 2010 to October 31, 2020. The rental expenses were $106,936 for the fiscal year ended March 31, 2016 as compared to $107,070 for the fiscal year ended March 31, 2015.

Environmental Laws

Our business operations are not subject to environmental laws.

Employees

As of ~~June~~March 3031, ~~2015~~2016, Tengda Hotel has 21 employees, 9 of whom had entered into official employment agreements with Tengda Hotel. Tengfei has 17 employees, 1 of whom had entered into official employment agreements with Tengfei. Tengda Travel has 10 employees, but no one had entered into official employment agreements with Tengda Travel.

Sales and Marketing

Tengda Hotel and Tengfei conducts direct sales and marketing. Tengda Travel uses both the direct sale and agency sale. Tengda Travel has sales agents who are compensated with the commissions of the sales they make for Tengda Travel.

Management

Tan Lung Lai, President, Treasurer, Director, CEO and CFO of Asia Travel, Malaysian, age 3839. He is an Executive Director of Estancia Holding Sdn Bhd. He was appointed to the Board and as Chief Executive Officer, Chief Financial Officer, Director, President, and Treasurer of Realgold in 2011. Mr. Tan has competencies in overseeing the total business management with expertise in identifying, pursuing and developing new projects and market position. With more than 10 years experience, he has successfully managed international trade business such as the exports and imports of electronic components and computer hardware such as RAM, IC chip and etc. He has also worked in hospitality industry at Genesis Jewel Hotel in Melaka, a vibrant tourist destination. He also explored the gold mining industry and acquired a land with rich mineral reservoir from Dataran Mineral Sdn Bhd in Kelantan.

~~Tan~~management Powith ~~Hwa~~expertise in identifying, ~~director~~pursuing and ~~secretary~~developing ofnew ~~Asia~~projects ~~Travel,~~and ~~Malaysian,~~market ~~age~~position. ~~33,~~With ~~graduated~~more ~~from~~than ~~Sekolah~~10 ~~Menengah_Seri~~years ~~Kota~~experience, inhe ~~2000.~~has Hesuccessfully ~~also~~managed ~~received~~international atrade ~~Certificate~~business ~~from~~such ~~Malaysian~~as ~~Insurance~~the ~~Institute~~exports inand ~~2001.~~imports ~~From~~of ~~2001~~electronic tocomponents ~~2011,~~and hecomputer ~~served~~hardware such as anRAM, ~~insurance~~IC ~~representative~~chip atand ~~American~~etc. ~~International~~He ~~Assurance~~has ~~(AIA).~~also ~~His~~worked ~~responsibilities~~in ~~included~~hospitality ~~calling~~industry ~~policy~~at ~~holders~~Genesis toJewel ~~explain~~Hotel ~~the~~in ~~terms~~Melaka, ~~and~~a ~~conditions~~vibrant oftourist ~~the~~destination. ~~policies,~~He ~~calculating~~also ~~premium,~~explored ~~customizing~~ the ~~insurance~~gold ~~programs,~~mining ~~selling~~industry ~~various~~and ~~insurance~~acquired ~~products,~~a ~~developing~~land ~~and~~with ~~maintaining~~rich ~~new~~mineral ~~accounts,~~reservoir ~~and~~from ~~collecting~~Dataran ~~information~~Mineral ~~when~~Sdn ~~claims~~Bhd ~~are~~in ~~made~~Kelantan.

Tan Po Hwa, director and secretary of Asia Travel, Malaysian, age 34, graduated from Sekolah Menengah_Seri Kota in 2000. He also received a Certificate from Malaysian Insurance Institute in 2001. From 2001 to 2011, he served as an insurance representative at American International Assurance (AIA). His responsibilities included calling policy holders to explain the terms and conditions of the policies, calculating premium, customizing the insurance programs, selling various insurance products, developing and maintaining new accounts, and collecting information when claims are made.

Tan Po Hwa is the cousin of Tan Lung Lai.

None of our executive officers and board directors has been involved in any of the following proceedings during the past ten (10) years:

1. any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

2. any conviction in a criminal proceeding or being subject to a pending criminal proceedings (excluding traffic violations and other minor offenses);

3. being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

4. being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

ITEM 1A. RISK FACTORS

Not required for Smaller Reporting Company

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

We own a land and building situated at Block 4, Qing Hua Shi Er Jun, 8 Cui Fu Lu, Xiang Zhou District, Zhuhai, Guangdong Province, China which operate a hotel since the end of 2013.

WeOn ~~leased~~September an21, ~~8-story-building~~2015, ~~for~~Tengfei ~~hotel~~entered ~~services~~into ~~from~~an ~~Zhuhai~~agreement ~~City~~with ~~Xiangzhou~~Zhengshun ~~District~~property ~~Meihua~~to ~~Street~~sell ~~Office~~Rooms ~~under~~1401-1415 aof ~~lease~~Block ~~agreement dated November 1~~4, ~~2010~~Qing ~~for~~Hua aShi ~~ten-year~~Er ~~term commencing November 1~~Jun, ~~2010~~8 toCui ~~October~~Fu 31Lu, ~~2020.~~Xiang ~~The~~Zhou ~~rental~~District, ~~expenses~~Zhuhai, ~~were~~Guangdong ~~$107~~Province,~~070~~ ~~for~~China ~~the~~and ~~fiscal~~got ~~year~~a ~~ended~~gain ~~March~~on ~~31,~~disposal ~~2015~~of ~~as compared to~~ $~~104~~176,~~596 for the fiscal year ended March 31, 2014~~447.

We leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1, 2010 to October 31, 2020. The rental expenses were $106,936 for the fiscal year ended March 31, 2016 as compared to $107,070 for the fiscal year ended March 31, 2015.

We believe that our existing facilities are well maintained, in good operating condition and sufficient to support growth of the business. As we continue to analyze our business we will re-evaluate our facility needs which could include relocation.

ITEM 3. LEGAL PROCEEDINGS

~~None~~In August 2015, we received the summons and complaint filed by Allison Carr (“Plaintiff”) in the Judicial District Court for Salt Lake County, State of Utah. We were named as one of the defendants by the Plaintiff. The Plaintiff was the ex-wife of Curtis S. Olsen, a former officer of the Company. The Plaintiff claimed that Curtis Olsen and Kip Eardley, another former officer of the Company, wrongfully transferred the shares of the Company held by Curtis Olsen. The Plaintiff claimed that the shares in question were transferred to an entity controlled by Kip Eardley below the fair value. The Plaintiff alleged that Curtis Olsen and Kip Eardley transferred the shares with intention to hide the assets from the Plaintiff amid the divorce proceedings. We have engaged a Utah counsel to represent us in the lawsuit. In February 2016, this lawsuit was ended as the Plaintiff filed a motion to dismiss to end the lawsuit and the court granted such motion. There was no damage caused to the us.

ITEM 4. MINE SAFETY DISCLOSURES

None

PART II

Asia Travel’s Common Stock is quoted on the over the counter bulletin board under the symbol “ATSR”. The following table represents the high and low per share bid information for our common stock for each quarterly period in fiscal ~~2015~~2016 and ~~2014~~2015. Such high and low bid information reflects inter-dealer quotes, without retail markup, markdown or commissions and may not represent actual transactions.

Year Ended 2016
	High	Low
Quarter ended June 30	$1.50	0.06
Quarter ended September 30	1.00	0.67
Quarter ended December 31	0.67	0.51
Quarter ended March 31	0.51	0.21
Year Ended 2015
	High	Low
Quarter ended June 30	$5.00	0.05
Quarter ended September 30	3.56	1.02
Quarter ended December 31	2.95	0.10
Quarter ended March 31	1.69	0.51
Year Ended 2014
	High	Low
Quarter ended June 30	$0.60	0.30
Quarter ended September 30	0.95	0.05
Quarter ended December 31	1.05	0.05
Quarter ended March 31	0.98	0.45

Since its inception, Asia Travel has not paid any dividends on its Common Stock, and Asia Travel does not anticipate that it will pay dividends in the foreseeable future. At ~~June~~March 3031, ~~2015~~2016, Asia Travel had 133 stockholders of record. As of ~~June~~March 3031, ~~2015~~2016, Asia Travel had 177,748,501 shares of its Common Stock issued and outstanding.

~~Recent~~ Sales of Unregistered Securities

Asia Travel has sold shares of its common stock and preferred stock as follows:

On July 22, 2013, the Company entered into a Regulation S Stock Purchase Agreement (“Agreement”) with a group of 34 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of 125,788,400 shares of common stock to Purchasers for a total price of $628,943 ($ 0.005 per share). The issuance of the 125,788,400 shares is pursuant to the exemption provided by Regulation S. None of the Purchases is a US person and the transactions underlying the Agreement are carried out outside US. Accordingly, July 29, 2013, 125,788,400 shares of common stock have been issued.

common stock to Purchasers for a total price of $628,943 ($ 0.005 per share). The issuance of the 125,788,400 shares is pursuant to the exemption provided by Regulation S. None of the Purchases is a US person and the transactions underlying the Agreement are carried out outside US. Accordingly, July 29, 2013, 125,788,400 shares of common stock have been issued.

On November 21, 2012, the Company entered into a Regulation S Stock Purchase Agreement with a group of 35 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company issued a total of Forty-Four Million Six Hundred Ninety Thousand (44,690,000) shares of common stock to Purchasers for a total price of $446,900 ($ 0.01 per share), pursuant to the exemption from registration provided by Section 4(2) of the Securities Act of 1933.

ITEM 6. SELECTED FINANCIAL DATA

This item does not apply to smaller reporting companies

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Management's Discussion and Analysis or Plan of Operation

Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB300,000, or approximately $47,662 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.

