16th Annual Repot 2010-2011

GLOBALLAND MASTERS

Global Land Masters Corporation Limited

p a v i n g w a y f o r s u c c e s s

CONTENTS

1) Corporate Information.

2)

3) Notice of the Annual General Meeting

4) Director's Report

5) Management Discussion and Analysis Report.

6) Corporate Governance Report

7) CEO/ Managing Director Certification

8) Auditor's Report on Financial Statement

9) Balance Sheet and Profit & Loss Account

10) Cash Flow Statement

11) Schedules to the Balance Sheet and Profit & Loss Account.

12) Notes to the Account.

13) Balance Sheet Abstract And Company's General Business Profile.

14) Attendance Sheet & Proxy Form.

Message from Chairman

GLOBALLAND MASTERS

CORPORATE INFORMATION

BOARD OF DIRECTORS

Lt. Col. (Retd) Surender Singh Deswal Executive Chairman & Managing Director

Mr. Rajiv Kashyap Executive Director

Mr. Vijay Patel Non- Executive Director

Mr. Ashok Aggarwal Independent Director

Mr. Gurnam Singh Independent Director

Brig. (Retd) Harpal Singh Independent Director

REGISTERED OFFICE Shop No. 1, Gole Market, Sai Road, Baddi, Distt. Solan, Himachal Pradesh, INDIA Pin Code 173 205Tel No. +91 172 2578 881

PROJECT OFFICE Sector 2 & Sector 7, Shri Mata Mansa Devi, Urban Complex, Panchkula, Haryana, INDIA Pin Code 134 109Tel No. +91 172 6543 009

AUDITORSM/s. S. Agarwal & Co.Chartered Accountants123, Vinoba Puri, Lajpat Nagar, New Delhi , INDIAPin Code 110 065

ADVISORSM/s RSJ CapitalVentures Private Limited,2/11 B, Basement, Jangpura Block – A,New Delhi, INDIAPin Code 110 014

REGISTRAR AND SHARE TRANSFER AGENTSM/s Skyline Financial Services Private Limited1st Floor, D-153A, Okhla Industrial Area, Phase I, New Delhi, INDIA

BANKERS OF THE COMPANYUCO BankIDBI Bank The Parwanoo Urban Co Operative Bank

LISTED ATBombay Stock Exchange Limited Ludhiana Stock Exchange Limited Delhi Stock Exchange Limited

COMPANY SECRETARYMs. Seema Mathur

COMPLIANCE OFFICERMr. Rajiv Kashyap

TH16 ANNUAL GENERAL MEETINGDate 30th September, 2011Day Friday Time 11.00 amPlace Legend Sarovar Patrico,

Village Malpur, Tehsil Baddi, District Solan, Himchal Pardesh, INDIA Pin Code 173 205

CORPORATE OFFICEUnit No. 318-319, Inderparkash Building, Barakhamba Road, Central Delhi, INDIA Pin Code 110 001Tel No. +91 11 3048 3001Telefax +91 11 4351 5630

EMAIL ID AND WEBSITEFor Investor Grievances- globallandmasters@gmail.comFor Compliance Officer - rkashyap.glm@gmail.com

Website: www.globallandmsters.com

GLOBALLAND MASTERS

MESSAGE FORM THE CHAIRMAN

Dear Stakeholders,

Greetings!

Joy of life and work is best experienced when there is a harmonious conjunction

between our personality, taste and inclination on one side and our living and

work spaces on the other. In short, as individuals we require spaces that define

us. It is this thought that drives our mission at GLM to create tastefully designed,

well engineered and ultra modern spaces that along with addressing ones need

of comfort and growth also becomes one “signature”.

Global Land Masters Corporation Limited's business model is about value creation. Our strategy is simple but

firm – to deploy our real estate development skills for exceptional benefit of our customers. By providing

next generation quality homes, offices and real estate solutions, we multiply our customers' investment

returns while offering them spaces that enhance their personal growth. Of course, in our constant pursuit to

improve and reach to the heights of excellence we have insisted upon building strong partnership with our

customers and always valued their participation, support and direction.

Our present management team is highly experienced with a consistent record of strong performance. We are

determined and committed to leave no stone unturned or any opportunity unexplored in our endeavour to

plan, build and deliver high quality spaces and structures to all our present and future customers and

augment the value of investment of our investors and shareholders.

Now, on behalf of my colleagues, members of the Board and myself, it is my pleasure to present to you the

'Annual Report' of Global Land Masters Corporation Limited. It illustrates the Company's performance

during the year 2010-11, and also includes the financial statements and the auditors' report for the fiscal year

ended on 31st March 2011.

I am sure you shall appreciate the hard-work we have put in the past year to secure this performance and

support our endeavours in the future, so that as always, we can achieve the business targets of the company

and surpass the expectations of our esteemed investors and shareholders.

May God bless you all!

Lt. Col. (Retd.) Surender Singh Deswal

Chairman

Lt. Col. (Retd.) S.S. DeswalChairman

GLOBALLAND MASTERS

Global Land Masters is a new entrant in the field of Real Estate, although the promoters of the firm have substantial experience in the field. The company has been growing at a consistent rate as may be assessed by the financial highlights (shown above). From the ground level in terms of revenues in the previous years, we have reached a level of Rs. 15.29 lacs in the year 2010-11. Also, the company has continuously tried to adopt cost cutting tools and made good the losses. Further,, the company has also experienced a great spurt in its net worth, increasing from Rs. 57.84 lacs in the year 2009-10 to Rs. 127.73 lacs in the year 2010-11. Thereby, highlighting the fact that the company enjoys good health and is heading towards a progressive and successful future.

FINANCIAL HIGHLIGHTS

Particulars 2010-2011 2009-2010 2008-2009

Revenue 15.29 0.00 0.00

Profit/(Loss) before tax (73.81) (80.67) (0.61)

Profit/(Loss) after tax (73.81) (80.67) (0.61)

Net worth 127.73 57.84 104.71

REVENUE

20.00

15.00

10.00

5.00

0.00

2008-09 2009-10 2010-11

15.29

104.71

57.81

127.73

0

50

100

150

NET WORTH

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GLOBALLAND MASTERS

NOTICE OF ANNUAL GENERAL MEETING

NOTICE is hereby given that the Sixteenth Annual General Meeting of Global Land Masters Corporation thLimited will be held on Friday, 30 Day of September 2011 at 11.00 A.M at

to transact the following business (s):

ORDINARY BUSINESS

1. To receive, consider and adopt the Balance Sheet as on 31st March, 2011 and the Profit & Loss Account for the year ended on that date, together with the report of the Directors and Auditors thereon.

2. To re-appoint Mr. Vijay Patel as director who retires by rotation and being eligible offers himself for re-appointment.

3. To appoint M/s S. Agarwal & Co. as Statutory Auditors of the Company having registration No. 000808N to hold office from the conclusion of this Annual General Meeting until the conclusion of Next Annual General Meeting and to fix their remuneration.

SPECIAL BUSINESS

4. To consider and if thought fit, to give assent/dissent to the following resolutions as Ordinary Resolutions:

“RESOLVED THAT pursuant to provisions of section 94(1)(a) of the Companies Act, 1956 the Authorised Share Capital of the Company be and is hereby increased from Rs. 25,00,00,000/- (Rupees Twenty Five Crores) divided into Rs. 180,000,000/- (Rupees Eighteen Crores) Equity Share Capital comprising of 18,000,000 (One Crore Eighty Lacs) Equity shares of Rs. 10/- (Rupees Ten each) and 70,000,000 (Rupees Seven Crores) Preference Share Capital comprising of 7,000,000 (Seventy Lacs) Preference Shares of Rs. 10/- (Rupees Ten each) to Rs. 500,000,000/- (Rupees Fifty Crores only) divided into 230,000,000/-(Rupees Twenty Three Crores only) Equity Share Capital comprising 23,000,000 (Two Crore Thirty Lacs) Equity Shares of Rs. 10/- (Rupees Ten each) and Rs. 27,00,00,000/- (Rupees Twenty Seven Crores only) Preference Share Capital comprising of 27,000,000 (Two Crore Seventy Lacs Only) Preference Shares of Rs. 10/- (Rupees Ten only) each classified into the following classes:

1. 7,000,000 12% Non- convertible non- cumulative Redeemable Preference Shares

2. 5,000,000 12.5% Non- convertible non- cumulative Redeemable Preference shares

3. 5,000,000 13% Non- convertible non- cumulative Redeemable Preference shares

4. 5,000,000 13.5% Non- convertible non- cumulative Redeemable Preference shares

5. 5,000,000 14% Non- convertible non- cumulative Redeemable Preference shares

RESOLVED FURHTER THAT the Clause V of the Memorandum of Association of the Company be altered by substituting the following clause in place of existing clause:

V. The Authorized Share Capital of the Company is Rs. 500,000,000/-(Rupees Fifty Crores Only) divided into 23,00,00,000/-(Rupees Twenty Three Crore only) Equity Share Capital comprising 2,30,00,000 (Two Crore Thirty Lacs) Equity Shares of Rs. 10/- (Rupees Ten each) and Rs. 27,00,00,000/- (Rupees Twenty Seven Crores only) Preference Share Capital comprising of 2,70,00,000 (Two Crore Seventy Lacs Only) Preference Shares of Rs. 10/- (Rupees Ten only) each classified into the following classes:

Legend Sarovar Patrico, Village Malpur Tehsil Baddi, District Solan, Baddi, 173205

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GLOBALLAND MASTERS

1. 7,000,000 12% Non- convertible non- cumulative Redeemable Preference Shares

2. 5,000,000 12.5% Non- convertible non- cumulative Redeemable Preference shares

3. 5,000,000 13% Non- convertible non- cumulative Redeemable Preference shares

4. 5,000,000 13.5% Non- convertible non- cumulative Redeemable Preference shares

5. 5,000,000 14% Non- convertible non- cumulative Redeemable Preference shares

RESOLVED FURHTER THAT Lt. Col. (Retd.) Surender Singh Deswal, Managing Director of the Company, be and is hereby authorized to sign and file Form 5 and all other necessary documents with Registrar of Companies, Punjab, Chandigarh and Himachal Pradesh and do all acts, deeds and things as may be necessary to carry out above purpose.”

5. To consider and, if deemed appropriate, to pass, with or without modification(s), the following resolution as Special Resolution:-

2,522,5000 (Two Crore Fifty Two Lacs and Twenty Five Thousands) Non Cumulative Non Convertible Redeemable Preference shares of any class and tenure on private placement basis to the selective group of persons at the discretion of the Board or as per the financial needs of the Company.

