Notes to Accounts of Titan Biotech Ltd.

Mar 31, 2023

(i) Rights, preferences and restrictions attached to shares Equity shares

The Company has one class of equity shares having a par value of '' 10 each. Each shareholder is eligible for one vote per share held and carry a right to dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Note: (a) Terms of repayment of Borrowings:

(i) Cash Credit,Packing Credit and Bill Discounting Facilities lending from HDFC Bank repayable on demand and bear interest of Repo Rate 4.00% P.A. with repayable amount as on 31.03.2023 is Rs.5,52,65,476.93.

(ii) Term loan pending from HDFC Bank repayable on equal monthly installment of Rs. 9,06,447 bear interest of MCLR 0.75% P.A. with maturity date of 07-01-2024 having Outsanding amount as on 31.03.2023 is Rs.82,49,201.00.

(iii) Vehicle loan pending from HDFC Bank repayable on equal monthly installment of Rs. 46625.00 bear interest of 8.70% P.A. with maturity date of 07-03-2025 having principal amount as on 31.03.2023 is Rs.10,36,642.30 and HDFC Bank on equal monthly installment of Rs. 1,31,312.00 bear interest of 11.50% P.A. with maturity date of 05.11.2025 having principal as on 31.03.2023 is Rs.24,52.100.60

(iv) Plot No.E-539 Loan pending from Riico Ltd. on equal monthly installment of Rs.16,58,700.00 bear interest 9% P.A. with ended date of 30-06-2023 having Principal repayment amount as on 31.03.2023 is Rs.16,58,700.00

Note (b) : Charge on secured borrowings is as given below:

1 Primary Security

(i) Cash Credit -> Hypothecation by way of First and Exclusive charge on all present and future stocks and book debts for CC limit,FD for LC/BC.

(ii) Vehicle loan is hypothecation on specific car.

2 Collateral Security

(i) Industrial Property at Plot No.902A,Block-A, RIICO Industrial Area,Bhiwadi,Rajasthan-301002 in the name of M/s Titan Biotech Limited.

(ii) E 540 ,Chopanki,Chopanki Industrial Area,Near Highway, Bhiwadi, Rajasthan.

Note (c) : above secured Loans (Other than Vehicle Loan) are personal guarantee of two directors.

The tax rate used for the year 2022-23 and 2021-22 is the corporate tax rate of 25.17% (22% surcharge @ 10% and cess @ 4%) and 25.17% (22% surcharge @ 10% and cess @ 4%) respectively payable on taxable profits under the Income Tax Act, 1961.Significant components of net deferred tax assets and liabilities for the year ended March 31,2022 are given in Note 16.

34 Contingent Liabilities and Commitments (I) Contingent Liabilities There is a probability of liability arising in future as of the BG Amount.		(Rs.in Lakhs)
Particular	As at	As at
	March 31, 2023	March 31,2022
Contingent Liabilities Guarantees to bank against credit facilities/ Performance guarantees	112.62	162.33
(II) Commitments	112.62	162.33
Particular	As at	As at
	March 31, 2023	March 31,2022
Uncalled liability on partly paid-up shares( No. of Shares 3150050)	-	157.50
	-	157.50

35 Gain or loss on foreign currency transaction and translation:

The Company has made a gain of Rs 1,31,49,878.29 and Rs.62,14,087.67 on account of foreign currency transactions during the financial year 2022-23 and 2021-22 respectively due to exchange price fluctuation.

36 Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a). Based on the guiding principles given in Ind AS 108 - “Operating segments”, the Company is primarily engaged in the business of Biological Products. As the Company’s business activity falls within a single primary business segment, the disclosure requirements of Ind AS-108 in this regard are not applicable.

37 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.

38 Disclosure under Regulation 34 (3) of Securities and Exchange Board of India (SEBI) (listing obligations and disclosure requirements) Regulations, 2015

(III) Fair values hierarchy

Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels: Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

Level 2: Inputs other than quoted price included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

The fair value of financial instruments that are not traded in an active market is determined using market approach and valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparty

The fair value of trade receivables, trade payables and other current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short-term nature. Where such items are non-current in nature, the same has been classified as Level 3 and fair value determined using discounted cash flow basis. Similarly, unquoted equity instruments where most recent information to measure fair value is insufficient, or if there is a wide range of possible fair value measurements, cost has been considered as the best estimate of fair value.