Upon the completion of the said ownership transfer, Tengda Hotel became the wholly owned subsidiary of Asia Travel (Hong Kong).

with Zhou Hui Juan and Yu Li Ying. Under the Ownership Transfer Agreement, Zhou Hui Juan and Yu Li Ying transfers to Tengda Hotel 100% of the ownership of Tengfei Investment for a total transfer price of RMB5,000,000 (approximately $820,309).

On January 22, 2014, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengfei Investment to Tengda Hotel.

On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase

authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.

Results of Operations and Business Outlook

~~Our~~Net ~~main~~sales ~~changes~~for inthe ~~results~~years ofended ~~operations~~March ~~are~~31, ~~mainly~~2016 ~~derived~~and ~~from~~March ~~consolidation~~31, ~~with~~2015 ~~our~~were ~~newly~~$566,587 ~~acquired~~and ~~subsidiary~~$817,680, ~~- Tengfei~~respectively. The decrease in net sales is mainly due to the increase in competition.

~~Net~~Cost ~~sales~~of goods sold for the years ended March 31, ~~2015~~2016 and March 31, ~~2014~~2015 were $~~817~~326,~~680~~750 and $~~455~~513,~~963~~837, respectively. Gross profit margin in percentage for the years ended March 31, 2016 and March 31, 2015 were 42% and 37%, respectively. The ~~increase~~decrease in ~~net~~cost ~~sales~~of goods sold is mainly due to ~~under~~the adecrease of promotional ~~effect~~benefit. ~~and~~The ~~cooperation~~gross ~~with~~profit ~~local~~margin ~~travel~~is ~~agency~~increased.

~~Cost~~Our ofoperating ~~goods~~expenses ~~sold~~increased from $1,454,280 to $1,616,863 for the ~~years~~year ended March 31, ~~2015~~2016 and ~~March~~increased ~~31,~~from ~~2014 were~~ $~~513~~414,~~837~~855 ~~and~~to $~~283~~1,~~581~~454,280 ~~respectively. Gross profit margin in percentage~~ for the ~~years~~year ended March 31, 2015, ~~and~~respectively. ~~March~~Our ~~31,~~operating ~~2014~~expenses ~~were~~consist ~~37.2%~~of general and ~~37.8%,~~administrative ~~respectively~~and depreciation expenses. The increase in ~~cost~~operating ofexpenses ~~goods sold~~ is mainly due to ~~under~~the aincrease ~~promotional~~in ~~effect~~advertising and ~~cooperation~~promotional ~~with local travel agency~~activities. ~~The gross profit margin is stable.~~

~~Our~~For ~~operating~~the ~~expenses~~year ~~increased~~ended ~~from~~March ~~$414~~31,~~855~~ ~~to $1~~2016,~~454,280~~ ~~for~~ the ~~year~~Company ~~ended~~had ~~March~~a ~~31,~~net ~~2015~~loss ~~and~~of ~~increased from~~ $~~264~~1,~~246~~356,784, toor $~~414~~(0.00) per share,~~855~~ ~~for~~as ~~the~~compared ~~year~~to ~~ended~~a ~~March~~net ~~31,~~loss ~~2014~~of $1,341,726, ~~respectively~~or $(0.00) ~~Our~~per ~~operating~~share, ~~expenses~~for ~~consist~~the year of ~~general~~2015. ~~and~~As ~~administrative~~described ~~and~~above, ~~selling~~we ~~expenses.~~incurred ~~The~~an increase in ~~operating~~net ~~expenses~~loss isof $15,058 mainly due to the ~~company~~increase ~~under~~in ~~establishment,~~advertising ~~more~~and ~~expenses~~promotional ~~used~~activities and decreased in income.

For the year ended March 31, 2015, the Company had a net loss of $1,341,726, or $(0.00) per share, as compared to a net loss of $434,132, or $(0.00) per share, for the year of 2014. As described above, we incurred an increase in operating expenses of $907,594 mainly due to the company under establishment, increased an income cannot cover their cost amounts.

LIQUIDITY AND CAPITAL RESOURCES

We financed our operations and expansion from cash flow from operations and contribution from our shareholders and mortgage loans. The table below sets forth certain items on our balance sheet reflecting the changes to our financial condition as of March 31, ~~2015~~2016 from our financial condition as of March 31, ~~2014~~2015.

	As of Mar, 31	As of Mar, 31	Change
	2015	2014	Change
	2016	2015	Increase/ (decrease)
Cash and cash equivalents	$~~254~~45,~~321~~592	$~~205~~254,~~565~~321	23(82.7207%)
Current assets	22,~~812~~185	-22,812	-(2.75%)
Non-current assets	32,~~930~~811,~~163~~756	43,~~364~~930,~~136~~163	(928.9446%)
Current liabilities	23,~~578~~280,~~986~~492	12,~~409~~578,~~839~~986	8227.9320%
Non-current liabilities	1,~~974~~284,~~449~~881	21,~~163~~974,~~864~~449	(834.7592%)

Cash and cash equivalents was $~~254~~45,~~321~~592 as of March 31, ~~2015~~2016, ana ~~increase~~decrease of 2382.7207% from $~~205~~254,~~565~~321 as of March 31, ~~2014~~2015. The ~~increase~~decrease was primarily resulted from the ~~cash~~continued ~~received~~net ~~generation~~loss ~~from their hotel revenue~~ during year ended March 31, ~~2015~~2016.

~~Current~~Non-current ~~liabilities~~assets were $2,~~578~~811,~~986~~756 as of March 31, ~~2015~~2016, ana ~~increase~~decrease of 8228.9346% from $13,~~409~~930,~~839~~163 as of March 31, ~~2014~~2015. The ~~increase~~decrease was mainly due to ~~the~~disposal ~~increase~~of infixed ~~accounts~~assets ~~payable~~during ~~and~~the ~~related~~year ~~party~~ended ~~payable~~March 31, 2016.

Current liabilities were $3,280,492 as of March 31, 2016, an increase of 27.20% from $2,578,986 as of March 31, 2015. The increase was mainly due to the increase in related party payable.

Non-current liabilities were $1,284,881 as of March 31, 2016, a decrease of 34.92% from $1,974,449 as of March 31, 2015. The decrease was mainly repayment of mortgage loans.

Critical Accounting Policies and Estimates

Basis of presentation

The Company’s accounting policies used in the preparation of the accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America ("US GAAP") and have been consistently applied.

Principles of consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation.

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue ~~Recognition~~recognition

Revenue derived from hotel services is recognized when the rooms are occupied and the services are performed. Travel agency services revenues are recognized when the travel-related service, golf package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.

Credit risk

The Company may be exposed to credit risk from its cash and fixed deposits at banks. No allowance has been made for estimated irrecoverable amounts determined by reference to past default experience and the current economic environment.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Company’s financial statements are presented immediately following the signature page to this Form 10-K.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, consisting of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were not effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

We may have inadvertently violated Section 402 of the Sarbanes-Oxley and Section 13(k) of the Exchange Act and may be subject to sanctions for such violations.

Section 13(k) of the Exchange Act provides that it is unlawful for a company such as ours, which has a class of securities registered under Section 12(g) of the Exchange Act, to directly or indirectly, including through any subsidiary, extend or maintain credit in the form of a personal loan to or for any director or executive officer of the company. Issuers violating Section 13(k) of the Exchange Act may be subject to civil sanctions, including injunctive remedies and monetary penalties, as well as criminal sanctions. The imposition of any of such sanctions on the Company may have a material adverse effect on our business, financial position, results of operations or cash flows.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

Our management, the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of March 31, ~~2015~~2016. Based on this evaluation, our management concluded that, as of March 31, ~~2015~~2016, our internal control over financial reporting was not effective to ensure that information required to be disclosed by us in our periodic reports is recorded, processed, summarized and reported, within the time periods specified for each report and that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our financial statements are prepared by our financial and accounting staff under the direction of our Chief Financial Officer in accordance with generally accepted accounting principles in effect in the PRC; however we engage an outside consultant to convert our financial statements for presentation in accordance with generally accepted accounting principles in effect in the United States ("US GAAP"). We believe our internal controls over financial reporting in accordance with PRC GAAP are adequate for the proper supervision of the conduct of our business. Nevertheless, the need to convert our financial statements into US GAAP and the lack of familiarity of our accounting staff with US GAAP and US securities laws and regulations is a deficiency in our internal controls over financial reporting and disclosure controls and procedures. This deficiency will not be considered remediated until we hire financial and accounting personnel with the requisite knowledge and experience concerning US GAAP.

Changes in internal control over financial reporting

There have been no changes in internal control over financial reporting.

This Annual Report on Form 10-K does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report on Form 10-K.

Item 9B. Other Information

None

1314

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

The following table sets forth information with respect to the current officers and directors of Asia Travel. Asia Travel’s directors serve for a term of one year and thereafter until their successors have been duly elected by the stockholders and qualified. Asia Travel’s officers serve for a term of one year and thereafter until their successors have been duly elected by the Board of Directors and qualified.

Tan Lung Lai, President, Treasurer, Director, CEO and CFO of Asia Travel, Malaysian, age 3839. He is an Executive Director of Estancia Holding Sdn Bhd. He was appointed to the Board and as Chief Executive Officer, Chief Financial Officer, Director, President, and Treasurer of Asia Travel in 2011. Mr. Tan has competencies in overseeing the total business management with expertise in identifying, pursuing and developing new projects and market position. With more than 10 years experience, he has successfully managed international trade business such as the exports and imports of electronic components and computer hardware such as RAM , IC chip and etc. He has also worked in hospitality industry at Genesis Jewel Hotel in Melaka, a vibrant tourist destination. He also explored the gold mining industry and acquired a land with rich mineral reservoir from Dataran Mineral Sdn Bhd in Kelantan.

