1.1 Contingent Liabilities
As per the information provided by the management, There are no
contingent liabilities as on 31st March, 2014 (Nil)
1.2 In the opinion of the board all the assets do have a value on
realization in the ordinary course of business at least equal to the
amount at which they are stated.
1.3 Balances appearing under the head "Current Assets", Non-Current
Assets and Non-Current Liabilities are subject to confirmation.
1.4 As per the information available with the company as on 31st
March, 2014, there are no dues to Micro, Medium and Small Enterprises
as per the Micro, Small and Medium Enterprises Development Act.
1.5 The company has accepted / held any deposit during the year,
within the purview of provisions of section 58A and 58AA of the company
Act 1956 which have not been complied with.
1.6 Going Concern Concept:
Company is in the business of developing Real estate. It intents to
construct flats and selling them. It has also received security
deposits/ advances booking of these flats.
To further promote business it has entered into various contracts with
other societies and have setup various collaborations, joint ventures
etc. They are in various stages of advancement in real estate
development.
It has also given various advances for purchase of land etc. and also
setup various entities which are at various stages of functioning.
The company is newly established in field of real estate and facing
teething problem like any other new comers but it is sure that all
efforts made will soon start giving the results and the company will be
able to stand on its own.
The promoters are committed to bring in any additional capital in case
of requirement for the running and success of the company.
1.7 there were no transaction in foreign currency, during the year
(previous year-Nil).
1.8 Figures have been rounded of to the near rupee.
1.9 Previous Year figures have been re-arranged/re-grouped wherever
considered necessary to confirm to the classification adopted for the
current year.
(i) No shares of the Company whether equity or Preference have been
issued and subscribed as partly paid
(ii) Preference Shares issued are non convertible and non cumulative
(iii) Preference shares shall be redeemable at par after expiry of 36
months from the date of allotment.
(iv) Preference shares shall carry a fixed rate of Dividend.
(v) Preference shares shall have voting rights in case of resolutions
affecting the rights of Preference shares holders
List of Equity shareholders holding more than 5% shares are as follows:
Note-1 Palm Court Global Land Masters Corporation is a patnership
firm.M/s Global Land Masters Corporation Limited is a developer with
75% share and Mr. B. Singh,s/o Mr. Dharam Veer Singh is a partner with
25% share M/s Palm Court Global Land Masters Corporation.The profit and
loss between the developer and owner shall be 75% :25% the developer
has contributed presently Rs. 999000.00 and owner has contributed by
giveing land to the firm.
Note-2 Rain Tree Residance Global Land Masters Corporation is a
partnership firm in which M/s Global Land Masters Corporation Limited
and M/s Kaleshwar Infrastracture Private Limited are Equal partner i.e.
50-50 basis. The profit and loss, as the case may be, shall also be
divided on 50-50 basis. Lt Coln. (Retd.) S.S. Deswal is authorized
representative of Global Land Masters Corporation Limited and Mr. Vinod
Phawa is representative of M/s Kaleshwar Infrastracture Private
Limited. M/s Global Land Masters Corporation Limited has invested Rs.
30000000.00. and M/s Kaleshwar Infrastracture Private Limited has not
invested anything so far.
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