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Auditors’ Reportto the Members of TIL LIMITED0500511. We have audited the attached Balance Sheet of TIL Limitedas at 31st March, 2009, the related Profit and Loss Accountand the Cash Flow Statement for the year ended on that dateannexed thereto, all of which we have signed under referenceto this report. These financial statements are the responsibilityof the Company’s management. Our responsibility is to expressan opinion on these financial statements based on our audit.2. We conducted our audit in accordance with auditing standardsgenerally accepted in India. Those Standards require that weplan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of materialmisstatement. An audit includes, examining on a test basis,evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing theaccounting principles used and significant estimates madeby management, as well as evaluating the overall financialstatement presentation. We believe that our audit providesreasonable basis for our opinion.3. As required by the Companies (Auditor’s Report) Order, 2003,as amended by the Companies (Auditor’s Report) (Amendment)Order, 2004, issued by the Central Government of India in termsof sub-section (4A) of Section 227 of ‘The Companies Act, 1956’of India (the ‘Act’) and on the basis of such checks of the booksand records of the Company as we considered appropriate andaccording to the information and explanations given to us, wegive in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the said Order.4. Further to our comments in paragraph 3 above, we report that:a) We have obtained all the information and explanations,which to the best of our knowledge and belief werenecessary for the purposes of our audit;b) In our opinion, proper books of account as required by lawhave been kept by the Company so far as appears from ourexamination of those books;c) The Balance Sheet, the Profit and Loss Account and theCash Flow Statement dealt with by this report are inagreement with the books of account;d) In our opinion, the Balance Sheet, the Profit and LossAccount and the Cash Flow Statement dealt with by thisreport comply with the applicable accounting standardsreferred to in sub-section (3C) of Section 211 of the Act;e) On the basis of written representations received from thedirectors, as on 31st March, 2009, and taken on record bythe Board of Directors, none of the directors is disqualifiedas on 31st March, 2009 from being appointed as a directorin terms of clause (g) of sub – section (1) of Section 274 ofthe Act;f) In our opinion and to the best of our information andaccording to the explanations given to us, the saidfinancial statements together with the notes thereonand attached thereto give in the prescribed manner theinformation required by the Act and give a true and fairview in conformity with the accounting principles generallyaccepted in India :i) in the case of the Balance Sheet, of the state of affairsof the Company as at 31st March, 2009;ii) in the case of the Profit and Loss Account, of the profitfor the year ended on that date; andiii) in the case of Cash Flow Statement, of the cash flowsfor the year ended on that date.Place : KolkataDate : 11th May, 2009.S.K.DebPartnerMembership Number – 13390For and on behalf ofPrice WaterhouseChartered AccountantsFinancial Statements (TIL)