U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

                                   (Mark One)

               [X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
          OF THE SECURITIES AND EXCHANGE ACT OF 1934 for the Quarterly
                         period ended September 30, 2003

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934 for the transition
                         period from _______ to _______.


                          COMMISSION FILE NO. 000-29933


                          TRANSAMERICAN HOLDINGS, INC.
                 ______________________________________________
                 (Name of Small Business Issuer in its Charter)


         Nevada, U.S.A.                                   77-0434471
_________________________________              _________________________________
(State or other Jurisdiction                   (IRS Employer Identification No.)
of Incorporation or Organization)


       9601 Wilshire Boulevard, Suite 620, Beverly Hills, California 90210
       ___________________________________________________________________
                    (Address of principal executive offices)


                                 (310) 271-9911
                           ___________________________
                           (Issuer's telephone number)


Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act 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 [ ]

As of the date of this filing, the Company had 18,471,090 shares of Common Stock
issued and 17,446,090 shares of Common Stock outstanding.


<PAGE>


                          TRANSAMERICAN HOLDINGS, INC.

                                   FORM 10-QSB

                    for the quarter ended September 30, 2003

                                TABLE OF CONTENTS


Part I.   Financial Information

          Item 1.   Financial Statements

          Balance Sheet as of September 30, 2003 (unaudited).

          Statements of Operations for the three and nine months
            ended September 30, 2003 (unaudited) and September 30, 2002
            (unaudited) and from inception on July 22, 1996 to September 30,
            2003 (unaudited).

          Statement of Stockholders' Equity for the Period from inception to
            September 30, 2003 (unaudited).

          Statements of Cash Flows for the nine months ended September 30,
            2003 (unaudited) and September 30, 2002 (unaudited) and from
            inception on July 22, 1996 to September 30, 2003 (unaudited).

          Notes to Financial Statements.

          Item 2.   Managements Discussion and Analysis or Plan of Operation

          Item 3.   Controls and Procedures

Part II.  Other Information

          Item 1.   Legal Proceedings

          Item 2.   Changes in Securities

          Item 3.   Defaults upon Senior Securities

          Item 4.   Submission of Matters to a Vote of Security holders

          Item 5.   Other Information

          Item 6.   Exhibits and reports on form 8-K

SIGNATURES


<PAGE>


                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS


This quarterly report on form 10-QSB contains "forward- looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Statements of our intentions, beliefs,
expectations or predictions for the future, denoted by the words "believes,"
"expects," "may," "should," "seeks," "pro forma," "anticipates," "intends" and
similar expressions are forward-looking statements that reflect our current
views about future events and are subject to risks, uncertainties and
assumptions.

We wish to caution readers that these forward-looking statements are not
guarantees of future performance and involve risks and uncertainties. Actual
events or results may differ materially from those discussed in the
forward-looking statements as a result of various factors, including, without
limitation, the risk factors and other matters contained in this annual report
generally. All subsequent written and oral forward- looking statements
attributable to us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements included in this document. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

                         PART I -- FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

                          TRANSAMERICAN HOLDINGS, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)

                              FINANCIAL STATEMENTS

                      THREE MONTHS ENDED SEPTEMBER 30, 2003

                                    CONTENTS

                                                                            Page
Financial Statements:
  Balance Sheet                                                               4
  Statements of Operations                                                    5
  Statement of Stockholders' Equity                                           6
  Statements of Cash Flows                                                    7
  Notes to Financial Statements                                            8-10


<PAGE>

<TABLE>
<CAPTION>


                  TRANSAMERICAN HOLDINGS, INC.
                (A DEVELOPMENT STAGE ENTERPRISE)

               BALANCE SHEET - SEPTEMBER 30, 2003
                           (UNAUDITED)

<S>                                                               <C>                <C>
                             ASSETS

Current assets -
  cash                                                                               $  64,391

Property and equipment, net of accumulated depreciation                                  5,218

Cash - restricted                                                                       32,866

Other assets                                                                            10,000
                                                                                     _________
                                                                                     $ 112,475
                                                                                     =========
              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  Accounts payable and accrued expenses                           $    13,872
  Due to related parties                                               37,640
                                                                  ___________
               Total current liabilities                                              $ 51,512

Convertible loans payable, related party, net of
    unamortized discount of $31,986                                                    391,058

