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Global Land Masters Corporation Ltd.

BSE: 531479 Sector: Infrastructure
NSE: N.A. ISIN Code: INE330B01011
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VOLUME 100
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52-Week low 1.70
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.70
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.70
CLOSE 1.70
VOLUME 100
52-Week high 1.70
52-Week low 1.70
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.70
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

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 BhoomiInfrastructures Corporation Limited)

Report on the stand alone Financial Statements

We have audited the accompanying financial statements of M/s GLOBAL LAND MASTERSCORPORATION LIMITED" (formerly known as M/s Bhoomi Infrastructures CorporationLimited) which comprises the Balance Sheet as at March 31 2017 the Statement of Profit& Loss and cash flow statement for the year then 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 the preparation& presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting 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 financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by company's Directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give true and fair view in conformity with the accountingprinciples generally accepted in India of the State of Affairs of the Company as at31.03.2017 and its profit/loss and its cash flows for the year ended on that date.

Emphasis on Matter

1. Financial statements indicates that the Company has accumulated losses and its networth has been fully eroded. The Company has incurred net Loss of Rs. 113623821/- duringthe current year and previous years and the Company's current liabilities exceeded itscurrent assets as at the balance sheet date. These conditions indicate the existence of amaterial uncertainty that may cast significant doubt about the Company's ability tocontinue 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 2.31 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 2.25 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 2.29 to the Financial Statements describes the recoverability of Loans andAdvances there is no supporting document to show its certainty.

Report on Other Legal and Regulatory requirements

1. As required by the Companies (Auditor's Report) Order 2015("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure 1" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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

a) We have obtained 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 accounts 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 Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of accounts.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from directors as on 31 March 2017and taken on record by the Board of Directors none of the directors is disqualified as on31st March 2017 from being appointed as a Director in terms of section 164(2)of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit & Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

I. As given in Note on contingent liabilities the company has disclosed the impact ofpending litigations on its financial position.

II. The company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

III. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For M/s Amit K. Arora & Co.
Chartered Accountants
FRN 021372N
Amit Kumar Arora
Proprietor
Date: 24.05.2017 M. No.-096831
Place: Panchkula

Annexure 1 to the Auditors' Report of even date to the members of M/s GLOBAL LANDMASTERS CORPORATION LIMITED (formerly known as M/s Bhoomi Infrastructures CorporationLimited) on the financial statements for the year ended 31.03.2017.

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

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) During the year fixed assets have been physically verified by the management asper the regular programme of verification which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. As informed no materialdiscrepancies were noticed on such verification.

(c) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management title deeds of all the immovable properties are held in the nameof the company.

(ii) As informed the company does not have inventories. Accordingly the provisionsstated in paragraphs 3(ii)(a) 3(ii)(b) and 3(ii)(c) of the order are not applicable.

(iii) The Company has granted unsecured loans to companies covered in the registermaintained under section 189 of the Act.

a. According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of theaforesaid loans granted by the Company which are repayable on demand are not prejudicialto the interest of the Company.

b. Since there is no stipulation as regards repayment of principal and interest clause3(iii)(b) is not applicable.

c. In respect of the aforesaid loans there is no overdue amount of loans granted tocompanies listed in the register maintained under Section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of Act in respect ofloans investments guarantees and security to the extent applicable to it.

(v) 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.

(vi) As informed to us the company is not required to maintain cost records prescribedu/s 148(1) of the Companies Act 2013.

(vii) (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 Tax ServiceTax Custom Duty Excise Duty cess to the extent applicable and any other statutory dueshave generally been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there were no outstanding statutory dues as on 31stof March 2017 for a period of more than six months from 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.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions banksGovernment or debenture holders as at the Balance Sheet date. Further the company has notissued any debentures.

(ix) In our opinion and according to the information and the explanation given to usthe company has not raised any moneys by way of public issue and money raised by way ofterm loans were applied for the purpose of which the loans were obtained.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud by the Company or any fraud on the Company by its officers andemployees noticed or reported during the year nor have we been informed of any suchinstance by the management.

(xi) According to the information and explanation given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V of the Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to usthe company is not a Nidhi Company. Therefore paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) According to the information and explanation given to us all the transactionsentered into by the Company with the related parties are in compliance with Section 177and 188 of act where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Thereforeparagraph 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanation given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year.

(xvi) According to the information and explanation given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For M/s Amit K. Arora & Co.
Chartered Accountants
FRN 021372N
Amit Kumar Arora
Date: 24.05.2017 Proprietor
Place: Panchkula M. No.-096831

Annexure 2 to the Auditors' Report of even date to the members of M/s GLOBAL LANDMASTERS CORPORATION LIMITED" (formerly known as M/s Bhoomi InfrastructuresCorporation Limited). on the financial statements for the year ended 31.03.2017.

[Referred to in paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of M/sGlobal Land Masters Corporation Limited (formerly known as M/s Bhoomi InfrastructuresCorporation limited) on the financial statements for the year ended March 312017]

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-Section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Global LandMasters Corporation Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on this date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components internal control stated inthe Guidance Note of on Audit of Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India ("ICAI"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of fraud and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conduct our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial controls and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the Auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors if the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that internal financial controls overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies and procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For M/s Amit K. Arora & Co.
Chartered Accountants
FRN 021372N
Amit Kumar Arora
Date: 24.05.2017 Proprietor
Place: Panchkula M. No.-096831