Home  »  Company  »  Titan Biotech Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Titan Biotech Ltd.

Mar 31, 2014

1. DISCONTINUING OPERATIONS

The Company has not discontinued any operation during the year under audit. Hence there are no detail which need to be disclosed as required by AS 24.

(a)- The Company is engaged in trading business of Lab Chemicals items etc. (Exclusive of Branch transfer purchase & sale)

2. Disclosure required by Accounting Standard (AS) 15 (Revised) on "Employee Benefits":

The Company has not made any provision towards Employee Benefits during the financial year 2013-14 and hence there are no details to be disclosed as per Accounting Standard (AS) 15 on "Employee Benefits". However the Company accounts for these benefits on payment basis as and when the payment is made to the employees.

3. Disclosures of Provisions required by Accounting Standards (AS) 29 on "Provisions, Contingent Liabilities and Contingent Assets":

In the opinion of the Management, there are no provisions for which disclosure is required during the financial year 2013-14 as per Accounting Standard (AS) 29 on "Provisions, Contingent Liabilities and Contingent Assets".

4. Contingent Liabilities and Commitments

In the opinion of the Management, there are no contingent liabilities and capital commitments which needs to be disclosed in the financial statements.

5. Gain or loss on foreign currency transaction and translation:

The Company has made a gain of Rs.19,39,528.84 on account of foreign currency transactions during the financial year 2013-14 due to exchange price fluctuation.

6. Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a) . The Company''s operation mainly comprises of manufacturing of Peptone, Extract, Culture Media, Chemicals and Trading of handicap goods which have been identified in line with the Accounting Standard 17 on Segment Reporting, taking into account the organizational structure as well as differential risk and return of these segments.

(b) . The details of the Purchases & Sales (inclusive of branch transfer) and other information from operations by reportable business segments are as follows:

B. Secondary Segment Reporting (by Geographical demarcation):

(a) The Company is running its manufacturing activities at Bhiwadi & Chopanki (Rajasthan) and trading activities at Delhi.

7. Information related to Micro, Small and Medium Enterprises : The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development act, 2006 and hence, disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

8. Related Party Disclosures:

A. List of Related Parties:

i. Associates:

(a) Titan Securities Limited (b) Tanita Leasing & Finance Limited

(c) Connoisseur Management (d) Tee Eer Securities & Financial Services Private Limited Services Private Limited

(e) Peptech Biosciences Limited

ii. Key Managerial Personnel:

(a)Mr.Naresh Kumar Singla (MD) (b) Mr. Suresh Chand Singla (MD)

The Company has been advised that the computation of net profit for the purpose of Director''s Remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. The Company has paid fixed monthly remuneration to the Director as per Schedule XIII to the Companies Act, 1956.

9. For the year ended 31st March, 2014, the Board of Directors of the Company have recommended dividend @Rs. 0.75 Per Share for the shareholders of the company.

10. Additional information pursuant to paragraphs 5 (viii) of Part II of Schedule VI to the Companies Act, 1956 are as follows:

A. C.I.F. value of imports by the Company (Excluding imported items purchased locally):

11. The accounts of Sundry Debtors and Creditors are subject to confirmation / reconciliation and adjustment, if any. The Management does not expect any material difference affecting the current year''s financial statements. In the opinion of the management, the current assets, loans and advances are expected to realize at least the amount at which they are stated, if realized in the ordinary course of business and provision for all known liabilities have been adequately made in the books of accounts.

12. The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act, 1956 issued by Ministry of Corporate affairs.

13. The previous year figure has been reclassified/rearranged/regrouped in compliance of Revised Schedule VI to correspondent with current year figures


Mar 31, 2013

1. DISCONTINUING OPERATIONS

The Company has not discontinued any operation during the year under audit. Hence there are no detail which need to be disclosed as required by AS 24.

2. Disclosure required by Accounting Standard (AS) 15 (Revised) on "Employee Benefits":

The Company has not made any provision towards Employee Benefits during the financial year 2012-13 and hence there are no details to be disclosed as per Accounting Standard (AS) 15 on "Employee Benefits". However the Company accounts for these benefits on payment basis as and when the payment is made to the employees.