Stockholders' deficit:
  Common stock, $.001 par value, 100,000,000 shares
    authorized, 18,471,090 issued and 17,446,090 outstanding           17,621
  Subscriptions receivable                                            (83,750)
  Additional paid-in capital                                        1,923,891
  Deficit accumulated during development stage                     (2,135,357)
  Treasury stock, 175,000 shares at cost                              (52,500)
                                                                  ___________
               Total stockholders' deficit                                            (330,095)
                                                                                     _________
                                                                                     $ 112,475
                                                                                     =========

</TABLE>


<PAGE>

<TABLE>
<CAPTION>


                          TRANSAMERICAN HOLDINGS, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)

                             STATEMENT OF OPERATIONS

                                                                                                                  From inception on
                                        For the three months ended              For the nine months ended         July 22, 1996 to
                                   September 30, 2003 September 30, 2002  September 30, 2003  September 30, 2002  September 30, 2003
                                   __________________ __________________  __________________  __________________  __________________
                                     (Unaudited)        (Unaudited)        (Unaudited)        (Unaudited)          (Unaudited)
<S>                                      <C>                <C>               <C>                <C>                   <C>

Net revenues                            $         -        $         -       $         -        $         -            $          -

Cost of sales                                     -                  -                 -                  -                       -
                                        ___________        ___________       ___________        ___________            ____________

Gross profit                                      -                  -                 -                  -                       -

General and administrative
  expenses                                  203,567            174,069           720,631            336,358               2,154,200
                                        ___________        ___________       ___________        ___________            ____________

Net loss from operations before
  interest income and other
  expense                                  (203,567)          (174,069)         (720,631)          (336,358)             (2,154,200)

Interest income                                   -                246               381              4,405                  37,511
Amortization of discount on
  convertible loans                         (12,114)                 -           (18,668)                 -                 (18,668)
                                        ___________        ___________       ___________        ___________            ____________

Net loss                                $  (215,681)       $  (174,069)      $  (738,918)       $  (336,358)           $ (2,135,357)
                                        ===========        ===========       ===========        ===========            ============

Net loss per share, basis
  and diluted                           $     (0.01)       $     (0.01)      $     (0.04)       $     (0.02)
                                        ===========        ===========       ===========        ===========

Weighted average number of
  shares outstanding, basic
  and diluted                            17,621,090         16,477,612        17,621,090         16,373,837
                                        ===========        ===========       ===========        ===========

</TABLE>


<PAGE>

<TABLE>
<CAPTION>



                          TRANSAMERICAN HOLDINGS, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)

                       STATEMENT OF STOCKHOLDERS' DEFICIT


                                                                                 Deficit
                                                     Additional                  accumulated                    Total
                                   Common stock      paid-in      Subscription   during              Treasury   stockholders'
                                Shares      Amount   capital      receivable     development stage   stock      equity (deficit)
                                ______      ______   __________   ____________   _________________   ________   _______________
<S>                        <C>           <C>         <C>          <C>            <C>                 <C>        <C>


Balance at July 22 1996
  (inception)             $          -   $      -    $        -   $          -   $            -      $      -   $        -

Issuance of common stock
   for cash during July
   1996 (restated for
   forward stock split)      2,000,000      2,000         3,000                                                      5,000

Issuance of common stock
   in exchange for
   services in November
   1999                        100,000        100                                                                      100

Issuance of common stock
   for cash during
   November 1999             9,200,000      9,200                                                                    9,200

Accumulated net loss for
   the period
   from July 22, 1996
   (inception) to
   December 31, 1999                                                                     (5,100)                    (5,100)
                          ____________   ________    __________   ____________   ______________      ________   __________

Balance at January 1,
   2000                     11,300,000     11,300         3,000              -           (5,100)            -        9,200

Issuance of common stock
   for cash
   during March 2000         1,445,090      1,445       296,100                                                    297,545

Issuance of common stock
   for cash
   during April 2000           230,000        230       114,770                                                    115,000

Issuance of common stock
   for cash
   during May 2000           1,918,000      1,918       670,790                                                    672,708

Issuance of common stock
   for cash
   during June 2000            913,000        913       142,150                                                    143,063

Issuance of common stock
   for cash
   during July 2000            465,000        465       226,337        (33,750)                                    193,052

Net loss for the year
   ended
   December 31, 2000                                                                   (319,992)                  (319,992)
                          ____________   ________    __________   ____________   ______________      ________   __________

Balance at December 31,
   2000                     16,271,090     16,271     1,453,147        (33,750)        (325,092)            -    1,110,576