Lt. Col. (Retd.) S. S. Deswal, Managing Director and Mr. Rajiv Kashyap, DirectorCompany

“RESOLVED THAT pursuant to the provisions of Section 81(1A) and other applicable provisions, if any, of the Companies Act, 1956, as amended or restated (the “Companies Act”), as applicable and such other statutes, notifications, circulars, rules and regulations as may be applicable and relevant, each as amended or restated, and the Memorandum and Articles of Association of the Company, as amended, and subject to such approvals, consents, permissions and sanctions, if any, of the Government of India, the Reserve Bank of India (the “RBI”), the Securities and Exchange Board of India (the “SEBI”), the relevant Registrar of Companies (the “ROC”), the relevant stock exchanges and any other Regulatory Authorities, Institutions or Bodies as may be required under applicable Laws or Regulations, and subject to such conditions as may be prescribed by any of them in granting such approvals, consents, permissions and sanctions, which may be agreed to the Board of Directors of the Company (hereinafter called “the Board”, which term shall be deemed to include any other Committee of the Board, which the Board may have constituted or hereinafter constitute for the time being, to exercise its powers including the powers conferred on the Board of Directors by this resolution, or any person(s) authorised by the Board), the Company be and is hereby authorised to issue, offer and allot

“RESOLVED FURTHER THAT for the purpose of giving effect to any issue or allotment of the Securities, the Board be and is hereby authorised on behalf of the Company to do all such acts, deeds, matters and things, as it may at its discretion, deem necessary or desirable for such purpose, including but without limitation, finalising the terms and conditions of the issue, including any amendments or modifications thereto, and entering into or execution of all such agreement(s)/ arrangement(s)/ MOU(s)/ any other agreement(s) or document(s), as the Board may in its absolute discretion deem fit, authorizing any director(s) or any officer(s) of the Company, severally, to sign for and on behalf of the Company, the agreement(s), arrangement(s), application(s), authority letter(s), or any other related paper(s)/ document(s), give any undertaking(s), affidavit(s), certification(s), declaration(s) as he may, in his absolute discretion deem fit, including the authority to amend or modify such document(s).”

“RESOLVED FURTHER THAT and Compliance Officer of the be and are hereby severally or jointly authorised to make all filings, signing, forms, or any draft(s) thereof, or any amendments or supplements thereof, and of any other relevant documents with the stock exchanges, the RBI, the SEBI, the ROC and such other authorities or institutions for this purpose and to do all such acts, deeds and things as may be necessary or incidental to give effect to the foregoing resolutions and the Common Seal of the Company be affixed wherever necessary in terms of Articles of Association of the Company.”

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GLOBALLAND MASTERS

“RESOLVED FURTHER THAT the Board, be and is hereby authorised to settle all questions, difficulties or doubts that may arise in relation to the issue, offer and allotment of the such Shares, to accept any modifications in the terms and conditions of issue of the such Shares as may be required by the authorities/ parties involved in such issue and as agreed to by the Board, and subject to applicable law, to decide in its absolute discretion in respect of the utilisation of the issue proceeds without being required to seek any further consent or approval of the shareholders or otherwise to the end and intent and that the shareholders shall be deemed to have given their approval thereto for all such acts, deeds, matters and/or things, expressly by the authority of the foregoing resolutions.”

“RESOLVED FURTHER THAT the requisite share certificates be issued under the relevant provisions of the Companies Act, 1956 read with Companies (Issue of Share Certificate) Rules, 1960, under the Common Seal of the Company to be affixed in the presence of Lt. Col. (Retd.) S S Deswal, Managing Director and Mr. Rajiv Kashyap, Director, who shall sign the said certificates in token thereof along with any one of the authorised persons namely Ms. Seema Mathur, Company Secretary and that Lt. Col. (Retd.) S S Deswal, Managing Director and Mr. Rajiv Kashyap, Director be authorised to affix their facsimile signatures on the said share certificates by means of machine printing.”

“RESOLVED FURTHER THAT all actions taken by the Board in connection with any matter(s) referred to or contemplated in any of the foregoing resolutions are hereby approved, ratified and confirmed in all respects”

6. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

(H.P.)

"RESOLVED THAT subject to the provisions of the Companies Act, 1956, Securities Contracts (Regulation) Act, 1956, and the rules framed thereunder, listing agreement, Securities And Exchange Board Of India (Delisting Of Equity Shares) Regulations, 2009 and such other applicable laws, rules, regulations and guidelines, and subject to such approvals, permission and sanctions, as may be necessary, the Board of directors of the company be and is hereby authorised to seek voluntarily delisting of its securities from Delhi Stock Exchange Limited and Ludhiana Stock Exchange Limited.

RESOLVED FURTHER THAT the securities of the company shall continue to be listed on the stock exchange having nationwide trading terminals vis the stock exchange Mumbai therefore as per the said guidelines issued by the Securities and Exchange Board of India, no exit opportunity need to be given to the shareholders of the company.

RESOLVED FURTHER THAT the Board of directors of the company be and is hereby authorised to do all such acts, deeds, matters and things as it may in its absolute discretion deem necessary or desirable and to execute all such deeds and documents as may be considered necessary and expedient to give effect to the above said resolution.”

By Order of the Board

For Global Land Masters Corporation Limited

Sd/-

Lt. Col. (Retd.) Surender Singh Deswal

Chairman and Managing DirectorPlace: Baddi Dated: 29.08.2011

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GLOBALLAND MASTERS

NOTES:1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT ANY

OTHER PERSON AS HIS / HER PROXY TO ATTEND AND VOTE (IN CASE OF POLL) INSTEAD OF HIMSELF / HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. PROXIES, IN ORDER TO BE EFFECTIVE, MUST BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE COMMENCEMENT OF THE MEETING. A PROXY FORM IS APPENDED WITH ADMISSION SLIP.

2. Corporate members are requested to send the Company a duly certified copy of the Board Resolution, pursuant to section 187 of the Companies Act, 1956, authorizing their representative to attend and vote at the Annual General Meeting.

3. The Register of Members and share Transfer Books of the Company will remain closed from Friday, rd th23 September 2011 to Friday, 30 September, 2011 (both days inclusive).

4.

5. Members are requested to notify any change in their addresses immediately. In any event not later ndthan 22 September 2011 at Company's address to dispatch any requisite document.

6. In case of joint holders attending the meeting, only such joint holder who is higher in the order of names will be entitled to vote.

7. Members are requested to write their folio number in the attendance slip for attending the meeting.8. All documents referred to in the accompanying Notice and Explanatory Statement are open for

inspection at the Registered Office of the Company during office hours on all working days, except Saturdays, between 11.00 a.m. and 1.00 p.m. up to and inclusive of the date of the Annual General Meeting.

9. Members holding shares in physical form and desirous of making a nomination in respect of their shareholding in the Company, as permitted under Section 109A of the Companies Act, 1956, are requested to submit to the Registrars and Transfer Agents the details as required in Form 2B.

10. The Explanatory Statement pursuant to Section 173 of the Companies Act, 1956, in respect of Item Nos. 4, 5 and 6 is appended hereto.

EXPLANATORY STATEMENT PURSUANT TO SECTION 173 (2) OF THE COMPANIES ACT, 1956 AND FORMING PART OF THE NOTICE CONVENING THE ANNUAL GENERAL MEETING OF THE COMPANY.

Item No. 4

Presently, the company is working with an Authorised Share Capital of Rs. 250,000,000/-(Rupees Twenty Five Crores Only) divided into Rs. 180,000,000/- (Rupees Eighteen Crores) Equity Share Capital comprising of 18,000,000 (One Crore Eighty Lacs) Equity shares of Rs. 10/- (Rupees Ten each) and 70,000,000 (Rupees Seven Crores) Preference Share Capital comprising of 7,000,000 (Seventy Lacs) Preference Shares of Rs. 10/- each. Now, to meet the increased requirement of funds for the company, the Company intends to increase its authorized share capital to Rs. 500,000,000/-(Rupees Fifty Crores Only) divided into Rupees 230,000,000 (Rupees Twenty Three Crores) Equity Share Capital comprising of 23,000,000 (Two Crore Thirty Lacs) Equity shares of Rs. 10/- (Rupees Ten Only) and 270,000,000 (Rupees Twenty Seven Crores Only) Preference Share Capital comprising of 27,000,000 (Two Crore Seventy Lacs) Preference shares of Rs. 10/- (Rupees Ten Only) each ranking pari passu. Under Section 94 of the Companies Act, 1956 and other relevant provisions of the Companies Act, 1956, alteration in Clause V of the Memorandum of Association of the Company is required.

Consent of the members is sought to change the Memorandum of the Company for increase of Authorized Share Capital and hence the proposed resolution.

As a measure of economy and a step toward green initiative, Members are requested to bring their copy of Annual Report to the meeting. Members/ Proxies should bring the attendance slip duly filled in and signed for attending the meeting.

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GLOBALLAND MASTERS

The documents relating with these businesses are available for inspection till the date of Annual General Meeting on all working days (except on Saturday) at the Registered Office of the company from 11:00 a.m. to 1:00 p.m.

None of the Director is deemed to be interested in the proposed resolution.

The Board recommends the resolution for your approval.

Item No. 5

Your company is at a stage of growth where funds are required at every stage, thus to bring up capital in the company at the required time in a speedy manner, the Board thinks fit to pass a requisite resolution by the members of the company to authorize Board to allot Preference shares on Private Placement Basis.

The Board recommends the resolution for your approval.

An altered copy of Memorandum of Association will be available for inspection at the registered office of the company at 11.00 a.m. to 3.00 p.m.

None of the Directors is interested or concerned in the said resolution.

Item No. 6

The Securities & Exchange Board of India (SEBI) notified guidelines for voluntary delisting of securities from the stock exchanges. As per clause 6 of SEBI (Delisting of Equity Shares) Regulations, 2009 an exit opportunity to the shareholders need not be given where securities of the company remain listed on the stock exchange having nationwide trading terminal, i.e., The Stock Exchange, Mumbai, the National Stock Exchange of India and any other stock exchange that may be specified by SEBI in this regard.

At present the equity shares of the company are listed at Bombay Stock Exchange Limited, Delhi Stock Exchange Limited and Ludhiana Stock Exchange Limited. Considering the negligible volume of trading and as a part of its cost reduction measure, the consent of members is sought for getting its securities delisted from Delhi Stock Exchange Limited and Ludhiana Stock Exchange Limited as proposed in the special resolution. The securities of the company shall continue to be listed on the BSE Limited. The Board recommends the resolution for approval of members.

None of the directors is, in any way, concerned or interested in the said resolution.

Lt. Col. (Retd) Surender Singh Deswal Chairman and Managing Director

29.08.2011

For Global Land Masters Corporation Limited

Sd/-

Place: Baddi (H.P.)Date:

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GLOBALLAND MASTERS

7

* Committee positions of only Audit and Shareholders'/Investors' Grievance Committee included.

Details of Directors seeking Re-appointment at the Annual General Meeting (In pursuance of Clause 49 of the Listing Agreement)

Name of Director Mr. Vijay Patel

Date of Birth 29.09.1978

Age 32 Years

Date of Appointment 01.04.2010

Qualification Advance Certificate in Project-Planning, Analysis & Control from George Washington University.

Expertise in specific functional areas 10 years of experience in project analysis & planning for the manufacturing of electrical equipment and software integration.

Directorship held in Other Companies as on date Nil

Chairman/ Member of the Committee of the

Board of Directors of the Company Nil

Committee Positions* Nil

in other Public Companies Nil

Number of Shares held Nil

GLOBALLAND MASTERS

DIRECTOR'S REPORT

Dear Stakeholders,

thYour Directors have immense pleasure in presenting the 16 Annual Report of the company for the year ended 31st March, 2011.

FINANCIAL RESULTS (Rs. in Thousand)

Details Year Ended 31.03.2011 Year Ended 31.03.2010Sales & Other Income 1528.86 0.00Expenditure 8909.58 8066.54Depreciation 19.07 0.00Profit/(Loss) before Tax (7380.72) (8066.54)Provision for Tax 0.00 0.00Net Profit/(Loss) after tax (7380.72) (8066.54)Paid up share capital 68782.00 50732.00

REVIEW OF OPERATIONS AND FUTURE PROSPECTSDuring the financial year 2010-11, Real Estate sector across India, witnessed strong growth across all segments. The real estate market in India, though witnessing a progressive growth, is still in its nascent stage and the scope is simply unlimited,thus, fear of a bubble burst in this market is far from the truth. An unhindered growth for the next twenty years is almost sure.

