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Overview Performance Reviews Governance Financials173Annual Report 2010-11Auditor’s ReportBoard of DirectorsTractors Nepal Private LimitedNepalDear Sirs,1. We have audited the accompanying Financial Statements of Tractors Nepal Pvt. Ltd. expressed in Nepalese Nrs. as of 31st March, 2011 and for the yearthen ended.These Standard Forms are the responsibility of TIL Limited’s management. Our responsibility is to express an opinion on these Standard Formsbased on our audit.2. We conducted our audit in accordance with International Standards on Auditing generally accepted in India and with your ‘TIL Limited Group AuditInstructions for the year ending 31st March, 2011’. Those Standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, aswell as, evaluating the overall presentation of information in Financial Statements. We believe that our audit provides a reasonable basis for our opinion.3. On the basis of our examinations carried out as aforesaid and according to the information and explanations obtained, in our opinion:a. the accompanying Financial Statements have been properly prepared to give the information required for the purpose of presentation of ConsolidatedFinancial Statements of the Parent Company i.e. TIL Limited; andb. present a true and fair view of the financial position of Tractors Nepal Private Limited as at 31st March, 2011, and its profit/loss and cash flows forthe year then ended in conformity with the accounting principles generally accepted in India.Date : 21st April, 2011.Raju Kumar Sibakoti, FCAPartner,JBRH and Company,Chartered Accountants