There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the year.

Financial Risk Management Objectives And Policies

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The Company’s risk management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee is responsible for overseeing the Company’s risk assessment and management policies and processes.

The Company’s financial risk management policy is set by the management. Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. The Company manages market risk which evaluates and exercises independent control over the entire process of market risk management. The management recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee.

a) Credit risk

Credit risk is the risk offinancial loss to the Company ifa customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers. Credit risk arises from cash held with banks as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. An impairment analysis is performed at each reporting date on an individual basis for major customers. The history of receivables shows a negligible provision for bad and doubtful debts..

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments and all short term and long-term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of its investments. Thus, the Company’s exposure to market risk is a function of investing and borrowing activities.

i) Foreign exchange risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.

The Company has international transactions and is exposed to foreign exchange risk arising from foreign currency transactions (imports and exports). Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company’s functional currency. The Company does not hedge its foreign exchange receivables/payables.

The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives disclosed below):

(ii) Interest rate risk

The Company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

(IV) Capital management

The capital structure of the Company consists of equity, debt, cash and cash equivalents. The Company’s objective for capital management is to maintain the capital structure which will support the Company’s strategy to maximize shareholder’s value, safeguarding the business continuity and help in supporting the growth of the Company.

41 The Board of Directors of the Company has recommended a dividend of Rs. 1.80 Per Equity share for the financial year ended on 31st March 2023. The dividend will be paid after approval of the same by shareholders in the Annual General meeting.

Reasons for Variance

(a) Debt equity ratio falling which evaluate a low risk to shareholders. High ratio indicates high risk.

45 Additional Regulatory information:

i) The Company does not have any benami property, and no proceeding has been initiated against the Company for holding any benami property.

ii) The Company does not have any transactions with struck off companies.

iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) 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

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) 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 party (ultimate beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

vii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

viii) The Company has not been declared as a wilful defaulter by any banks or any other financial institution at any time during the financial year or after the end of the reporting period but before the date when the financial statements are approved.

ix) Figures have been rounded off to the nearest Lakhs ruprees.

47 Previous year’s figures have been reclassified / regrouped wherever necessary to conform to current year’s classification / disclosure.

48 The financial statements were approved by the Board of Directors and authorised for issue on May 29, 2023.

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Mar 31, 2018

1. Company Overview, Basis of Preparation and Significant Accounting Policies

I Corporate Information

Titan Biotech Limited (“TBL” or “the Company”) is a public limited company incorporated in India on 18.02.1992 vide CIN-L74999RJ1992PLC013387 as a Non-govt Company limited by Shares and has its registered office at A-902 A, RIICO Industrial Area, Phase-III, Bhiwadi (Rajasthan) - 301019. The shares of the Company are listed on Bombay Stock Exchange. The Company is one of the leading manufacturer and exporter of the Biological products which are used in the field of Pharmaceuticals, Nutraceutical, Food & Beverages, Bio-technology & Fermentation, Cosmetic, Veterinary & Animal Feed etc. The Company has its manufacturing facilities at A-902 A, RIICO Industrial Area, Phase-III, Bhiwadi, Distt. Alwar, Rajasthan-301019 India and at E-540, RIICO Industrial Area, Chopanki, Distt. Alwar, Rajasthan-301707.

II Basis of Preparation

a) Statement of Compliance

Theses financial statements of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard (‘Ind AS’) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013 (‘the Act’) and the other relevant provisions of the Act to the extent applicable.

The financial statements up to year ended March 31, 2017 were prepared in accordance with the Accounting Standards notified under Section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP) andother relevant provisions of the Act.

As these are the Company’s first financial statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101, First-time Adoption of Accounting Standards has been applied. These financial statements were authorised by the Board of Directors on May 29, 2018.

b) Basis of measurement

The financial statements have been prepared on accrual basis and under the historical cost convention.

c) Functional and Presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (“the functional currency”). The financial statements are presented in Indian National Rupee (‘INR’), whic is the Company’s functional and presentation currency. All amounts have been given in Rupees, unless otherwise indicated.

d) Current and Non-current classification

All Assets and Liabilities have been classified as current and non-current as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of the business of the Company and its business time cycle from inception of an order and its completion on realization in cash and cash equivalents, the Company has ascertained the operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

e) Use of judgements and estimates

In preparing these financial statements, the Management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, the disclosure of contingent liabilities and contingent assets as at the date of financial statements, income and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to estimates are recognised prospectively.

