Notes to Accounts of Titan Biotech Ltd.

Mar 31, 2025

e) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised if, as a result of a past event, the group has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows (representing the best estimate of the expenditure
required to settle the present obligation at the balance sheet date) at a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised under
finance costs. Expected future operating losses are not provided for. Provision in respect of loss contingencies relating to
claims, litigations, assessments, fines and penalties are recognised when it is probable that a liability has been incurred
and the amount can be estimated reliably.

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but
probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably.
Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of resources is
remote.

Contingent assets are not recognised in financial statement. However, when the realisation of income is virtually certain,
then the related asset is no longer a contingent asset, but it is recognised as an asset.

Contingent Liabilities/Assets to the extent the Management is aware, are disclosed by way of notes to the financial
statements.

f ) Revenue Recognition

Revenue from contracts with customers is recognized, when the group satisfies a performance obligation by transferring
a promised good or service to its customers at an amount that reflects the consideration to which the group expects to be
entitled upon satisfying those performance obligations.

Revenue from sale of products is recognised at the point in time when control of the product is transferred to the
customer, generally on delivery of the product. The Company considers whether there are other promises in the contract
that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining
the transaction price for the sale of product, the Company considers the effects of variable consideration, the existence
of significant financing components, non-cash consideration and consideration payable to the customer (if any).

If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to
which it will be entitled in exchange for transferring the products to customer. The variable consideration is estimated
at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of
cumulative revenue recognised will not occur when the associates uncertainty with the variable consideration is
subsequently resolved.

Export Incentive: under various scheme notified by government has been recognized on the basis of credits afforded in
the passbook or amount received.

Interest and Dividend Income: Interest income is recognized on a time proportion basis taking into account the amount
outstanding and the rate applicable.

Income from dividend is recognized when right to receive payment is established.
g ) Employee Benefits

Short Term Employee Benefits

Short-term employee benefits are expenses as the related service is provided. A liability is recognised for the amount
expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be estimated reliably.

Post-Employment Benefits
Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions to a
statutory authority and will have no legal or constructive obligation to pay further amounts.

Retirement benefits in the form of Provident Fund and employee state insurance are a defined contribution scheme and
contributions paid/payable towards these funds are recognised as an expense in the statement of profit and loss during
the period in which the employee renders the related service. There are no other obligations other than the contribution
payable to the respective trusts.

Defined benefit plan

The Company provides for gratuity which is a defined benefit plan the liabilities of which is determined based on
valuation, as at the balance sheet date, made by the independent actuary using the projected unit credit method. Re¬
measurement comprising of actuarial gains and losses, in respect of gratuity are recognised in OCI (other comprehensive
income), in the period in which they occur.

Re-measurement recognised in OCI (other comprehensive income) are not reclassified to the Statement of Profit and
Loss in Subsequent periods.

The classification of the company’s obligation into current and non-current is as per the acturial valuation report.
h ) Foreign Currency Transactions

Transactions in foreign currencies are translated into the Company’s functional currency at the exchange rates at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the
functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured
based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Exchange
differences are recognised in Statement of profit & loss.

i) Borrowing costs

Borrowing costs are interest and other costs incurred in connection with the borrowing of funds. Borrowing costs
directly attributable to acquisition, construction or production of an asset which necessarily take a substantial period of
time to get ready for their intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they are incurred.

j ) Income Tax

Income Tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it
relates to items recognised directly in Other Comprehensive Income. Current tax comprises the expected tax payable
or receivable on the taxable income or loss for the year after taking credit of the benefits available under the Income
Tax Act and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates
enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the corresponding tax bases used for taxation purposes. Deferred tax assets include
Minimum Alternative Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits
in the form of adjustment of future income tax liability, is considered as an asset if there is probable evidence that the
Company will pay normal income tax in future. Accordingly MAT is recognised as deferred tax asset in the Balance
Sheet.

k ) Segment Reporting

Operating Segments are reported in a manner consistent with the information reported to the Chief Operating Decision
Maker (CODM) for the purpose of resource allocation and assessment of segment performance based on product and
services.

l ) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value. Bank overdrafts and Cash Credit that are repayable on demand and form an integral part of our cash
management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
Whereas they are classified as borrowings under current liabilities in the balance sheet.

m) Statement of cash flow

Cash flows are reported using the indirect method, whereby net profit/(loss) before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments and item of
income or expenses associated with investing or financing cash flows. The cash flows from regular revenue generating
(operating activities), investing and financing activities of the Company are segregated. The Company considers all
highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk
of changes in value to be cash equivalents.

n) Earning per share

Basic Earnings Per Share (‘EPS’) is computed by dividing the net profit attributable to the equity shareholders by the
weighted average number of equity shares outstanding during the period excluding the treasury shares in accordance
with Ind AS 33 Earnings per share.

Diluted earnings per share is computed by dividing the net profit by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted average number of equity shares that could
have been issued upon conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed
converted as of the beginning of the year, unless issued at a later date. In computing diluted earnings per share, only
potential equity shares that are dilutive and that either reduces earnings per share or increases loss per share are included.
The number of shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for the
share splits.

o ) Investments in Subsidiaries

Investments representing equity interest in subsidiaries carried at cost less any provision for impairment. Investments are
reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

p) Intangible assets

i) Recognition and initial measurement

Intangible assets that are acquired, are recognized at cost initially and carried at cost less accumulated amortization
and accumulated impairment loss, if any. Subsequent expenditure is capitalised only when it increases the future

economic benefits embodied in the specific asset to which it relates.

An intangible asset is derecognised upon disposal (i.e, at the date the recipient obtains control) or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included
in the statement of profit and loss, when the asset is derecognised

ii) Subsequent measurement (amortisation)

Amortisation is calculated to write off the cost of intangible assets over their estimated useful lives using the
“Straight line method” (SLM) method, and is included in depreciation and amortisation in statement of profit and
loss.

Amortisation method and useful lives are reviewed at the end of each financial year and adjusted if appropriate

q) Capital work-in-progress

Capital work-in-progress is recognized at cost, net of accumulated impairment loss, if any. It comprises of property,
plant and equipment that are not yet ready for their intended use at the reporting date. Depreciation is not recorded on
capital work-in-progress until construction and installation are complete and the asset is ready for its intended use by the
management.

r) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity. Financial assets and financial liabilities are recognised when the Company becomes a party
to the contractual provisions of the instruments.

Financial asset and financial liabilities are initially measured at fair value. Transaction cost which are directly attributable
to the acquisition or issue of financial instruments (other than financial assets and financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction cost directly attributable to the acquisition of financial assets financial liabilities at
fair value through profit or loss are recognised immediately in profit or loss. Subsequently, financial instruments are
measured according to the category in which they are classified.

(i) Financial Assets

All purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the market place.

All recognised financial assets are subsequently measured in their entirely at either amortised cost or fair value,
depending on the classification of the financial assets.

Classification of financial assets

Classification of financial assets depends on the nature and purpose of the financial assets and is determined at the
time of initial recognition.

The Company classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through other comprehensive income, or through profit or
loss), and

• those measured at amortised cost

The classification depends on the entity’s business model for managing the financial assets and the contractual
terms of the cash flows.

A financial asset that meets the following two conditions is measured at amortised cost unless the asset is
designated at fair value through profit or loss under the fair value option:

• Business model test : the objective of the Company’s business model is to hold the financial asset to collect the
contractual cash flows.

• Cash flow characteristic test : the contractual term of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair value through other comprehensive
income unless the asset is designated at fair value through profit or loss under the fair value option:

• Business model test : the financial asset is held within a business model whose objective is achieved by both
collecting cash flows and selling financial assets.

• Cash flow characteristic test : the contractual term of the financial asset gives rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are measured at fair value through profit or loss.