Tan Po Hwa, director and secretary of Asia Travel, Malaysian, age 3334, graduated from Sekolah Menengah_Seri Kota in Year 2000. He also received a Certificate from Malaysian Insurance Institute in Year 2001. From Year 2001 to Year 2011, he served as an insurance representative at American International Assurance (AIA). His responsibilities included calling policy holders to explain the terms and conditions of the policies, calculating premium, customizing the insurance programs, selling various insurance products, developing and maintaining new accounts, and collecting information when claims are made.

Tan Po Hwa is the cousin of Tan Lung Lai,

None of our executive officers and board directors has been involved in any of the following proceeding during the past ten (10) years:

any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

Compliance With Section 16(A) Of The Exchange Act

The Company is not aware of any late reports filed by officers, directors and ten percent shareholders.

ITEM 11. EXECUTIVE COMPENSATION

Since inception, we have not paid any cash or non-cash executive compensation (including stock options or awards, perquisites, or deferred compensation plans), whatsoever, to the officers or directors.

The following tables set forth certain summary information concerning all plan and non-plan compensation awarded to, earned by, or paid to the named executive officers and directors by any person for all services rendered in all capacities to the Company in the past two fiscal years:

1415

Name of executive officer and /or director	Position	Fiscal years	Salary	Bonus and other compensation	Securities underlying stock options
Tan Lung Lai	President/ CEO/ CFO/ Director/ Treasurer	~~2015~~2016	$0	$0	$0
		2014	$0	$0	$0
		2015	$0	$0	$0
Tan Po Hwa	Secretary/ Director	~~2015~~2016	$0	$0	$0
		2014	$0	$0	$0
		2015	$0	$0	$0

Outstanding Equity Awards At Fiscal Year-End

We had no outstanding equity awards at fiscal year end.

Option/Stock Appreciation Rights (SAR) Grants in Last Fiscal Year

In fiscal ~~2015~~2016, there were no stock option or SAR Grants.

Stock Option Exercise

In fiscal ~~2015~~2016, none of the named executives exercised any options to purchase shares of common stock.

Long-Term Incentive Plan (“LTIP”)

There were no awards granted during fiscal year ~~2015~~2016 under a long-term incentive plan.

Board of Directors Compensation

Each director may be paid his expenses, if any, of attendance at each meeting of the board of directors, and may be paid a stated salary as director or a fixed sum for attendance at each meeting of the board of directors or both. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefore. We did not compensate our directors for service on the Board of Directors during fiscal ~~2015~~2016.

No other compensation arrangements exist between Asia Travel and our officers and directors.

Employment Contracts and Termination of Employment and Change-in-Control Arrangements

Asia Travel does not have any employment contracts with our executive officer. No other compensatory plan or arrangements exist between Asia Travel and our executive officer that results or will result from the resignation, retirement or any other termination of such executive officer’s employment with Asia Travel or from a change-in-control of Asia Travel.

Code of Ethics

We have adopted a Code of Ethics that applies to all of our directors and executive officers serving in any capacity for our Company, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Board of Directors Interlocks and Insider Participation in Compensation Decisions

No such interlocks existed and no such decisions were made during fiscal year ~~2015~~2016.

Option Plans

Asia Travel has no option plans and no outstanding options.

Termination of Employment and Change of Control Arrangement

There are no compensatory plans or arrangements, including payments to be received from the Company, with respect to any person named in Cash Compensation set out above which would in any way result in payments to any such person because of

1516

his resignation, retirement, or other termination of such person's employment with the Company or its subsidiaries, or any change in control of the Company, or a change in the person's responsibilities following a change in control of the Company.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCK HOLDER MATTERS

Security Ownership of Certain Beneficial Owners:

The following table sets forth certain information as of ~~June~~March 3031, ~~2015~~2016, with respect to the beneficial ownership of Asia Travel’s Common Stock by each director of Asia Travel and each person known by Asia Travel to be the beneficial owner of more than 5% of Asia Travel’s outstanding shares of Common Stock. At ~~June~~March 3031, ~~2015~~2016, there were 177,748,501 shares of common stock outstanding. For purposes of this table, information as to the beneficial ownership of shares of common stock is determined in accordance with the rules of the Securities and Exchange Commission and includes general voting power and/or investment power with respect to securities. Except as otherwise indicated, all shares of our common stock are beneficially owned, and sole investment and voting power is held, by the person named. For purposes of this table, a person or group of persons is deemed to have “beneficial ownership” of any shares of common stock, which such person has the right to acquire within 60 days after the date hereof. The inclusion herein of such shares listed beneficially owned does not constitute an admission of beneficial ownership.


Title of class	Name of beneficial owner	Number of shares owned	Percent of class
	Principal stockholders (5% or more)		(1)
Common	Azizi Bin Maskun	9,000,000	5.33%
Common	Li Weile	9,000,000	5.33%
Common	Tan Peng Yeng	9,000,000	5.33%
Common	Tan Tee Loong	9,000,000	5.33%
Common	Wong Chee Wah	9,000,000	5.33%
Common	Yeo Hock Heng	9,000,000	5.33%
Common	All principal stockholders (5% or more)	54,000,000	31.98%

	Director(s) and officers:
Common	Tan Lung Lai (2)	991,951	0.59%
Common	Tan Po Hwa (3)	0	0%
Common	All director(s) and officers as a Group	991,951	0.59%

(1)

Calculated based on the 177,748,501 shares of common stock outstanding as of March 31, ~~2015~~2016.

(2)

As of March 31, ~~2015~~2016, our CEO, CFO , Director and President Tan Lung Lai holds 991,951 shares of common stock and 20,000 shares of Series A Preferred Stock, which entitle him to a total of 20,991,951 votes, which represent approximately 10.62% of the total votes represented by all our issued and outstanding common stock and preferred stock.

(3)

Tan Po Hwa is Tan Lung Lai’s cousin.

None

We do not currently have a formal related party approval policy for review and approval of transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.

~~ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES~~17

~~Fees~~ITEM ~~Billed~~14. ~~For~~PRINCIPAL ~~Audit~~ACCOUNTING ~~and~~FEES ~~Non-Audit~~AND ~~Services~~SERVICES

~~(1)~~Former Independent Registered Public Accounting Firm

~~Audit~~On ~~Fees~~April -30, ~~The~~2016, ~~aggregate~~Dominic ~~fees~~K.F. ~~billed~~Chan in& ~~each~~Co. of(“Dominic) ~~the~~resigned ~~last~~as ~~two~~the ~~fiscal~~independent ~~years~~registered ~~for~~public ~~professional~~accounting ~~services~~firm ~~rendered~~of by the Company’s. ~~principal~~On ~~accountant~~that ~~for~~same ~~the~~day, ~~audit of~~ the ~~annual~~Board ~~financial statements and review~~ of ~~financial~~Directors ~~statements~~approved ~~included~~DCAW in(CPA) ~~the~~Limited ~~Form~~(“DCAW”) ~~10-Q~~as ~~or services that are normally provided by~~ the ~~accountant~~Company’s innew ~~connection with statutory and regulatory filings or engagements for those fiscal years are:~~auditors.

The reports of Dominic on the Company’s financial statements for the fiscal years ended March 31, 2014 and 2015 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended March 31, 2014 and 2015, and in the subsequent interim periods through April 30, 2016, there were no disagreements with Dominic on any matter of accounting principles or practices, financial statement disclosure or auditing scope and procedure which, if not resolved to the satisfaction of Dominic, would have caused Dominic to make reference to the matter in its report.

-During ~~$50~~the fiscal years ended March 31,~~000~~ –2014 ~~Dominic~~and 2015, and in the subsequent interim periods through April 30, 2016, there were no “reportable events” as that term is defined in Item 304(a)(i)(v) of Regulation S-K~~.F.~~ ~~Chan~~promulgated &under ~~Co.~~the –Securities ~~Chartered~~Exchange ~~Accountants~~Act of 1934, as amended.

~~2014~~New Independent Registered Public Accounting Firm

-On ~~$50~~April 30,~~000~~ –2016, ~~Dominic~~the ~~K.F.~~company ~~Chan~~appointed &DCAW Coas the Company’s new independent registered public accounting firm, effective immediately. – ~~Chartered~~During ~~Accountants~~the fiscal years ended March 31, 2014 and 2015, and during all subsequent interim periods through April 30, 2016, the Company did not consult DCAW regarding the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on the Company’s financial statements or any matter that was the subject of a “disagreement” with its former accountants or a “reportable event” as those terms are defined in Item 304 of Regulation S-K.

~~(2)~~Fees of Registered Public Accounting Firms

~~Audit~~During ~~- Related Fees - The aggregate fees billed in each of~~ the ~~last two~~ fiscal years ~~for~~ended ~~assurance~~March ~~and~~31, ~~related~~2016 ~~services~~and by2015. ~~the~~Aggregate ~~Company’s~~fees ~~principal~~billed ~~accountant that are reasonably related~~ to the ~~performance~~Company ofby ~~the~~DCAW ~~audit~~and orDominic ~~review~~during of the ~~financial~~fiscal ~~statements~~years ~~and~~ended ~~are~~March ~~not~~31, ~~reported~~2016 inand ~~(1)~~2015 ~~Audit~~were ~~Fees~~as follows:

2015


Fees		2016		2015
Audit Fees	$	50,000	$	50,000
Audit Related Fees	$	5,000	$	5,000
Tax Fees	$	-	$	-
All Other Fees	$	-	$	-
Total	$	55,000	$	55,000

Audit-Related ~~$5,000 – Dominic K.F. Chan & Co. – Chartered Accountants~~Fees

~~2014~~This category consists of services by our independent auditors that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under Audit Fees. This category includes accounting consultations on transaction and proposed transaction related matters.

-We ~~$15,000~~incurred –these ~~Dominic~~fees ~~K.F.~~in ~~Chan~~connection &with ~~Co.~~registration –statements, ~~Chartered~~financing, ~~Accountants~~and acquisition transactions.