Issuance of common stock
   for cash
   during June 2001             50,000         50        99,929        (50,000)                                     49,979

Net loss for the year
   ended
   December 31, 2001                                                                   (563,404)                  (563,404)
                          ____________   ________    __________   ____________   ______________      ________   __________

Balance at December 31,
   2001                     16,321,090     16,321     1,553,076        (83,750)        (888,496)            -      597,151

Issuance of common stock
   for cash
   during September 2002       800,000        800       199,170                                                    199,970

Issuance of common stock
   for cash
   during October 2002         100,000        100        29,870                                                     29,970

Issuance of common stock
   for cash
   during December 2002        400,000        400        90,165                                                     90,565

Net loss for the year
   ended
   December 31, 2002                                                                   (507,943)                  (507,943)
                          ____________   ________    __________   ____________   ______________      ________   __________

Balance December 31,
   2002                     17,621,090     17,621     1,872,281        (83,750)      (1,396,439)            -      409,713

Purchase of treasury
  stock (unaudited)                                                                                   (52,500)     (52,500)

Beneficial conversion
   feature related to
   loans to related
   party (unaudited)                                     65,555                                                     65,555

Extinguishment of a
  portion of the conver-
  tible loan to related
  party (unaudited)                                     (13,945)                                                  (13,945)

Net loss for the nine
   months ended
   September 30, 2003 (unaudited)                                                      (738,918)                 (738,918)
                          ____________   ________    __________   ____________   ______________      ________   __________

Balance at September 30,
   2003                     17,621,090   $ 17,621    $1,923,891   $    (83,750)  $   (2,135,357)     $(52,500)  $ (330,095)
                          ============    =======    ==========   ============   ==============      ========   ==========

</TABLE>


<PAGE>

<TABLE>
<CAPTION>



                          TRANSAMERICAN HOLDINGS, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)

                            STATEMENTS OF CASH FLOWS

                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


                                                                                         From inception on
                                                         For the nine months ended       July 22, 1996 to
                                                   September 30, 2003 September 30, 2002 September 30, 2003
                                                   __________________ __________________ __________________
                                                     (Unaudited)        (Unaudited)        (Unaudited)
<S>                                                     <C>                 <C>              <C>

Cash flows provided by (used for) operating
  activities:
  Net loss                                              $ (738,918)         $ (331,953)      $ (2,135,357)

Adjustments to reconcile net loss to net cash
  provided by (used for) operating activities:
    Depreciation                                               738               9,145              7,027
    Issuance of common stock for services                        -                   -             94,500
    Reserve for bad debt                                         -               4,725            136,725
    Amortization of discount on convertible loans           18,668                   -             18,668

Changes in assets and liabilities:
  (Increase) decrease in assets:
    Interest receivable                                          -              (2,362)            (2,362)
    Other assets                                                 -                   -            (10,000)

  Increase (decrease) in liabilities:
    Accounts payable and accrued expenses                        -                  85             13,872
                                                        __________          __________       ____________

   Total adjustments                                        19,406              11,593            258,430
                                                        __________          __________       ____________

    Net cash used for operating activities                (719,512)           (320,360)        (1,876,927)

Cash flows provided by (used for) investing
  activities:
  Acquisition of property and equipment                          -                (100)           (12,245)
  Notes receivable                                               -               8,041           (132,000)
  Notes receivable, related parties                              -             137,906           (241,723)
  Restricted cash                                                -              (1,373)           (32,866)
  Payments from related parties                            239,360                   -            239,360
                                                        __________          __________       ____________

     Net cash provided by investing activities             239,360             144,474           (179,474)
                                                        __________          __________       ____________

Cash flows provided by (used for) financing
  activities:
  Proceeds from sale of common stock                             -             199,970          1,711,652
  Proceeds from note payable, officer                            -             (21,540)            21,540
  Payment on note payable, officer                               -                   -            (21,540)
  Proceeds from convertible loans payable,
    related party                                          590,000                   -            590,000
  Payment on convertible loans payable, related
    party                                                 (166,000)                              (166,000)
  Advances from related parties                             37,640                   -             37,640
  Purchase of treasury stock                               (52,500)                  -            (52,500)
                                                        __________          __________       ____________

     Net cash used for financing activities                409,140             178,430          2,120,792
                                                        __________          __________       ____________

