Independent Auditor s Report To the Members of Biocon Research Limited Report on the Financial Statements We have audited the accompanying financial

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1 Independent Auditor s Report To the Members of Biocon Research Limited Report on the Financial Statements We have audited the accompanying financial statements of Biocon Research Limited ( the Company ), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Company s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ( the Act ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31, 2015, its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor s report) Order, 2015 ( the Order ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143(3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; (e) On the basis of the written representations received from the directors as on March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f ) With respect to the other matters to be included in the Auditor s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 29 to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: W per Aditya Vikram Bhauwala Partner Membership Number: Place: Bengaluru Date: April 28, 2015

2 Annexure to the Auditors Report The Annexure referred to in our report to the members of Biocon Research Limited ( the Company ) for the year ended March 31, We report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification, intended to cover all the fixed assets of the Company over a period, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and, no material discrepancies were noticed on physical verification. (iii) (a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence not commented upon. (iv) In our opinion and according to the information and explanations given to us, as well as taking into consideration the management representation that certain items of fixed assets are of special nature for which alternative quotations are not available, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed assets and inventory and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas. (v) The Company has not accepted any deposits from the public. (vi) To the best of our knowledge and as explained, the Central Government has not specified the maintenance of cost records under clause 148(1) of the Companies Act, 2013, for the products/services of the Company. (vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, incometax, wealth-tax, service tax, sales-tax, customs duty, excise duty, value added tax, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty, value added tax and cess on account of any dispute, are as follows: Name of the Statute Nature of the dues Amount claimed (` Million) Amount paid under protest (` Million) Period to which the amount relates Income-tax Act, 1961 Income Tax FY , FY & FY Forum where dispute is pending Commissioner of Income Tax (Appeals) (d) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. (viii) The Company s accumulated losses at the end of the financial year are more than fifty percent of its net worth. The Company has not incurred cash losses during the year. In the immediately preceding financial year, the Company had incurred cash losses. (ix) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution and banks. The Company does not have any borrowing by way of debenture. (x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xi) Based on the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained. (xii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: W per Aditya Vikram Bhauwala Partner Membership Number: Place: Bengaluru Date: April 28, Exclusively inclusive Annual Report 2015

3 Biocon Research Limited Balance Sheet as at March 31, 2015 (All amounts in Indian Rupees Million) Notes As at March 31, 2015 As at March 31, 2014 Equity and liabilities Shareholders funds Share capital Reserves and surplus 4 (2,007.49) (2,090.41) (2,006.99) (2,089.91) Non-current liabilities Long-term borrowings 5 2, , Other long-term liabilities Long-term provisions , , Current liabilities Short-term borrowings Trade payables , Other current liabilities Short-term provisions , , TOTAL 2, , Assets Non-current assets Fixed assets Tangible assets Intangible assets Capital work-in-progress Intangible assets under development 12 1, Non-current investments Loans and advances , , Current assets Inventories Trade receivables Cash and bank balances Loans and advances , TOTAL 2, , Summary of significant accounting policies 2.1 The accompanying notes are an integral part of the financial statements. As per our report of even date For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of Biocon Research Limited ICAI Firm registration no.: W Chartered Accountants per Aditya Vikram Bhauwala Kiran Mazumdar-Shaw John Shaw Partner Director Director Membership no.: Siddharth Mittal Authorised Signatory Bengaluru Bengaluru April 28, 2015 April 28, 2015 Financial Report 03

4 Statement of Profit and Loss for the year ended March 31, 2015 (All amounts are in Indian Rupees Million, except share data and per share data, unless otherwise stated) Income Notes Year Ended March 31, 2015 Year Ended March 31, 2014 Revenue from operations (net) Other income Total (I) Expenses Employee benefits expense Other expenses , Depreciation and amortisation expense (net) Finance costs , , Less: Recovery of product development costs from co-development partners (net) (183.92) (973.56) Total (II) 1, , Loss before tax and exceptional item (416.12) (414.76) Exceptional item (net) (III) Profit / (Loss) before tax (I - II+III) (414.76) Tax expense - - Profit / (Loss) for the year (414.76) Profit / (Loss) per share [nominal value of share Re 1 (March 31, 2014: Re 1)] Basic and Diluted (in Rs) (829.52) Weighted average number of shares used in computing profit / (loss) per share Basic and Diluted 500, ,000 Summary of significant accounting policies 2.1 The accompanying notes are an integral part of the financial statements. As per our report of even date For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of Biocon Research Limited ICAI Firm registration no.: W Chartered Accountants per Aditya Vikram Bhauwala Kiran Mazumdar-Shaw John Shaw Partner Director Director Membership no.: Siddharth Mittal Authorised Signatory Bengaluru Bengaluru April 28, 2015 April 28, Exclusively inclusive Annual Report 2015