~~(3)~~Tax Fees

~~Tax Fees -~~ The aggregate fees ~~billed~~ in each of the last two ~~fiscal~~ years for the professional services rendered by the ~~Company’s~~ principal ~~accountant~~accountants for tax compliance, tax advice, and tax planning: were nil.

~~2015~~All Other Fees

-There $0are –no ~~Dominic~~other ~~K.F.~~fees ~~Chan~~to ~~& Co~~disclose. ~~– Chartered Accountants~~

~~2014~~18

-We $0do –not ~~Dominic~~have Ka standing audit committee, an audit committee financial expert, or any committee or person performing a similar function.F We currently have limited working capital and no revenues. ~~Chan~~Management &does Conot believe that it would be in our best interests at this time to retain independent directors to sit on an audit committee. –If ~~Chartered~~we ~~Accountants~~are able to raise sufficient financing in the future, then we will likely seek out and retain independent directors and form an audit, compensation committee and other applicable committees.

(4)

All Other Fees - The aggregate fees billed in each of the last two fiscal years for products and services provided by the Company’s principal accountant, other than the services reported in (1) Audit Fees; (2) Audit-Related Fees; and (3) Tax Fees:

2015 - $0 – Dominic K.F. Chan & Co. – Chartered Accountants

2014

- $0 – Dominic K.F. Chan & Co. – Chartered Accountants

(5)

We do not have a standing audit committee, an audit committee financial expert, or any committee or person performing a similar function. We currently have limited working capital and no revenues. Management does not believe that it would be in our best interests at this time to retain independent directors to sit on an audit committee. If we are able to raise sufficient financing in the future, then we will likely seek out and retain independent directors and form an audit, compensation committee and other applicable committees.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Financial Statements – the following financial statements are included in this report:

The following financial statements, notes thereto, and the related independent registered public accounting firm’s report contained on page F-2 to F-7 to our financial statements are herein incorporated:

March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Report of Independent Registered Public Accounting Firm

Balance Sheets – As of March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Statements of Operations and Comprehensive Loss – For the Years ended March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Statement of Changes in Stockholders' Equity (Deficit) – For the Years ended March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Statements of Cash Flows – For the Years ended March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Notes to Financial Statements – For the Years ended March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Financial Statement Schedules – There are no financial statement schedules included as part of this report

Exhibits – The following exhibits are included as part of this report:

Exhibits

a) Index of Exhibits:

Exhibit Table # Title of Document Location

3 (i) Articles of Incorporation Incorporated by reference*

3 (ii) Bylaws Incorporated by reference*

4 Specimen Stock Certificate Incorporated by reference*

31 Rule 13a-14(a)/15d-14a(a) Certification – CEO & CFO This filing

32 Section 1350 Certification – CEO & CFO This filing

* Incorporated by reference from the Company's registration statement on Form 10-SB filed with the Commission, SEC File No. 000-21909.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Asia Travel Corporation

(Registrant)

Dated: ~~June~~July 254, ~~2015~~2016

By: /s/ Tan Lung Lai

Tan Lung Lai

Chief Executive Officer

Chief Financial Officer

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets – As of March 31, 2015 and March 31, 2014	F-3
Consolidated Statements of Operations and Comprehensive Loss – For the Years ended March 31, 2015 and 2014	F-4
Consolidated Statement of Changes in Stockholders’ Equity (Deficit) – For the Years ended March 31, 2015 and 2014	F-5
Consolidated Statements of Cash Flows – For the Years ended March 31, 2015 and 2014	F-6
Notes to Consolidated Financial Statements – For the Years ended March 31, 2015 and 2014	F-7

~~Report~~INDEX ofTO ~~Independent~~FINANCIAL ~~Registered Public Accounting Firm~~STATEMENTS

ToReport ~~the~~of ~~Board~~Independent Registered Public Accounting Firm Consolidated Balance Sheets – As of ~~Directors~~March 31, 2016 and March 31, 2015 Consolidated Statements of Operations and Comprehensive Loss – For the Years ended March 31, 2016 and 2015 Consolidated Statement of Changes in Stockholders’ Deficit – For the Years ended March 31, 2016 and 2015 Consolidated Statements of ~~Asia~~Cash ~~Travel~~Flows ~~Corporation~~– For the Years ended March 31, 2016 and 2015 Notes to Consolidated Financial Statements – For the Years ended March 31, 2016 and 2015

We have audited the accompanying consolidated balance sheets of Asia Travel Corporation and subsidiaries (the “Company”), as of March 31, 2015 and March 31, 2014 and the related consolidated statements of operations and comprehensive income, changes’ in stockholders’ equity and cash flows, for the years ended March 31, 2015 and March 31, 2014. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. Our audit included consideration of internal control over finance reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2015 and March 31, 2014 and the results of its operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations. These conditions raise substantial doubt about its abilities to continue as going concern. Management’s plans regarding those matters also are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Dominic K.F. Chan & Co

Certified Public Accountants

Hong Kong, June 25, 2015

~~F-2~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders of

Asia Travel Corporation

We have audited the accompanying consolidated balance sheets of Asia Travel Corporation (the “Company”) as of March 31, 2016 and 2015, and the related consolidated statements of operations and comprehensive loss, changes in owners’ equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Asia Travel Corporation as of March 31, 2016 and 2015, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has an accumulated deficit, and has suffered losses from operations. Its ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, generate income, and ultimately, achieve profitable operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ DCAW (CPA) Limited

DCAW (CPA) Limited

Certified Public Accountants

Hong Kong, July 4, 2016

ASIA TRAVEL CORPORATION
CONSOLIDATED BALANCE SHEETS
	March 31,	March 31,
	2015	2014
ASSETS
Current assets:
Cash in bank	$ 254,321	$ 205,565
Other receivables	22,812	-
Total current assets	277,133	205,565
Non-current assets:
Related party receivables	35,458	369,067
Property, plant and equipment, net of accumulated depreciation	3,894,705	3,995,069
Total non-current assets	3,930,163	4,364,136
Total assets	$ 4,207,296	$ 4,569,701
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$ 100,948	$ 65,362
Current maturities of long-term debt	194,934	178,621
Related party payables	2,283,104	1,165,856
Total current liabilities	2,578,986	1,409,839
Non-current maturities of long-term debt	1,974,449	2,163,864
Total liabilities	$ 4,553,435	$ 3,573,703
Stockholders' (deficit) equity:
Preferred stock: par value $0.001 per share; 10,000,000 shares authorized, 20,000 shares issued and outstanding respectively	$ 20	$ 20
Common stock:
$0.001 par value, 990,000,000 shares authorized;177,748,501 shares issued and outstanding, respectively	177,748	177,748
Capital in excess of par value	9,496,072	9,496,072
Retained deficit	(10,024,085)	(8,682,359)
Accumulated other comprehensive income	4,106	4,517
Total stockholders' (deficit) equity	(346,139)	995,998
Total liabilities and stockholders' equity	$ 4,207,296	$ 4,569,701
The accompanying notes are an integral part of these financial statements
F-3
ASIA TRAVEL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
	For the year ended
	March 31,	March 31,
	2015	2014
Revenue	$ 817,680	$ 455,963
Cost of sales	513,837	283,581
Gross margin	303,843	172,382
EXPENSES
General and administrative	1,343,633	312,157
Depreciation	110,647	102,698
Total expenses	1,454,280	414,855
OPERATING LOSS	(1,150,437)	(242,473)
OTHER INCOME AND EXPENSES
Exchange gain	1,892	-
Interest income	73	111
Loan interest	(193,254)	(191,770)
Total other income and expenses	(191,289)	(191,659)
LOSS BEFORE INCOME TAXES	(1,341,726)	(434,132)
Provision for income taxes	-	-
NET LOSS	$ (1,341,726)	$ (434,132)
Comprehensive loss:
Foreign currency translation (loss) gain	(411)	4,589
Comprehensive loss	$ (1,342,137)	$ (429,543)
LOSS PER SHARE - basic and diluted	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES- basic and diluted	$ 177,748,501	$ 136,738,036
The accompanying notes to the consolidated financial statements
F-4

ASIA TRAVEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Stated in US Dollars)


		March 31,
		2016		2015
ASSETS
Current assets:
Cash and cash equivalents	$	45,592	$	254,321
Other receivables		22,185		22,812
Total current assets		67,777		277,133

Non-current assets:
Related party receivables		-		35,458
Property and equipment, net of accumulated depreciation		2,811,756		3,894,705
Total non-current assets		2,811,756		3,930,163
Total assets	$	2,879,533	$	4,207,296

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other payables	$	5,078	$	100,948
Deferred tax liabilities		8,967		-
Related parties payables		3,106,741		2,283,104
Mortgage loans - current portion		159,706		194,934
Total current liabilities		3,280,492		2,578,986

Mortgage loans - non-current portion		1,284,881		1,974,449
Total liabilities	$	4,565,373	$	4,553,435

SHAREHOLDERS' DEFICIT
Preferred stock: par value $0.001 per share; 10,000,000 shares authorized, 20,000 shares issued and outstanding at March 31, 2016 and 2015		20		20
Common stock: $0.001 par value, 990,000,000 shares authorized; 177,748,501 and 177,748,501 shares issued and outstanding at March 31, 2016 and 2015, respectively		177,748		177,748
Capital in excess of par value		9,496,072		9,496,072
Accumulated deficits		(11,380,869)		(10,024,085)
Accumulated other comprehensive income		21,189		4,106
Total shareholders' deficit		(1,685,840)		(346,139)
Total liabilities and shareholders' deficit	$	2,879,533	$	4,207,296

See notes to consolidated financial statements

ASIA TRAVEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Stated in US Dollars)


		For the Years Ended March 31,
		2016		2015

Revenue	$	566,587	$	817,680
Cost of sales		(326,750)		(513,837)
Gross profit		239,837		303,843

