CJl. :M:uk,gsft ?vteftta B. Com . F.C .A .

C)1.Sftanti{aljain N. G. JAIN & CO. B . Com . F.C .A .

C)1. Prince 1(otfzari CHARTERED ACCOUNTAN T S

B. Com . A .C .A .

320, Hammersmith Ind. Premises Co-op. Soc. Ltd ., Narayan Path re Marg, Off. Sitladevi Temple Road, Mahim (West) Mumbai - 400 016. Office Phone: + 91 22 244405641 +91 22 2444d716 '

I

Limited Review Report of Un-audited Financia Results of Avon Lifesciences Limited

We have reviewed the accompanying statement of un- udited fmancial results of Avon Lifesciences Limited for the quarter ended 30th June 2018 being ubmitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors and has been prepared in accordance with the companies (Indian Accounting Standards) Rules, 201 5 (Ind AS),P~escribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under ahd other recognized accounting practices and policies. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the St ndard on Review Engagement (SRE) 2410, Revielv of Interim Finamial Information performed qy the ikdependent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This sta~dard requires that we plan and perform the review to obtain moderate assurance as to whether ~e fmancial statements are free of material misstatement. A review is limited primarily to inqhlnes of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not expres an audit opinion.

Based on our review conducted as above, nothing f as come to our attention that causes us to believe that the accompanying statement of un-audited financial results has not been prepared in accordance with applicable Indian accounting standar~s (Ind AS) and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing O bligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or hat it contains any material misstatement.

Place: Mumbai Date: 14/08/2018

E-mail : info@ngjain.com • Web: www.ngjain.com

~ I

Sr.

No.

I

II

III

IV

V

VI

VII

VII I

IX

X

XI

XII

XIII

XIV

1

2

3

4

5

6

I AVON LlFESCIENCIES LIM ITED

CIN: L24110TG1993Pdc016112

Regd. Office: Survey No. 18, Yawapur Village, Sadasivpet Mandai, M edak District, Telangana - 502 291

Corp. Office : H Wing, 4th Floor, Tex Centre, Off Saki Vihar Ro d, Chandivali, Andheri (East), Mumbai - 400072

Statement of unaudited Financial Results fbr the quarter ended June 30, 2018

I (Amt Rs In Lakhs)

I Quarter Ended Year Ended

PARTICULARS 30 ~06.2018 31.03.2018 30.06.2017 31.03.2018

( Un~ udited) (Audited) (Unaudited) (Audited)

Income from operations

I 0.00 0.00 0.00 0.00

Other Income 3.39 0.13 0.00 3.98

Total Income (1+11) 3.39 0.13 0.00 3.98

Expenditure

(a) Cost of raw material consumed 0.00 0.00 0.00 0.00

(b) Purchases of stock-in-trad e 0.00 0.00 0.00 0.00

(c) Employee benefits expense 52.76 55 .76 57.73 242.11

(d) Finance Cost 364.37 370.02 362.09 1,449.81

(E) Depreciation and Amort isation expenses 153.47 159. 14 169.56 644.50

(f) Other Expenses 32.52 16.60 9.86 59.98

Total Expenses 603.12 601.52 599.24 2,396.40

Profit (Loss) before Exceptional Items and Tax (III-IV) (599.73) (601.39) (599.24) (2,392.42)

Exceptional items (refer note 3) (218.48) 0.00 0.00 0.00

Profit (Loss) before Tax (V-VI) I (818.21) (601.39) (599.24) (2,392.42)

Tax expenses

(a ) Current Tax 0.00 0.00 0.00 0.00

(b ) Deferred Tax 0.00 0.00 0.00 0.00

Net Profit (Loss) after tax (VII-VIII) (818.21) (601.39) (599.24) (2,392.42)

Other Comprehensive Income

(i) Items that wi ll not be reclassified to Profit

or Loss 0.00 0.00 0.00 0.00

Total Comprehensive Income fo r the period (IX+X) (818.21) (601.39) (599.24) (2,392.42)

P:'1 id-up equity share capital 7,382.50 2,382.50 2,382.50 2,382 .50

Other Equity

I (6,633 .03)

Ea rnings Per Share (Basic and Di luted) (3.43) (2.52) (2.52) (10.04)

Notes: I The audited fina ncial statements for the quarter ended June 30, 2018 have been reviewed by the Audit Com~ittee and

approved by the Board of Directors at its meeting held on Augus 14, 2018. The information presented above is ext racted

from the audited financial statements. The fi nancial statements are prepared in accodance with the Indian Accounting

Standards (Ind AS) as prescribed under Section 133 of t he ([ompanies Act, 2013 read w ith relevant rules issued

thereund er. I The Comp,ny ope"tes only ;n one Bus;ness Segment ;'e. m,n1 "tuclng Ae"" Ph"m,,"u" " I Ingeed;e"s (API)/ Bulk Drugs.

Pursuant to a Cou rt Order and in li ne with the Managei ent' s decision to discontinue manufacturing Active

Pharmaceutica l Ingredients (APls) falling under t he Controlled S bstances category, stock of materials worth Rs 218.48

lakhs in va lue, which was lying at our Solapu r manufactu ring s ite, was destroyed under the su pervision of Company

representatives and relevant Govt offi cials. Effect of t he said des truction is given under "Exceptional Items" in Sr No. VI

above.

Subsequent to the sa me, the company is presently developi mg AP ls in various therapeutic segments to be soon

commercialised at the Sola pur site. The company would be pproaching the state FDA for relevant licences and . I permissions for manufactu ring t he new APl s. The company conr nues t o hold a valid Establishment Inspection Report

issued by the USFDA in 2016.

The number of investor complaints at the beginning and pending t t the end of t he Quarter were Nil.

The figuees of peev;ous peclod / V'"~ h'" been eegmuped / ' ' 'I , nged whecevec nee"",y / p"e""ble to confo,m to current period/year presentation.

Figures for the quarter ended 31st March, 2018 are the ba lancin1g figures between the audited figures in respect of full

financial year 2017-18 and the published year to date figures uPtolthird quarter offinancia l year 2017-18.

By order of the Board

For AVON L1FESCIENCES MITED -f.f~NC~ Mumbai let Ajit Kamath

14-Aug-18 '1y it C> Director -