Investments in equity instrument at fair value through other comprehensive income (FVTOCI)

On initial recognition, the Company can make an irrevocable election (on an instrument by instrument basis) to present
the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instrument. This
election is not permitted if the equity instrument is held for trading. These elected investments are initially measured at
fair value plus transaction costs. Subsequently, they are measured at fair value with gains / losses arising from changes
in fair value recognised in other comprehensive income. This cumulative gain or loss is not reclassified to profit or loss
on disposal of the investments.

The Company has an equity investment in an entity which is not held for trading. The Company has elected to measure
this investment at amortised cost. Dividend, if any, on this investments is recognised in profit or loss.

Equity investment in subsidiaries, associates and joint ventures

Investments representing equity interest in subsidiaries, associates and joint ventures are carried at cost less any
provision for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that
the carrying amount may not be recoverable.

Financial assets at fair value through profit or loss (FVTPL)

Financial assets that do not meet the amortised cost criteria or fair value through other comprehensive income criteria are
measured at fair value through profit or loss. A financial asset that meets the amortised cost criteria or fair value through
other comprehensive income criteria may be designated as at fair value through profit or loss upon initial recognition if
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from
measuring assets and liabilities or recognising the gains or losses on them on different bases.

Income Recognition:

Interest income is recognised in the Statement of Profit and Loss using the effective interest method. Dividend income
is recognised in the Statement of Profit and Loss when the right to receive dividend is established.

Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) such as investments,
trade receivables, advances and security deposits held at amortised cost and financial assets that are measured at fair
value through other comprehensive income are tested for impairment based on evidence or information that is available
without undue cost or effort. Expected credit losses are assessed and loss allowances recognised if the credit quality of
the financial asset has deteriorated significantly since initial recognition.

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the
assets.For debt securities at fair value through other comprehensive income, the loss allowance is recognised in other
comprehensive income and is not reduced from the carrying amount of the financial asset in the balance sheet.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no
realistic prospect of recovery. This is generally the case when the Company determines that the trade receivable does
not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write¬
off. However, financial assets that are written-off could still be subject to enforcement activities under the Company’s
recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in
standalone statement of profit and loss.

De-recognition of financial assets

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flows from the financial asset or

• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation
to pay the cash flows to one or more recipients.

(ii) Financial liabilities and equity instruments
Classification of debt or equity

Debt or equity instruments issued by the Company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all

of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct
issue costs.

Financial liabilities

Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective
contractual obligations. They are subsequently measured at amortised cost. Any discount or premium on
redemption/ settlement is recognised in the Statement of Profit and Loss as finance cost over the life of the
liability using the effective interest method and adjusted to the liability figure disclosed in the Balance Sheet.
Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is
discharged, cancelled and on expiry.

Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a
legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise
the asset and settle the liability simultaneously.

s) Leases

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:

a. fixed payments

b. amount expected to be payable under residual value guarantees

c. the exercise price of a purchase option if it is reasonably certain that the Group will exercise that option

Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally, the case for lessees, the lessee’s incremental borrowing rate used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

a. where possible, uses recent third-party financing received as a starting point, adjusted to reflect changes in
financing conditions since third party financing was received

b. uses a build-up approach that starts with a risk free interest rate adjusted for credit risk for leases held by the
Group, which does not have recent third party financing, and

c. makes adjustments specific to the lease, e.g. term, country, currency and security.

Lease payments are allocated between principal and finance cost. The finance cost is charged in the Statement of Profit
and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.

Right of use assets are measured at cost comprising the following:

a. the amount of the initial measurement of lease liability

b. any lease payments made at or before the commencement date,

c. any initial direct costs, and

d. restoration cost

Right-of-use assets are generally depreciated over the lower of the asset’s useful life and the lease term on a straight¬
line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the
underlying asset’s useful life.

Payments associated with short term leases and all leases of low value assets are recognized on a straight-line basis as
an expense in profit or loss. Short term leases are leases where the lease term is 12 months or less.

t) Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31, 2025, MCA has
notified Ind AS 117 - Insurance Contracts and amendments to Ind As 116 - Leases , relating to sale and lease back
transactions, applicable from April 1,2024. The Company has assessed that there is no significant impact on its financial
statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing currency exchangeability and estimating exchange rates when
currencies are not readily exchangeable. The amendments are effective for annual periods beginning on or after April 1,
2025. The Company is currently assessing the probable impact of these amendments on its financial statements.