Operating expenses
Depreciation		(101,663)		(110,647)
General and administrative		(1,515,200)		(1,343,633)
Total expenses		(1,616,863)		(1,454,280)

Loss from operations		(1,377,026)		(1,150,437)

Other income and expenses
Exchange gain		20		1,892
Gain on disposals		176,447		-
Interest income		74		73
Interest expenses		(146,568)		(193,254)
Total other income and expenses		29,973		(191,289)

Loss before income taxes		(1,347,053)		(1,341,726)
Income tax expense		(9,731)		-
Net loss	$	(1,356,784)	$	(1,341,726)

Comprehensive loss:
Foreign currency translation adjustments		17,083		(411)
Comprehensive loss	$	(1,339,701)	$	(1,342,137)

Loss per share:
Basic and diluted	$	(0.00)	$	(0.00)

Weighted average common stock outstanding:
Basic and diluted		177,748,501		177,748,501

See notes to consolidated financial statements

ASIA TRAVEL CORPORATION
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
							Accumulated
							Other
	Preferred Stock		Common Stock		Capital in Excess	Retained	Comprehensive
	Shares	Amount	Shares	Amount	of Par Value	Deficit	Income (Loss)	Total
Balance at March 31, 2013	20,000	$ 20	51,960,101	$ 51,960	$ 8,992,918	$ (8,248,227)	$ (72)	$ 796,599
Sale of common stock	-	-	125,788,400	125,788	503,154	-	-	628,942
Foreign currency translation adjustment	-	-	-	-	-	-	4,589	4,589
Net loss	-	-	-	-	-	(434,132)	-	(434,132)
Balance at March 31, 2014	20,000	20	177,748,501	177,748	9,496,072	(8,682,359)	4,517	995,998
Foreign currency translation adjustment	-	-	-	-	-	-	(411)	(411)
Net loss	-	-	-	-	-	(1,341,726)	-	(1,341,726)
Balance at March 31, 2015	20,000	$ 20	177,748,501	$ 177,748	$ 9,496,072	$ (10,024,085)	$ 4,106	$ (346,139)
The accompanying notes to the consolidated financial statements
F-5

ASIA TRAVEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ DEFICIT

For the Years Ended March 31, 2016 and 2015

(Stated in US Dollars)


	Preferred stock			Common stock
	Shares		Amount	Shares		Amount		Capital in excess of par value		Accumulated deficit		Accumulated other comprehensive income		Total

Balance as of April 1, 2014	20,000	$	20	177,748,501	$	177,748	$	9,496,072	$	(8,682,359)	$	4,517	$	995,998
Net loss for the year	-		-	-		-		-		(1,341,726)		-		(1,341,726)
Foreign currency translation adjustment	-		-	-		-		-		-		(411)		(411)
Balance as of March 31, 2015	20,000		20	177,748,501		177,748		9,496,072		(10,024,085)		4,106		(346,139)
Net loss for the year	-		-	-		-		-		(1,356,784)		-		(1,356,784)
Foreign currency translation adjustment	-		-	-		-		-		-		17,083		17,083
Balance as of March 31, 2016	20,000	$	20	177,748,501	$	177,748	$	9,496,072	$	(11,380,869)	$	21,189	$	(1,685,840)

See notes to consolidated financial statements

ASIA TRAVEL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the year ended
	March 31,	March 31,
	2015	2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,341,726)	$ (434,132)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	110,647	102,698
Goodwill impairment	-	1,763
Changes in assets and liabilities
Increase in other receivables	(22,826)	(4,336)
Increase in account payables	76,035	22,237
(Decrease)/ increase in accrued expenses and other payables	(1,182,999)	1,195,594
Net cash (used by)/ provided by operating activities	(2,360,869)	883,824
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	-	(4,161,631)
Repayments to related parties	333,609	440,834
Net cash provided by/ (used by) investing activities	333,609	(3,720,797)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan from related party	2,257,639	12,735
Repayment of loan	(179,229)	-
Long-term debt	-	2,379,931
Proceeds from common stock sale	-	628,943
Net cash provided by financing activities	2,078,410	3,021,609
Net increase in cash and cash equivalents	51,150	184,636
Cash and cash equivalents, beginning of period	205,565	6,337
Effect of currency rate changes on cash	(2,394)	14,592
Cash and cash equivalents, end of period	$ 254,321	$ 205,565
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid from long-term debt	$ 193,254	$ 191,770
Taxes paid	$ -	$ -
Non cash investing and financing activities:	$ -	$ -
The accompanying notes to the consolidated financial statements
F-6

ASIA TRAVEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended March 31, 2016 and 2015

(Stated in US Dollars)


		For the Years Ended March 31,
		2016		2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(1,356,784)	$	(1,341,726)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		101,663		110,647
Gain on disposal		(176,447)		-
Changes in assets and liabilities:
Decrease (increase) in other receivables		16		(22,826)
Increase in tax payable		8,967		-
Decrease in accrued expenses and other payables		(131,307)		(1,106,964)
Net cash used in operating activities		(1,553,892)		(2,360,869)

CASH FLOWS FROM INVESTING ACTIVITIES
Sale of property and equipment		1,048,463		-
Net cash provided by investing activities		1,048,463		-

CASH FLOWS FROM FINANCING ACTIVITIES
Loan advance from related parties		1,394,920		2,591,248
Repayment to related parties		(449,338)		-
Repayment of loan		(642,617)		(179,229)
Net cash provided by financing activities		302,965		2,412,019

Effect of exchange rate changes on cash and cash equivalents		(6,265)		(2,394)

Net (decrease) increase in cash and cash equivalents		(202,464)		51,150
Cash and cash equivalents at beginning of year		254,321		205,565
Cash and cash equivalents at end of year	$	45,592	$	254,321

Supplemental disclosure of cash flow information:
Cash paid for:
Interest expenses	$	146,568	$	193,254
Income taxes	$	643	$	-

See notes to consolidated financial statements

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, ~~2015~~2016 and March 31, ~~2014~~2015

Note 1: ~~Basis~~Organization ~~of Presentation~~ and ~~Summary~~principal ~~of Significant Accounting Policies~~activities

The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.

Organization

Tengda Travel is a limited liability company formed under the laws of the People’s Republic of China on December 23, 2011. As of March 31, 2013, Tengda Travel had registered capital of RMB300,000, or approximately $47,662 based on the exchange rate as of March 31, 2013. Tengda Travel’s principal activity is to provide packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers.

Upon the completion of the said ownership transfer, Tengda Hotel became the wholly owned subsidiary of Asia Travel (Hong Kong).

On January 22, 2014, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengfei Investment to Tengda Hotel.

On May 23, 2012, the Board of Directors of the Company adopted an Amendment to the Articles of Incorporation to increase authorized stock from 10,000,000 preferred shares and 99,000,000 common shares to 10,000,000 preferred shares and 990,000,000 common shares.

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 1: Organization and principal activities (continued)

Our current organizational structure is set forth in the diagram below:


Asia Travel Corporation
100%
Asia Travel (Hong Kong) Limited (Hong Kong)
100%
Zhuhai Tengda Business Hotel Co., Ltd. (PRC)
100%
Zhuhai Tengfei Investment Co., Ltd. (PRC)
100%
Zhuhai Tengda International Travel Agency Co., Ltd. (PRC)

Stock Split

~~Going~~Note ~~Concern~~2: Summary of significant accounting policies

~~The~~Basis ~~Company’s financial statements have been prepared using accounting principles generally accepted in the United States~~ of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company requires additional capital to continue its limited operations. Furthermore, the Company’s officers and directors serve in their capacities without compensation. The Company assumes that these arrangements and the availability of future capital sources will continue into the future, but no assurance thereof can be given. A change in these circumstances would have a material adverse effect on the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.presentation

~~Income~~The ~~Taxes~~Company maintains its general ledger and journals with the accrual method accounting for financial reporting purposes. The consolidated financial statements and notes are representations of management. Accounting policies adopted by the Company conform to generally accepted accounting principles in the United States of America and have been consistently applied in the presentation of consolidated financial statements. These financial statements include all adjustments that, in the opinion of management, are necessary in order to make them not misleading.

~~The~~Principles ~~Company utilizes the liability method~~ of accounting for income taxes as set forth in FASC 740-20, “Accounting for Income Taxes.” Under the liability method, deferred taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. An allowance against deferred tax assets is recorded when it is more likely than not that such tax benefits will not be realized.consolidation

The ~~Company~~consolidated ~~does~~financial ~~not~~statements ~~accrue~~give ~~United~~effect ~~States~~to ~~income~~the ~~tax~~Share onExchange ~~unremitted~~Transaction ~~earnings from foreign operations,~~ as itif isoccurred at the ~~Company’s~~beginning ~~intention~~of ~~to invest these earnings in~~ the ~~foreign~~periods ~~operations~~presented ~~indefinitely.~~and ~~The~~include ~~Company also believes that~~ the ~~total~~accounts ~~amount~~ of ~~unrecognized~~the ~~tax~~Company ~~benefits~~and ~~as of March 31, 2015, if recognized, would not have a material effect on~~ its ~~effective~~wholly-owned ~~tax rate~~subsidiaries. ~~The~~All ~~Company~~significant ~~further~~inter-company ~~believes~~accounts ~~that there are no tax positions for which it is reasonably possible, based on current Chinese tax law~~ and ~~policy,~~transactions ~~that~~have ~~the~~been ~~unrecognized~~eliminated ~~tax benefits will significantly increase or decrease over the next 12 months producing, individually or~~ in ~~the aggregate, a material effect on the Company’s results of operations, financial condition or cash flows~~consolidation.

~~Estimates~~Use of estimates

The preparation of the financial statements in conformity with ~~U.S.~~ generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and ~~disclosures~~disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting ~~period~~periods. Actual results could differ from ~~those~~these estimates. Significant estimates include the useful life of property and equipment, and assumptions used in assessing impairment of long-term assets.