Over the past few years, the real estate sector has transformed from an unorganized sector to a professionally organised industry, which has been contributing significantly to the nations' GDP. Your Directors are ensuring to capitalise the opportunities in an efficient manner.

Though this segment is new for our company, still your Directors are sure that company will grow in this industry very efficiently.

DIVIDENDThe Board of Directors of your company is of the opinion that as there are accumulated losses in the company, thus, no dividend should be recommended. The Board assures you to present a much strong financial statements in coming years.

FUTURE OUTLOOK To realize our vision of providing residential, Industrial and commercial edifices for all cross-sections of society and bring smile on every face in the real estate business, our aim is at strengthening the Indian economy and in turn positively transform the standard of living.

Our real estate business targets presence in across all over India, we stand to deliver a better standard of living with new ideas and lifestyle solutions at par with international standards through our real estate ventures. Integration of our existing business activities along with new ventures will drive our vision to make the Global Land Masters as a global Player.

.

particularly the residential market,

Your company is focusing on delivering quality real estate projects and further strengthening its Infrastructure & Construction Business Your company expects to maintain the process of consolidation and also with its Projects at Panchkula, Delhi and revival of overall real estate Industry and huge potential in Infrastructure & Construction, your company is going on board a new voyage.

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GLOBALLAND MASTERS

MANAGEMENT DISCUSSION AND ANALYSISThe Management Discussion and Analysis, forming part of this report, as required under Clause 49(IV) (F) of the Listing Agreement with the stock exchanges is attached separately to this Annual Report.

DIRECTORS read with the Clause 106 of the

Articles of Association of your Company. One-third of the Directors are liable to retire every year except for the Executive Chairman and the Managing Director, and if eligible, offer themselves for re-appointment. Accordingly, Mr. Vijay Patel retires by rotation at the ensuing Annual General Meeting and being eligible, offered himself for re-appointment.

During the year under review, Mr. Ajai Patel ceased to be a director of the Company on 08.04.2010. Mr. Ashok Aggarwal, Dr. Gurnam Singh and Brig. (Retd.) Harpal Singh appointed as Independent director in the Last AGM which was held on 30.09.2010. Mr. Nitin Kumar Singhal was appointed as an additional Independent

nddirector on 22 June, 2011 and due to personal reason he was not able to continue as director, hence he has resigned from the post of directorship Mr. Virender Gandhi executive director of the

thCompany due to personal reason also resigned on 25 July 2011.

Brief resume of Directors proposed to be re-appointed, nature of their experience in their specific functional areas, name of the companies in which they hold directorship and membership / chairmanship of the Board Committees, shareholding and relationship between Directors inter-se as stipulated under Clause 49 of the Listing agreement with the stock exchanges forms part of the Notice.

DIRECTOR'S RESPONSIBILITY STATEMENTPursuant to the provisions of sub section (2AA) of section 217 of the Companies Act, 1956, the Directors confirm that:i. In the preparation of annual accounts , the applicable

accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the

ststate of affairs of the Company at the end of the financial year ended March 31 2011 and of the profit or loss of the Company for that period.

iii. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv. The Directors have prepared the annual accounts on a going concern basis

CHANGES IN SHARE CAPITAL The Authorised Share Capital of the company is Rs. 250,000,000 divided into 1,80,00,000 equity shares of Rs.10/- each and 7,000,000 preference shares of Rs.10 each. During the period under review, the Equity Share capital has not been raised by the company. However Company had issued 1,775,000 (Seventeen Lacs Seventy Five thousand only) 12% non- convertible non cumulative Preference Share of Rs. 10/- each. Therefore Paid- up- Capital of the company has been increased from Rs. 50,732,000/- to Rs. 68,482,000/-

NAME CHANGE AND SHIFTING OF REGISTERED OFFICEAs you are aware that the company is engaged in construction and real estate business, which in itself has a global appeal. Thus, the Board of Directors, with a vision to extend the boundaries of the company on a global front, decided to change the name of the company. As a result you company was given a new name in the Financial Year 2010-11.

In accordance with the provisions Section 256 of the Companies Act, 1956

th on 25 July, 2011. from the post of directorship

for the financial year ended March 31, 2011

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GLOBALLAND MASTERS

During the year, the Company conducted Postal ballot for changing the name and Shifting of Registered Office of the company and result for the same was declared on 08th march 2011, confirming that special resolution has been passed by the shareholders of the company. Accordingly, name of your Company has been changed from "Bhoomi Infrastructures Corporation Limited" to "Global Land Masters Corporation Limited". The New Certificate of Incorporation pursuant to change of name of company has been issued by

thRegistrar of Companies on 11 day of March 2011.

Petition has been submitted to Company Law Board (Ministry of Corporate Affairs) for Shifting of registered office of the company from the state of Himachal Pradesh to National Capital Territory of Delhi dated 07.07.2011 and other necessary Compliances are in process.

CORPORATE GOVERNANCEAs per schedule of implementation of Corporate Governance Code mentioned in Clause 49 of the Listing Agreement, the Company has implemented the mandatory requirements of the code.

PARTICULARS OF EMPLOYEESDuring the period under review, the company does not have any employee who is covered under Section 217(2A) of the Companies Act 1956.

PUBLIC DEPOSITDuring the year under review, your company has not invited any deposits from the Public U/s 58 A of the Companies Act, 1956.

AUDITORSThe Auditors, M/s. S. Agarwal & Co, Chartered Accountants , hold office until the conclusion of the forthcoming Annual General Meeting and offer themselves for re-appointment. Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

S. Agarwal & Co.

AUDITORS' REPORTThere is no qualification or adverse remarks on the stand-alone financials of the Company. However, the observations given in Point No. 3 (a) of the Annexure to the Auditor's report that Company has granted Rs. 9,960,805/- to M/s Vasant Vihar Land Project (P) Ltd. and Rs. 1,500,000/- to M/s Bhoomi Infrastructure Co. as interest free advance and rate of interest and other terms and condition of such loans are Prime facie, prejudicial to the interest of the Company and do not call for any further comments.

GENERAL DISCLOSURES

OPEN OFFEROpen offer was being made by Lt. Col. (Retd.) S. S. Deswal, Mr. Virender Gandhi alias Dev Raj Gandhi, Mr. Vijay Patel (NRI) and Mr. Rajiv Kashyap to the equity shareholders of Global Land Masters Corporation Limited (formerly known as Bhoomi Infrastructures Corporation Limited) dated November 16, 2010 (Tuesday) and Corrigendum to PA dated May 11, 2011 (Wednesday) pursuant to and in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto to acquire 18,12,132 fully paid up equity shares having face value Rs. 10/- each, at a price of Rs. 11.79/- (Eleven Rupees and Seventy Nine Paisa Only) per share (including interest of Rs. 1.79 per share) (“Offer Price”) in cash, representing upto 20% of the expanded paid-up and voting capital of Bhoomi

having registration No. 000808N

The Board recommends the appointment of M/s , Chartered Accountants the Statutory Auditors of the Company for the Financial Year 2011-12.

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GLOBALLAND MASTERS

Infrastructures Corporation Limited {now known as Global Land Masters Corporation Limited}. Offer was thclosed on 06 June 2011 and 9,27,800 valid shares had been offered for acquisition under Open Offer.

Consideration amount @ 11.79 for each share accepted under the Open Offer had been dispatched to respective shareholders.

CONSENT ORDERThe Company was in default under Regulation 6(2), 6(4) and 8(3) of Chapter II of SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 1997. The Company has already filed all the aforesaid disclosures with the Bombay Stock Exchange, Delhi Stock Exchange and Ludhiana Stock Exchange.

Also, we have filed consent application to SEBI and also paid the settled amount of Rs. 1,000,000.00 (Rupees stTen Lacs only) offered to internal committee dated 01 June 2011 for consent order–the full and final

settlement terms of the Non compliances of SEBI (SAST) Regulations, 1997. The Consent order is passed ththereupon on 18 July 2011.

LISTINGThe securities of the Company are listed at Delhi Stock Exchange, Ludhiana Stock Exchange and Bombay Stock Exchange but the trading of the Company had been suspended from all three Stock Exchanges. The Company has complied with all the compliances required to revoke the suspension of the trading of the Company and thus suspension has been successfully revoked by both the Regional Stock Exchanges, and the matter is at final stage at Bombay Stock Exchange.

ALLOTMENT OF PREFERENCE SHARESYour company is at that stage of growth where it requires funds, thus to bring up capital in the company in a speedy manner, the Board allotted 17,75,000 (Seventeen Lakh seventy five thousand) 12% Non Convertible non cumulative fully redeemable preference shares of face value of Rs. 10 each at par on private placement Basis to the promoters of the Company.

TRADEMARK

PARTNERSHIP FIRMSYour Company has joined hands with reputed Builders in Delhi in order to form Partnership firms with the name of:

Rain Tree Residence” Global Land Masters Corporation is a Partnership of the Company with Kaleshwar Infrastructure Private Limited, a very renowned builder of Delhi. The Kaleshwar team brings over 25

years of combined domain expertise with highly qualified personnel across functionalities of land acquisitions, research, design, construction, project management, sales and marketing.

Palm Court Global Land Masters Corporation is another joint venture with Mr. Birender Singh, who is the owner of the land where the company yintends to do a project.

Global Land Masters Corporation Limited is a real estate company and developing some of the most prestigious projects across all the major cities on the Indian realty landscape. Company has applied for “Global Land Masters” as trademark and provisional trademark registration number is 02119076.

Sl. No. Name of the Allottee No. of Shares Distinctive No. Certificate No.

1 Lt. Col. (Retd) S.S. Deswal . 10,50,000 1 -10,50,000 1

2 Rajiv Kashyap 6,25,000 10,50,001- 16,75,000 2

3 Virender Gandhi 1,00,000 16,75,001-17,75,000 3 Total 17,75,000 - -

11

GLOBALLAND MASTERS

These firms came into being to develop residential group housing alongwith commercial and recreational options in Delhi NCR Region. Your Company has major shareholding in the Partnership firms. Your Company is coming up with a project in Delhi and NCR. We believe that it will be beneficial as it will lead to an increase in the shareholder value.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO.Information required to be given pursuant to section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosures of particulars in the report of the Directors) Rules 1988 and forming part of the Director's report for the year ended 31st March, 2011 are given below :

A. CONSERVATION OF ENERGYYour Company consumes minimum energy and strives to reduce energy consumption in the buildings developed by the Company. Your Company is conscious about its responsibility to conserve energy, power and other energy sources wherever possible. Your company will try to incorporate as many norms pertaining to Green Buildings as possible. Infact, R&D on such technologies is a part of the company's daily routine.

We emphasis towards a safe and clean environment and continue to adhere to all regulatory requirements and guidelines.

B. RESEARCH & DEVELOPMENTThe Company is new in the real estate business activity and has undertaken Research and Development activity in Development of Technology in the area of construction. In today's cutthroat competitive environment a company needs to evolve with every passing moment to be come out as a winner. A company has to constantly strive to work in an efficient manner by incorporating innovative measures for increasing working efficiency. In order to achieve this goal, the company carries out intensive R&D, some of which are:-

- Use of Environment friendly material and developing concept of Green Building.-Study, Analysis and use of composite structure in place of conventional structure.- Optimisation of resources and their recycling for further use.- Analysis and study of trade off among various services for optimisation.

