(CLARIS LIFESCIENCES LIMITED Regd Ofc: Claris Corpor Headquaiers. Nr Paral Rav rosin Elishige, Abed - 38006 nce we clarence com eal itvextorevies co casiftacences com, CIN: LSS11DQJIPMPLCO23 © x tate y uns [a ms | ane nuns [a sar [pe i cee om 7 Sie] ear ao ro Co) a 2 fone | ena] mn fas] “Gsise ‘aise nse mn) asm as 3 etnren) ‘a3 Ee Sse] scat] aga vane} aga] Gams] tae * Pte meet (irene Z en seis wie] saa oo oy voce sia} prey (Seige ort gk gi e (a Enero cpene wan ea am ae? war mm mn saan Gramator ‘oe ta ine ‘pine tik ee ae som {2 reac a nan pe ions ne ma a te na ina in (Bonet sant venae won 0 ans ume sana tae vam] uae sarmse|——aprema|—taenss| Sa aaa [ESS trate om cn ed at fies vtnangopetns-) ceamao] ane « coun] cuss] ass 1am] eel 6 [Siete mera e Grea] ten ‘amr oa] 1 fer li sd som ining pain cismas| wase] —aammo] caso] aaman] ——aaaisn) ——aarnan| tats) coos] 3 |ecceater 3, esr om ong prt.) iamae| wessn] assim] caso) aan] asa] aren] uss) casi] 1 fieepenetenss ‘tee 7 , nn j asx] hoes ono] pom] cual caso) arm] geranlcutzal ae aoa feat eynetteety on] fom] Grea] aso] aan] unalone asta ton] wasn) “Gnio caiman] Gauan]— cay] ua io] mn nas a tomat Sha Sion iim Sime sin fast vase] ae] ae] man | ie an jam) tise] a 7 2(CLARIS LIFESCIENCES LIMFTED, Reg ofc: Cris Corporat Hedger Ne Paral Kaley Ceoung Ets, Amada — 38006 nb wr lrsifcence com, ema etnies patience com CIN BSI OGUI9MPLCORSES Es ane ae = : ee £ ete Oe ee cee eee ie py ry Paterna Wi oi ae mea : fol leeal eel! foal ea eis pees ae edo aa —— a = a oe poe et coe Soel, catia AMI RE aM eR geo Eee erent eee Sh’ oak elk > raga) MMR el a a aa Or da on Beles < 12 712 = eS parted an ~ ay me el el ed Hie igtiliuninuansdicpece oad a coll ee dan | Wall nal 2 ag “a Peek on oes oul Me peel) eam al cake —— ‘ 4 : ete emo ee ie | TE aed am ee, He a ‘ : ; se piace as es | Qi al el dines eae Sa i : uate tale ea ss Ban ie tin|), «ani fesitttmen| WE secu (eb une le Scala a 9 eS ian owen Pr tis es ep a kak el ee i ee 4 falascjee tai? Bey eames 2 oe es 2 Pk ncctnimwcrae i a es ee ee ae ra a 2 a io(Be ge aes es as‘STATEMENT OF ASSETS AND LIABILITIES AS ON MARCH 31,2017 (Rapees in Lacs a ‘Consolidated [Particulars ‘Aeat March 31,2017 As at March 3i, 016] Asai March 31,2017] As at March 31,2016 [ASSETS 1. Non-current asets Property plant and equipment 49346 3208s 537061 86,506.76 ICapital work-in-progress 240.19 (0622 240.19 1012.16 Investment property 17670 18104 : - {Goodwill on Consolidation z Es 320 320 xan aes 66.70 106.68 6670 106.68 Financial assets * : = Imestment 430717 301217 1o3s3.02 1172806 Long-term leans : : E Other financial asses 3183 3602 160537 56528 Deferred tax ase (nt) 2.38871 199207 2,466.10 352890 Non-curent ta ats (nt) 589.09 312.68 oa3.as 320 |Othernon-current assets 1,150.42 137641 1,150.2 2234608 T3887 10.76.69 2644.66 106,139.70 M.Cureent assets Inventories 5 : : 946807 Financial ass Investment i289 19,1035 18,7286 1910038 “Trade rocsvables 2296.18 7993.10, L13.12 16374198 (Cash and cash equivalents 221639 451988 290880 1370948 (Other Bank balances 623 623 15623 490061, Loans 4937220 50,493 85 9141 Lnnst Other financial ase 523405 ons 141s iss198 \carent ax asst (ne) 21275 : 806.15 2 [other cuentas 167627 $81.70 277964 35091 IMI, BaD BaRG Tic 98 Assets classified as held fo sale 0. = Ta [Total Asets ams 10020428 1008. 17g0.s [EQUITY AND LIABILITIES 5456.78 5456.78 545678 545678 4570.99 68,70887 96,536.81 86493.77 aT TEES Dip 3190S [iABiLrriEs 1. Non-current abies [nancial abies ‘Long term Borrowings Lés835 146737 Less 35,16704 long-term provisions ‘5087 37716 or han Detered sibilities (act) : ‘ 1882.56 247190 other Non-current Liability E x z “2150 zea as as Dans ln.current liabilities Financial ates ‘Short erm Borrowings : : 17099.92 Trade payables 607675 1024.78 467654 143556.11 (Othe Financial ibilites 10,465.85, 8353.16 93536 800.60 lother current bites 03202 201580 1.51038 317468 [Short-term provisions 3086 2437 42.65 msi Curent ax iis ret) 2 181879 3561 202483 Tas EIECTAT 7st eras Linities Associated with Assets eld for sale = z BIBI 5 [rota equity and Liabilities 7720SNotes: 11 Thesbove financial results have ben reviewed by the Audit Commies and approved to issue by the Board of Ditectos at thet meeting held cn May 20,2017 2 The statement has been prepared in accordance with the Companiestinian Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act, 