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Auditor Report of TIL Ltd.

Mar 31, 2012

1. We have audited the attached Balance Sheet of TIL Limited ("the Company") as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's Management our responsibility is to express an opinion on these financial statements based on our audit

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a

3. As required by the Companies (Auditor's Report) Order, 2003 (CARO) issued by the Central Government in terms of Section H7(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to 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 were necessary for the purposes of our audit;

(b) hour opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) the Balance Sheet tie Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account; -

(d) in our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act 1956;

(e) in our opinion and to the best of our information and according to the explanations given to us, they said accounts give the information required by the Companies Act, 1956 in the manner so required and give a tree and f& view in conformity with the accounting principles generally accepted in India:

(Q in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012;

(ii) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date and

(iii) in the case of the Cash Flow Statement of the cash flows of the Company for the year ended on that date.

5. On the basis of the written representations received from the Directors as on 31 st March, 2012 taken on record by the Board of Directors, none of the Directors is disqualified as on 31 st March, 2012 from being appointed as a director h terms of Section 274(1)(g) of the Companies Act 1956.

(i) Having regard to the nature of the Company's business/activities /result, clauses (x), (xii), (xiii), (xiv), (xviii), (xix) and (xx) of CARO are not applicable

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.

(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion provides for physical verification of all the fixed assets at reasonable internals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

Cm) In respect of its inventory:

(a) As explained to us, the inventories excepting material lying with third parties (which have substantially been confirmed) were physically verified during the year by the Management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

(iv) The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956.

(v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtain Rung comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and seines. During the course of our audit, we have not observed any major weakness in such internal control system.

(vi) According to the information and explanations given tons, there have been no contracts or arrangements referred to in Section 301 of the Companies Act,1956 during the year to be entered in the register maintained under that section. According they the question of commenting on transactions made in pursuance of such contracts or arrangements does not arise.

(vii) According to the information and explanations given to us, the Company has not accepted any deposit from the public during the year. In respect of unclaimed deposits, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act 1956.

(viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(ix) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(x) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Income-tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited as on 31st March, 2012 on account of disputes we given below:

Name of the Statute Forum where dispute is Nature of Dues Amount involved Period to which pending_(Rs in lacs) it relates

The Uttar Pradesh Trade Tax Act, 1948 The Commercial Taxes Entry Tax 6.48 2004-05 Tribunal, Gaziabad.

The Central Sales Tax Act, 1956 The Commercial Taxes Sales Tax 1.65 1996-97 Tribunal, Gaziabad 1997-98

The Central Sales Tax Act, 1956 The Additional Sales Tax 880.20 2007-08 Commissioner (Appeals), 2008-09 Commercial Taxes, Koftata

The West Bengal Value Added Tax Act 2003 The Additional Sales Tax 616.38 2007-08 Commissioner (Appeals), 2006-09

Commercial Taxes, KoBata

The Income tax Act, 1961 Commissioner of Income-tax Income tax 2007-08

2004-05

(Appeals) 2006-07

2007-08

2008-09

The Central Excise Act, 1944 Commissioner of Central Excise Duty 25.06 2002-03 Excise (Appeals) 2007-08

Finance Act, 1994 Commissioner of Central Dispute regarding Service 23.56 2007-08

Excise (Appeals) Tax on Commission received

(xi) in our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to Dans.

(xh) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and financial institutions are not prima facie prejudicial to the interests of the Company.

(xiii) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

(xiv) In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have not been used during the year for long- term investment

(xv) To the best of kit knowledge and according to the information and explanations given to us, no fraud by the Company and no fraud on the Company has been noticed or reported during the year.

For DBLOITTE NASKMS & SELLS

Chartered Accountants

(Registration No. 302009E)

A Bhattacharya

Koikata Partner

14 th May, 2012 (Membership No. 054110)


Mar 31, 2010

1. We have audited the attached Balance Sheet of TIL Limited as at 31 st March, 2010, the related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, all of which we have signed under reference to this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) 0rder,2004 (together the Order), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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, were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the applicable accounting standards referred to in sub-section (3C) of Section 211 of the Act;

e) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Act;

f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure To Auditors Report Referred to in Paragraph 3 of the Auditors Report of even date to the Members of TIL Limited on the Financial Statements for the year ended 31st March, 2010

1. (a) The Company has maintained proper records to show full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets of the Company are physically verified by the management according to a phased programme designed to cover ail the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a part of the fixed assets has been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

2. (a) The inventory of the Company (other than stocks with third parties) has been physically verified by the management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, the Company has maintained proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records, which were not material, have been properly dealt with in the books of account.

3. The Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 301 of the Act.

4. In our opinion and according to the information and explanations given to us, having regard to the explanation that certain items purchased are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. According to the information and explanations given to us, there have been no contracts or arrangements during the year referred to in Section 301 of the Act, the particulars of which are required to be entered in the register maintained under that Section. Further, there have been no transactions made in pursuance of such contracts and exceeding the value of rupees five lacs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975, as applicable, with regard to deposits accepted from the public. According to the information and explanations given to us, no order under the aforesaid sections has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits.