CLAUSE 5A OF THE LISTING AGREEMENTIn view of newly inserted clause 5A to the Listing Agreement vide circular no. CIR/CFD/DIL/10/2010 dated 16th December, 2010 issued by the Securities and Exchange Board of India (SEBI) introducing uniform procedure for dealing with the unclaimed shares, the Company will be sending reminder letters to shareholders whose share certificates are still lying with the Company as undelivered/ unclaimed. Members who are yet to claim share certificates in physical mode are requested to claim their share certificates from the R&T Agent of the company viz. M/s Skyline Financial Services Private Limited We would also like to inform that in case the company is not able to receive any response to the reminder letters the shares lying with the Company as undelivered/ unexchanged shall be transferred to “Unclaimed Suspense Account” and thereafter dematerialised to a specific Demat Account to be opened by the Company for this specific purpose, as stipulated in the above circular of SEBI.

GREEN INITIATIVE IN THE CORPORATE GOVERNANCEIn view of the 'Green Initiative in Corporate Governance' introduced by the Ministry of Corporate Affairs vide its circular no. 17/2011 dated 21st April 2011, all members who are holding shares of the Company in physical mode, are requested to register their e-mail IDs with the Company, so as to enable the company to send all notices/ reports/documents/ intimations and other correspondences etc. through e-mails, in the electronic mode instead of receiving physical copies of the same.

12

GLOBALLAND MASTERS

C. TECHNOLOGY ABSORPTIONYour Company has not imported any technology. However, we believe and use information technology extensively in all spheres of our activities to improve efficiency levels.

D. FOREIGN EXCHANGE EARNINGS AND OUTGO.Details of Foreign Exchange, earnings and Outgo are given as below:-

Year 2011 Year 2010 (Amt) (Amt)

Foreign Exchange earning Nil Nil Foreign Exchange outgoing Nil Nil

ACKNOWLEDGMENT

Your Directors wish to place on record their deep gratitude to the Departments of State/Central Governments, Banks and other concerned authorities for their valuable co-operation and assistance.

Yours Directors also wish to place on record their appreciation of the wholehearted and continued support extended by the shareholders and the employees of the company which had always been a source of strength for the company.

For & On Behalf of Board of Directors

Sd/- Lt. Col. (Retd) Surender Singh Deswal

Chairman and Managing DirectorPlace: Baddi (H.P.)

Dated: 29.08.2011

13

GLOBALLAND MASTERS

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY OVERVIEW

In recent years, India has been amongst the fastest growing economies in the world. The real estate industry

in India has grown on the back of fast developing housing segment.

The housing construction industry is poised for tremendous growth in coming years in the backdrop of large

population base, rising income level, increasing demand for housing units and the fast changing rural housing

landscape. In addition, the housing construction industry is expected to overtake other industrial sectors in

terms of contribution to GDP growth in the next few years.

OPPORTUBITIES AND THREATS

Indian economy is growing at a much faster rate as compared to the rest of the world. The government has a

special emphasis towards infrastructure sector in particular. The policies of the government have always

been favourable to this sector and there is great hope that it will continue the same way in future as well.

There is a shortage of more than 20 Million housing units in India and this is a positive sign of the untapped opportunities for this sector. It is also expected that housing and real estate sector will undergo a revolutionary transformation to grow at around 14% annually.

Looking at the impressive pace of the Indian economy in general and housing sector in particular, it can be fairly concluded that the housing sector will grow at around 14%. The sector will also contribute to employment generation with a capacity of creating roughly 3.2 Million new job opportunities in the coming decade.

Threats to be faced by our company are same as of the threats which any other company of this industry will face. Variation in standards across the industry imposes systematic risks, which can be a potential threat.

The real estate sector in India is on a growth path. The development in the real estate market encompasses

growth in both commercial and residential spheres. Further, it has been estimated that there would be

shortage of 26.53 million houses during the Eleventh Five Year Plan (2007-12), which provides a big

investment opportunity, according to a report by the Technical Group on Estimation of Housing Shortage.

The popularity of the Indian real estate sector is also highlighted by a report 'Emerging trends in Real Estate in

Asia Pacific 2011' published by PriceWaterhouseCoopers and Urban Land Institute. The report focuses on

various places where developers such as Ansal Properties and Omaxe are building commercial and residential

developments. These places include Jodhpur, Agra, Punjab, Uttar Pradesh, Haryana, Madhya Pradesh, and

Rajasthan among others.

During 2010-11, the Indian real estate and housing sectors received US$ 1.12 billion in foreign direct

investment (FDI), according to the Department of Industrial Policy and Promotion India (DIPP).

Further, the industry also witnessed growth in private equity (PE) investments as well. Around 20 deals worth

US$ 1.32 billion took place during January-May 2011, as compared to 22 deals worth US$ 483 million during

the same period last year, according to Venture Intelligence, a research service focused on PE and mergers

and acquisitions (M&A).

Courtesy- www.ibef.org

14

GLOBALLAND MASTERS

FINANCIAL PERFORMANCEDuring the year the company has not been able to reach its target of generating business. Company is continuously looking to generate some positive vibes by exploring new projects, contracts from different sectors of industries and committed to generating profits into the company.

OUTLOOKAs the company is beginner in this activity so the performance of the company during the year was only satisfactory. Your company is very optimistic and, barring unforeseen circumstances, the company expects to improve its growth rate as well as the profitability.

RISK AND CONCERNThe company like any other company is exposed to the risk factors relating to the business of the company and the industry in which it operates i.e. risk arising from within the industry itself (structural risk), risks arising from the expected future performance of the industry (growth risk) and risk arising from forces external to the industry.

The company manages these risks by adherence to best practices, internal control measures and risk management systems.

INTERNAL CONTROL SYSYTEM AND THEIR ADEQUACYThe Company has adequate internal control systems to ensure monitoring and controlling against unauthorized use/ deposition of assets and ensuring that all transactions are authorized, recorded and reported correctly. The company ensures compliance with all the regulations applicable to the company.

The Audit Committee of the Board reviews Internal Control Systems of the company on periodical basis.

HUMAN RESOURCESThe Company has adequate human resources which is commensurate with the current volume of activity and is reviewed by the management periodically and the company would induct competent personnel on increase/ expansion of the activity.

BUSINESS OVERVIEW

Global Land Masters Corporation Limited is a emerging Brand in the Real Estate Sector in Northern India known for its typical passion of working and leadership attitude. THE GROUP came into being to develop quality homes to be offered with a healthy combination of modern city infrastructure and green peaceful environment coupled with ideal business milieu. Our diversified portfolio of real estate projects includes residential, commercial, integrated township and hospitality on more than 6 locations in New Delhi, Haryana, Punjab and Himachal Pradesh. As part of our real estate development business we identify projects, acquire land, directly or indirectly, and develop and market the projects. We believe we have established a strong brand image in a short span of time in the real estate industry due to our commitment to developing high quality projects. The company philosophy is to constructing buildings for collective benefit of the public.

Masters in assessing the hidden prospects of land is the key strength of Global Land Masters. Our forte lies in analyzing the true worth of Land, exploring it and developing it inorganically and delivering it to the investors right on time. For us quality means excellence, technology means aesthetics and passion means perfection. Global Land Masters Corporation Limited is a real estate conglomerate involved in all kind of real estate activities including buying, developing, selling, trading and renovation of properties.

Global Land Masters is primarily focused on residential and group housing projects. Company's residential

15

GLOBALLAND MASTERS

projects include Luxury Apartments, Villas, Row houses and plotted development along with all amenities such as clubhouse, swimming pool, shopping complex, school, dispensary and transport mechanism. We strongly believe that progress must be achieved in harmony with environment; we are very much committed to community welfare and environmental protection. Our principal project is propelled by the same phenomena as it is surrounded by Reserve forest, lake and hills with perfect connectivity to the city life. The undue benefit of the ultimate location will re-energize the mind and soul of the residents.

With this as our founding philosophy, the Group is confident of establishing a national leadership position in all its areas of businesses. Business growth apart, the Group is also intensely committed to playing a key role in discharging its social obligations by adhering to specified norms of legal, environmental and ethical practices. The aim is for GLOBAL LAND MASTERS CORPORATION as a Group to be a professional and responsive corporate entity, which positively transforms the quality of life of society at large.

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GLOBALLAND MASTERS

CORPORATE GOVERNANCE

Your Company is practicing the Principals of good corporate governance, disclosures and transparency.

Corporate governance is the application of best management practices, compliance of law and adherence to

ethical standards to achieve the Company's objective of enhancing shareholder value & discharge of social

responsibility.

The Company's philosophy strives to ensure that its business strategies and plans prioritize the welfare of all

stakeholders, while at the same time, maximizing shareholders' value on a sustained basis. The Company

believes that good Corporate Governance strengthens the investors' trust and ensures a long-term

partnership that helps in Company's objectives. The philosophy is manifested in its operations through

exemplary standards of ethical behaviour, both within the organization as well as in external relationships. A

report on compliance with code of corporate governance as prescribed by the Securities and Exchange Board

of India and incorporated in the Listing Agreement is given below:

BOARD OF DIRECTORS

The Board of Directors is an optimum combination of professionalism experiencing executive, non

executive, and Independent Director formed by the shareholders, provides and evaluates the strategic

directions of the Company; formulates and reviews management policies, serves and protects the overall

interests of shareholders to ensure long-term value creation for stakeholders.

Composition

6

stThe composition of the Board as on 31 March 2011 was seven comprising of:

Name Category

Lt. Col.(Retd) Surender Singh Deswal Executive Director and Chairman

Mr. Rajiv Kashyap Executive Director

Mr. Virender Gandhi Executive Director

Mr. Vijay Patel Non-Executive Director

Mr. Ashok Aggarwal Independent Director

Brig.(Retd) Harpal Singh Independent Director

Dr. Gurnam Singh Independent Director

Note:

· None of the Directors of your Company is a member of more than 10 Committees or is the Chairman of more than five Committees across all the Public Companies in which they are Directors.

· Mr. Virender Gandhi, one of the executive directors of the Company, due to personal reasons has thresigned on 25 July 2011.

THE COMPANY'S PHILOSOPHY ON CORPORATE GOVERNANCE

At present the Board of Directors are comprised of Directors, of whom 2 are Executive Directors viz. Lt.

Col. (Retd) Surender Singh Deswal and Mr. Rajiv Kashyap and 1 is Non-Executive Director viz. Mr. Vijay

Patel and 3 are Independent Director viz. Mr. Ashok Aggarwal, Brig. (Retd) Harpal Singh and Dr. Gurnam

Singh.

from the post of directorship

17

GLOBALLAND MASTERS

BOARD MEETINGDuring the financial year ended March 31, 2011, 16 meetings of the Board of Directors were held as against the minimum requirement of 4 times. None of the two Board Meetings have a gap of more than 120 days between them. The dates of meetings, place of meetings and the number of directors present therein are mentioned below:

Note:1. None of the Directors of your Company is a member of more than 10 Committees or is the Chairman

of more than five Committees across all the Public Companies in which they are Directors.2. The directorship/ committee membership is based on the disclosures received from the directors.3. Mr. Ajai Patel ceased to be director w.e.f. 08.04.2010.

nd4. Mr. Nitin Kumar Singhal had been appointed as an additional director w.e.f 22 June 2011.

Sr. No.

Date Sr. No.

Date Sr. No.

Date

1.

01.04.2010

7.

04.09.2010

13. 01.02.2011

2.

08.04.2010

8.