2 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.

3 Disclosure required by Accounting Standard (AS) 15 (Revised) on “Employee Benefits”: (Amt. in ‘)

The Company has not made any provision towards Employee Benefits during the financial year 2017-18 and hence there are no details to be disclosed as per Accounting Standard (AS) 15 on “Employee Benefits”. However the Company acoounts for these benefits on payment basis as and when the payment is made to the employees.

4 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 201718 as per Accounting Standard (AS) 29 on “Provisions, Contingent Liabilities and Contingent Assets”.

5 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.

6 Gain or loss on foreign currency transaction and translation:

The Company has made a gain of Rs 42,15,702.74 on account of foreign currency transactions during the financial year 2017-18 due to exchange price fluctuation.

7 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 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.

8 Information related to Micro, Small and Medium Enterprises : TheCompany 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.

9 Disclosure relating to amount outstanding at year end and maximum outstanding during the year of loans and advances, required as per clause 32 of the Listing Agreement, are given below.:

10 Related Party Disclosures:

A. List of Related Parties:

i. Related Party:

(a) Titan Securities Limited

(b) Tanita Leasing & Finance Limited

(c) Connoisseur Management Services Private Limited

(d) Tee Eer Securities& Financial Services Private Limited

(e) Peptech Biosciences Limited

(f) Titan Media Limited

ii. Key Managerial Personnel:

(a) Mr.Naresh Kumar Singla (Managing Director)

(b) Mr.Suresh Chand Singla (Managing Director)

(c ) Mr.Charanjit Singh (Company Secretary)

(d) Mr.Prem Shankar Gupta (C.F.O)

The Company has been advised that the computation of net profit for the purpose of Director’s Remuneration under section 197 of the Companies Act, 2013 need not be enumerated since no commission has been paid to the Directors. The Company has paid fixed monthly remuneration to the Directors as per Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014.

11. For the year ended 31st March, 2018, the Board of Directors of the Company have recommended dividend @Rs.0.75 Per Share for the shareholders of the company.

12 Additional information pursuant to paragraphs 8 (viii) of Part II of Schedule VI to the Companies Act, are as follows:

13 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.

14 First Time Adoption of Ind AS

As stated in Note 1(II), these are the Company’s first financial statements prepared in accordance with Ind AS. The accounting policies set out in Note 1 (III) have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS statement of financial position at April 01, 2016 (the Company’s date of transition). In preparing its opening Ind AS statement of financial position, the Company has adjusted amounts reported previously in financial statements prepared in accordance with Indian GAAP ( previous GAAP).

Exemptions and exceptions availed

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exemptions applied in the transition from previous GAAP to Ind AS.

i) Property, plant and equipment & Intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plany and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost at the date of transition after making necessary adjustments for de-commissioning liabilities. Accordingly the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.

ii) Estimates

An entity’s estimates in accordance with Ind AS at the date of transition of Ind AS shall be consistent with the estimates made for the same date in accordance with previous GAAP unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 01, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimation that were consistent in conformity with previous GAAP

iii) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Accordingly the Company has determined the classification of Financial Assets based on the facts and circumstances exist as on the date of transition.

iv) There is no significant reconciliation items between cash flow prepared under previous GAAP and those prepared under Ind AS.

15 Previous year’s figures have been reclassified / regrouped wherever necessary to conform to current year’s classification / disclosure.

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Mar 31, 2016

1. Share reserved for issue under options and contracts / commitments:

The Company has not reserved any shares for issue under options and contracts / commitments for the sale of shares /disinvestments during the year under audit.

2. Detail of shares allotted pursuant to contract(s) without payment being received in cash during five years immediately preceding the Balance Sheet date are given below:

The Company has neither allotted any fully paid up equity shares pursuant to contract(s) without payment being received in cash and by way of bonus shares nor has bought back any class of equity shares during the period of five years immediately preceding the balance sheet date.

3. Nature of security for secured borrowings: The secured loans from banks consists of Working Capital Limits which is secured against hypothecation of present and future Inventory and book debts of the company and collaterally secured by way of Equitable Mortgage of Plot No. 902 A, Block A, RIICO Industrial Area, Bhiwadi, Distt. Alwar(Rajasthan) & E-540, Industrial Area, Chopanki, Bhiwadi, Rajasthan , Both in the name of Titan Biotech Ltd. and by personal guarantee of Two Directors namely Sh. Suresh Chand Singla and Sh. Naresh Kumar Singla.