2013 and other recognised accountng ‘practices and policies othe extent applicable. Beginning Api 1, 2016 the Company has adopted Ind AS with atansiton date of Apri 01,2015 and secordingly, restated results forthe quarter and year ended March 31,2016, ‘3 The reconciliation of nt profit reported forthe quarter and year ended March 31, 2016 in accordance with Indian GAAP to total comprehensive nome in accordance with Ind AS is given below (Rupees in Description ‘Quarter ended |” Year ‘Quarter ended | Year ended | [March 31, 2016|Mareh 31,2016] March 31,2016] March 31,2016| INet promis) after tax as per Indlan GAAP 3207 (ora) 35683) 80420) 4 impact of Investment at fi vale trough profit or loss 1939 soa 199.39 15046 1 | Impact on depreciation / amertsation on adjustments to Property, Plant & Equipment and Intangible assets $566 25534 3349 1.36593 1W impact of restatement of prior period adjustment and assets not eligible for recognition under previous GAAP 473.65] 99500) 473.66] (1.8949) fv JOther Ind AS adjustments 43349} 18572 (54759) bos? |x impact on above adjustments 30487 295 ens 210762 [Net Profit / (oss) after tnx before OCI as per Ind AS = 429 | 02625) (64.76| 943.50) lOther comprehensive income (nt ofa) 36-73) (5245) 15283 (496.73) [Total comprehensive income after tax as per Ind AS 7st | aa79.10)] s106| —a.4a0.29) 44 The reconciliation of equity reported as on March 31, 2016 in accordance with Indian GAAP to equity in accordance with Ind AS is given below (Gtupees in Lacs) Sr.No. Description Siandafone | Comolidated [AS at Mareh 31,.As at March 3, 2016 Fay wd Tan GAAP wares} Tasha? impact offi valuation of Property, plant & equipment 2.08638] 4506.75] impact of derecognition of inangibleasets + | avats.o) impact of fir valuation of Investments (ther than investment in subsidiaries and associate) 93730 93730 impact of provision fr Expected credit los on financial struments 4919.60) (5931.0) impact of restatement of prior period adjustment and assets not eligible for recognition under previous GAAP. 6048.12] (6048.12 Proposed dividend reversed including tx on dividend 1338] 13333 impact of other ind AS adjustments 26.08 (35099) [Tax impact on ind AS adjustments (Inluding tax on unrealised margin on intra-group transaction and on undistributed profit of Associate) 1.23459 721.08 [Equity as per Ind AS 7ans.6 | vi9s0ss 5 The Board of Directors ofthe Company in their meting held on December 15, 2016 has approved sale and transfer of the “Injectabls Business arid on by the Company in India and overseas, though ts subsidiary Claris Injectabies Limited and oer idenified indirect subsidiaries ofthe Company, trough one of more transactions ivalving the iene of ownership ofthe subsidiary) to the Banter Group at an aggregate enterprise value of approximately USD 625,000,000 (United States Dollars Six Hundred and Twent-Five Million Only) forthe said transaction relating tothe sale of njestables busines, subject 0 apreed adjustments, Permited under applicable law, including for repayment of lenders debt, certain inter-roup transactions, and other closing adjustments, which may be substantial, The Company has taken the approval of the shareholders through the postal ballot on February 17,2017, fiom the shareholders ofthe Company. Accordingly the Injectables business is considered as Discontinacd Operations in ems of Ind-AS 108, 6 On May 82017, the Company has entered into a defini Limited (formerly known as Claris Otsuka Private Li Promotion Board agreement with Otsuka Pharmaceutical Factory, Ine. Japan) ("Otsuka") to sll its 20% stake in the joim venture, Otsuka Pharmsceutis! India Private ited, for atta consideration of USS 20 milion. The closure oF the transaction is subject to regulatory approval, including approval from Foreign Investment 7 Taxexpenses include curent tax, defered tax and adjustment of tes for the eater year/petio, “The operating sepment ofthe company i identified tobe "Drug & Pharmaceuticals" asthe Chief Operating Decision Maker reviews business performance at an overall comps Company docs no have any addtional disclosures tobe mace under Ind AS 108 Operating Segments.9 The numbets forthe quarters ended 31 March 2017 end 2016 are balancing numbers between audited numbers fr the nancial years ended on 31 March 2017 and 2016, respectively, and unaudited