Net increase (decrease) in cash                            (71,012)              2,544             64,391
Cash, beginning of year                                    135,403             192,949                  -
                                                        __________          __________       ____________
Cash, end of period                                     $   64,391          $  195,493           $ 64,391
                                                        ==========          ==========       ============

Supplemental disclosure of non-cash investing
   and financing activities:
   Write-off of investment in Lebanese time
   share.                                               $2,200,000
                                                        ==========

</TABLE>


<PAGE>


                          TRANSAMERICAN HOLDINGS, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS

                      NINE MONTHS ENDED SEPTEMBER 30, 2003


(1)      ORGANIZATION AND DESCRIPTION OF BUSINESS:

         TransAmerican Holdings, Inc. (formerly known as Health Research, Ltd.)
         (the "Company") was incorporated under the laws of the state of Nevada
         on July 22, 1996, and is conducting its operations in California. The
         Company has been in the development stage and was inactive until
         November 1999, at which time current management became involved. On
         November 15, 1999, the Company changed its name to TransAmerican
         Holdings, Inc. The sole purpose of the Company at this time is to raise
         capital and to locate and acquire a private on going business.


(2)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

         INTERIM FINANCIAL INFORMATION:

         The accompanying financial statements include all adjustments
         (consisting of only normal recurring accruals), which are, in the
         opinion of management, necessary for a fair presentation of the results
         of operations for the periods presented. Interim results are not
         necessarily indicative of the results to be expected for a full year.
         The financial statements should be read in conjunction with the
         financial statements included in the annual report of TransAmerican
         Holdings, Inc. on Form 10-KSB for the year ended December 31, 2002.

         DEVELOPMENT STAGE ENTERPRISE:

         The Company is a development stage enterprise as defined by the
         Financial Accounting Standards Board's ("FASB") Statement of Financial
         Accounting Standards ("SFAS") No. 7, "Accounting and Reporting by
         Development Stage Enterprises." The Company is devoting substantially
         all of its present efforts to establish a new business. All losses
         accumulated since inception of the Company have been considered as part
         of the Company's development stage activities

         NEW ACCOUNTING PRONOUNCEMENTS:

         During April 2003, the FASB issued SFAS No. 149, "Amendment of
         Statement 133 on Derivative Instruments and Hedging Activities",
         effective for contracts entered into or modified after June 30, 2003,
         except as stated below and for hedging relationships designated after
         June 30, 2003. In addition, except as stated below, all provisions of
         this Statement should be applied prospectively. The provisions of this
         Statement that relate to Statement 133 implementation issues that have
         been effective for fiscal quarters that began prior to June 15, 2003,
         should continue to be applied in accordance with their respective
         effective dates. In addition, paragraphs 7(a) and 23(a), which relate
         to forward purchases or sales of when-issued securities or other
         securities that do not yet exist, should be applied to both existing
         contracts and new contracts entered into after June 30, 2003. The
         Company does not participate in such transactions, however, is
         evaluating the effect of this new pronouncement, if any, and will adopt
         SFAS No. 149 within the prescribed time.


<PAGE>


                          TRANSAMERICAN HOLDINGS, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS

                      NINE MONTHS ENDED SEPTEMBER 30, 2003


(2)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED:

         NEW ACCOUNTING PRONOUNCEMENTS, CONTINUED:

         During May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
         Financial Instruments with Characteristics of both Liabilities and
         Equity", effective for financial instruments entered into or modified
         after May 31, 2003, and otherwise is effective at the beginning of the
         first interim period beginning after June 15, 2003. This Statement
         establishes standards for how an issuer classifies and measures certain
         financial instruments with characteristics of both liabilities and
         equity. It requires that an issuer classify a freestanding financial
         instrument that is within its scope as a liability (or an asset in some
         circumstances). Many of those instruments were previously classified as
         equity. Some of the provisions of this Statement are consistent with
         the current definition of liabilities in FASB Concepts Statement No. 6,
         "Elements of Financial Statements". The Company is evaluating the
         effect of this new pronouncement and will adopt SFAS No. 150 within the
         prescribed time.


(3)      TREASURY STOCK:

         During March 2003, a total of 175,000 shares of treasury stock were
         purchased from three shareholders. Treasury stock is stated at cost and
         consists of the 175,000 shares as of September 30, 2003.


(4)      DUE TO RELATED PARTIES:

         Due to related parties consists of amounts advanced from a major
         shareholder to cover operating costs. The note is non-interest bearing
         and due on demand.


