TIL LI,.

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CIN : 174999W81974P1C041725
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INDEPENDENT AUDITORS' REVIEW REPOIIT
TO THf, BOARD OF DIRECTOIIS OF

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TIL LIMITED
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we havc reviewcd the acconrpanying Statenicnt of Standalone Unauditcd Financial

Resuhs of TIL Limited ('thc CoDrpany') fbr the Quaner and Six Months ended 3O'r'
September 2015 (-the Statement ). being subm;lted b) the Compan) pLrrsuant lo the
requirement o f C lause 4 | o f the Listing Agreements N ith lhe Stock E\chan ges. except for'
the disclosrres in Part ll - Select Infomlation refeaed lo ir paragraph 4 belou. This
Stalemenl is the responsibility of the Company's Managemenr and has been approved by
the Board of Directors. Our respons;bilit) is ro issue a report on rhe StalcmcDr based on

We conducted our review of the Slatement in accordancc sith the Standard on Revicw
EngagemenB (SRE) 2410'Review of lnrerim Financial Infomalion Pcrformed b]'lhe
Independent Auditor of thc EDtiR , issued by the lnstimte of Chartered Accountants ol
India. This Standard requircs that we plan and perform the rcview to oblair moderate
assumnce as to rvhethcr the Slatcment is ftee ol nrnterial misslalcment. A re\'ic* is
limiled pimarily 1() inquirics otCompany personnei and anal."-lical procedurcs applied lo
linancial data and thus providcs less assurance than an audil. Wc have not performed an
audit and. accordirgly, we do not c\press an audit opinion.
Bascd on our rcliery conducted as stated aboye- nol)ring has come lo oul altention lhal
causcs us to bcliele thar the accompan)i0g Statemenl prepared in accordalce.!;Ih lhc
i\ccounling Slandards spccified under Section
ol thc Companies Acl, 2011- read with
Ilulc 7 of the Conrpanics (Accounts) Rulc!. 2014 and other accounting principlcs
generally acceptcd ir lndia. has nol disclosed lhe infofinalion required to bc disclosed in
rerms ol Clause 4l ofthe l-isting greements nith the Slock Exchanges, including thc
manner in $hich it is to be disclosed. or thal it contains an,v matcrial misstalenlcnt.

lil

4.

Funher, \!c also report that $c have traccd the nurnbc[ ofshares as Nell as the pcrcentage
ofshareholding in respect ofrhc asgregalc arnounr ol public sharcholding and lhc number
ofshares as well as the percentage ol-shares plcdged,e|cumbcred and ron cncumbered in
respect o1 ll1e aggregale imoun! of prornolers and pronroter group shareholdi g in terms
of Clausc i5 of the Lisring Agreemenrs with the Stock Exchangcs and the particulars
relaling to invcstor complaints disclosed in Part ll - Selcct Infbrmat;on lor the Qua(cr
and Six Monrhs EDded l0rh Septeniber 2015 ofthe Statemert. from the derails fumishcd
by the Rcgistrars.

Iror DELOITTE HASKINS & SELLS

Chanercd Accountanls
(Firm's Rcgisrralion No. 302009E)

A. Bhirtt
(Menrhe^hip No.
Kolkata.

9rr'

Novcmber. 2015

05ll l0)

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INDEPENDENT AUDITORS! REVIEW REPORT

TO THE BOARD OF DIRICTORS OF

TIL LIMITEI)
l.

We have reviewed the accompanyirg Statemenr of Consolidarcd UDaudited Financial Results

TIL LMITED ("thc

ol

Company") and its subsidiaries (rhc Company, and its s bsidiar!.

constitute "thc Croup") for the Quarter and Six Months ended l01r'scptember 2015 (',the
Statement"), being submitted by the Company pLNuant ro Clause

4t ot

thc ]_isting Agreements

with the Stock Ilxchdnges. except lbr the disclosurcs ir PaI1 II - Select Intbmation rctered to in
paragraph 6 below. This Statement is tlc responsibility of thc Compdny,s Management and has
been approved by the Board ofDirectors. Our responsibilit_v is to issue a report on the Statement
based on our review.

2.

We conductcd our review ol the Statement ln accordance with the Srandard on Re,,ie*
Engagements (SRX) 2110 "Review of Inrerim Financial Infonnation pcrtbrmed by the
Indcpendent Auditor ofthe Entity", issued by the Institutc of Chartered Accountanrs of Indta.
This Standard requhes that we plan and perform rhe review to otrtain moderate assurance as to
whether the State enl is free ofmatedal misstatement. A rcvicly is lirnited primarily ro inquirius
of Company personnel and analytical procedurcs applied to financial data and fius provides less
assurancc than an audit. We have nor peribrmed an audit and, accordingly, we do not express an
audii opinion.
The Statemenl includes ihe results ofTIL Limired and the following subsidiariesi Tractors India
Private Limited, Tractors Nepal Privatc Limited and Til Ovcrseas Pte Ltd_

1.

We did not review the inlc rn financial starements of 2 subsidiaries includcd in the consolidated
finaDcial res hs. \hose inter;m Unancial statements / inibnnalion / results reflect ro%l .ssers ofa
17,765 lakhs a5 at 30s Sepiember. 2015, total revcnues of< 243 lakhs and a 1, t24 lakhs fbr the
Q arlcr and Six rnonths cnded 3 01h Septembcr 20 15. respectively, and rotal loss after ta{ of < 23 2
lakhs and < 60 I lakhs lbr the Quarter and Six months ended I0rr' Seprember 20 I 5, respectively. as
considcrcd iu the consolidatcd financial resulrs. These interim financial statements / iDfbrmarion I
results lave been reviewed by orher audlrors lyhose reporrs have been fumished to us by rhe
Management and our report on the Statement. in so far as it relates to the amounrs and disclosures
included in respect ofilese subsidiaries. is based soiely on ile rcpofs ofrhe other audirors.
Based on our review conducted as stated above, nothing has comc to our attention thar causes us

to

believe that the accompanying Statement! prepared

in

accordance

with the Accounting

Standards spccitied under Scction 133 of thc Companies cr, 2013, read with Rule 7 of thc
Companies (Accounts) Rules,2014 and other accounring principles generally accepted in India,
has not disclosed the information required to be disclosed in terms of Clause 4t olthe Listing
Agreements \yith the Stock Exchanges, including the manncr in which ir is to be disctosed, or rhat
it contains ary material misstatement.
6.

Further, wc also report that lye have traced the number of shares as well as the percentage of
shareholding ;n respcct of the aggregate amounr of public shareholding and the number of
shares as well as the percentage ol' shares pledged/encu,nbered and ron-encumbercd in

Deloitte
Haskins & Sells

respect of the aggregate amount of pronlotels and promoter group shareholding in tems of
Clause 35 ofthe Listing Agreements wjth the Stock Exchanges and the particulars relating to
irvestor complaints disclosed in Part Il - Select lnfomatjon for the Quarter ard Six Mofths
hded 30d September 2015 ofthe Statement, from the detajls tumished by the Registra-rs.

For DELOITTE HASKINS

& SELLS

Chartered Accountants

(Firm's Registration No. 302009E)

Patner
(Membership No. 054110)

Kolkata,

9rh

November, 201 5