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 valua¬
tion 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.

Credit risk is the risk of financial loss to the Company if a 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 demograph¬
ics 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.

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-sen¬
sitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sen¬
sitive 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 trans¬
actions (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):

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) be¬

yond 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) The title deeds of all the immovable properties (other than immovable properties where the Company is the lessee and the lease
agreements are duly executed in favour of the Company) disclosed in the financialv statements included in property, plant and
equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.

x) The Company does not have any loan or advance in the nature of loans granted to promoters, directors, KMPs and the related
parties (as defined under Companies Act, 2013) either severally or jointly with any other person, that are:

a) repayable on demand; or

b) without specifying any terms or period of repayment.

xi) Figures have been rounded off to the nearest Lakhs rupees.

xii) a) As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules,

2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining
its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every
transaction, creating an edit log of each change made in the books of account along with the date when such changes were
made and ensuring that the audit trail cannot be disabled. The interpretation and guidance on what level edit log and audit
trail needs to be maintained evolved during the year and continues to evolve.

b) The ERP used by the Company has not been enabled with the feature of audit trail log at the database layer to log direct
transactional changes, due to present design of ERP. This is being taken up with the vendor. In the meanwhile, the Com¬
pany continues to ensure that direct write access to the database is granted only via an approved change management
process.

46 Previous year’s figures have been reclassified / regrouped wherever necessary to conform to current year’s classification / disclo¬
sure.

47 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received
Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will
come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact
of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. Based on a pre¬
liminary assessment, by the Company, the additional impact on Provident Fund contributions by the Company is not expected to be
material, whereas, the likely additional impact on Gratuity liability / contributions by the Company could be material. The Company
will complete their evaluation and will give appropriate impact in the financial statements in the period in which, the Code becomes
effective and the related rules to determine the financial impact are published.

48 The financial statements were approved by the Board of Directors and authorised for issue on May 30, 2025.

Auditor’s Report

As per our separate report of even date attached For Titan Biotech Limited

For A N S K & Associates

Chartered Accountants Naresh Kumar Singla Suresh Chand Singla

FRN-026177N Managing Director Managing Director

DIN-00027448 DIN-00027706

cA Akhil Mittal

Partner charanjit Singh Prem Shankar Gupta

M.No.517856 Company Secretary Chief Financial Officer

ACS-12726 . PAN-AARPP5057F

Place : Delhi

Date : 30.05.2025

UDIN-25517856BMKXIU8390

---

Mar 31, 2024

e) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Contingent liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement unless the possibility of an outflow of resource embodying economic benefit is remote. Contingent liabilities are not recognised but are disclosed in notes. Contingent assets are not disclosed in the financial statements unless an inflow of economic benefit is probable.

f ) Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is recognised when the significant risk and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods to the degree usually associated with the ownership and the amount of revenue can be measured reliably regardless of when the payment is being made.

Export Incentive: Incentive on Export Income is recognised in books after due consideration of certainty of utilization / receipt of such incentives.

Interest and Dividend Income: Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognized when the shareholders’ right to receive dividend is established.

g ) Employee Benefits

Short Term Employee Benefits

Short-term employee benefits are expenses as the related service is provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Post-Employment Benefits Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions to a statutory authority and will have no legal or constructive obligation to pay further amounts.

Retirement benefits in the form of Provident Fund and employee state insurance are a defined contribution scheme and contributions paid/payable towards these funds are recognised as an expense in the statement of profit and loss during the period in which the employee renders the related service. There are no other obligations other than the contribution payable to the respective trusts.

Defined benefit plan

The Company provides for gratuity which is a defined benefit plan the liabilities of which is determined based on valuation, as at the balance sheet date, made by the independent actuary using the projected unit credit method. Remeasurement comprising of actuarial gains and losses, in respect of gratuity are recognised in OCI (other comprehensive income), in the period in which they occur.