Fair value of financial instruments

The Company adopted the guidance of Accounting Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:


•		Level 1-Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.


•		Level 2-Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other then quoted prices that are observable, and inputs derived from or corroborated by observable market data.


•		Level 3-Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 2: Summary of significant accounting policies (continued)

Fair value of financial instruments (continued)

The carrying amounts reported in the balance sheets for cash, due from related parties, other assets, accrued expenses, other payables, and due to related parties approximate their fair market value based on the short-term maturity of these instruments. The Company did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014.

ASC 825-10 “Financial Instruments”, allows entities to voluntarily choose to measure certain financial assets and liabilities at fair value (fair value option). The fair value option may be elected on an instrument-by-instrument basis and is irrevocable, unless a new election date occurs. If the fair value option is elected for an instrument, unrealized gains and losses for that instrument should be reported in earnings at each subsequent reporting date. The Company did not elect to apply the fair value option to any outstanding instruments.

Cash and Cash Equivalents

For purposes of reporting cash flows, the Company considers all highly-liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Management believes that Company’s cash and cash equivalents held by major banks located in the PRC are of high credit quality as of March 31, ~~2015~~2016.

Revenue Recognition

paid in advance is recognized as revenue when the services are performed for hotels and upon commencement of travel agency services.

Credit risk

Property, ~~plant~~ and equipment

~~Fixed~~Property ~~assets,~~and ~~comprising~~equipment ~~building~~ are ~~stated~~carried at cost ~~less~~and ~~accumulated~~are ~~depreciation.~~depreciated ~~Depreciation~~on ~~for~~a ~~building~~straight-line isbasis ~~computed~~(after ~~using~~taking ~~the~~into ~~straight-line~~account ~~method~~their respective estimated residual value) over the estimated useful lives of 20the ~~years~~assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

~~Comprehensive~~The ~~income~~estimated useful lives are as follows:

Comprehensive income is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the Company, comprehensive income for the periods presented includes net income and foreign currency translation adjustments.


Buildings	50 years
Leasehold improvements	20 years

~~Foreign~~Impairment ~~currency~~of ~~translation~~long-lived assets

~~Assets~~In ~~and~~accordance ~~liabilities~~with ASC Topic 360, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company ~~with~~recognizes aan ~~functional~~impairment ~~currency~~loss ~~other~~when the sum of expected undiscounted future cash flows is less than ~~US$~~the ~~are~~carrying ~~translated~~amount ~~into~~of ~~US$~~the ~~using~~asset. ~~year~~The ~~end~~amount ~~exchange~~of ~~rates~~impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not record any impairment charges for the years ended March 31, 2016 and 2015.

~~Income~~Revenue and expense items are translated at the average exchange rates in effect during the year. Foreign currency translation differences are included as a component of Accumulated Other Comprehensive Income in Stockholders’ Equity.Recognition

~~The~~Revenue ~~exchange~~derived ~~rates~~from ~~used~~hotel toservices ~~translate~~is ~~amounts~~recognized inwhen ~~RMB~~the ~~into~~rooms ~~USD~~are ~~for~~occupied and the ~~purposes~~services ofare ~~preparing~~performed. Travel agency services revenues are recognized when the ~~combined~~travel-related ~~financial~~service, ~~statements~~golf ~~were~~package service or transportation is provided, or when the organization service of corporate conferences, exhibitions and show events is commenced. Deferred revenue consisting of deposits paid in advance is recognized as ~~follows:~~revenue when the services are performed for hotels and upon commencement of travel agency services.

	2015	2014
Year end RMB : USD exchange rate	6.2005	6.2163
Year-average RMB : USD exchange rate	6.1952	6.1185

Employment benefits

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.

Post-retirement and post-employment benefits

The Company contributes to a state pension plan in respect of its PRC employees. Other than the above, the Company does not provide any other post-retirement or post-employment benefits.

Income (Loss) Per Common Share

Basic and diluted net loss per common share is computed using the net loss applicable to common shareholders and the weighted average number of shares of common stock outstanding. Diluted net loss per common share does not differ from basic net loss per common share since potential shares of common stock from conversion of preferred stocks are anti-dilutive for all periods presented.

Recently Issued Accounting Pronouncements

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

~~The~~Asia ~~carrying~~Travel values of all of our other financial instruments, which include accounts receivable, accounts payable and accrued liabilities, and due to related parties approximate their current fair values because of their nature and respective maturity dates or durations.Corporation

~~Note~~Notes 2:to ~~Property,~~Consolidated ~~plant~~Financial ~~and equipment~~Statements

March 31, 2016 and March 31, 2015

Note 2: Summary of significant accounting policies (continued)

Income Taxes

The Company is governed by the Income Tax Law of US, Hong Kong and PRC. The Company accounts for income tax using the liability method prescribed by ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The Company applied the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of March 31, 2016 and 2015, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

Foreign currency translation

The accompanying consolidated financial statements are presented in U.S. dollars (“USD”). The reporting currency of the Company is the USD. The functional currency of EETA is Renminbi dollars (“RMB”). For the subsidiaries whose functional currencies are the USD or RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.

All of the Company’s revenue transactions are transacted in the functional currency. The Company does not enter any material transaction in foreign currencies and, accordingly, transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.

The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the consolidated financial statements were as follows:


	March 31	March 31
	2016	2015
Exchange rate on balance sheet dates
USD : RMB exchange rate	6.4447	6.2005

Average exchange rate for the period
USD : RMB exchange rate	6.3589	6.1952

The exchange rates used to translate amounts in HKD into USD for the purposes of preparing the consolidated financial statements were as follows:


	March 31	March 31
	2016	2015
Exchange rate on balance sheet dates
USD : HKD exchange rate	7.7567	7.7536

Average exchange rate for the period
USD : HKD exchange rate	7.7572	7.7542

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 2: Summary of significant accounting policies (continued)

Earnings per share

ASC 260 “Earnings per Share,” requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted income per share is computed by dividing net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

Accumulated other comprehensive loss

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders’ deficit, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the years ended March 31, 2016 and 2015 included net loss and unrealized loss from foreign currency translation adjustments.

Related party transactions

A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities including such person’s immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Recent accounting pronouncements

The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information.

Note 3: Going concern

As shown in the accompanying consolidated financial statements, the Company has generated a net loss of $1,356,784 and an accumulated deficit of $11,380,869 as of March 31, 2016. The Company also experienced insufficient cash flows from operations and will be required continuous financial support from the shareholders. The Company will need to raise capital to fund its operations until it is able to generate sufficient revenue to support the future development. Moreover, the Company may be continuously raising capital through the sale of debt and equity securities.

The Company’s ability to achieve these objectives cannot be determined at this stage. If the Company is unsuccessful in its endeavors, it may be forced to cease operations. These consolidated financial statements do not include any adjustments that might result from this uncertainty which may include adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

These factors have raised substantial doubt about the Company’s ability to continue as a going concern. There can be no assurances that the Company will be able to obtain adequate financing or achieve profitability. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 4: Property, plant and equipment

Property, plant and equipment consisted of the following:

	For the year endedMarch 31, 2015	For the year endedMarch 31, 2014
		Years Ended March 31,
Building	$ 2,957,744	$ 2,957,744
		2016		2015
Leasehold improvements	1,138,407	1,138,407
Buildings	$	2,203,310	$	2,965,287
Total property, plant and equipment	4,096,151	4,096,151
Leasehold improvements		848,034		1,141,311
Less: exchange difference	11,899	1,616
Total property, plant and equipment		3,051,344		4,106,598
Less: accumulated depreciation and amortization	(213,345)	(102,698)
Less: accumulated depreciation		(239,588)		(211,893)
Total property, plant and equipment, net	$ ~~3,894,705~~	~~$ 3~~2,~~995~~811,~~069~~756	$	3,894,705

The depreciation expenses for the years ended ~~December~~March 31, ~~2015~~2016 and ~~2014~~2015 were $~~110~~101,~~647~~663 and $~~102~~110,~~698~~647, respectively.

~~Note~~Gain 3:on ~~Long~~disposal ~~term~~for ~~debt~~the years ended March 31, 2016 and 2015 were $176,447 and nil, respectively.

	For the year endedMarch 31, 2015	For the year endedMarch 31, 2014
Bank loan - wholly repayable in year 2024	$ 2,169,383	$ 2,342,485
Less: current maturities of long-term debt	(194,934)	(178,621)
Non-current maturities of long-term debt	$ 1,974,449	$ 2,163,864

Note 5: Mortgage loans


		Years Ended March 31,
		2016		2015

Mortgage loans - wholly repayable in year 2024	$	1,444,587	$	2,169,383
Less: current maturities of mortgage loans		(159,706)		(194,934)

Non-current maturities of mortgage loans	$	1,284,881	$	1,974,449

The aggregate maturities of loans payable of each of years subsequent to March 31, 2016 are as follows:


2017	$	159,706
2018		172,395
2019		186,093
2020		200,879
2021		216,839
2022		508,675
	$	1,444,587


Bank name	Interest rate	Term
Ping An Bank	Fixed annual rate of 8.52%	From April 24, 2013 to April 23, 2023

As of March 31, ~~2015~~2016 and ~~2014~~2015, ~~the~~mortgage ~~long~~loans ~~term debt~~ have maturity terms ~~within~~more than 1 year. Interest expenses incurred on ~~long~~mortgage ~~term~~loans ~~debt~~ for the years ended March 31, ~~2015~~2016 and ~~2014~~2015 was $~~193~~146,~~254~~568 and $~~191~~193,~~770~~254, respectively.

~~Note~~Buildings 4:with ~~Capital~~net ~~Stock~~book value of approximately $2,081,211 and $2,857,301 were used as collateral of bank borrowings as at March 31, 2016 and March 31, 2015, respectively.