5 Biocon Research Limited Cash Flow Statement for the year ended March 31, 2015 (All amounts in Indian Rupees Million) Year Ended March 31, 2015 As per our report of even date For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of Biocon Research Limited ICAI Firm registration no.: W Chartered Accountants per Aditya Vikram Bhauwala Kiran Mazumdar-Shaw John Shaw Partner Director Director Membership no.: Siddharth Mittal Authorised Signatory Bengaluru Bengaluru April 28, 2015 April 28, 2015 Year Ended March 31, 2014 I CASH FLOWS FROM OPERATING ACTIVITIES: Profit / (loss) for the year (414.76) Adjustment to reconcile profit / (loss) before tax to net cash flows Depreciation / Amortisation expense Unrealised foreign exchange (gain) / loss (24.12) Interest expense Dividend income on current investments (non-trade) (4.45) (0.24) Exceptional items (net) (499.04) - Operating profit/(loss) before working capital changes (119.14) (267.93) Movements in working capital Decrease/(Increase) in inventories Decrease/(Increase) in trade receivables 4.37 (208.03) Decrease/(Increase) in loans and advances (42.24) Increase/(Decrease) in liabilities and provisions [also refer note 26(f )] 1, , Cash generated from operations 1, Direct taxes paid (76.80) - Net cash flow from operating activities 1, II CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of tangible fixed assets, Capital work-in-progress and capital advances (net of reimbursements (274.23) (60.15) under co-development arrangement) Purchase of non-trade investment (3,488.23) - Proceeds from sale of non-trade investment 3, Acquisition of intangible assets (592.84) (81.33) Dividend income received on current investments (non-trade) Proceeds from sale of current investments Purchase of current investments (996.00) (45.00) Net cash flow from/ (used in) investing activities (585.88) (141.24) III CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term borrowing [also refer note 26(f )] 2, Repayment of long-term borrowing (3,916.53) (551.06) Proceeds from short-term borrowings 1, Repayment of short-term borrowings (1,183.93) - Interest paid [also refer note 26(f )] (19.90) (0.01) Net cash flow from/ (used in) financing activities (919.68) (166.66) IV NET INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS ( I+II+III) (404.13) V EFFECT OF EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCY (2.10) VI CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR VII CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (IV+V+VI) COMPONENTS OF CASH AND CASH EQUIVALENTS Cash on hand Balances with banks on current accounts CASH AND CASH EQUIVALENTS IN CASH FLOW STATEMENT Summary of significant accounting policies 2.1 Financial Report 05