(5)      CONVERTIBLE LOANS PAYABLE, RELATED PARTY, WITHOUT INTEREST:

         A summary is as follows:

                  April 15, 2003 issuance          $  84,000
                  June 1, 2003 issuance               40,000
                  June 2, 2003 issuance              100,000
                  June 8, 2003 issuance               20,000
                  June 9, 2003 issuance               30,000
                  July 3, 2003 issuance              150,000
                                                   _________
                                                     424,000
                  Less unamortized discount           32,942
                                                   _________
                                                   $ 391,058
                                                   =========



<PAGE>


                          TRANSAMERICAN HOLDINGS, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS

                      NINE MONTHS ENDED SEPTEMBER 30, 2003


(5)      CONVERTIBLE LOANS PAYABLE, RELATED PARTY, WITHOUT INTEREST, CONTINUED:

         On April 15, 2003, the Company issued a $250,000 non-interest bearing
         convertible loan payable due April 15, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $250,000. The Company repaid $166,000 in June 2003 without penalty. The
         value of the conversion feature was estimated to be $27,778, which was
         to be amortized over the life of the loan. Upon early payment of the
         convertible loan, $13,945 of unamortized discount was charged to
         additional paid-in capital. For the nine months ending September 30,
         2003, $5,020 has been amortized to amortization expense.

         On June 1, 2003, the Company issued a $40,000 non-interest bearing
         convertible loan payable due June 1, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $40,000. The value of the conversion feature was estimated to be
         $4,444, which will be amortized over the life of the loan. For the nine
         months ending September 30, 2003, $1,465 has been amortized to
         amortization expense.

         On June 2, 2003, the Company issued a $100,000 non-interest bearing
         convertible loan payable due June 2, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $100,000. The value of the conversion feature was estimated to be
         $11,111, which will be amortized over the life of the loan. For the
         nine months ending September 30, 2003, $3,632 has been amortized to
         amortization expense.

         On June 8, 2003, the Company issued a $20,000 non-interest bearing
         convertible loan payable due June 8, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $20,000. The value of the conversion feature was estimated to be
         $2,222, which will be amortized over the life of the loan. For the nine
         months ending September 30, 2003, $689 has been amortized to
         amortization expense.


<PAGE>


                          TRANSAMERICAN HOLDINGS, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                          NOTES TO FINANCIAL STATEMENTS

                      NINE MONTHS ENDED SEPTEMBER 30, 2003


(5)      CONVERTIBLE LOANS PAYABLE, RELATED PARTY, WITHOUT INTEREST, CONTINUED:

         On June 9, 2003, the Company issued a $30,000 non-interest bearing
         convertible loan payable due June 9, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $30,000. The value of the conversion feature was estimated to be
         $3,333, which will be amortized over the life of the loan. For the nine
         months ending September 30, 2003, $1,026 has been amortized to
         amortization expense.

         On July 3, 2003, the Company issued a $150,000 non-interest bearing
         convertible loan payable due July 3, 2004. All or any portion of the
         convertible debenture can be converted into fully paid shares of the
         Company's $.001 par value common only at the due date or later. The
         conversion or purchase price of the common stock indebtedness shall be
         90% of the market price of the Company's common stock at the time of
         conversion. Cash proceeds from the convertible debenture amounted to
         $150,000. The value of the conversion feature was estimated to be
         $16,667, which will be amortized over the life of the loan. For the
         nine months ending September 30, 2003, $4,030 has been amortized to
         amortization expense.


<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

MANAGEMENT'S DISCUSSION AND ANALYSIS.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management's Discussion and Analysis of Financial Condition and Results of
Operations discusses the Company's financial statements, which have been
prepared in accordance with accounting principles generally accepted in the
United States of America. The preparation of these financial statements requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. On an on-going
basis, management evaluates its estimates and judgments, including those related
to reserves and financial operations. Management bases its estimates and
judgments on historical experiences and on various other factors that are
believed to be reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying value of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions. The most significant
accounting estimates inherent in the preparation of the Company's financial
statements include estimates as to the appropriate carrying value of certain
assets and liabilities which are not readily apparent from other sources,
primarily allowance for doubtful accounts and recording of assets from related
parties. These accounting policies are described at relevant sections in this
discussion and analysis and in the notes to the financial statements included in
our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2002.

RESULTS OF OPERATIONS

Three months ended September 30, 2003 as compared to September 30, 2002.