Re-measurement recognised in OCI (other comprehensive income) are not reclassified to the Statement of Profit and Loss in Subsequent periods.

The classification of the company’s obligation into current and non-current is as per the acturial valuation report. h ) Foreign Currency Transactions

Transactions in foreign currencies are translated into the Company’s functional currency at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Exchange differences are recognised in Statement of profit & loss. In accordance with Ind-AS 101 “First Time Adoption of Indian Accounting Standards”, the Company has continued the policy of capitalisation of exchange differences on foreign currency loans taken before the transition date.

i) Borrowing costs

Borrowing costs are interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalised as part of the cost of that assets. Other borrowing costs are recognised as an expenses in the period in which they are incurred.

Income Tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to items recognised directly in Other Comprehensive Income. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year after taking credit of the benefits available under the Income Tax Act and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding tax bases used for taxation purposes. Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is probable evidence that the Company will pay normal income tax in future. Accordingly MAT is recognised as deferred tax asset in the Balance Sheet.

k ) Segment Reporting

The Company’s business activity falls within a single segment viz. Manufacturing and Sale of Biological Products. The segment has been identified by taking into account the nature of product, the differing risks, the returns, the organisation structure and the internal reporting systems and the manner in which operating results are reviewed by the Management.

l ) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand and short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

m) Cash flow statement

Cash flow statements are prepared in accordance with “ Indirect Method” as explained in the Accounting Standard on Statement of Cash Flows ( Ind AS-7). The cash flows from regular revenue generating, financing and investing activity of the Company are segregated.

n) Earning per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to Equity Shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted Earnings per share, the net profit or loss for the period attributable to Equity Shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

o ) Investments in Subsidiaries

Investment in subsidiary Company is measured at cost less impairment as per Ind AS 27- Separate Financial Statements. The Company reviews its carrying value of investments at cost or amortised cost annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for.

p) Intangible assets

i) Recognition and initial measurement

Intangible assets are stated at their cost of acquisition. Any trade discount and rebates are deducted in arriving at the purchase price.

ii) Subsequent measurement (amortisation)

Intangible assets are amortized over their respective individual estimated useful life on Straight Line Method basis commencing from the date, the asset is available to the company for its use.

iii) Transition to Ind AS

On transition to Ind AS, the Company has elected to continue with the carrying value of all its intangible assets recognised as at April 1,2017 measured as per previous GAAP and use that carrying value as the deemed cost of the intangible assets.

q) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.

Financial asset and financial liabilities are initially measured at fair value. Transaction cost which are directly attributable to the acquisition or issue of financial instruments (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction cost directly attributable to the acquisition of financial assets financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Subsequently, financial instruments are measured according to the category in which they are classified.

(i) Financial Assets

All purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.

All recognised financial assets are subsequently measured in their entirely at either amortised cost or fair value, depending on the classification of the financial assets.

Classification of financial assets

Classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.

The Company classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

• those measured at amortised cost

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

A financial asset that meets the following two conditions is measured at amortised cost unless the asset is designated at fair value through profit or loss under the fair value option:

• Business model test : the objective of the Company’s business model is to hold the financial asset to collect the contractual cash flows.

• Cash flow characteristic test : the contractual term of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair value through other comprehensive income unless the asset is designated at fair value through profit or loss under the fair value option:

• Business model test : the financial asset is held within a business model whose objective is achieved by both collecting cash flows and selling financial assets.

• Cash flow characteristic test : the contractual term of the financial asset gives rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are measured at fair value through profit or loss.

Investments in equity instrument at fair value through other comprehensive income (FVTOCI)

On initial recognition, the Company can make an irrevocable election (on an instrument by instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instrument. This election is not permitted if the equity instrument is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains / losses arising from changes in fair value recognised in other comprehensive income. This cumulative gain or loss is not reclassified to profit or loss on disposal of the investments.

The Company has an equity investment in an entity which is not held for trading. The Company has elected to measure this investment at amortised cost. Dividend, if any, on this investments is recognised in profit or loss.

