It would be of great help if somebody can answer my question.

I recently bought a 1994 Honda Civic LX model ,this model in the past
11 years has done 70,000 miles exaclty , i had got the vehicle serviced
as soon as i got it.

The mechanic says its recommended to do the timing belt change in the
vehicle as its 11 yeas old and said it would cost 400$ along with water
pump

As far as the vehicle is concerned it drives very smoothly , do you
think i need to change the timing belt

Yes--unless you have proof that the timing belt has ever been changed.
Major damage could happen if the timing belt breaks while driving the vehicle.
Jason

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Yes, the manual says so. The belt will break soon and destroy the
engine. Have him change the tranny fluid with real Honda stuff for you
too.

Really.

if its never been done, and you plan on keeping the car? yes.

if it breaks, the engine is toast.

Yep. Wanna know why? See here:
http://www.tegger.com/hondafaq/engines.html#interference

I just did mine, and the car had seven years, 70,000 miles on it.  If it is
like the 1999 HX, it is also a good time to change the water pump, valve
cover gasket, accessory drive belts and the coolant too.

Congratulations on getting the car.

Earle