6 Notes to the Financial Statements for the year ended March 31, 2015 (All amounts in Indian Rupees Million, except share data and per share data, unless otherwise stated) 1. Corporate information Biocon Research Limited ( the Company ) was incorporated in India on May 28, 2008, as a wholly owned subsidiary of Biocon Limited. The Company is engaged in carrying out research and development of drugs and drug delivery systems including innovative drug initiatives and out-license products, processes, patents, technology, that arise from the aforementioned research and development. During the year ended March 31, 2010, the Company received an approval for a Special Economic Zone ( SEZ ) unit to be located within Biocon SEZ at the Biocon Park facility. The Company commenced commercial operations during the year ended March 31, Basis of preparation The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the Accounting Standards (AS}, notified under section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules The financial statements have been prepared on an accrual basis and under the historical cost convention except in case of assets for which provision for impairment is made and revaluation is carried out. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. As at March 31, 2015, the Company has accumulated losses of ` 2, [March 31, ` ] and a negative net worth of ` 2, [March 31, ` 2,089.91]. Management is of the view that the losses are attributable to the early stage of the- Company s operations. Management is confident that it would be able to generate the required funds from its operations and achieve a profitable growth in the near future. The Company has also received commitment from its Holding Company to provide financial and operational support, if required. Accordingly, these financial statements are prepared by the management on a going concern basis. 2.1 Summary of significant accounting policies a. Use of estimates The preparation of financial statements in conformity with Indian GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based upon management s best knowledge of current events and actions, actual results could differ from these estimates. b. Tangible fixed assets Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met and other directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. This applies mainly to components for machinery. When significant parts of fixed assets are required to be replaced at intervals, the Company recognizes such parts as individual-assets with specific useful lives and depreciates them accordingly. Likewise when a major inspection is performed, its cost is recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including routine repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred. The Company adjusts exchange differences arising on translation/ settlement of long-term foreign currency monetary items pertaining to the acquisition of a depreciable asset to the cost of the asset and depreciates the same over the remaining life of the asset. In accordance with MCA circular dated August 09, 2012, exchange differences adjusted to the cost of fixed assets are total differences, arising on long-term foreign currency monetary items pertaining to the acquisition of a depreciable asset for the period. Gains or losses arising from disposal of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognised. Assets funded by third parties are capitalised at gross value and the funds so received are recorded as funding received from co-developer and amortised over the useful life of the assets. c. Depreciation on tangible fixed assets Till March 31, 2014, depreciation on fixed assets was calculated using the rates arrived at based on the useful lives estimated by the management, or those prescribed under the Schedule XIV to the Companies Act 1956, whichever was higher. During the year ended March 31,2015, pursuant to Companies Act, 2013 applicable from April I, 2014, management evaluated the estimates of useful lives of its fixed assets as per the requirements of Schedule II of the Companies Act, 2013 and concluded that there is no change in the estimated useful lives. Hence, there is no material impact on the financial statements in this regard. Depreciation on fixed assets is calculated on a straight-line basis based on the useful lives estimated by the management as mentioned below. Nature of Asset Useful lives (in years) Plant and machinery (including electrical installations)* 11 Computers and servers* 3 Office equipment 5 Furniture and fixtures* 6 Research and development equipment* 9 Used assets acquired from third parties are depreciated on a straight line basis over their remaining useful life of such assets. 06 Exclusively inclusive Annual Report 2015

7 Biocon Research Limited Management believes that depreciation rates currently used fairly reflect its estimate of the useful lives and residual values of fixed assets, though these rates in certain cases are different from lives prescribed under Schedule II. * For these classes of assets, where the estimated useful lives are different from lives prescribed under Schedule II, management has estimated these useful lives after taking into consideration technical assessment, prior asset usage experience and the risk of technological obsolescence. d. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in the statement of profit and loss in the year in which the expenditure is incurred. Computer software which is not an integral part of the related hardware is classified as an intangible asset. Intangible assets are amortized on a straight line basis over the estimated useful economic life. The Company uses a rebuttable presumption that the useful life of an intangible asset will not exceed its remaining patent life or ten years, whichever is lower. If persuasive evidence exists to the affect that useful life of an intangible asset exceeds ten years, the Company amortizes the intangible asset over the best estimate of its useful-life. Such intangible assets and intangible assets not yet available for use are tested for impairment annually. All other intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. If the expected useful life of the asset is significantly different from previous estimates, the amortization period is changed accordingly. If there has been a significant change in the expected pattern of economic benefits from the asset, the amortization method is changed to reflect the changed pattern. Such changes are accounted for in accordance with AS 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies. Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and-are recognized in the statement of profit and loss when the asset is derecognised. Amortisation of intangible assets: a) Intellectual Property rights are amortized on a straight line basis over the estimated useful economic life of 10 years. b) Computer Software is amortised over a period of 4-5 years, being its estimated useful life. Research and Development Costs Research and development costs incurred for development of products are expensed as incurred. Development costs which relate to the design and testing of new or improved materials, products or processes or for existing products in new territories are recognised as an intangible asset when the Company can demonstrate all the following: a) it is technically feasible to complete the development of the asset and it will be available for sale/use. b) it is expected that such development will be completed and used/sold. c) it is expected that such assets will generate future economic benefits. d) there are adequate resources to complete such development. e) it is possible to measure reliably the expenditure attributable to the asset during development. Research and development expenditure of a capital nature is added to fixed assets. Following the initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be -carried at cost less any accumulated amortization and accumulated impairment losses. The carrying value of the development cost is tested for impairment annually. e. Borrowing costs Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from short-term foreign currency borrowings to the. extent they are regarded as an adjustment to the interest cost. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. f. Impairment of tangible and intangible assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining net selling price, recent market transactions are taken into account, if available. If no such transactions -can be identified, an appropriate valuation model is used. Impairment losses of continuing operations, including impairment on inventories, are recognized in the statement of profit and loss, except for previously revalued tangible fixed assets, where the revaluation was taken to revaluation reserve. In this case, the impairment is also recognized in the revaluation reserve up to the amount of any previous revaluation. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life. An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the asset s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, Financial Report 07

