We have audited the accompanying Standalone
Financial Statements of TIL Limited ("the Company"),
which comprise the Standalone Balance Sheet as at
March 31, 2025, 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, 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, 2025, its profit including other
comprehensive income, its cash flows and the changes
in equity for the year ended on that date.

BASIS FOR OPINION

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 "Auditors' 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
audit opinion on the Standalone Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the Standalone Financial Statements for the year
ended March 31, 2025. These matters were addressed
in the context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of
how our audit addressed the matter is provided in that
context.

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 auditors'
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.

AUDITORS’ 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 auditors' 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 auditors'
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 auditors' 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
auditors' 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 (Auditors' 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 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 matters stated in the paragraph
2(i)(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) 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) On the basis of the written representations
received from the directors as on March 31,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 2025 from being appointed as a director in
terms of Section 164 (2) of the Act;

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

(g) 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;

(h) With respect to the other matters to be
included in the Auditors' 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, 2025 is in accordance
with the provisions of section 197 of the Act
read with Schedule V of the Act;

(i) With respect to the other matters to be included
in the Auditors' 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 33,
34.1 and 34.2 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, 2025, 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 the 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 26, 2025 UDIN: 25052112BMLZEF3917