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 6: Capital Stock

Preferred Stock

The Company has 10,000,000 shares of authorized preferred stock at $0.001 par value. As of March 31, ~~2015~~2016 and March 31, ~~2014~~2015, the Company has 20,000 and 20,000 shares of preferred stock issued and outstanding, respectively.

Accounting for the Series A Preferred Stock

The Series A Preferred Stock has been classified as permanent equity as there was no redemption provision at the option of the holders. The Company evaluated the embedded conversion feature in its Series A Preferred Stock to determine if there was an embedded derivative requiring bifurcation. The Company concluded that the embedded conversion feature of the Series A Preferred Stock is not required to be bifurcated because the conversion feature is clearly and closely related to the host instrument. The Company believes the economic risks and characteristics of the Series A Preferred Stock itself and the common stock the embedded conversion feature allows the Investor to convert into have similar economic risks and characteristics.

Stock-Based Compensation

The Company accounts for stock-based compensation under FASB ASC subtopic 718-10, Compensation – Stock Compensation: Overall. Under FASB Subtopic 718-10, the Company measures the cost of the employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the cost over the requisite service periods.

Common Stock

On July 22, 2013 the Company entered into a Regulation S Stock Purchase Agreement (“Agreement”) with a group of 34 non-US individual purchasers (“Purchasers”). Under the Agreement, the Company will issue a total of 125,788,400 shares of common stock to Purchasers for a total price of $628,943 ($0.005 per share). The issuance of the 125,788,400 shares is pursuant to the exemption provided by Regulation S. None of the Purchasers is a US person and the transactions underlying the Agreement are carried out outside US. Accordingly, July 29,2013, 125,788,400 shares of common stock have been issued.

Note 5: Shareholders Payables

As of March 31, 2015, the indebtedness of the Company to its shareholders and related entities with common owners and directors was $2,247,646 as follows: During the periods presented, the Company has receivables due from its shareholders. The loans are unsecured and bear no interest. These loans have no fixed payment terms.

Name of related party from whom loans were received	March 31, 2015	Relation
Mr. Tan Lun Lai	$ 35,458	Director of the Company
Mr. Guohua Li	$ (2,283,104)	Former owner of Tengfei
	$ (2,247,646)

Name of related party from whom loans were received	March 31, 2014	Relation
Mr. Tan Lun Lai	$ 369,067	Director of the Company
Mr. Guohua Li	$ (1,165,856)	Former owner of Tengfei
	$ (796,789)

Note 6: Acquisition and pro forma statement

Acquisition of Tengda Hotel

On November 22, 2012, Asia Travel’s wholly owned subsidiary Asia Travel (Hong Kong) entered into a Lease Management Agreement (“Lease Management Agreement”) with Tengfei Investment. Under the Lease Management Agreement, Tengfei Investment leased the managerial and operating rights of Tengda Travel, a wholly owned subsidiary of Tengfei Investment, to Asia Travel (Hong Kong).

On November 25, 2012, Asia Travel (Hong Kong) entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement”) with Tengfei Investment. Under the Ownership Transfer Agreement, Tengfei Investment transfers to Asia Travel (Hong Kong) 100% of the ownership of Tengda Hotel for a total transfer price of RMB400,000 (approximately $64,000). The total purchase price was allocated as follows:

Total purchase price:
Cash	$ 64,000
Allocated as follows:
Cash and cash equivalents	$ 25,850
Accounts receivable	2,130
Other receivable	400
Prepayment	1,472
Accounts payable and accrued expenses	(25,207)
Goodwill	59,355
	$ 64,000
Less cash acquired	$ (25,850)
Cash, net of cash acquired	$ 38,150

The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.

Upon the completion of the said ownership transfer, Tengda Hotel becomes the wholly owned subsidiary of Asia Travel (Hong Kong).

Pro forma financial information

The unaudited pro forma financial information presented below summarizes the consolidated operating results of the Company and Tengda Hotel and Tengda Travel for the year ended March 31, 2013, as if the acquisition had occurred on April 1, 2012.

The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on April 1, 2012. The unaudited pro forma consolidated statements of operations combine the historical results of the Company and the historical results of the acquired entity for the periods described above.

Asia Travel International

Unaudited Pro Forma Statement of Operations and Comprehensive Income

For the Year Ended March 31, 2013

	Historical combined Tengda Hotel and Tengda Travel	Asia Travel	Adjustments	Combined Pro Forma
Revenue	$ 145,190	$ 121,974		$ 289,758
Net loss	$ (21,836)	$ (240,787)	$ (12,000)	$ (272,637)
Loss per share – basic and diluted		$ (0.01)		$ (0.02)
Weighted average number of common shares		13,770,465		13,770,465

Note: The currency exchange rate is based on the average exchange rate of the related period.

(1)

The historical operating results of the Company were based on the Company’s financial statements for the year ended March 31, 2013.

(2)

The historical information of Tengda Hotel and Tengda Travel were derived from the books and the records of Tengda Hotel and Tengda Travel for the six months ended September 30, 2012.

(3)

Pro forma adjustment was based on the assumption that there are lease expense USD4,000 per quarter.

Acquisition of Tengfei Investment

On November 6, 2013, Tengda Hotel entered into an Ownership Transfer Agreement (“Ownership Transfer Agreement”) with Zhou Hui Juan and Yu Li Ying. Under the Ownership Transfer Agreement, Zhou Hui Juan and Yu Li Ying transfers to Tengda Hotel 100% of the ownership of Tengfei Investment for a total transfer price of RMB5,000,000 (approximately $820,309). The total purchase price was allocated as follows:

Total purchase price:
Cash	$ 820,309
Allocated as follows:
Cash and cash equivalents	$ 131
Other receivable	820,309
Others payable	(1,894)
Goodwill	1,763
	$ 820,309
Less cash acquired	$ (131)
Cash, net of cash acquired	$ 820,178

The excess fair value of net assets acquired over the purchase price was recorded as goodwill impairment.

On January 22, 2014, the Bureau of Science and Technology Industry Trade and Information of Zhuhai City approved the ownership transfer of Tengfei Investment to Tengda Hotel.

Upon the completion of the said ownership transfer, Tengfei Investment becomes the wholly owned subsidiary of Tengda Hotel.

Note 7: Income Taxes

~~The~~Asia ~~Company~~Travel ~~was~~Corporation is incorporated in the United States and ~~has~~subject ~~operations~~to income taxes on an entity basis on income arising in, ~~three~~or derived from, the tax ~~jurisdictions~~jurisdiction -in which they operate. As the Company had no income generated in the United States, ~~the~~there ~~Hong~~was ~~Kong~~no ~~Special~~tax ~~Administrative~~expense ~~Region~~or ~~(“HK~~tax ~~SAR”)~~liability for the years ended March 31, 2016 and ~~mainland China~~2015.

~~USA~~Asia Travel (Hong Kong) Limited was incorporated in Hong Kong and is subject to Hong Kong profits tax at 16.5%. No provision for Hong Kong income or profit tax has been made as the Company has no assessable profit for the years ended March 31, 2016 and 2015.

~~The~~Tengda ~~Company~~Hotel ~~and~~was ~~its~~incorporated ~~subsidiaries~~in ~~are~~the ~~subject~~PRC. toTengda ~~income~~Hotel ~~taxes~~did onnot angenerate ~~entity~~taxable ~~basis on~~ income ~~arising~~ in, ~~or derived from,~~ the ~~tax~~PRC ~~jurisdiction~~for ~~in which they operate. As~~ the ~~Company~~years ~~had~~ended noMarch ~~income generated in the United States~~31, ~~there~~2016 ~~was~~and ~~no tax expense or tax liability~~2015.

~~Hong~~Tengfei ~~Kong~~was incorporated in the PRC. Tengfei generated taxable income in the PRC for the year ended March 31, 2016, which is subject to PRC income tax at a rate of 25% and did not generate taxable income in the PRC for the year ended March 31, 2015.

~~Asia~~Tengda Travel ~~(Hong~~was ~~Kong)~~incorporated ~~Limited~~in ~~was~~the ~~incorporated~~PRC. Tengda Travel generated taxable income in ~~Hong~~the ~~Kong~~PRC ~~and~~for the year ended March 31, 2016, which is subject to ~~Hong~~PRC ~~Kong~~ income ~~taxes.~~tax Asat ~~Asia~~a ~~Travel~~rate ~~(Hong~~of ~~Kong)~~25% ~~Limited~~and ~~had~~did nonot ~~income~~generate ~~generated~~taxable income in ~~Hong~~the ~~Kong,~~PRC ~~there~~for ~~was~~the noyear ~~tax~~ended ~~expense~~March or31, ~~tax liability~~2015.

~~China~~The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. For the years ended March 31, 2016 and 2015, the Company had no unrecognized tax benefits.

~~Tengda~~The ~~Hotel,~~Company ~~Tengfei~~does ~~and~~not ~~Tengda~~anticipate ~~Travel,~~any ~~which~~significant ~~were~~increase ~~incorporated~~to inits ~~the~~liability ~~PRC,~~for ~~are~~unrecognized ~~governed~~tax bybenefit within the ~~income~~next ~~tax~~12 ~~law~~months. ofThe ~~the~~Company ~~PRC~~will classify interest and ~~are~~penalties ~~subject~~related to ~~PRC~~income ~~enterprise~~tax matters, if any, in income tax ~~(“EIT”)~~expense.

Income tax expenses (benefit) consist of the following:

	For the year endedMarch 31, 2015	For the year endedMarch 31, 2014
Current	$ -	$ -
Deferred	-	-
Total	$ -	$ -

The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of FASB ASC 740. The Company has recorded no deferred tax assets or liabilities as of March 31, 2015, and 2014.The amount of and ultimate realization of the benefits from the operating loss carry forwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined at this time. Because of the uncertainty surrounding the realization of the loss carry forwards, the Company has established a valuation allowance equal to the tax effect of the loss carry forwards and, therefore, no deferred tax asset has been recognized for the loss carry forwards.