4. 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.

5. 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 2015-1 6 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.

6. 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 2015-16 as per Accounting Standard (AS) 29 on "Provisions, Contingent Liabilities and Contingent Assets".

7. 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.

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

The Company has made a gain of Rs. Rs.27,63,824/- on account of foreign currency transactions during the financial year 2015-16 due to exchange price fluctuation.

9. Segment Reporting

10. 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.

11. Secondary Segment Reporting (by Geographical demarcation):

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

12. 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 yearend together with interest paid / payable under this Act has not been given.

13. Disclosure relating to amount outstanding at year end and maximum outstanding during the year of loans and advances, required as per clause 32 of the Listing Agreement, are given below.:

14. Related Parties Disclosures: A. List of Related Parties:

15. Related Parties:

16. Titan Securities Limited

17. Tanita Leasing & Finance Limited

18. Connoisseur Management Services Private Limited

19. Tee Eer Securities& Financial Services Private Limited

20. Peptech Biosciences Limited

21. Key Managerial Personnel:

22. Mr.Naresh Kumar Singla (Managing Director)

23. Mr.Suresh Chand Singla (Managing Director)

24. Mr. Charanjit Singh (Company Secretary)

25. Mr. Prem Shankar Gupta (CFO)

26. Disclosure of transactions between the Company and Related Parties during the year in the ordinary course of business and status of outstanding balances at year end:

The Company has been advised that the computation of net profit for the purpose of Director''s Remuneration under section 197 of the Companies Act, 2013 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 Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014.

27. For the year ended 31^st March, 2016, the Board of Directors of the Company have recommended dividend @ Rs. 0.75 Per Share for the shareholders of the company.

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

29. 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.

30. The previous figure has been reclassified/ rearranged / regrouped whenever necessary to conform to current year classification/disclosure.

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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

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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

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Mar 31, 2010

1 Inventories : Cost of Closig Stock of Finished Goods is lower of realizable value or cost as certified by the management. However cost of each & every item, if not calculated as per AS-2, could not be ruled out as the company deals in more than 500 items and labour cost/ factory overheads differs for each batch produced.

2 Financial and Derivative Instruments.

No amount of Derivative contracts by the company is outstanding as on 31st March 2010.

3 Contingent Liabilities : In the opinion of the Board of Direfctors, the company has not any material claims where liability may arise in future.

4 a) In the opinion of the Board of Directors ,the aggregate value of Current Assets, Loans & Advances on realization in ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet. However the amount deposited against pending Disputes (Stay Amount) are shown under the head "Loans & Advances" and have not been acknowledged as liabilities for Rs. 7,29,365.19.

b) Balance of Sundry Debtors and Sundry Creditors are mostly Subject to Confirmation.

5 a) The company has been advised that the Computation of net profit for the purpose of Directors Remuneration u/s 349 of the Companies 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.

6 As per Accounting Standard (AS-18) on related party disclosures issued by the Institute of Chartered Accountants of India, the disclosure of Transactions with the related party as defined in the Accounting Standard are given below:

II. Transactions during the year with related parties

Name of the Related Party Account head Amount (Rs.)

Titan Securities Limited Unsecured loan 81,00,000

Connoisseur Management

Services Pvt.Ltd. Unsecured loan 20,00,000

Titan Drugs Limited Loans & Advances 1,00,000

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

2 Prior period expenditure of Rs.2,80,293.00 has been debited to the profit and loss a/c.

3 Schedules from A to J form an integral part of the accounts for the year ended 31st March, 2010.

4 The Ministry of Company Affairs Government of India vides its Order No. 46/15/ 2006-CL-III dated 27th April 2006 issued under Section 211 (4) of the Companies Act, 1956 has exempted the Company from disclosure of quantitative Details in the Profit and Loss Account under Para 3(1) (a) enclosing the quantitative and amount wise details of its turnover by reference to each class of goods manufactured & traded ) 3(ii) (1) ( item–wise quantities and value to raw material consumed) and 3(ii) (a)(2) (quantitative and value analysis of opening and closing stock of goods produced by reference to the each class of goods) of part II of Schedule VI to the Companies Act, 1956 and consequently, no such details has been furnished.

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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.