3. Disclosures of Provisions required by Accounting Standards (AS) 29 on "Provisions, Contingent Liabilities and Contingent Assets":

In the opinion of the Management , there are no provisions for which disclosure is required during the financial year 2012-13 as per Accounting Standard (AS) 29 on "Provisions, Contingent Liabilities and Contingent Assets".

4. Contingent Liabilities and Commitments

In the opinion of the Management, there are no contingent liabilities and capital commitments which needs to be disclosed in the financial statements.

5. Gain or loss on foreign currency transaction and translation:

The Company has made a gain of Rs.859285.17 on account of foreign currency transactions during the financial year 2012-13 due to exchange price fluctuation.

6. Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a). The Company''s operation mainly comprises of manufacturing of Peptone, Extract, Culture Media , Chemicals and Trading of handicap goods which have been identified in line with the Accounting Standard 17 on Segment Reporting, taking into account the organizational structure as well as differential risk and return of these segments.

(b). The details of the Purchases & Sales (inclusive of branch transfer) and other information from operations by reportable business segments are as follows:

7. Related Party Disclosures:

A. List of Related Parties:

i. Associates:

(a) Titan Securities Limited (b) Tanita Leasing & Finance Limited

(c) Connoisseur Management (d) Tee Eer Securities & Financial Services

Services Private Limited Private Limited

(e) Peptech Biosciences Limited

ii. Key Managerial Personnel:

(a) Mr. Naresh Kumar Singla (MD) (b) Mr. Suresh Chand Singla (MD)

The Company has been advised that the computation of net profit for the purpose of Director''s Remuneration under section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. The Company has paid fixed monthly remuneration to the Director as per Schedule XIII to the Companies Act, 1956.

8. For the year ended 31st March, 2013, the Board of Directors of the Company have recommended dividend @Rs. 0.75 Per Share for the shareholders of the company.

9. Additional information pursuant to paragraphs 5 (viii) of Part II of Schedule VI to the Companies Act, 1956 are follows: C.I.F. value of imports by the Company (Excluding imported items purchased locally):

10. The accounts of Sundry Debtors and Creditors are subject to confirmation / reconciliation and adjustment, if any. The Management does not expect any material difference affecting the current year''s financial statements. In the opinion of the management, the current assets, loans and advances are expected to realize at least the amount at which they are stated, if realized in the ordinary course of business and provision for all known liabilities have been adequately made in the books of accounts.

11. The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act, 1956 issued by Ministry of Corporate affairs.

12. The previous figure has been reclassified/ rearranged / regrouped in compliance of Revised Schedule VI to correspond with current year figures


Mar 31, 2000

1. Contingent Liabilities not provided. Current Year Pre. Year

Custom Duty which may arise if obligation for exports is not fulfilled against import 548780.00 675960.00 of machinery of Rs. 2942000/- (Previous year 2942000/-)

2. Balance of Sundry Debtors and Sundry Creditors are subject to confirmation.

3. a) The Company has been advised that the computation of net profit for the purpose of Directors Remuneration under Section 349 of Company Act 1956 need not be enumerated since no commission has been paid to the Directors Fixed monthly remuneration has been paid to the Directors as per schedule XIII to the Companies Act 1956.

4. Previous year figures have been re-worked, re-arranged re-grouped and re-classified wherever necessary.

5. Schedules from A to P form an integral part of the accounts for the year ended 31st March, 2000.

6. Information about Stock, Production, Purchases

1999 - 2000 1998-99 (Rs. in Lacs)

G. Value of imports on C.I.F. Basis NIL NIL NIL

H. Expenditure in Foreign Currency NIL NIL NIL

I. Earning in Foreign Exchange NIL NIL NIL

7. Additional information as required on pursuant to para IV to Schedule VI of Companies Act, 1956 is annexed.

 
Subscribe now to get personal finance updates in your inbox!