Equity investment in subsidiaries, associates and joint ventures

Investments representing equity interest in subsidiaries, associates and joint ventures are carried at cost less any provision for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Financial assets at fair value through profit or loss (FVTPL)

Financial assets that do not meet the amortised cost criteria or fair value through other comprehensive income criteria are measured at fair value through profit or loss. A financial asset that meets the amortised cost criteria or fair value through other comprehensive income criteria may be designated as at fair value through profit or loss upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets and liabilities or recognising the gains or losses on them on different bases.

Interest income is recognised in the Statement of Profit and Loss using the effective interest method. Dividend income is recognised in the Statement of Profit and Loss when the right to receive dividend is established.

Impairment

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) such as investments, trade receivables, advances and security deposits held at amortised cost and financial assets that are measured at fair value through other comprehensive income are tested for impairment based on evidence or information that is available without undue cost or effort. Expected credit losses are assessed and loss allowances recognised if the credit quality of the financial asset has deteriorated significantly since initial recognition.

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.For debt securities at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income and is not reduced from the carrying amount of the financial asset in the balance sheet.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the trade receivable does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written-off could still be subject to enforcement activities under the Company’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in standalone statement of profit and loss.

De-recognition of financial assets

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flows from the financial asset or

• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

(ii) Financial liabilities and equity instruments

Classification of debt or equity Debt or equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.Financial liabilities Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Any discount or premium on redemption/ settlement is recognised in the Statement of Profit and Loss as finance cost over the life of the liability using the effective interest method and adjusted to the liability figure disclosed in the Balance Sheet. Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry.

Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is included in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

r) Leasing

Effective April 1, 2020, the Company has applied Ind AS 116 using modified retrospective approach and, therefore the comparative information has been regrouped accordingly.

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To ssess whether a contract conveys the right to control the use of an identified asset, the Company assess whether:

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.

The right of use asset is subsequently depreciated using the straight line method from the commencement date to the end of the lease term. The estimated useful lives of right-of-use assets are determined on the basis of remaining lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company’s incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the fixed payments, including in-substance fixed payments.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option

When the lease liability is remeasured in this way, a orresponding adjustment is made to the carrying amount of the right-of-use asset, or is are structured solely to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

Operating leases

Lease rental expenses from operating leases is generally recognised on a straight line basis over the term of the relevant lease. Where the rentals If any specific borrowing remains outstanding after the related asset is ready for its intended use, that borrowing is considered part of the funds that are borrowed generally for calculating the capitalisation rate.

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.

’’Credit risk is the risk of financial loss to the Company if a 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.

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):

44 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) be

yond 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) The title deeds of all the immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.

x) The Company does not have any loan or advance in the nature of loans granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person, that are:

a) repayable on demand; or

b) without specifying any terms or period of repayment.

xi) Figures have been rounded off to the nearest Lakhs rupees.

xii) a) As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules,

2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. The interpretation and guidance on what level edit log and audit trail needs to be maintained evolved during the year and continues to evolve.

b) The ERP used by the Company has not been enabled with the feature of audit trail log at the database layer to log direct transactional changes, due to present design of ERP. This is being taken up with the vendor. In the meanwhile, the Company continues to ensure that direct write access to the database is granted only via an approved change management process.

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

46 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary assessment, by the Company, the additional impact on Provident Fund contributions by the Company is not expected to be material, whereas, the likely additional impact on Gratuity liability / contributions by the Company could be material. The Company will complete their evaluation and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

47 The financial statements were approved by the Board of Directors and authorised for issue on May 29, 2024.

Auditor’s Report

As per our separate report of even date attached For Titan Biotech Limited

For A N S K & Associates

Chartered Accountants Naresh Kumar Singla Suresh Chand Singla

FRN-026177N Managing Director Managing Director

DIN-00027448 DIN-00027706

CA Akhil Mittal

Partner Charanjit Singh Prem Shankar Gupta

M.No.517856 Company Secretary Chief Financial Officer

UDIN-24517856BKHCCJ8506 ACS-12726

Place : Delhi

Date : 29.05.2024

---

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.