REVENUES

We are a development stage company. There were no revenues for the three months
ended September 30, 2003 and September 30, 2002.

GENERAL AND ADMINISTRATIVE EXPENSES

Total expenses amounted to $203,567 for the three months ended September 30,
2003, as compared to $174,069 at September 30, 2002. The expenses resulted
primarily from costs incurred by the Company in the ordinary course of business
and in our review of potential acquisition candidates.

LOSS FROM OPERATIONS

The Company incurred a loss from operations of $203,567 for the quarter ended
September 30, 2003, as compared to $174,069 at September 30, 2002.

Net loss

The Company had a net loss of $215,681 or $(0.01) per share for the three months
ended September 30, 2003 as compared to $174,069 or $(0.01) per share for the
three months ended September 30, 2002.

Nine months ended September 30, 2003 as compared to September 30, 2002.

REVENUES

We are a development stage company. There were no revenues for the nine months
ended September 30, 2003 and September 30, 2002.

GENERAL AND ADMINISTRATIVE EXPENSES

Total expenses amounted to $720,631 for the nine months ended September 30,
2003, as compared to $336,358 at September 30, 2002. The expenses resulted
primarily from costs incurred by the Company in the ordinary course of business
and in our review of potential acquisition candidates.


<PAGE>


LOSS FROM OPERATIONS

The Company incurred a loss from operations of $720,631 for the nine months
ended September 30, 2003, as compared to $336,358 at September 30, 2002.

Net loss

The Company had a net loss of $738,918 or $(0.04) per share for the nine months
ended September 30, 2003 as compared to $336,358 or $(0.02) per share for the
nine months ended September 30, 2002.

LIQUIDITY AND CAPITAL RESOURCES

In the third quarter of 2002, TransAmerican entered into two separate definitive
agreements, one for the acquisition of an on-going construction and
architectural design firm in Saudi Arabia and one for the acquisition of a
resort project in Lebanon that is in the final stages of construction and whose
operations are expected to commence in the fourth quarter of 2003. Both of these
agreements, however, have been rescinded by management due to general
instability in the region and as the other parties were unable to complete their
due diligence. Furthermore, the Company eliminated the $2,200,000 investment and
related party payable from its balance sheet in the second quarter of 2003
related to the Lebanese project. Notwithstanding the foregoing, we are in
advanced negotiations with several other domestic and international entities
with going businesses in varied sectors of the market. We expect to conclude at
least one of these transactions in the first quarter of 2004.

PLAN OF OPERATION.

TransAmerican intends to seek and acquire assets or shares of an entity actively
engaged in a business that generates revenues in exchange for our securities. We
have identified potential business opportunities and have entered into
discussions with several companies. However, we have not yet entered into any
definitive agreements or understandings as of the date of this filing.

GENERAL BUSINESS PLAN

TransAmerican's purpose is to seek and acquire an interest in business
opportunities presented to us by persons or firms who or which desire to seek
the advantages of an Issuer who has complied with the 1934 Act. In our search
for a business opportunity, we will not restrict our selection to any specific
business, industry, or geographic region and we may participate in a business
venture of any kind or nature. This discussion of the proposed business is
purposefully general and is not meant to restrict our unlimited discretion to
search for and enter into potential business opportunities.

Due to general economic conditions, rapid technological advances being made in
some industries and shortages of available capital, management believes that
there are numerous firms seeking the benefits of an issuer who has complied with
the 1934 Act. Such benefits may include facilitating or improving the terms on
which additional equity financing may be sought, providing liquidity for
incentive stock options or similar benefits to key employees, providing
liquidity (subject to restrictions of applicable statutes) for all shareholders
and other factors.


<PAGE>


Management believes that TransAmerican will be able to offer owners of
acquisition candidates the opportunity to acquire an interest in an issuer who
has complied with the 1934 Act without incurring the cost and time required to
conduct an initial public offering. The owners of the business opportunity will,
however, incur significant legal and accounting costs in connection with the
acquisition of a business opportunity, including the costs of preparing and
filing required reports on Form 8-K, 10-QSB and 10-KSB, agreements and related
reports and documents. The 1934 Act specifically requires that any merger or
acquisition candidate comply with all applicable reporting requirements, which
include providing audited financial statements to be included within the filings
relevant to complying with the 1934 Act.