8 Notes to the Financial Statements for the year ended March 31, 2015 (All amounts in Indian Rupees Million, except share data and per share data, unless otherwise stated) net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. g. Inventories Inventories of Consumables are valued at cost. Cost is determined on a first-in-first out basis. Customs duty on imported materials (excluding stocks in the bonded warehouse) is treated as part of the cost of the inventories. h. Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to.the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised. (i) Sale of services: In respect of licensing agreements entered into by the Company, revenue is recognised upon completion of performance obligations or on a proportional performance basis over the period the Company performs its obligations based on the terms of the agreements. Proportionate performance is measured based upon the efforts/ costs incurred to date in relation to the total estimated efforts / costs to complete the contract. The Company monitors estimates of the total contract revenue and cost on a routine basis throughout the contract period. The cumulative impact of any change in estimates of the contract revenue or costs is reflected in the period in-which the changes become known. In the event that the loss is anticipated on a particular contract, provision is made for the estimated loss. Research fee is recognised on an accrual basis as and when the services are rendered and collection is probable. (ii) Dividend income: Dividend income is recognized when the Company s right to receive dividend is established by the reporting date. i. Investments Investments which are readily realisable and intended to be held for not more than twelve months from the date on which such investments are made are classified as current investments. All other investments are classified as long-term investments. On initial recognition, all. investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties. If an investment is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the fair value of the securities issued. If an investment is acquired in exchange for another asset, the acquisition is determined by reference to the fair value of the asset.given up or by reference to the fair value of the investment acquired, whichever is more clearly evident. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments. On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss. j. Retirement benefits Retirement benefit in the form of Provident Fund is a defined contribution scheme and the contributions are charged to the statement of profit and loss for the year when the employee renders the related service and the contributions to the government funds are due. The Company has no obligation other than the contribution payable to provident fund authorities. Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each financial year. Actuarial gains and losses for defined benefit plan are recognized in full in the period in which they occur in the statement of profit and loss. Accumulated leave, which is expected to be utilised within the next 12 months, is treated as short-term employee benefit. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date. The Company treats accumulated leave expected to be carried forward beyond 12 months, as long -term employee benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year-end. Actuarial gains/ losses are immediately taken to the statement of profit and loss and are not deferred. The Company presents the entire leave as a current liability in the balance sheet, since it does not have an unconditional right to defer its settlement for 12 months after the reporting date. k. Foreign currency translation Foreign currency transactions and balances Initial Recognition Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction. Conversion Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Non-monetary.items which are carried at fair value or other similar valuation denominated in a foreign currency are translated using the exchange rates at the date when such values were determined. Exchange Differences From accounting. period commencing on or after 7 December 2006, the Company accounts for exchange differences arising on translation/ settlement of foreign currency monetary items as below: 08 Exclusively inclusive Annual Report 2015

9 Biocon Research Limited (i) Exchange differences arising on long-term foreign currency monetary items related to acquisition of a fixed asset are capitalized and depreciated over the remaining useful life of the asset. (ii) Exchange differences arising on other long term foreign currency monetary items are accumulated in the Foreign Currency Monetary Item Translation Difference Account and amortized over the remaining life of the concerned monetary item. (iii) All other exchange differences are recognized as income or as expenses in the period in which they arise. For the purpose of (i) and (ii) above, the Company treats a foreign monetary item as long-term foreign currency monetary item, if it has a term of 12 months or more at the date of its origination. In accordance with MCA circular dated August 09, 2012, exchange differences for this purpose. are total differences arising on long-term foreign currency monetary items for the period. I. Income tax Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act enacted in India. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred tax liability is recognised for all taxable timing differences. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognised only if there is virtual certainty supported by convincing evidence that they can be realised against future taxable profits. In the situations where the Company is entitled to a tax holiday under the Income-tax Act, 1961 enacted in India or tax laws prevailing in the respective tax jurisdictions where it operates, no deferred tax (asset or liability) is recognized in respect of timing differences which reverse during the tax holiday period, to the extent the Company s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of timing differences which reverse after the tax holiday period is recognized in the year in which the timing differences originate. However, the Company restricts recognition of deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes; the timing differences which originate first are considered to reverse first. At each reporting date, the Company re-assesses unrecognised deferred tax assets. It recognises unrecognised deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available against which such deferred tax assets can be realised. The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realised. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available. Minimum Alternate Tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognizes MAT credit as an asset in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as MAT Credit Entitlement. The Company reviews the MAT credit entitlement asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period. m. Earnings Per Share (EPS) Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the - reporting period. The weighted average number of equity shares outstanding during the year is adjusted for events such as bonus issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. n. Operating lease Where-the Company is a Lessee Leases of assets under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under operating leases are recognised as an expense on a straight-line basis over the lease term. o. Segment reporting Identification of segments The Company s operating businesses are organised and managed separately according to the nature of services provided, with each segment representing a strategic business unit that offers different services to different markets. The analysis of geographical segments is based on the areas in which major operating divisions of the Company operates. Financial Report 09