01.10.2010

14 01.03.2011

3.

30.04.2010

9.

30.10.2010

15. 08.03.2011

4. 01.07.2010 10. 30.11.2010 16. 31.03.2011

5. 30.07.2010 11. 06.12.2010 6. 31.07.2010 12. 29.01.2011

S. No.

Name of Director

No. of Meeting attending during

2010-11

No. of Directorship in

other Public Companies

No. of Committee

positions held in other public companies

Board

Last AGM

Listed

Others

Chairman

Member

1. Lt. Col.(Retd) Surender Singh Deswal

16

Yes

Nil

Nil

Nil

Nil

2. Mr. Rajiv Kashyap

16 Yes Nil Nil Nil Nil

3. Mr. Virender Gandhi

16 Yes Nil Nil Nil Nil

4. Mr. Vijay Patel

0

Yes

Nil

Nil

Nil

Nil

5. Mr. Ajai Patel

1

Yes

Nil

Nil

Nil

Nil

6. Mr. Ashok Aggarwal

12

Yes

Nil

Nil

Nil

Nil

7. Brig.(Retd) Harpal Singh

8

No

Nil

Nil

Nil

Nil

8. Dr. Gurnam Singh

13 Yes Nil Nil Nil Nil

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GLOBALLAND MASTERS

RESUME OF DIRECTORS PROPOSED TO BE REAPPOINTEDThe brief resume of Directors retiring by rotation and seeking re-appointment is appended herein above in the notice for calling Annual General Meeting

COMMITTEES OF THE BOARDThe Board has constituted the following standing Committees:1. Audit Committee2. Shareholders'/Investors' Grievance Committee

AUDIT COMMITTEEThe purpose of the audit committee is to ensure the objectivity, credibility and correctness of the Company's financial reporting and disclosure processes, internal controls, risk management policies and processes, tax policies, compliance and legal requirements and associated matters.

i) Terms of reference

1. Oversight of the Company's financial reporting process and disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible.

2. Recommending the appointment and removal of statutory and internal Auditors (whenever required), fixation of audit fee and also approval for payment for any other services.

3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors.

4. Reviewing with Management the quarterly / half yearly and the annual financial statements before submission to the Board, focusing primarily on:

– Matters required to being included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (2AA) of section 217 of the Companies Act, 1956.

– Any Change in accounting policies and practices.

– Major accounting entries based on exercise of judgment by management.

– The going concern assumption.

– Compliance with accounting standards.

– Compliance of legal requirement concerning financial statements.

– Any related party transactions.

5. Reviewing with the management, statutory and internal Auditors, the adequacy and compliance of internal control system.

6. Reviewing, with the management, the quarterly financial statements before submission to the board for approval

7. Reviewing the adequacy of internal audit function, reporting structure coverage and frequency of internal audit.

8. Discussion on internal Auditors significant findings and follow up there on.

9. Reviewing the findings of any internal investigations by the internal Auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.

10. Discussion with statutory Auditors about the scope of audit as well as have post audit discussion to ascertain any area of concern.

11. Reviewing the Company's financial and risk management policies.

12. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non payment of declared dividends) and creditors.

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GLOBALLAND MASTERS

Further the Audit Committee shall mandatorily review the following information:

1. Management discussion and analysis of financial condition and results of operations;2. Statement of significant related party transactions (as defined by the audit committee), submitted

by management;3. Management letters / letters of internal control weaknesses issued by the statutory auditors;4. Internal audit reports relating to internal control weaknesses; and5. The appointment, removal and terms of remuneration of the Chief internal auditor.

ii) CompositionThe Committee invites concerned officials from Accounts Department and Internal Audit Department as and when required. Auditors of the Company were also invited whenever the financials of the Company are considered by the Committee

The Audit Committee as on date comprises three members, including one Executive Director viz. Mr. Rajiv Kashyap and two Non Executive Independent Directors viz. Mr. Ashok Aggarwal and Dr. Gurnam Singh. Mr. Ashok Aggarwal is heading the Committee.

i) Terms of reference1. To consider and review the queries/complaints received from Share/ Debenture Holders2. To take steps to redress queries/ complaints and ensure speedy satisfaction to shareholders/

investors.3.

4. To work under the control & supervision of the Board of Directors

During the year under review audit committee had met five times. No two meetings had a gap of more than th th120 days in between them. During the year, five Committee Meetings were held on 27 April 2010, 26 July

th th th2010, 26 August 2010, 27 October 2010 and 25 January 2011

The attendance record of the members of the Audit Committee for the FY 2010-11 is as under:

· Lt. Col. (Retd.) Surender Singh Deswal was member of Audit Committee till 30.09.2010.

· Mr. Ajai Patel was member of the Audit Committee till 07.04.2010.

· Mr. Vijay Patel was member of the Audit Committee till 30.09.2010.

· Mr. Ashok Aggarwal and Dr. Gurnam Singh, Independent Directors of the Company, were appointed in the last AGM i.e. 30.09.2010.

INVESTORS GRIEVANCE COMMITTEE

With a view to expediting the process of share transfer etc., on fast track basis, the Board has delegated the powers of approving transfer etc. to Rajiv Kashyap, Executive Director of the Company.

Name of the Member Director

No. of Meetings Held

No. of Meetings attended

Mr. Ashok Aggarwal 2 2

Dr. Gurnam Singh 2 2 Lt. Col. (Retd.) Surender Singh Deswal 3 3 Mr. Rajiv Kashyap 5 5 Mr. Vijay Patel

3

0

Mr. Ajai Patel 0 0

20

GLOBALLAND MASTERS

ii) Composition:

Mr. Ashok Aggarwal Dr. Gurnam Singh. Mr.

Meeting and attendance:The Constitution of the Committee and the attendance of each member of the Committee are given below:

· Lt. Col. (Retd.) Surender Singh Deswal was member of Investors Grievance Committee till

30.09.2010.

· Mr. Ajai Patel was the member of the Investors Grievance Committee till 07.04.2010.

· Mr. Vijay Patel was member of the Investors Grievance Committee till 30.09.2010.

· Mr. Ashok Aggarwal and Dr. Gurnam Singh, Independent Directors of the Company, were appointed

in the last AGM i.e. 30.09.2010.

During the year under review, 1 complaint was received from the shareholders, which has been properly

resolved and/or replied by the Company/Registrar and Share Transfer Agent (RTA) viz. M/s. Skyline Financial

Services Private Limited.

Role and Powers of Shareholders'/Investors' Grievance Committee:

The Investors' Grievance Committee shall have the following role, functions and responsibilities:

(i) To look into and supervise the redressal of shareholders'/Investors' Complaints.

(ii) To oversee the performance of the Registrars and Share Transfer Agents and recommend

measures for overall improvement of the quality of investor services.

(iii) To consider and approve transfer of shares, transmission of shares, dematerialization of shares,

transposition of shares, issuance of duplicate share, deletion of names, splitting and

consolidation of shares, etc.

REMUNERATION-CUM-COMPENSATION COMMITTEE

Composition:

None of the Director are being paid any remuneration, thus the company has not formed this committee.

The Shareholders'/Investors' Grievance Committee comprises three Members, including one Executive Director viz. Mr. Rajiv Kashyap and two Non-Executive Independent Directors viz. and

Ashok Aggarwal is the Chairman of the Committee and Mr. Rajiv Kashyap is the Compliance Officer of the Company.

Name of the Member Director No. of Meetings Held No. of Meetings attended

Mr. Ashok Aggarwal 3 3

Dr. Gurnam Singh

3

3

Lt. Col. (Retd.) Surender Singh Deswal

3

3

Mr. Rajiv Kashyap

6

6

Mr. Vijay Patel 3 0

Mr. Ajai Patel 0 0

21

GLOBALLAND MASTERS

GENERAL BODY MEETINGSDate and venue of last Annual General Meeting

POSTAL BALLOTDuring the year ended March 31, 2010 the company sought approval from its shareholders for passing special resolution through the process of Postal ballot in accordance with provisions of section 192A of the Companies Act 1956 read with the companies (passing of the Resolution by Postal Ballot) Rules 2001. The declared results of the Postal Ballot were announced through newspapers. Details of the same are given below.

Nature of Meeting Date and Time Venue Special Resolution passed

Annual General Meeting

September 30, 2010, 11.00 A.M.

Tarika Jungle, Retreat –

Chail,

Chail Blossom, P.O.-

Chail, Tehsil Kandaghat, District Solan, Baddi, Himachal Pradesh

Yes

Annual General Meeting September 30, 2009, 12.30 P.M.

Barotiwala, Tehsil Kasuli, Distt. Solan, Himachal Pradesh

None

Annual General Meeting September 30, 2008, 10.30 A.M.

Barotiwala, Tehsil Kasuli, Distt. Solan, Himachal Pradesh

None

S.No.

Particulars Date

1. Date on which consent of Ms. Mansi Chabbra, Company Secretary in Practice, to act as Scrutinizer for the Postal Ballot of the Company was obtained.

31.01.2011

2. Date of the Resolution of the Board for the following:

(i)

Approve the Notice for Postal Ballot process alo ng with the Explanatory statement and format of Postal Ballot Form.

Appointment of Scrutinizer.

01.02.2011

3. Submission of Copy of Board Resolution along with the Calendar of Events to Registrar of Companies, NCT of Punjab, Chandigarh and Himachal Pradesh within one week of the Board Meeting

05.02.2011

4. Date of Completion of Dispatch of notice along with Postal Ballot Form (under Postal Certificates)

05.02.2011

5. Release of Advertisement in the newspaper giving the: (i) Date of completion of dispatch of the Notice and Postal Ballot Forms. Last date for receipt of Postal Ballot Forms by the scrutinizer.

07.02.2011

6. Last date for receipt of Postal Ballot Forms by the scrutinizer.

08.03.2011

7. Last date of handing over by the scrutinizer of the Pos tal Ballot Forms, the register maintained in accordance with Rule5(e) the Postal Ballot Rules

08.03.2011

8. Date of Declaration of the result by the Managing Director.

08.03.2011

9. Result to be displayed on the Notice Board/Stock Exchange and Advertisement in newspaper.

10.03.2011

10 Last date of signing of the Minutes book by the Chairman in which the results of the Postal Ballot is recorded.

16.03.2011

22

GLOBALLAND MASTERS

Particulars of Resolutions Passed-Special1. For change in name clause of the Memorandum and Article of Association of the Company.2. For Shifting of Registered Office of the company from the state of Himachal Pradesh to National

Capital Territory of Delhi.

Voting Pattern :

DISCLOSURES (i) There are no materially significant transactions with the related parties' viz. Promoters, Directors

or the Management, their subsidiaries or relatives conflicting with Company's interest. Suitable disclosures as required by the Accounting Standards (AS18) have been made in the Annual Report.

(ii) In the preparation of the financial statements, the Company has followed the accounting standards issued by the Institute of Chartered Accountants of India to the extent applicable.

(iii) There were no penalties, strictures imposed on the company by Stock Exchange or SEBI or any statutory authority on any matter related to capital markets, during the last three years.

MEANS OF COMMUNICATION

· The Company communicates with the shareholders at large through its Annual report and publication of financial results.

· The Board of Directors of the Company approves and takes on record the Un-audited financial results within one month of the close of the quarter and the results are announced to all the stock exchanges where the shares of the company are listed. Further the highlights of the quarterly results in the prescribed Performa are published in the newspapers.

