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Independent Auditors’ ReportTo the member of TIL OVERSEAS PTE LTD(Incorporated in Singapore)We have audited the accompanying financial statements of TILOVERSEAS PTE LTD as set out on pages 7 to 31, which comprise thebalance sheet as at 31st March, 2009 and the income statement,statement of changes in equity and cash flow statement for the yearthen ended, and a summary of significant accounting policies andother explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentationof these financial statements in accordance with the provisions ofthe Singapore Companies Act, Cap. 50 (the “Act”) and SingaporeFinancial Reporting Standards. This responsibility includes:(a) devising and maintaining a system of internal accountingcontrols sufficient to provide a reasonable assurance thatassets are safeguarded against loss from unauthorised use ordisposition; and transactions are properly authorised and thatthey are recorded as necessary to permit the preparation of trueand fair income statements and balance sheet and to maintainaccountability of assets;(b) selecting and applying appropriate accounting policies; and(c) making accounting estimates that are reasonable in thecircumstances.Auditors’ ResponsibilityOur responsibility is to express an opinion on these financialstatements based on our audit.We conducted our audit in accordance with Singapore Standardson Auditing. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from materialmisstatement.An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor’s judgement, includingthe assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to theentity’s preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made bymanagement, as well as evaluating the overall presentation of thefinancial statements.We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.OpinionIn our opinion,(a) the financial statements are properly drawn up in accordancewith the provisions of the Singapore Companies Act, Cap. 50(the “Act”) and Singapore Financial Reporting Standards so asto give a true and fair view of the state of affairs of the companyas at 31st March, 2009 and of its results, changes in equity andcash flows for the financial year ended on that date; and(b) the accounting and other records required by the Act to be keptby the company have been properly kept in accordance with theprovisions of the Act.Shanker Iyer & Co.Public Accountants and Certified Public AccountantsPlace : SingaporeDate : 28th April, 2009.