We have audited the accompanying standalone financial statements
of TIL Limited ("the Company"), which comprise the Standalone
Balance sheet as at March 31, 2026, the Standalone Statement
of Profit and Loss, including the Standalone Statement of Other
Comprehensive Income, the Standalone Statement of Cash Flow,
the Standalone Statement of Changes in Equity for the year then
ended and notes to the Standalone financial statements, including
a summary of material accounting policies and other explanatory
information (hereinafter referred to as 'Standalone Financial
Statements').

In our opinion and to the best of our information and according
to the explanations given to us, except for the possible effects of
the matter described in 'Basis for Qualified Opinion' section of
our report, the aforesaid standalone financial statements give the
information required by the Companies Act, 2013, as amended
("the Act") in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2026, its
loss including other comprehensive income, its cash flows and the
changes in equity for the year ended on that date.

BASIS FOR QUALIFIED OPINION

We draw attention to Note 10.2 of the accompanying Standalone
Financial Statements. As of March 31, 2026, the Company has
recognized Deferred Tax Assets (DTA) (net) amounting to ' 10670
lakhs (including ' 1075 lakhs recognized for the year) primarily
towards unused business losses. The recognition of these DTA is

based on management's assessment that sufficient taxable profits
will be available in future against which such assets can be utilised.
In accordance with Ind AS 12, DTA is recognized only when there
is convincing evidence that sufficient future taxable income will be
available for utilization.

The Company has incurred losses during the current year and in
absence of sufficient appropriate audit evidence to support the
management's underlying assumptions for future profitability, we
are unable to comment on the reliability of the profit projections or
the likely timing and quantum of future taxable profits. Consequently,
we are unable to determine the possible effect on the carrying value
of the Deferred Tax Assets and the loss for the year.

We conducted our audit of the Standalone Financial Statements
in accordance with the Standards on Auditing (SAs), as specified
under Section 143(10) of the Companies Act, 2013, as amended
("the Act"). Our responsibilities under those Standards are further
described in the "Auditor's Responsibilities for the Audit of the
Standalone Financial Statements" section of our report. We are
independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our
audit of the Standalone Financial Statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and
the ICAI Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our qualified
audit opinion on the Standalone Financial Statements.

OTHER INFORMATION

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Report of
Directors including Annexures to the Report of Directors, Corporate
Governance and Shareholder's Information but does not include the
standalone financial statements and our auditor's report thereon.

Our opinion on the Standalone Financial Statements does not cover
the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the Standalone Financial Statements,
our responsibility is to read the other information and, in doing so,
consider whether such other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Act with respect to the preparation
of these Standalone Financial Statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity
of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and
the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Standalone Financial
Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management
is responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an

auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management's use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related
disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable
user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements in the
financial statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the
current year and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Act, we give
in the "Annexure 1" a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and except for the matter described
in the Basis for qualified opinion paragraph, obtained
all the information and explanations which to the best
of our knowledge and belief were necessary for the
purposes of our audit;

(b) 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 except for the possible effect
of the matter described in the Basis for qualified opinion
paragraph and for the matters stated in the paragraph
2(j)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014;

(c) The Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement
of Cash Flow and the Statement of Changes in Equity
dealt with by this Report are in agreement with the
relevant books of account;

(d) Except for the possible effect of the matter described in
the Basis for qualified opinion paragraph, in our opinion,
the aforesaid financial statements comply with the Indian
Accounting Standards (Ind AS) specified under Section
133 of the Act read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

(e) The matter described in the Basis for Qualified opinion
paragraph above, in our opinion, may have an adverse
effect on the functioning of the Company.

(f) On the basis of the written representations received
from the directors as on March 31, 2026 taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31, 2026 from being appointed
as a director in terms of Section 164 (2) of the Act;

(g) The modifications relating to the maintenance of
accounts and other matters connected therewith are as
stated in the Basis for Qualified opinion paragraph above
and paragraph 2(b) above on reporting under Section
143(3)(b) of the Act and paragraph 2 (j)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

(h) With respect to the adequacy of the internal financial
controls with reference to these standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure 2" to
this report;

(i) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of the Section 197(16) of the Act, as amended, in our
opinion and to the best of our information and according
to the explanation given to us, the remuneration paid/
provided by the company to its directors for the year
ended March 31, 2026 is in accordance with the
provisions of Section 197 of the Act read with Schedule
V of the Act;

(j) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended
in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note 34.1, 34.2 and 34.3 to the
standalone financial statements;

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses;

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

iv. (a) The management has represented that, to the

best of its knowledge and belief, as disclosed
in the Note 40.4 to the standalone financial
statements, no funds have been advanced
or loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in
any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of

the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The management has represented that, to the
best of its knowledge and belief, as disclosed
in the Note 40.4 to the standalone financial
statements, no funds have been received by
the Company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures performed
that have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us to
believe that the representations under sub¬
clause (a) and (b) above contains any material
misstatement.

v. No Dividend has been declared or paid during the

year by the company.

vi. Based on our examination which included test
checks, the Company has used accounting
softwares for maintaining its books of account for
the financial year ended March 31, 2026, which has
a feature of recording audit trail (edit log) facility
except:

(a) in respect of software for capturing payroll
records where audit trail feature was not
enabled; and

(b) audit trail was not enabled at the database
level for accounting software to log any direct
data changes to data when using certain
access rights.

For accounting software for which audit trail
feature is enabled, the audit trail facility has been
operating throughout the year for all relevant
transactions recorded in the software and we
did not come across any instances of audit trail
feature being tampered with during the course of
our audit.

Further, other than consequential impact of the
exceptions given above, the audit trail has been
preserved by the Company as per the statutory
requirements for record retention where such
feature was enabled.

For Singhi & Co.

Chartered Accountants
Firm Registration No.: 302049E

Giridhari Lal Choudhary

Partner

Place: Kolkata Membership No.: 052112

Date: May 28, 2026 UDIN: 26052112WUWUSF4479