numbers forthe nine ‘months ended on 31 December 2016 and 2015, spectively 10 The Bourd of Ditectrs ofthe Company bas recommended a final dividend of Rs.2 per eauty share of Rs 10 each forth Financial year ended on 31 March 2017, subject othe approval of shareholders tthe ensuing oa 11 Previous perodsyears figures have been regroupediraranged wherever considered necessary, 19 conform to the caren periods classifetion. (ChandrasingtrSPUPOMt Whole time Director & CFO. Place: Ahmedabad Date: May 20, 2017 7SHAH & SHAH ASSOCIATES fe, MUNICIPAL MARKET, ‘CHARTERED ACCOUNTANTS C.G. ROAD, NAVRANGPURA, Independent Auditor's report on Annual Standalone Ind AS Financial Results of “AHMEDABAD ~ 380 009 PHONE: 26465833, Fax : 079 ~ 26406883Ema) eaeshanancshan. co. aris Lifesciences Limited pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 To ‘THE BOARD OF DIRECTORS OF CLARIS LIFESCIENCES LIMITED Place Date We have audited the accompanying Statement of Annual Standalone Ind AS” Financial Results (the statement”) of CLARIS LIFESCIENCES LIMITED, AHMEDABAD ("the company”) for the year ended on 31% March,2017, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015) This statement has been prepared on the basis of the Annual Ind AS Standalone Financial Statements, which is the responsibility of the company’s management and approved by the Board of Directors. Our responsibility is to express an opinion on the statement, based on our audit of related Annual Ind AS Financial Statements of the company, which have been prepared in accordance with the recognition and measurement principles laid down in ‘Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder; or by the Institute of Chartered Accountants of India, as applicable and other accounting principles generally accepted in India. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. An audit includes examining, on a test basis, evidence supporting amount disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion and to the best of our information and according to the explanations given to Us, this statement |) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and li) gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the financial performance (including other comprehensive income) and other financial information of the company for the year ended on 315 March,2017. The statément includes the results for the Quarter ended on 31% March, 2017: being the balancing figure between audited figures in respect of the full financial year and the published year-to-date figures up to third quarter ended on 31* December, 2016 which were subject to limited review by us. For SHAH & SHAH ASSOCIATES Chartered Accountants FRN:113742W PARTNER ‘Ahmedabad. Name: SUNIL K. DAVE 20.05.2017 Membership Number: 047236SHAH & SHAH ASSOCIATES ie MUNICIPAL MARKET CHARTERED ACCOUNTANTS c.f vanarunn tn ie Independent Auditor's report on Annual Consolidated Financial Results of Claris Lifesciences Limited pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations ,2015 To ‘THE BOARD OF DIRECTORS OF CLARIS LIFESCIENCES LIMITED 1. We have audited the accompanying Statement of Annual Consolidated Financial Results of CLARIS LIFESCIENCES LIMITED and its subsidiaries (the Company and its subsidiaries ‘constitute "the Group") and the company's share of the profit / (loss) of its associate for the year ended on 31st March, 2017 (the “Statement”), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. This statement has been prepared on the basis of the related Annual Consolidated Financial Statements, which is the responsibility of the company's management and approved by the Board of Directors. Our responsibility is to express an opinion on the statement, based on our audit of related annual consolidated financial statements of the company, which have bee prepared in accordance with the recognition and measurement principles laid down in Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under; or by the Institute of Chartered Accountants of India, as applicable and other accounting principles generally accepted in India. 