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Notes to Accounts of Titan Biotech Ltd.

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 31st 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.


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, 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.


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.

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