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Report of the Auditorsto the Board of Directors of TIL LIMITED1. We have audited the attached Consolidated Balance Sheet ofTIL Limited and its subsidiaries (the Group) as at 31st March,2009, and also the Consolidated Profit and Loss Account forthe year ended on that date and the Consolidated Cash FlowStatement for the year ended on that date annexed thereto, allof which we have signed under reference to this report. TheseConsolidated Financial Statements are the responsibility ofTIL Limited’s management (TIL management) and have beenprepared by the TIL management on the basis of separatefinancial statements and other financial information regardingcomponents. Our responsibility is to express an opinion onthese Consolidated 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 provides areasonable basis for our opinion.3. We did not audit the financial statements of the subsidiaries,whose financial statements reflect total assets of Rs.1,399,670(‘000) as at 31st March, 2009, the total revenue of Rs.2,181,131(‘000) and cash flows amounting to Rs.397,566 (‘000) for theyear then ended. These financial statements and other financialinformation have been audited by other auditors whose reportshave been furnished to us, and our opinion is based solely onthe report of the other auditors.4. We report that the Consolidated Financial Statements havebeen prepared by the TIL management in accordance withthe requirements of Accounting Standard 21 on ‘ConsolidatedFinancial Statements’.5. Based on our audit and on consideration of reports of otherauditors on separate financial statements and on the otherfinancial information of the components, and to the best ofour information and according to the explanations given to us,we are of the opinion that the attached Consolidated FinancialStatements give a true and fair view in conformity with theaccounting principles generally accepted in India:(a) in the case of the Consolidated Balance Sheet, of the stateof affairs of the Group as at 31st March, 2009;(b) in the case of the Consolidated Profit and Loss Account, ofthe profit for the year ended on that date; and(c) in the case of the Consolidated Cash Flow Statement, ofthe cash flows for the year ended on that date.Place : KolkataDate : 11th May, 2009.078S.K.DebPartnerMembership No. - 13390For and on behalf ofPRICE WATERHOUSEChartered Accountants079Financial Statements (Consolidated)