10 Inter-segment Transfers The Company generally accounts for inter-segment sales and transfers at an agreed marked-up price. Allocation of common costs Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs. Unallocated items The Corporate and other segment include general corporate income and expense items which are not allocated to any business segment. Segment policies The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole. p. Provisions A provision is recognised when the Company has a present obligation as a result of past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement. q. Contingent liability A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements. r. Cash and cash equivalents Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less. 10 Exclusively inclusive Annual Report 2015

11 Biocon Research Limited 3. Share capital Authorised 1,000,000 (March 31, ,000,000) equity shares of Re 1 each Issued, subscribed and fully paid-up 500,000 (March 31, ,000) equity shares of Re 1 each Total issued, subscribed and fully paid-up share capital a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period Equity Shares No. ` million No. ` million At the beginning of the year 500, , Issued during the year Outstanding at the end of the year 500, , b. Terms/rights attached to equity shares: The Company has only one class of equity shares having a par value of Re 1 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders. c. Equity shares held by holding company and details of shareholders holding more than 5% shares held in the Company No. % of holding No. % of holding Biocon Limited, the holding company (including shares held through nominees) Equity shares of Re 1 each fully paid up 500, % 500, % As per the records of the Company, including its register of shareholders / members, the above shareholding represents both legal and beneficial ownerships of shares. 4. Reserves and surplus Surplus/(deficit) in the statement of profit and loss Balance as per the last financial statements (2,090.41) (1,675.65) Profit / (Loss) for the year (414.76) Net surplus/(deficit) in the statement of profit and loss (2,007.49) (2,090.41) Total reserves and surplus (2,007.49) (2,090.41) 5. Long-term borrowings Loans from related parties Loan from holding company (unsecured) 2, , , , a. The Company has obtained an unsecured loan facility upto ` 6,500 on July 24, 2014 from Biocon Limited, carrying an interest 9% per annum for supporting its operations and funding research and development activities. The loans are repayable in March 31, The maximum amount outstanding during the year to Biocon Limited was ` 3, (March 31, ` 1,891.11). 6. Other long-term liabilities Payable for capital goods and services. [refer note 12(a)] Funding received from co-development partner towards fixed assets. [refer note 10 and 11(b)] Financial Report 11

12 7. Provisions Long-term Short-term Provision for employee benefits Provision for gratuity (refer note 31) Provision for leave benefits Short-term borrowings Packing credit foreign currency loan (unsecured) [refer note (a) below] Bank overdraft (unsecured) [refer note (b) below] a. The Company has obtained foreign currency denominated loans of ` (US$ 11 million) [March 31, ` Nil], carrying an interest rate of LIBOR plus 0.35% per annum, from a bank as at March 31, The loan is repayable on April 06, Biocon Limited has given corporate guarantee for such loan. b. The bank overdraft was payable on demand and carried 11%-13% per annum. 9. Trade payables (refer (a) below) , (a) Disclosure required under Clause 22 of Micro, Small and Medium Enterprise Development Act, 2006 (MSMED Act) (i) The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year Principal amount due to micro and small enterprises Interest due on the above (ii) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act Amounts of the payment made to the supplier beyond the appointed day during each accounting year (iii) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond appointed day during the year) but without adding the interest specified under the MSMED Act 2006 (iv) The amount of interest accrued and remaining unpaid at the end of each accounting year - - (v) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act The above disclosures are provided by the Company based on the information available with the Company in respect of the registration status of its vendors / suppliers. 10. Other current liabilities Payable for capital goods and services Advances from co-development partner Balance in current account with bank representing book overdraft Others: Interest accrued and due Statutory dues [refer (a) below] Deferred revenues Funding received from co-development partner towards fixed assets [refer note 6 and 11(b)] a. Statutory dues include Provident Fund, Employees State Insurance, Professional Tax, Withholding taxes and other indirect taxes payable. 12 Exclusively inclusive Annual Report 2015

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