The analysis of new business opportunities will be undertaken by, or under the
supervision of, the officers and directors of the Company. Management intends to
concentrate on identifying prospective business opportunities, which may be
brought to our attention through present associations with the Company's
officers and directors, or by our shareholders. In analyzing prospective
business opportunities, management will consider such matters as the available
technical, financial and managerial resources; working capital and other
financial requirements; history of operations; prospects for the future; nature
of present and expected competition; the quality and experience of management
services which may be available and the depth of that management; the potential
for further research, development, or exploration; specific risk factors not now
foreseeable but which then may be anticipated to impact the proposed activities
of the Company; the potential for growth or expansion; the potential for profit;
the public recognition of acceptance of products, services, or trades; name
identification; and other relevant factors. TransAmerican management expects to
meet personally with management and key personnel of the business opportunity as
part of our investigation. To the extent possible, we intend to utilize written
reports and personal investigation to evaluate the above factors. We will not
acquire or merge with any company for which audited financial statements cannot
be obtained within a reasonable period of time after closing of the proposed
transaction.

ACQUISITION OF OPPORTUNITIES

In implementing a structure for a particular business acquisition, TransAmerican
may become a party to a merger, consolidation, reorganization, joint venture or
licensing agreement with another corporation or entity. We may also acquire
stock or assets of an existing business. Any terms of sale of the shares
presently held by officers and/or directors of TransAmerican will be also
afforded to all other shareholders of the Company on similar terms and
conditions. Any and all such sales will only be made in compliance with the
securities laws of the United States and any applicable state.

It is anticipated that any securities issued in any such reorganization would be
issued in reliance upon exemption from registration under applicable federal and
state securities laws. In some circumstances, however, as a negotiated element
of the transaction, TransAmerican may agree to register all or a part of such
securities immediately after the transaction is consummated or at specified
times thereafter. If such registration occurs, of which there can be no
assurance, it will be undertaken by the surviving entity after the Company has
successfully consummated a merger or acquisition. The issuance of substantial
additional securities and their potential sale into a trading market, which may
develop in TransAmerican's securities, may have a depressive effect on the value
of our securities in the future.

As part of TransAmerican's investigation, officers and directors of the Company
will meet personally with management and key personnel, will visit and inspect
material facilities, obtain independent analysis or verification of certain
information provided, check references of management and key personnel, and take
other investigative measures as the Company's management may deem necessary. The
manner in which the Company participates in an opportunity will depend upon the
nature of the opportunity, the respective needs and desires of the Company and
other parties, the management of the opportunity and the relative negotiation
strength of the Company and such other management.

With respect to any merger or acquisition, negotiations with management of the
target company are expected to focus on the percentage of TransAmerican which
the target company shareholders would acquire in exchange for all of their
shareholdings in the target company depending upon, among other things, the
target company's assets and liabilities. The percentage ownership may be subject
to reduction in the event that we acquire a target company with substantial
assets. Any merger or acquisition effected by TransAmerican is expected to have
a dilutive effect on the percentage of shares held by TransAmerican's then
shareholders.


<PAGE>


TransAmerican will participate in a business opportunity only after the
negotiation and execution of appropriate written agreements. Generally, such
agreements will require specific representations and warranties by all of the
parties thereto, will specify certain events of default, will detail the terms
of closing and the conditions which must be satisfied by each of the parties
prior to and after such closing, will outline the manner of bearing costs,
including costs associated with the Company's attorneys and accountants, will
set forth remedies on default and will include miscellaneous other terms.

As stated, we will not acquire or merge with any entity which cannot provide
independent audited financial statements within a reasonable period of time
after closing of the proposed transaction. The Company is subject to all of the
reporting requirements included in the 1934 Act. Included in these requirements
is the affirmative duty of the Company to file independent audited financial
statements as part of its Form 8-K to be filed with the Securities and Exchange
Commission upon consummation of a merger or acquisition, as well as
TransAmerican's audited financial statements included in our annual report on
Form 10-K (or 10-KSB, as applicable). If such audited financial statements are
not available at closing, or within time parameters necessary to insure our
compliance with the requirements of the 1934 Act, or if the audited financial
statements provided do not conform to the representations made by the candidate
to be acquired in the closing documents, the closing documents will provide that
the proposed transaction will be rescinded, at the discretion of TransAmerican.
If such transaction is rescinded, the agreement will also contain a provision
providing for the acquisition entity to reimburse TransAmerican for all costs
associated with the proposed transaction.

