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Global Education Ltd.

BSE: 538406 Sector: Others
NSE: GLOBAL ISIN Code: INE291W01011
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Global Education Ltd. (GLOBAL) - Auditors Report

Company auditors report

Report on the Financial Statements

We have audited the accompanying financial statements of Global Education Limited("the Company") which comprise the balance sheet as at 31st March 2017 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Accounting Standards) Amendment Rules 2016.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether d ue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based onouraudit.

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

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accounting

principles generally accepted in India of the state of affairs of the Company as at31st March 2017 and its profit and its cash flows for the year ended on that date.

Other Matters

The financial statements of the Company for the year ended March 31 2016 were auditedby another auditor Dheeraj Kochar & Co Chartered Accountant Mumbai who have givenan unmodified opinion on those financial statements vide their report dated August 252016.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary forthe purposes of our audit;

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

c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and the Companies (Accounting Standards) Amendment Rules 2016;

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

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

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

i. The Company has disclosed the impact of pending litigation on its financial positionin its financial statements as referred to in Note 26 to the financial statements.

ii. Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund bythe Company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained bythe Company. Refer Note 41 to the financial statements.

Place: Nagpur Date: May 222017

For S.S.KOTHARI MEHTA & Co.

Chartered Accountants

Firm's Registration No. 000756N

Sunil Wahal

Partner

Membership No. 087294

Annexure A to the Independent Auditor's Report to the members of Global EducationLimited

on its financial statements dated May 22 2017.

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the Central Government of India in terms ofsection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of 'Report on Other Legal and Regulatory Requirements' section.

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

(b) The fixed assets have been physically verified by the management during the yearthe frequency of which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. No discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us thetitle deeds of immovable properties are held in the name of the company.

ii. In respectofthe Company's inventories:

(a) As explained to us the Management has conducted physical verification of inventoryat reaso n ab I e i n te rval sduringtheyear.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size ofthe Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories. The discrepancies noticed onphysical verification of inventories as compared to book records were not material andhave been properly dealt with in the books of accounts.

iii. The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Act.Accordingly clauses 3(iii) (a) to (c) ofthe Order are not applicable.

iv. According to the information and explanations given to us there are no loansinvestments guarantees and securities granted in respect of which provisions of section185 and 186 ofthe Act are applicable. Hence clause 3(iv) of the Order is notapplicabletothe Company.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of directivesissued by the Reserve Bank of India and provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed thereunderare not applicable.

vi. To the best of our knowledge and belief and according to the information andexplanation given to us under section 148(1) of the Companies Act 2013 maintenance ofcost records for the products manufactured by the Company as prescribed by the CentralGovernment is not applicable.

vii. a. According to the records ofthe Company examined by us and the information andexplanations given to us the Company has generally deposited its statutory dues includingEmployees' Provident Fund Employees' State Insurance Investor Education and ProtectionFund Income Tax Wealth Tax Service Tax Custom Duty Excise duty Cess and any othermaterial statutory dues as applicable within the prescribed time with the appropriateauthorities during the year and there are no such undisputed amounts payable which haveremained outstanding as at March 31 2017 for a period of more than six months from thedate they became payable.

b. We are informed that there are no dues in respect of Sales Tax Income Tax WealthTax

Customs Duty Excise Duty and Service Tax which have not been deposited on account ofany dispute.

viii. ln our opinion and according to the information and explanations given to us weare of the opinion that the Company has not defaulted in repayment of dues to financialinstitution bankordebenture holders.

ix. In our opinion and according to the information and explanations given to us wereport that money raised by way of initial public offer were applied for the purposes forwhich those were raised except Rs. 500 lacs details of which is given in the note no 44 tothe financial statements.

x. In our opinion and according to the information and explanations given to us wereport that no fraud by the company or on the company by the officers and employees of theCompany has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to us thatthe managerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule Vto the Act.

xii. The Company is not a Nidhi company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company.

xiii. ln our opinion and according to the information and explanations given to usduring the course of audit transactions with the related parties are in compliance withsection 177 and section 188 of the Act and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and on an overallexamination of the books of account the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder audit and hence not commented upon.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him.

xvi. According to the information and explanations given to us the provisions ofsection 45-IAofthe Reserve Bank of India Act 1934 are not applicable to the Company.

Chartered Accountants Firm's Registration No. 000756N For S.S.KOTHARI MEHTA & Co.

Sunil Wahal

Partner

Membership No. 087294

Place: Nagpur

Date: May 22 2017

Annexure B to the Independent Auditor's Report to the Members of Global EducationLimited

on its financial statements dated May 22 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act as referred to in paragraph 2(f) of 'Report on Other Legal and RegulatoryRequirements' section

We have audited the internal financial controls over financial reporting of the Companyas of March 312017 in conjunction with our audit of the financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired underthe Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on ouraudit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls bothapplicable to an audit

of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with

generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:

a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

c) provide reasonable assurance regarding prevention ortimely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting

including the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

FOR S.S.KOTHARI MEHTA & Co.

Chartered Accountants Firm's Registration No. 000756N

Sunil Wahal

Partner

Membership No. 087294

Place: Nagpur Date: May 22 2017