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Global Land Masters Corporation Ltd.

BSE: 531479 Sector: Infrastructure
NSE: N.A. ISIN Code: INE330B01011
BSE LIVE 14:00 | 06 Nov Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.70
PREVIOUS CLOSE 1.70
VOLUME 101
52-Week high 1.70
52-Week low 1.70
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.70
Sell Qty 2954.00
OPEN 1.70
CLOSE 1.70
VOLUME 101
52-Week high 1.70
52-Week low 1.70
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.70
Sell Qty 2954.00

Global Land Masters Corporation Ltd. (GLOBALLAND) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/s Global Land Masters Corporation Limited"

(formerly known as M/s Bhoomi Infrastructures Corporation Limited)

Report on the financial Statement

We have audited the accompanying financial statements of M/s Global Land MastersCorporation Limited" (formerly known as M/s Bhoomi Infrastructures CorporationLimited) which comprise the Balance Sheet as at March 31 2015 and the Statement ofProfit and Loss and cash flow statement for the year ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the financial Statements

The Company’s Board of directors is responsible for the matters stated in section134(5) of the companies Act 2013 ("the Act") with respect to preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including accounting standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities selection and applicationof appropriate accounting policies; making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit/loss and its cash flows for the yearended on that date subject to the following.

Emphasis on Matters

1. Financial statements indicates that the Company has accumulated loses and its networth has been fully eroded The Company has incurred net loss of Rs. 110502711/- duringthe current year and previous years and the Company’s current liabilities exceededits current assets as at the balance sheet date. These conditions indicate the existenceof a material uncertainty that may cast significant doubt about the Company’s abilityto continue as a going concern. However the financial statements of the company have beenprepared on a going concern basis for the reasons stated in the Note 2.30 to the FinancialStatements.

2. 1775000 Preference Shares for Rs. 17750000/- were due for redemption after 36months. The duration has expired but the shares have not been redeemed yet.

3. Note 2.26 to the Financial Statements describes the liability on Long termBorrowings being Security Deposits for flats. In the absence of any agreement the actualliability is not ascertainable.

4. Note 2.28 to the Financial Statements describes the recoverability of Loans andAdvances there is no supporting document to show its certainty.

Report on Other Legal & Regulatory Requirements

1. As Required by Companies (Auditor’s Report) Order 2015 ("the order")issued by Central Government in terms of sub- section (11) of section 143 of the Act wegive in Annexure B a Statement on matters specified in paragraph 3 and 4 of the saidorder.

2. As required by section 143(3) of the Act we report that:

a) We have been given all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

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

d) in our opinion the aforesaid standalone financial statement comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164(2) of theAct.

For S. Agarwal & Co.
Chartered Accountants
(REG. NO 000808N)
Date: 29.05.2015
Place: New Delhi AJIT SINGH RANA
(PARTNER)
M. No.-528646

ANNEXURE B

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof M/s Global Land Master Corporation Limited. On the accounts of the company for the yearended 31st March 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us Major fixed assets have been physically verified by themanagement at reasonable intervals; no material discrepancies were noticed on suchverification.

2. (a) As explained to us inventories have been written off during the year by themanagement as there was no market value of the inventory.

3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has granted unsecured loan to companiesand other parties listed in the register maintained under Section 189 of the CompaniesAct 2013.

(a)There is no stipulation as regards the repayment of the above loans and interestthereon. Hence the repayment of principal is considered to be regular.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control system commensurate with the size of the companyand the nature of its business for the purchase of inventories & fixed assets and forsale of goods& services. During the course of our audit we have not observed anycontinuing failure to correct any major weaknesses in the internal controls system duringthe course of audit.

5. As per information & explanation given by the management the Company has notaccepted any deposits from public covered under section 73 to 76 of Companies Act 2013.

6. As per information & explanation given by the management no cost records havebeen prescribed by the Central Government under sub-section (1) of section 148 of the Act.

7. (a) According to the information & explanation given to us and records of thecompany undisputed statutory dues including Provident Fund Investor Education andProtection Fund Employees’ State Insurance Income-tax Sales-tax Wealth TaxService Tax Custom Duty Excise Duty cess to the extent applicable and any otherstatutory dues have generally been regularly deposited with the appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as on 31st of March 2015 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

(c) The company has not declared any dividend so far No amount is required to betransferred to Investor Education and Protection Fund.

8. The Company has accumulated losses of Rs. 110502711/- which is more than theamount of capital itself and it has incurred a cash loss of Rs. 1570304/- during thefinancial year covered by our audit and Rs. 2568374/- in the immediately precedingfinancial year.

9. Based on the information and explanations given by the management and on ourverification of accounts we are of the opinion that the Company has not defaulted inrepayment of dues to a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. Based on the information given by the management and on our audit we report thatthe company has not raised any term loans during the year.

12. Based on the information and explanations given to us and the audit proceduresperformed we report that no fraud on or by the Company has been noticed or reportedduring the year nor have we been informed of such case by the management.

For S. Agarwal & Co.
Chartered Accountants
(REG. NO 000808N)
Date: 29.05.2015 AJIT SINGH RANA
Place: New Delhi (PARTNER)
M. No.-528646