GENERAL SHAREHOLDER INFORMATION

a) Annual General Meeting

thDate and Time : 30 September 2011 at 11.00 A.M.

b) Financial Calendar: 2010-2011

The Company follows financial year of April to March.

Tentative Schedule for financial Year 2011-12-st- 1 Quarter ending June 30, 2011 : End of July 2011nd- 2 Quarter ending September 30, 2011 : End of October 2011rd- 3 Quarter ending December 31, 2011 : End of January 2012

- Annual Result for the year ended March 31, 2011 : End of May 2012

Venue : Legend Sarovar Patrico, Village Malpur Tehsil Baddi, District Solan, Himachal Pardesh, INDIA Pin Code 173205

Particulars

Total Votes

Total Votes Cast

in favour of the resolution

Total Votes Cast against the resolution

Resolution 1 17,02,900 16,95,700 (99.58% of the total valid votes casted)

7,200 (0.42% of the total valid votes casted)

Resolution 2 17,02,900 16,95,700 (99.58% of the total valid votes casted)

7,200 (0.42% of the total valid votes casted)

23

GLOBALLAND MASTERS

rdc) Date of Book Closure/Record Date : 23 September to th30 September 2011

(Both Days inclusive)

d) Registered Office : Shop No. 1, Gole Market

Sai Road, Baddi, District

Solan (Himachal Pradesh)

INDIA

Pin Code 173 205

e) Dividend Payment Date : Not Applicable as the

Board has not proposed

any dividend

f) Listing of Equity Shares on

Stock Exchanges : Delhi Stock Exchange,

Ludhiana Stock Exchange,

Bombay Stock Exchange

h) Stock Code

Delhi Stock Exchange : 113290

Ludhiana Stock Exchange : MAJS

Bombay Stock Exchange Code : 531479

I) Registrar & Share Transfer Agents Skyline Financial Services

Private Limited, Ist Floor,

D-153A, Okhla Industrial

Area, Phase I, New Delhi

INDIA

Pin 110 020

j) Market Price Data

k) LiquidityShares of Global Land Masters Corporation Limited (Formerly known as Bhoomi Infrastructures Corporation Limited) are listed on the Delhi Stock Exchange, Ludhiana Stock Exchange and Bombay Stock Exchange. The trading had been suspended from all the Stock Exchanges but recently Company fulfilled all compliance

g) Listing Fee : Annual listing fee for the

financial year 2011-12

have been paid to the

above Stock Exchanges

:

Month Value (In Rupee)

Volumes

High Low October, 10 N.A. N.A. N.A.

November, 10

N.A.

N.A.

N.A.

December, 10

N.A.

N.A.

N.A.

January, 11

N.A.

N.A.

N.A.

February, 11 N.A. N.A. N.A.

March, 11 N.A. N.A. N.A.

24

GLOBALLAND MASTERS

required to revoke the suspension of the trading and successfully revoked from both regional Stock Exchanges and the matter is final stage at Bombay Stock Exchange, hence trading of the shares of the Company is starting in very short period. Still there is no liquidity in the scrips of the Company.

l) Dematerialization of SharesCompany's shares are in physical mode, Company's Application is in process with Depository.

m) Outstanding GDRs/ADRs/Warrants or any other convertible instruments Company does not have any GDRs/ADRs/Warrants or any other Convertible Instruments.

n) Address for CorrespondenceMr. Rajiv Kashyap Unit No. 318-319, Inderparkash Building, Barakhamba Road, Central Delhi, INDIA Pin Code 110 001

o) Investor Correspondence(i) For transfer of shares, payment of dividend on shares and any other queries relating to the shares

Skyline Financial Services Private LimitedIst Floor, D-153A, Okhla Industrial Area, Phase I, New Delhi, INDIA Pin Code 110 020

Unit No. 318-319, Inderparkash Building, Barakhamba Road, Central Delhi, Delhi, INDIA Pin Code 110 001

p) Shareholding PatternstThe shareholding pattern as on 31 March 2011:

is handled by the Company's Registrar & Share Transfer Agent at the following address:

M/s

ii) Mr. Rajiv Kashyap, Compliance Officer as per Clause 47 of the Listing Agreement with stock exchanges and Investors' complaint may also be addressed to him at the following address:

Category

No. of shares

held

Percentage of Shareholding

A.

Shareholding of Promoter and Promoter Group (1)

Indian

950,600

18.74

(2)

Foreign

0

0.00

Total

950,600

18.74

B.

Public Shareholding

(1)

Institutions

(a)

Mutual Funds/UTI

0

0.00

(b)

Financial Institutions/Banks

0

0.00

(c)

Foreign Institutional Investors

0

0.00(d)

Any Other

0

0.00

Sub Total

0

0.00

(2)

Non Institutions

(a)

Bodies Corporate

75,700

1.49

(b)

Individuals

3,560,500

70.18

(c) Any Other (NRI) 486,400 9.59

Sub Total 4,122,600 81.26Total (A+B) 5,073,200 100.00

Grand Total 5,073,200 100.00

25

GLOBALLAND MASTERS

q)

For Global Land Masters Corporation Limited

Sd/-Lt. Col. (Retd) Surender Singh Deswal

Chairman and Managing Director

Place: Baddi (H.P.)Date: 29.08.2011

Distribution of Shareholding as on 31.03.2011

Sl. No.

Category (Shares) Holders % of Total Holders Shares % of Total Shares

1

Upto 500

1897

62.52

603400 11.89

2

501 -

1,000

795

26.20

514100 10.13

3

1,001 -

2,000

120

3.96

183100 3.61

4

2,001 -

3,000

48

1.58

119100 2.355

3,001 -

4,000

43

1.42

153200 3.02

6

4,001 -

5,000

18

0.59

85300

1.68

7 5,001 - 10,000 59 1.98 441100 8.69

8 10,001 & Above 54 1.78 2973900 58.62

26

GLOBALLAND MASTERS

27

GLOBALLAND MASTERS

Certificate by Chief Executive Officer/Managing Director on compliance with the conditions of Corporate Governance under Clause 49 of the Listing Agreement(s)

The Board of DirectorsGlobal Land Masters Corporation Limited(Formerly known as Bhoomi Infrastructures Corporation Limited)

We hereby certify that for the Financial Year 2010-11:

We have reviewed the financial statements and the cash flow statement and that to the best of our knowledge and belief: -

These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; These statements together present a true and fair view of the Company's affairs and are in compliance with existing accounting standards, applicable laws and regulations.

There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year 2010-11 which are fraudulent, illegal or violate the Company's code of conduct.

We accept responsibility for establishing and maintaining internal controls and that we have evaluated the effectiveness of the internal control systems of the Company and we have disclosed to the auditors and the Audit Committee those deficiencies, of which we are aware, in the design or operation of the internal control systems and that we have taken the required steps to rectify these deficiencies.

We further certify that: -

a. there have been no significant changes in internal control during this year.b. there have been no significant changes in accounting policies during this year. c. there have been no instances of significant fraud of which we have become aware and the involvement therein, of management or an employee having a significant role in the Company's internal control system.

Sd/-Lt. Col. (Retd) Surender Singh Deswal

Managing Director

Place: Baddi (H.P.)Date: 29.08.2011

Declaration by the Managing Director under Clause 49 of the Listing Agreement

As per requirement of Clause 49 of the Listing Agreement with the Stock Exchanges, the Company has laid down a Code of Conduct for its Board of Directors and Senior Management.

I, Lt. Col. (Retd.) S. S. Deswal, Managing Director of the Company confirm the compliance of this code by myself and other members of the Board of Directors and Senior Management personnel as affirmed by them

stindividually, for the year ended 31 March, 2011.

Sd/-Lt. Col. (Retd) Surender Singh Deswal

Managing DirectorPlace: Baddi (H.P.)Date: 29.08.2011

C E R T I F I C A T E

To

The Members of Global Land Masters Corporation Limited

(Formerly known as Bhoomi Infrastructures Corporation Limited)

We have examined the compliance of conditions of corporate governance by M/s. Global Land Masters

Corporation Limited (formerly known as Bhoomi Infrastructures Corporation Limited) for the year ended on

31.03.2011 as stipulated in clause 49 of the Listing Agreement of the said Company with stock exchange(s).

The compliance of conditions of corporate governance is the responsibility of the management. Our

examination was limited to procedures and implementation thereof, adopted by the Company for ensuring

the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of

opinion on the financial statements of the company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that

the Company has complied with the conditions of Corporate Governance as stipulated in the above mention

Listing Agreement.

We state that no grievance(s) is pending against the company as per the records maintained by the Company.

We further state that such compliance is neither as assurance as to the future viability of the Company nor the

efficiency or effectiveness with which the management has conducted the affairs of the Company.

Place: Delhi

Date: 18.08.2011

For S. Agarwal & Company

Chartered Accountants

Firm Registration No. 000808N

Sd/-

S. N. Agarwal

(Proprietor)

M. No. 012103

28

GLOBALLAND MASTERS

AUDITOR' S REPORT

TO THE MEMBERS OFM/s Global Land Masters Corporation Limited (formerly known as M/s Bhoomi Infrastructures Corporation Limited)

1. We have audited the attached Balance Sheet of M/s Global Land Masters Corporation Limited st(formerly known as M/s Bhoomi Infrastructures Corporation Limited) as at 31 March, 2011 and the

Profit and Loss A/c and Cash Flow Statement of the Company for the Year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes 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.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, as applicable to this company, we give in the Annexure, a statement on the matters specified in paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:a) We have obtained all the information and explanations, which to the best of our

knowledge and belief were necessary for the purpose of audit.b) In our opinion, proper books of account as required by law have been kept by the Company

so far as it appears from our examination of those books.c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement

with the books of account.d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the

Accounting Standards referred to in sub-section (3C) of Section 211 of the Income Tax Act, to the extent applicable to the Company.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with notes in Schedule No. 8 give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India.

stI) In the case of the Balance Sheet of the State of affairs of the Company as at 31 March, 2011 andii) In the case of the Profit and Loss Account of the loss of the Company for the year ended on that date.iii) In the case of the Cash Flow Statements of the Cash inflows & outflow of the company for the

styear ended on 31 March 2011

Place: New Delhi Date: 28.04.2011

For S. Agarwal & CompanyChartered Accountants

Firm Registration No. 000808N

Sd/- S. N. Agarwal

(Proprietor)M. No. 012103

29

GLOBALLAND MASTERS

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF THE ACCOUNTS OF M/s Global Land Masters Corporation Limited” (formerly known as M/s Bhoomi Infrastructures Corporation

STLimited) FOR THE YEAR ENDED ON 31 MARCH, 2011.

1. The Company has purchased some fixed assets during the year and they have been physically verified by the management and no discrepancy found. The company also maintained proper records of the Fixed Assets. No assets have been disposed off during the year.

2. The company has carried out the physical verification of inventory during reasonable intervals. Company is maintaining proper records of inventory and has not found any discrepancy during the physical verification.

3. a) The Company has granted a sum of Rs 99,60,805 as interest free advances to M/s Vasant Vihar Land Project (P) Ltd., and also a sum of Rs. 15,00,000/- to M/s Bhoomi Infrastructure Co. covered in the register maintained under section 301 of the Companies Act, 1956 during the year. In our opinion, the rate of interest and other terms and conditions of such loans are prime facie, prejudicial to the interest of the Company. b) Since the loans have been granted on demand basis, there is no overdue amount.c) The Company has not taken loans during the year.

4. In our opinion and according to the information and explanation given to us the Company has an internal control procedure commensurate with the size of the Company and nature of its business, however, the same is required to be strengthened. We have neither come across nor have been informed of any instance of major weaknesses in the aforesaid internal control procedures.