3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. An audit Includes examining, on a test basis, evidence supporting amount disclosed in the Statement. An audit also includes evaluating the appropriateness of the accounting policies Used and the reasonableness of the significant accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 4. We did not audit the financial statements of nineteen subsidiaries and an associate included in the consolidated financial results, whose financial statements reflect, total assets of Rs. 1,42,095.72 Lacs as at 31% March,2017, total revenues of Rs. 20,480.38 Lacs and Rs. 78,366.83 Lacs for the quarter and year ended on 31" March,2017 respectively , and tots! profit after tax of Rs. 3,684.63 Lacs and of Rs.13,250.56 Lacs for the quarter and year ended fon 31% March,2017 respectively, as considered in the consolidated financial results. These interim/final financial statements of nineteen subsidiaries have been audited/reviewed by other auditors whose reports have been furnished to us by the Management and our report 07 the Statement, in so far as it relates to the amounts and disclosures inciuded in respect of these subsidiaries is based solely on the reports of the other auditors, Further, our report on the Statement, in so far as it relates on share of loss of an associate is based solely 0 financial statements as submitted by the management of the associate company to ‘company.SHAH & SHAH ASSOCIATES ni, nunictpal MARKET CHARTERED ACCOUNTANTS C.G. ROAD, NAVRANGPURA, ‘AHMEDABAD ~ 380 009. PHONE: 26465433, FAX: 079 - 2640598 Emal: a@shahandshah.co.in 5. In our opinion and to the best of information and according to the explanations given to us, this statement; |). includes the results of the entities given below: (i) PT. Claris Lifesciences Indonesia, (Ii) Cleris Lifesciences Colombia Ltda., (iil) Catalys Venture Cap Limited, (iv) Claris Lifesciences Venezuela C. A. (v) Claris Lifesciences Inc. (vi) Claris Lifesciences (UK) Limited (vil) Claris Lifesciences & Cia. Chile Limitada, (vill) Claris Lifesciences (Aust) Pty Limited (ix) Claris Lifesciences de Mexico S.A. de C.V. (x) Claris Produtos Farmaceuticos’ do Brasil Ltda.(xi) Claris Lifesciences Philippines, INC. (xii) Claris Infrastructure Limited, (xill) Claris SteriOne, (xiv) Claris Pharmaservices, (xv) iCubix Infotech Limited, (xvi) Claris Injectibles Limited, (xvil) Ogen Nutrition Limited and (xvii) Claris Middle East FZ-LLC, Dubai. (xix) Elda International DMCC, (xx) Claris Capital Limited. (xxi) Claris Otsuka Private Limited (Associate Company). li) has been presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard; and iil) gives @ true and fair view of the consolidated financial performance (including other ‘comprehensive income) and other financial information for the year ended on 31st March,2017. 6. The statement includes the results for the Quarter ended on 31st March, 2017 being the balancing figure between audited figures in respect of the full financial year and the published year-to-date figures up to third quarter ended on 31st December, 2016 which were subject to limited review by us. For SHAH & SHAH ASSOCIATES Chartered Accountants Place Date Ahmedabad. 20.05.2017 Name: SUNIL K. DAVE Membership Number: 047236Form A Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Name of the company Claris Lifesciences Limited 2. | Annual financial statements for the year ended | Standalone Financial Statements for the _year ended on March 31, 2017 ‘Type of Audit observation Un modified 4. | Frequency of observation Not Applicable To be signed by- | | a oe Vice-Chairman & Managing Director ‘Arjun Handa |_| Whole Time Director & CFO Chandrasingh S. Purohit | | | ‘Audit Committee Chairman BA | ‘Anup P. Shah Auditor of the company Refer Our Audit Report dated | May 20, 2017 on the Standalone Financial | Statements of the Company For, Shah & Shah Associates Chartered Accountants FRN : 113742W _ 7 Sunil K. Dave Partner | Membership No. 047236Form A Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Name of the company ‘Type of Audit observation | Claris Lifesciences Limited incial Statements for the March 31, 2017 Un modified Frequency of observation Not Applicable To be signed by- Vice-Chairman & Managing Director ‘Whole Time Director & CFO Audit Committee Chairman ‘Auditor of the company Arjun Handa et Chandrasingh S. Purohit N a ‘Anup P. Shah Refer Our Audit Report dated May 20, 2017 on the Consolidated Financial Statements of the Company For, Shah & Shah Associates Chartered Accountants FRN : 113742W Sunil k. Dave Partner Membership No. 047236