The Company has no tax positions at March 31, 2015 and March 31, 2014 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the year ended March 31, 2015 and March 31, 2014, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at March 31, 2015 and March 31, 2014. Income tax periods 2012, 2013, and 2014 are open for examination by taxing authorities.

~~Note~~Asia 8:Travel ~~Earnings (loss) per share~~Corporation

~~Earnings~~Notes ~~Per Share (‘EPS”) is computed by dividing net income available~~ to ~~common~~Consolidated ~~stockholders~~Financial by the weighted average number of common stock shares outstanding during the year. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average number of common stock shares outstanding during the year plus potential dilutive instruments such as stock options and warrants. Statements

~~The~~March ~~effect of stock options on diluted EPS is determined through the application of the treasury stock method~~31, ~~whereby~~2016 ~~proceeds~~and received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period. The Company has no stock options, warrants or other potentially dilutive instruments outstanding at March 31, 2015 ~~and 2014.~~

	For the year endedMarch 31, 2015	For the year endedMarch 31, 2014
Numerator – basic and diluted
Net loss	$ (1,341,726)	$ (434,132)
Denominator
Basic	177,748,501	136,738,000
Conversion of preferred stock	20,000,000	20,000,000
Anti-dilutive effect of preferred stock	(20,000,000)	(20,000,000)
Weighted average number of common shares outstanding – basic and diluted	177,748,501	136,738,000
Loss per common share – basic and diluted	$ (0.00)	$ (0.00)

Note 7: Income Taxes (continued)

Note 9: Operating Risk


		Years Ended March 31,
		2016		2015
Income tax expense is comprised of:
Current income tax	$	643	$	-
Deferred income tax		9,088		-
Total provision for income tax	$	9,731	$	-

~~Foreign~~Deferred ~~currency~~income ~~risk~~taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each year-end and tax loss carryforwards. Deferred income tax was measured using the enacted income tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the following approximate deferred tax assets and liabilities as of March 31, 2016 and 2015 are presented below:

Most of the transactions of the Company were settled in Renminbi. In the opinion of the management, the Company does not have significant foreign currency risk exposure.


		Years Ended March 31,
		2016		2015

Operating loss carryforward	$	-	$	-
Accrued tax expense		8,967		-
Deferred tax liabilities	$	8,967	$	-

~~Company’s~~Note ~~operations~~8: ~~are~~Loss ~~substantially~~per ~~in foreign countries~~share

~~Substantially all of the Company’s operations are processed in China.~~ The ~~Company’s~~following ~~operations~~table ~~are~~presents ~~subject~~a toreconciliation ~~various political, economic, and other risks and uncertainties inherent in China. Among other risks, the Company’s operations are subject to the risks~~ of ~~restrictions~~basic ~~on transfer of funds; export duties, quotas,~~ and ~~embargoes;~~diluted ~~domestic~~net ~~and~~loss ~~international~~per ~~customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations.~~share:

Note 10: Operating Lease


		Years Ended March 31,
		2016		2015

Net loss available to common stockholders for basic and diluted net loss per share of common stock	$	(1,356,784)	$	(1,341,726)

Denominator
Basic		177,748,501		177,748,501
Conversion of preferred stock		20,000,000		20,000,000
Anti-dilutive effect of preferred stock		(20,000,000)		(20,000,000)
Weighted average common stock outstanding – diluted		177,748,501		177,748,501

Loss per common stock – basic and diluted	$	(0.00)	$	(0.00)

Tengda Hotel leased an 8-story-building for hotel services from Zhuhai City Xiangzhou District Meihua Street Office under a lease agreement dated November 1, 2010 for a ten-year term commencing November 1, 2010 to October 31, 2020. Future minimum payments under this operating lease as of March 31, 2015 as follows:

For the Twelve Months Ending March 31,	Operating leases
2016	109,667
2017	109,667
2018	113,429
2019	116,117
Thereafter	183,852
Total future minimum lease payments	$ 632,732

Total rental expense on the operating lease were $107,070 and $104,596 for the year ended March 31, 2015 and 2014, respectively.

Note 11: Segments Reporting

~~The~~Asia ~~Company~~Travel operates in two segments: travel agency (which provides packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers and travel agency) and hotel services. There were no inter-segment sales for the year ended March 31, 2015 and 2014.Corporation

	Year ended March, 31	Net sales	Segment profit/ (loss) pre-tax	Total assets
Hotel Services	2015	385,587	(200,904)	3,949,206
Travel Agency	2015	432,093	475	176,857
Company	2015	-	(1,141,297)	81,233
Total		817,680	(1,341,726)	4,207,296

Notes to Consolidated Financial Statements

	Year ended March, 31	Net sales	Segment profit/ (loss) pre-tax	Total assets
Hotel Services	2014	251,888	(292,557)	4,100,011
Travel Agency	2014	204,075	1,379	99,750
Company	2014	-	(142,954)	369,940
Total		455,963	(434,132)	4,569,701

March 31, 2016 and March 31, 2015

Note 129: ~~Subsequent~~Related ~~events~~parties transactions

~~There~~9.1 ~~were~~Related ~~no events or transactions other than those disclosed in this report, if any, that would require recognition or disclosure in our financial statements for the year ended March 31, 2015.~~parties


	Name of related parties	Relationship with the Company
	Mr. Tan Lung Lai	Shareholder of the Company
	Mr. Li Guo Hua	Shareholder of the Company
	Ms. Zhou Hui Juan	Shareholder of the Company
	Ms. Yu Li Ying	Mother-in-law of shareholder of the Company

9.2 Related party balances

The Company had the following related party balances at March 31, 2016 and 2015:


		Years Ended March 31,
		2016		2015

Loan from Mr. Tan Lung Lai	$	1,215,321	$	-
Loan from Mr. Li Guo Hua		709,941		803,667
Loan from Ms. Zhou Hui Juan		603,707		509,916
Loan from Ms. Yu Li Ying		577,772		969,521
Total related party payables	$	3,106,741	$	2,283,104

Loan advance to Mr. Tan Lung Lai	$	-	$	(35,458)
Total related party receivables	$	-	$	(35,458)

The related party payables are noninterest bearing and have no specified maturity date. The Company obtained these loans to fund operations when the Company or one of the subsidiaries was in need of cash. For the years ended March 31, 2016 and 2015, the Company loan from Mr. Tan Lung Lai $1,250,779 and $333,609, and made payments of $nil and $nil back to him, respectively.

For the year ended March 31, 2016 and 2015, the Company loan from Mr. Li Guo Hua $88,972 and $776,348, and made payments of $152,255 and $nil back to him, respectively

For the year ended March 31, 2016 and 2015, the Company loan from Ms. Zhou Hui Juan $766,598 and $340,900, and made payments of $653,491 and $nil back to him, respectively

For the year ended March 31, 2016 and 2015, the Company loan from Ms. Yu Li Ying $nil and $nil, and made payments of $355,022 and $0 back to him, respectively

Asia Travel Corporation

Notes to Consolidated Financial Statements

March 31, 2016 and March 31, 2015

Note 10: Commitments and contingencies

Operating Lease

Significant commitment as at March 31, 2016 is as follows:


Twelve months ended March 31,
2017	$	105,512
2018		109,133
2019		111,719
Thereafter		176,888
Total future minimum lease payments	$	503,252

Total rental expense on the operating lease were $106,936 and $107,070 for the year ended March 31, 2016 and 2015, respectively.

Legal Proceeding

For the year ended March 31, 2016, the Company received the summons and complaint filed by Allison Carr (“Plaintiff”) in the Judicial District Court for Salt Lake County, State of Utah. The Company was named as one of the defendants by the Plaintiff. The Plaintiff was the ex-wife of Curtis S. Olsen, a former officer of the Company. The Plaintiff claimed that Curtis Olsen and Kip Eardley, another former officer of the Company, wrongfully transferred the shares of the Company held by Curtis Olsen. The Plaintiff claimed that the shares in question were transferred to an entity controlled by Kip Eardley below the fair value. The Plaintiff alleged that Curtis Olsen and Kip Eardley transferred the shares with intention to hide the assets from the Plaintiff amid the divorce proceedings. The Company had engaged a Utah counsel to represent them in the lawsuit. This lawsuit was ended as the Plaintiff filed a motion to dismiss to end the lawsuit and the court granted such motion. There was no damage caused to the Company.

There has been no other legal proceeding in which the Company is a party as of March 31, 2016.

Note 11: Segments Reporting

The Company operates in two segments: travel agency (which provides packaged tours, air ticketing, reservation of hotel rooms and golf courses and organize corporate conferences, exhibitions and show events for its customers and travel agency) and hotel services. There were no inter-segment sales for the year ended March 31, 2016 and 2015.


	Year ended March, 31		Net sales		Segment profit/ (loss) pre-tax		Total assets
Hotel Services	2016	$	314,071	$	(68,078)	$	2,813,564
Travel Agency	2016		252,516		932		59,053
Company	2016		-		(1,289,638)		6,916
Total		$	566,587	$	(1,356,784)	$	2,879,533


	Year ended March, 31		Net sales		Segment profit/ (loss) pre-tax		Total assets
Hotel Services	2015	$	385,587	$	(200,904)	$	3,949,206
Travel Agency	2015		432,093		475		176,857
Company	2015		-		(1,141,297)		81,233
Total		$	817,680	$	(1,341,726)	$	4,207,296

Note 12: Subsequent events

There were no events or transactions other than those disclosed in this report, if any, that would require recognition or disclosure in our financial statements for the year ended March 31, 2016.

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