5. a) According to information and explanation given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the company Act 1956, have been so entered

6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of section 58A and 58AA of The Companies Act, 1956 and the rules made there under.

7. The company has yet to introduce an internal audit system commensurate with the size and nature of its business.

8. To the best of our knowledge and according to the information and explanation given to us, the Central Government has not prescribed maintenance of cost records U/S 209(1) (d) of the Companies Act 1956 in respect of any products of any Company.

9. a) The Company, is generally regular in depositing undisputed statutory dues including P.F investor Education and protection Fund , Employees state insurance Income Tax , Sales Tax, wealth tax , Custom Duties, Excises Duties , Cess and there are no outstanding dues as on 31-3-2011, for a year exceeding six months from the date , they become payable.

b) There are no disputed amounts on account of the above statutory dues as on 31-3-2011.

10. In our opinion, accumulated losses of the company at the end of financial are more then fifty percentage of it net worth. Further the Company has incurred a sum of Rs. 73,61,645/- as cash loss during the financial year covered by our audit and immediately preceding the financial year.

30

GLOBALLAND MASTERS

11. The company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. In our opinion and according to the information and explanation given to us the Company has not issued any debentures.

13. According to the information and explanation given to us the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures or other securities.

14. The Company is not a chit fund or a Nidhi/ Mutual benefit Funds/ society. Therefore clause 4 (xiii) of the Companies (Auditors Report) order 2003 are not applicable to the Company.

15. The Company is not dealing in or trading in shares, securities, debentures, or other investments and hence, requirement of paragraph 4 (xiv) of the Companies (Auditors order Report) are not applicable to the Company.

16. According to the information and explanation given to us, the Company has not given guarantee for loans taken by related parties from the Banks and Financial Institutions.

17. The Company has not taken any Term Loan during the year

18. On the basis of information and explanation given to us and on the basis of overall examination of the Balance Sheet of the company, no fund raised for short-term basis have been utilized for long term investment.

19. The Company has not made any preferential allotment of shares to any party or company covered in the register maintained under Section 301 of the Companies Act, 1956.

20. The Company has not raised any money by Public issue, during the year.

21 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

Place: New DelhiDated: 28.04.2011

For S. Agarwal & CompanyChartered Accountants

Firm Registration No. 000808N

Sd/- S. N. Agarwal

(Proprietor)M. No. 012103

31

GLOBALLAND MASTERS

32

GLOBALLAND MASTERS

stBALANCE SHEET AS AT 31 MARCH, 2011

As on 31.3.11 As on 31.3.10

SOURCES OF FUNDS

(a) Shareholders Fund

Share Capital 1 86,602,500.00 54,112,500.00

TOTAL 86,602,500.00 54,112,500.00

APPLICATION OF FUNDS

FIXED ASSETS 2 809,811.50 0.00

INVESTMENTS 3 20,999,000.00

CURRENT ASSETS, LOANS & ADVANCES

FDR 4 54,500,000.00 - Cash & Bank Balances 4 6,310,913.00 13,105,173.00

Loans & Advances Recoverable in cash or kind 5 90,199,496.00 19,035,805.00

Site Office Work in Progress 7,349,068.00

Total Current Assets 158,359,477.00 32,140,978.00

Less: Current Liabilities 6 149,274,661.50 26,356,632.00

9,084,815.50 5,784,346.00

PROFIT & LOSS A/C 55,708,873.00 48,328,154.00

TOTAL 86,602,500.00 54,112,500.00

8

Amount (Rs.)PARTICULARS SCH

NOTES TO ACCOUNTS

Subject to our report of even date

PLACE : NEW DELHIDATED : 28.04.2011

For S. Agarwal & Company

Chartered Accountants

Firm Registration No. 000808N

Sd/-

S. N. Agarwal

(Proprietor)

M. No. 012103

for & on behalf of the Board

Rajiv Kashyap Lt. Col. (Retd.) S.S. Deswal

Managing Director

Sd/- Sd/-

Sd/-Seema Mahtur

Company Secretary

33

GLOBALLAND MASTERS

PROFIT & LOSS ACCOUNT FOR st

THE YEAR ENDED 31 MARCH, 2011

As on 31.3.11 As on 31.3.10

INCOME

INCOME FROM OPERATION

-

1,528,857.00

Total

1,528,857.00

-

EXPENDITURE

Operating & AdministrativeExpenses 8,698,924.00

7 7,970,162.00

Financial Charges 210,652.00

8,909,576.00

96,382.00

8,066,544.00

8,909,576.00 8,066,544.00

Net Profit/(Loss) before Taxation (7,380,719.00) (8,066,544.00)

Less : Provisions For Income Tax -

-

Less : Provision for Fringe Benefit Tax -

-

Add: Provision for Deferred Tax Assets -

-

Profit after Tax (7,380,719.00)

(8,066,544.00)

Add: Profit b/f from previous year (48,328,154.00)

(40,261,610.00)

Profit Carried to Balance Sheet (55,708,873.00)

(48,328,154.00)

Earning Per Share (1.45) (1.59)

PARTICULARS SCHAmount(Rs.)

NOTES TO ACCOUNTS

Subject to our report of even date

PLACE : NEW DELHIDATED : 28.04.2011

For S. Agarwal & Company

Chartered Accountants

Firm Registration No. 000808N

Sd/-

S. N. Agarwal

(Proprietor)

M. No. 012103

for & on behalf of the Board

Rajiv Kashyap Lt. Col. (Retd.) S.S. Deswal

Managing Director

Sd/- Sd/-

Sd/-Seema Mahtur

Company Secretary

NOTES TO ACCOUNTS

Subject to our report of even date

PLACE : NEW DELHIDATED : 28.04.2011

For S. Agarwal & Company

Chartered Accountants

Firm Registration No. 000808N

Sd/-

S. N. Agarwal

(Proprietor)

M. No. 012103

for & on behalf of the Board

Rajiv Kashyap Lt. Col. (Retd.) S.S. Deswal

Managing Director

Sd/- Sd/-

Sd/-Seema Mahtur

Company Secretary

PARTICULARS

A: CASH FLOW FROM OPERATING ACTIVITIES

Net Profit(Loss) before tax as per Profit & Loss Account (7,380,719.00) (8,066,544.00)Adjustments for:

Add:Interest & Financial Charges 210,652.00

96,382.00

Operating Profit Before Working Capital Changes (7,170,067.00)

(7,970,162.00)

Adjustments for:(Increase)/ Decrease in Investments (20,999,000.00)

(Increase)/ Decrease in Current Assets (133,012,759.00)

-Increase/ (Decrease) in Current Liabilities

Sundry Creditors for Expenses 281,350.00

43,500.00

Expenses Payable 106,635.00 133,008.00 Advance against sale of Investment (155,000.00)

Advances 122,530,044.00 25,907,994.00 Cash Generated from Operations (38,263,797.00)

17,959,340.00

Taxes Paid -

Net Cash from Operating Activities (38,263,797.00)

17,959,340.00

B: CASH FLOW FROM INVESTING ACTIVITIES

Sale of Investments 1,100,000.00

Payment against capital Assets & advances (809,811.50)

(9,242,105.00)

Net Cash Used in Investing Activities (809,811.50)

(8,142,105.00)

C: CASH FLOW FROM FINANCING ACTIVITIES

Proceeds From share application money 32,490,000.00

3,380,500.00

Interest & Financial Expenses Paid (210,652.00)

(96,382.00)

Net Cash from Financing Activities 32,279,348.00 3,284,118.00

D: Net Increase/ (Decrease) in Cash & Cash Equivalents (6,794,260.50) 13,101,353.00[A+B+C]

E: Opening Balance of Cash & Cash Equivalents 13,105,173.00 3,820.00

F: Closing Balance of Cash & Cash Equivalents [ E + F ] 6,310,912.50 13,105,173.00

2010-2011 2009-2010

CASH FLOW STATEMENTst(for the period ended on 31 March 2011)

34

GLOBALLAND MASTERS

SHARE CAPITAL SCHEDULE-1

Amount (Rs.) Amount (Rs.)

As on 31.3.2011 As on 31.3.2010

AUTHORIZED

1,80,00,000 Equity Shares of Rs.10/- each 180,000,000.00 60,000,000.00

7,000,000 Preference Share of Rs.10/- each 70,000,000.00

250,000,000.00 60,000,000.00

Issued, Subscribed and Paid up

50,73,200 equity shares of Rs.10/-fully paid up 50,732,000.00 50,732,000.00 17,75,000 Non Converible Non Cumulative Fully

Redeemable Pre. Share of Rs.10/- each 17,750,000.00 -

68,482,000.00 50,732,000.00

Share Application Money 18,120,500.00 3,380,500.00

TOTAL 86,602,500.00 54,112,500.00

Particulars

stACCOUNTING YEAR ENDED 31 MARCH, 2011

35

GLOBALLAND MASTERS

FIXE

D A

SSET

SSC

HED

ULE

2

PART

ICU

LARS

GRO

SS B

LOCK

AS

ON

AD

DIT

ION

S SA

LE/A

DJ.

TOTA

LU

PTO

FOR

THE

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/AD

J.TO

TAL

AS

WD

V A

S O

NW

DV

AS

ON

01.0

4.20

10D

URI

NG

TH

EA

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N31

.03.

2010

YEA

R31

.03.

2011

31.0

3.20

1131

.03.

2010

YEA

R31

.03.

2011

COM

PUTE

R-

47

1,33

0.00

-

471,

330.

00

-

18

,838

.00

-

18

,838

.00

452,

492.

00

-

OFF

ICE

EQU

IPM

ENTS

357,

555.

50

-

35

7,55

5.50

23

6.00

-

23

6.00

357,

319.

50

-

828,

885.

50

-

82

8,88

5.50

19

,074

.00

-

19

,074

.00

809,

811.

50

-

PREV

IOU

S FI

GU

RE-

--

--

--

--

-

DEP

RECI

ATI

ON

GRO

SS B

LOCK

SCHEDULES FORMING PART OF THE BALANCE SHEET stFOR THE YEAR ENDED ON 31 MARCH 2011

36

GLOBALLAND MASTERS

INVESTMENTS SCHEDULE-3

Amount (Rs.) Amount (Rs.)

Trade Unquoted

M. K Iron P. Limited

P.Y. 300000 Equity shares of Rs 10/ each Fully paid up 0.00 300,000.00

Punjab Telenet Cables Private Limited

P.Y. 800000 Equity shares of Rs 10/ each Fully paid up 0.00 800,000.00

Investment in Capital of Rain Tree Residance GLMC 20,000,000.00 -

Investment in Capital of Palm Court GLMC 999,000.00 -

TOTAL 20,999,000.00

1,100,000.00

CURRENT ASSETS SCHEDULE-4

Amount (Rs.) Amount (Rs.)

Cash & Bank Balances

Cash in Hand 5,386,784.00 7,695,932.00

Cash at Bank 0.00 5,409,241.00

IDBI Bank 30,518,074.00 0.00

The Parwanoo Urban Co-Operative Bank 720,074.00 0.00

The Parwanoo Corp Bank CC A/c (31,625,027.00) 0.00

UCO Bank, Sector 17 1,304,090.00 0.00

UCO Bank, Sector 38 6,918.00 0.00

FDR 54,500,000.00 0.00

TOTAL 60,810,913.00

13,105,173.00

LOAN & ADVANCES SCHEDULE-5

Amount (Rs.) Amount (Rs.)