7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

8. The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act, for any of the products of the Company.

9 (a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is regular in depositing during the year the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues, as applicable, with the appropriate authorities. (b) According to the information and explanations given to us and the records of the Company examined by us, as at 31 st March, 2010, there were no dues in respect of Customs Duty, Wealth Tax and Cess which have not been deposited on account of dispute other than certain disputed dues of Income Tax, Sales Tax, Service Tax and Excise Duty in respect of which amounts involved and the forum at which dispute is pending are set out below:

Name of the Statute Nature of Dues

The Central Sales Tax Act, 1956 salesTax dues for the year 2001-02

The Central Sales Tax Act, 1956 Sales Tax dues for the year 2003-04

The Uttar Pradesh Trade Tax Act, Entry Tax dues for the year 2004-05 1948

The Central Sales Tax Act, 1956 Sales Tax dues for the year 2004-05

The Central Sales Tax Act, 1956 Sales Tax dues for the year 2005-06

The Central Sales Tax Act, 1956 Sales Tax dues for the year 2006-07

The Central Sales Tax Act, 1956 Sales Tax dues for the year 2006-07

The West Bengal Value Added Tax Sales Tax dues for the year 2006-07 Act 2003

The Uttar Pradesh Value Entry Tax dues for the year 2008-09 AddedTax Act, 2008

The Income tax Act, 1961 Income Tax dues forme assessrnent year 2004-05

The Income tax Act, 1961 Income tax dues for the assessment year 2006-07

The Income tax Act, 1961 Income tax dues for the assessment year 2007-08

The Central Excise Act, 1944 Dispute regarding Duty Exemption Certificate produced by Ministry of Defence for the year 2007-08

The Central Excise Act, 1944 Dispute regarding applicability of Service Tax on payment of Royalty and Technical Knowhow fees for the period 2005-08

The Central Excise Act, 1944 Excise valuation disputes for the year 2002-03



Finance Act, 1994 Service Tax dues for the period August 2004 to July 2007

Finance Act, 1994 Service Tax dues for the period October 2006 to January 2008

Finance Act, 1994 Service Tax dues for the period January 2004 to August 2007



Name of the Statute Amount Forum where dispute is pending (Rs. 000) [net of payments] The Central Sales Tax Act, 1956 485 The High Court of Jharkhand at Ranchi The Central Sales Tax Act, 1956 1,145 The Joint Commissioner (Appeals), Ghaziabad, Uttar Pradesh

The Uttar Pradesh 642 The Joint Commissioner Trade Tax Act 1948 (Appeals), Ghaziabad, JttarPradesh

The Central Sales 87 The Joint Commissioner Tax Act, 1956 (Appeals), Ghaziabad, Uttar Pradesh

The Central Sales 316 The Joint Commissioner Tax Act, 1956 (Appeals), Ghaziabad, Uttar Pradesh

The Central Sales Tax Act, 1956 83 The Joint Commissioner (Appeals), Ghaziabad, Uttar Pradesh

The Central Sales 2,185 The Additional Tax Act, 1956 Commissioner (Appeals), CommercialTaxes, Kolkata

The West Bengal 105 The Additional Value Added Tax Commissioner (Appeals), Art 2003 Commercial Taxes, Kolkata

The Uttar Pradesh Value 898 The Joint Commissioner Added Tax Act, 2008 (Appeals)/ The Deputy Commissioner (Appeals), Ghaziabad, Uttar Pradesh

Theiconitax Act, 1961 1,000 Commissioner of Income-taxi (Appeals)

Theiconitax Act, 1961 135 Commissioner of Income-tax (Appeals)

Theiconitax Act, 1961 674 Commissioner of Income-tax (Appeals)

The Central Excise 1,946 Commissioner of Act, 1944 Central Excise (Appeals)

The Central Excise 1,526 Commissioner of Act, 1944 Central Excise (Appeals) The Central Excise 1,857 Customs, Excise Act, 1944 and Service Tax Appellate Tribunal, Chennai

Finance Act, 1994 9,498 Customs, Excise and Service Tax Appellate Tribunal, New Delhi

Finance Act, 1994 660 The Commisioner of Central Excise, Jaipur

Finance Act, 1994 86,103 Customs, Excise and Service Tax Appellate Tribunal, Kolkata

10. The Company has no accumulated losses as at 31st March, 2010, and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the Balance Sheet date.

12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Provisions of any special statute applicable to chit fund/ nidhi/ mutual benefit fund/ societies are not applicable to the Company.

14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

15. In our opinion, and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company, for loans taken by others from banks or financial institutions, are not prejudicial to the interest of the Company.

16. In our opinion, and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

17. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on short term basis which have been used for long term investment.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act during the year.

19. The Company had neither any outstanding debenture at the beginning of the year nor has it issued any debenture during the year and accordingly, the question of creation of security or charges in this respect does not arise.

20. The Company has not recently raised any money by public issue.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For PRICE WATERHOUSE

Firm Registration Number - 301112E

Chartered Accountants



S.K. Deb

Partner

Membership Number-13390

Kolkata

11th May, 2010

 
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