To assist in the acquisition of a business opportunity, the Company may retain
outside consultants, attorneys or accountants, as we deem appropriate. We will
retain the services of these consultants, attorneys and accountants from time to
time on an "as needed" basis. At this time, there is no prior arrangement or
understanding regarding the engagement of any particular consultant for future
services.


INVESTMENT COMPANY ACT OF 1940

Although TransAmerican is subject to regulation under the Securities Act of
1933, as amended, and the 1934 Act, management believes the Company will not be
subject to regulation under the Investment Company Act of 1940 insofar as
TransAmerican will not be engaged in the business of investing or trading in
securities. In the event that TransAmerican engages in business combinations,
which result in the Company holding passive investment interests in a number of
entities, TransAmerican could be subject to regulation under the Investment
Company Act of 1940. In such event, TransAmerican would be required to register
as an investment company and could incur significant registration and compliance
costs. TransAmerican has obtained no formal determination from the Securities
and Exchange Commission as to the status of the Company under the Investment
Company Act of 1940 and, consequently, any violation of such Act would subject
TransAmerican to material adverse consequences. TransAmerican's Board of
Directors unanimously approved a resolution stating that it is the Company's
desire to be exempt from the Investment Company Act of 1940 under Regulation
3a-2 thereto.


<PAGE>


THE SECURITIES ENFORCEMENT AND PENNY STOCK REFORM ACT OF 1990

The Securities Enforcement and Penny Stock Reform Act of 1990 requires
additional disclosure relating to the market for penny stocks in connection with
trades in any stock defined as a penny stock. The Commission has adopted
regulations that generally define a penny stock to be any equity security that
has a market price of less than $5.00 per share, subject to certain exceptions.
Such exceptions include any equity security listed on NASDAQ and any equity
security issued by an issuer that has (i) net tangible assets of at least
$2,000,000, if such issuer has been in continuous operation for three years,
(ii) net tangible assets of at least $5,000,000, if such issuer has been in
continuous operation for less than three years, or (iii) average annual revenue
of at least $6,000,000, if such issuer has been in continuous operation for less
than three years. Unless an exception is available, the regulations require the
delivery, prior to any transaction involving a penny stock, of a disclosure
schedule explaining the penny stock market and the risks associated with that
market.

FORWARD LOOKING INFORMATION.

This Quarterly Report on Form 10-QSB contains forward- looking statements within
the meaning of that term in the Private Securities Litigation Reform Act of 1955
(Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). Additional written or oral forward-looking statements may
be made by the Company from time to time in filings with the Securities and
Exchange Commission or otherwise. Statements contained herein that are not
historical facts are forward-looking statements made pursuant to the safe harbor
provisions referenced above.

Forward-looking statements are inherently subject to risk and uncertainties,
some of which cannot be predicted or quantified based on current expectations.
Consequently, future events and actual results could differ materially from
those set forth in, contemplated by or underlying the forward-looking statements
contained in this Quarterly Report. The statements, and "Part I, Item 2,
Management's Discussion and Analysis or Plan of Operation", describe certain
factors, among others, which could contribute to or cause such differences.

Readers are cautioned not to place undue reliance on any forward-looking
statements contained herein, which speak only as of the date hereof. The Company
undertakes no obligation to publicly release the result of any revisions to
these forward- looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of unexpected
events.

ITEM 3. CONTROLS AND PROCEDURES.

As required by SEC rules, we have evaluated the effectiveness of the design and
operations of our disclosure controls and procedures as of the end of the period
covered by this quarterly report. This evaluation was carried out under the
supervision and with the participation of our management, including our
principal executive officer. Based on this evaluation, the officer has concluded
that the design and operation of our disclosure controls and procedures are
effective. There were no significant changes to our internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of the evaluation.


<PAGE>


                          PART II -- OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS.

There are no legal proceedings threatened or pending, except such ordinary
routine matters which may be incidental to the business currently being
conducted by the Company.

ITEM 2. CHANGES IN SECURITIES.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

EXHIBITS

None.

REPORTS ON FORM 8-K

None.


<PAGE>


                                   SIGNATURES


In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant has caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized.

                          TRANSAMERICAN HOLDINGS, INC.


DATE: DECEMBER 17, 2003                BY: /s/ NAJIB CHOUFANI
                                       ______________________
                                       Najib Choufani
                                       Chairman, CEO & CFO


DATE: DECEMBER 17, 2003                BY: /S/ TAREK CHOUFANI
                                       ______________________
                                       Tarek Choufani
                                       Director