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  • Independent Auditors Report

    To the Board of Directors of Biocon Limited

    Report on the audit of standalone Special purpose Ind AS financial statements of Biocon Biologics

    Limited (the Company)

    We have audited the accompanying special purpose standalone Ind AS financial statements of Biocon

    Biologics Limited, which comprise the balance sheet as at 31 March 2017, and the statement of profit

    and loss (including other comprehensive income), the cash flow statement and the statement of changes

    in equity for the period 2 March 2016 to 31 March 2017, and a summary of the significant accounting

    policies and other explanatory information (herein after referred to as special purpose standalone Ind

    AS financial statements). The special purpose standalone Ind AS financial statements have been

    prepared by the management in accordance with Note 1.1(a) on the basis of the preparation of the

    special purpose standalone Ind AS financial statements.

    Managements Responsibility for the Special Purpose Standalone Ind AS Financial Statements

    The Companys Board of Directors is responsible for the special purpose preparation of these

    standalone Ind AS financial statements that give a true and fair view of the financial position, financial

    performance including other comprehensive income, cash flows and changes in equity of the Company

    in accordance with basis described in Note 1.1(a) of the special purpose standalone Ind AS financial

    statements.

    This responsibility also includes maintenance of adequate accounting records for safeguarding 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 design, implementation and maintenance of adequate internal financial controls, that were

    operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to

    the preparation and presentation of the special purpose standalone Ind AS financial statements that give

    a true and fair view and are free from material misstatement, whether due to fraud or error.

    Auditors Responsibility

    Our responsibility is to express an opinion on these special purpose standalone Ind AS financial

    statements based on our audit.

    We conducted our audit in accordance with the Standards on Auditing 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 special purpose standalone Ind AS financial

    statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures

    in the special purpose standalone Ind AS financial statements. The procedures selected depend on the

    auditors judgment, including the assessment of the risks of material misstatement of the special purpose

    standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments,

    the auditor considers internal financial control relevant to the Companys preparation of the special

    purpose standalone Ind AS financial statements that give a true and fair view in order to design audit

    procedures that are appropriate in the circumstances. An audit also includes evaluating the

    appropriateness of the accounting policies used and the reasonableness of the accounting estimates

    made by the Companys Directors, as well as evaluating the overall presentation of the special purpose

    standalone Ind AS financial statements.

  • Biocon Limited

    Independent Auditors Report (continued)

    Auditors Responsibility (continued)

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

    our audit opinion on the special purpose standalone Ind AS financial statements.

    Opinion

    In our opinion and to the best of our information and according to the explanations given to us, the

    aforesaid special purpose standalone Ind AS financial statements give a true and fair view in conformity

    with the accounting principles generally accepted in India, including the Ind AS, of the financial

    position of the Company as at 31 March 2017, and its financial performance including other

    comprehensive income, its cash flows and the changes in equity for the period 2 March 2016 to 31

    March 2017.

    Other matters

    We draw attention to Note 1.1(a) to the financial statements, which describes the basis of accounting.

    As a result, the special purpose standalone financial statements may not be suitable for another purpose.

    for B S R & Co. LLP

    Chartered Accountants

    Firms registration number: 101248W/W-100022

    S Sethuraman Partner

    Membership number: 203491

    Place: Bengaluru

    Date: July 14, 2017

  • BIOCON BIOLOGICS LIMITED

    (All amounts are in Indian Rupees Million, except share data and per share data, unless otherwise stated)

    Note March 31, 2017

    ASSETS

    Non-current assets

    Intangible assets 3 3,560

    Financial assets

    (i) Investments 4 1,927

    Total non-current assets 5,487

    Current assets

    Inventories 5 56

    Financial assets

    (i) Trade receivables 6 202

    (ii) Cash and cash equivalents 7 676

    (iii) Other financial assets 8 60

    Total current assets 994

    TOTAL 6,481

    EQUITY AND LIABILITIES

    Equity

    Equity share capital 9(a) 4,453

    Other equity 9(b) (190)

    Total equity 4,263

    Current liabilities

    Financial liabilities

    (i) Trade payables 10 2,200

    Income tax liability (net) 18

    Total current liabilities 2,218

    TOTAL 6,481

    The accompanying notes are an integral part of the financial statements.

    As per our report of even date attached

    for B S R & Co. LLP for and on behalf of the Board of Directors of Biocon Biologics Limited

    Chartered Accountants

    Firm Registration Number: 101248W/W-100022

    S Sethuraman Kiran Mazumdar-Shaw Russell Walls

    Partner Director Director

    Membership No.: 203491

    Bengaluru Bengaluru London

    July 14, 2017 July 14, 2017 July 14, 2017

    BALANCE SHEET AS AT MARCH 31, 2017

  • BIOCON BIOLOGICS LIMITED

    STATEMENT OF PROFIT AND LOSS FOR THE PERIOD FROM MARCH 2, 2016 TO MARCH 31, 2017

    (All amounts are in Indian Rupees Million, except share data and per share data, unless otherwise stated)

    Note For the period from

    March 2, 2016 to

    March 31, 2017

    Income

    Revenue from operations 11 2,020

    Other income 12 5

    Total income 2,025

    Expenses

    Changes in inventories of traded goods (56)

    Purchases of traded goods 673

    Other expenses 13 1,507

    Total expenses 2,124

    Loss before tax (99)

    Tax expense

    Current tax 18

    Total tax expense 18

    Loss for the period (117)

    Other comprehensive income

    Items that will be reclassified subsequently to profit and loss

    Foreign currency translation reserve (73)

    (73)

    (190)

    Loss per equity share 14

    Basic and Diluted (in Rs.) (2.48)

    The accompanying notes are an integral part of the financial statements.

    As per our report of even date attached

    for B S R & Co. LLP for and on behalf of the Board of Directors of Biocon Biologics Limited

    Chartered Accountants

    Firm Registration Number: 101248W/W-100022

    S Sethuraman Kiran Mazumdar-Shaw Russell Walls

    Partner Director Director

    Membership No.: 203491

    Bengaluru Bengaluru London

    July 14, 2017 July 14, 2017 July 14, 2017

    Other comprehensive expense for the period, net of taxes

    Total comprehensive expense for the period

  • BIOCON BIOLOGICS LIMITED

    STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM MARCH 2, 2016 TO MARCH 31, 2017

    (All amounts are in Indian Rupees Million, except share data and per share data, unless otherwise stated)

    (A) Equity share capital March 31, 2017

    Opening balance -

    Shares issued during the year 4,453

    Closing balance 4,453

    (B) Other equity

    ParticularsRetained earnings Foreign currency

    translation reserve

    Total other equity

    Loss for the period (117) - (117)

    Other comprehensive expenses, net of tax - (73)