Vasant Vihar Land Project pvt Ltd. 9,960,805.00 9,960,805.00

The Hillview Patarkar & Friends Co. Opp. G.H.S. 500,000.00 -

The Newpapermen & Friends Co. Opp. G.H.S. 800,000.00 -

Bhoomi Infrastructure Co. 1,500,000.00 -

Advance Against property Purchase 72,450,000.00 6,000,000.00

Shri.Hans Raj 2,500,000.00 2,500,000.00

Manmohan Singh 50,000.00 0.00

Meena Chauhan 1,100,000.00 0.00

Vkas Puri Project Delhi 0.00 500,000.00

Staff Advance 2,700.00 75,000.00

Staff Imprest 1,069,380.00 -

TDS PAID 266,611.00 -

TOTAL 90,199,496.00 19,035,805.00

37

GLOBALLAND MASTERS

CURRENT LIABILITIES & PROVISION SCHEDULE-6Amount (Rs.) Amount (Rs.)

Sundry CreditorsM.R. Chechi & Associates 0.00 43,500.00

S.M Trading & financial Services others 0.00 15,997.00

Provision for Income Tax 245,000.00

245,000.00

Advances / Security Deposits 148,437,988.00 25,907,994.00

Salary Payable 106,635.00 -

T.D. S Payable 51,058.00 -

T.D. S on Commission payable 0.00 105,023.00

T.D. S on Professional charges payable 0.00 26,985.00

S. AGARWAL & CO. 0.00 12,133.00

Sundry Creditors 394,523.00 -

Veinna IT Solution Pvt. Ltd. 39,457.50 -

TOTAL 149,274,661.50

26,356,632.00

OPERATING & ADMINISTRATIVE EXP. SCHEDULE-7Amount (Rs.) Amount (Rs.)

Advertisment Expenses 49,843.00

27,670.00

Auditor's Remuneration 118,573.00

12,133.00

Business Promotion Exp. 86,240.00

200,000.00

Commission paid 996,115.00

994,684.00

Chairty & Donation 101,000.00

21,000.00

Computer Repairs & Maintinance 41,510.00

7,200.00

Consultant & Technical Charges 30,966.00

-

Conveyance 27,211.00 -

Diwali Pooja Expenses 343,313.00 - Electricity Expenses 120,558.00 - Entertainment Expenses 18,785.00 - Fee & Subscription 581,341.00 200.00 Legal Charges 1,077,200.00

10,600.00 Licence fees 2,237,415.00

5,881,282.00

Listing Fees -

85,000.00 Misc. Exp 45,240.00

16,730.00

Office Maintenance Expenses 250,768.00

-

Postages & Courier Exp. 10,627.00

1,960.00

Printing Charges 268,998.00

11,500.00

Professional charges 1,071,975.00

327,829.00

Rent Paid 15,000.00

18,000.00

Salary to staff 755,764.00

45,000.00

Repair & Maintenance 64,646.00

-

Staff Welfare 121,899.00

-

Site Office Expenses -

257,538.00

Statutory Fees 5,000.00

-

Surveiou Charges 20,000.00

41,836.00

Telephone Expenses 27,015.00

-

Transportation Charges 5,000.00

-

Travelling Expenses 81,181.00

-

Vehicle Running & Maintenance 16,450.00

10,000.00

Bank Charges 90,217.00

-

Depreciation 19,074.00

-

Intest on cc A/C Parwanoo Bank 42,399.00

-

Interest on Current A/c Parwanoo 137,628.00 -Interest on TDS 30,625.00 -

TOTAL 8,909,576.00 7,970,162.00

38

GLOBALLAND MASTERS

M/s Global Land Masters Corporation Limited'' (formerly known as M/s Bhoomi Infrastructures Corporation Limited)

Schedule -8

ACCOUNTING POLICIES & NOTES TO THE ACCOUNTS

A. SIGNIFICANT ACCOUNTING POLICIES

A) Accounting concepts

The company follows Mercantile System of Accounting and recognizes income & expenditure on accrual basis. However, indeterminate Income / Expenditures, if any have been accounted for as & when settled. The accounts have so far been prepared on historical cost convention

Accounting policies not specifically referred to, are consistent with generally accepted accounting polices. a) Fixed Assets & Depreciation

Fixed Assets are stated at cost.

b) DepreciationDepreciation has been provided on straight line method as per the rates specified under Schedule XIV of the Companies Act, 1956.

c) InvestmentsShares and securities that are brought, held primarily for the purpose of selling in the near future are classified as investments. Such shares & securities are valued at cost price

d) Revenue RecognitionRevenue is recognized when the sale of good/services /shares & securities etc. under a contract is completed.

e) Retirement Benefits The company recruited few employees during the end of the year. Therefore, provision of Gratuity Act, Employees Provident Act & Employee State insurance Act etc did not apply.

f) Miscellaneous Expenditure/ Deferred Revenue ExpenditureThe company follows the policy of treating some expenditure, the benefit of which is expected to accrue to the company over a year beyond a single financial year, as Miscellaneous or Deferred Revenue Expenditure and amortizes such expenditure over the said extended years of accrual of benefits.

B. NOTES ON ACCOUNTS

Contingent Liabilities stThere are no contingent liabilities as on 31 March, 2011 (Nil)

3 In the opinion of the Directors, “Current Assets,” “Loans & Advances “are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business.

4. Balances appearing under the head “Current Assets”, Loan & Advances and Current Liabilities &

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GLOBALLAND MASTERS

provisions are subject to confirmation.

5. The company has not accepted / held any deposit during the period, within the purview of provisions of section 58A and 58AA of the company Act 1956.

6. Managerial Remuneration: The Company has not paid any managerial remuneration during the year.

7. Payment to Auditors

(excluding Service Tax) Current Year Previous Year 31.03.11 31.03.10

(Rs in lacs) (Rs in lacs) Statutory Audit Fee 00.30 00.12

For Other Services 00.775 00.0

8. Previous Year figures have been re-arranged/re-grouped wherever considered necessary to confirm to the classification adopted for the current year.

9. The Company did not carry any manufacturing / Trading activity during the period, therefore the provision of paragraphs 3, 4-C & 4-D of part –II OF schedule vi of the company Act 1956 are not applicable.

10. There were no transaction in foreign currency, during the year (previous year-Nil).

st11. As per the information available with the Company, as on 31 March, 2011 there are no dues to Micro, Small and Medium Enterprises as per the Micro, Small and Medium Enterprises Development Act, 2006.

12. Figures have been rounded of to the near rupee.

Place: New DelhiDate: 28.04.2011

For S. Agarwal & CompanyChartered Accountants

Firm Registration No. 000808N

Sd/- S. N. Agarwal

(Proprietor)M. No. 012103

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GLOBALLAND MASTERS

GLOBAL LAND MASTERS CORPORATION LIMITED

Shop No. 1, Gole Market, Sai Road, Baddi, Himachal Pradesh, INDIA, Pin Code 173 205

_ _ _ _ _ _ 0 1 5 8 5 4 0 6

3 1 0 3 2 0 1 1

Date Month Year

_ _ _ N I L _ _ _ _ _ N I L _ _

_ _ _ N I L _ _ _ _ _ N I L _ _

_ _ _ N I L _ _

_ _ _ N I L _ __ _ _ N I L _ _

_ _ _ 8 0 9 . 5

_ _ _ N I L _ _

_ _ _ N I L _ __ _ 9 0 8 4 . 8

_ _ _ 6 8 4 8 2

_ _ 1 5 2 8 . 9

_ _ _ N I L _ _

_ _ _ 1 . 4 5

_ _ 8 9 0 9 . 6

_ _ 7 3 8 0 . 7

_ _ _ 0 _ _ _ _

N A _ _ _ _ _ _ _ _ _ _ _ _ _ _

REAL ESTATE DEVELOPMENT

2 3 5 8 7 7 . 1 6 2 3 5 8 7 7 . 1 6

_ _ _ 2 0 9 9 9

For and on Behalf of Board of DirectorsLt. Col. (Retd.) S. S. Deswal Rajiv Kashyap Seema MathurChairman and Managing Director Director Company Secretary

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GLOBAL LAND MASTERS CORPORATION LIMITED

Shop No. 1, Gole Market, Sai Road, Baddi, Himachal Pradesh, INDIA, Pin Code 173 205

ATTENDENCE SLIP

(To be handed over at the entrance of the Meeting Hall)

ANNUAL GENERAL MEETINGth30 September, 2011

Members are requested to bring their copy of Annual Report along with them to the Annual General Meeting.

Please complete this Attendance Slip and Hand over at the Entrance of Hall. Only Members or their Proxies

are entitled to be present at the Meeting.

Name of the Shareholder / Proxy …............................................……………………………………………...……………………

L.F. …………………………………………………………………….......................................................………….……………………...

Address ……………………………………………………………….……………...................................................………………………

No. of Shares held ………………………………………………...………………................................................………………………

thI/We hereby record my / our presence at the Annual General Meeting of the Company held on Friday, 30

September, 2011.

Strike out whichever is not applicable

Signature of the Shareholder / Proxy

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GLOBALLAND MASTERS

PROXY FORM

GLOBAL LAND MASTERS CORPORATION LIMITED

Shop No. 1, Gole Market, Sai Road, Baddi, Himachal Pradesh, INDIA, Pin Code 173 205

I/We ………………………………………………of …………...............................................………………………… In the

district of ……………………………………………………………………………….being of a Member/Members of GLOBAL

LAND MASTERS CORPORATION LIMITED (formerly known as Bhoomi Infrastructures Corporation Limited)

hereby appoint………………………………….In the district of …….............…………………………………………………or falling

him / her ……………………….........................…….of…………………………................................………………

…………………………….in the district of ……………………………………. as my / our proxy to vote for me / us on my / our

behalf at the Fifteenth Annual General Meeting of the members of the company to be held at

Himachal Pradesh, INDIA, Pin Code : 173 205 at 11.00 AM. thOn Friday, 30 September, 2011 and any adjournment thereof.

Send the …………………………………………. Day of …………………………………2011.

Signature………………………….

Address…………………………...

Folio No. …………………………

No. of Equity Shares Held……...........

Affix Revenue Stamp of 1/- Rupee

Notes:

1. Any member entitled to attend and vote at the Meeting is entitled to attend and either vote in

person or by Proxy and the Proxy need not be a Member.

2. The proxy form duly signed across Revenue Stamp of Re.1.00 should reach the Company's

Registered Office not less than 48 hours before the time for holding the aforesaid Meeting. The

proxy need not be a Member of the Company.

Legend Sarovar

Patrico, Village Malpur Tehsil Baddi, District Solan,

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www.globallandmasters.com | info@globalandmasters.com

Global Land Masters Corporation LimitedFormerly known as Bhoomi Infrastructures Corporation Limited

Corporate Office : Unit No. 318-319 Inderparkash Building Barakhamba RoadCentral Delhi, Delhi 110 001 INDIATel. : +91 11 3048 3001-05Fax : +91 11 4351 5630

Project Office : Sector-2 & Sector 7, Shri Mata Mansa Devi Urban ComplexPanchkula Haryana 134 109 INDIA Tel. : +91 172 654 3009

Overseas Office : 25 Suncrest BLVD Thornhill Ontario L3T7Y4 CANADA

Registered Office : Shop No. 1, Gole Market, Sai Road, BaddiHimachal Pradesh, 173 205 INDIATel. : +91 172 2578 881

If undelivered, please return to :