Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2024
Summary Of Significant Accounting Policies [Abstract]  
Summary of Consolidated Subsidiaries

The following table lists the constituent companies in the Company.

 

Company names

Jurisdiction

Incorporation
Date

Ownership

Virax Biolabs Group Limited

Cayman Island

September 2, 2021

Holding Company

Virax Biolabs (UK) Limited

United Kingdom

August 19, 2021

100% (via Virax Biolabs Group Limited)

Virax Biolabs Limited

Hong Kong

April 14, 2020

100% (via Virax Biolabs (UK) Limited)

Virax Immune T cell Medical Device Company Limited

Hong Kong

January 16, 2017

100% (via Virax Biolabs Limited)

Virax Biolabs PTE. Limited

Singapore

May 4, 2013

95.54% (via Virax Biolabs Limited)

Logico Bioproducts Corp.

BVI

January 21, 2011

95.54% (via Virax Biolabs Limited)

Shanghai Xitu Consulting Co., Ltd

PRC

October 27, 2017

95.54% (via Virax Biolabs Limited)

Virax Biolabs USA management, Inc.

 

USA

 

August 1, 2022

 

100% (via Virax Biolabs Group Limited)

Virax Biolabs Group Holdings Ltd

 

United Kingdom

 

February 22, 2023

 

100% (via Virax Biolabs Group Limited)

Virax Biolabs FZ-LLC

 

United Arab Emirates

 

April 18, 2023

 

100% (via Virax Biolabs Group Holdings Limited)

Virax Biolabs Trading B.V.

 

Netherlands

 

August 4, 2023

 

100% (via Virax Biolabs Group Holdings Limited)

Virax Biolabs UK Operating Limited

 

United Kingdom

 

November 7, 2023

 

100% (via Virax Biolabs Group Holdings Limited)

Functional and Presentation Currency

Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US dollar, which is the Company’s presentation currency.

 

Entity

Functional Currency

Virax Biolabs Group Limited

U.S. dollars

Virax Biolabs (UK) Limited

British Pound Sterling

Virax Biolabs Limited

U.S. dollars

ViraxImmune T cell Medical Device Company Limited

U.S. dollars

Virax Biolabs PTE. LTD

U.S. dollars

Logico Bioproducts Corp.

U.S. dollars

Shanghai Xitu Consulting Co., Ltd

Renminbi

Virax Biolabs USA Management, Inc.

 

U.S. dollars

Virax Biolabs Group Holdings Ltd

 

British Pound Sterling

Virax Biolabs FZ-LLC

 

United Arab Emirates Dirhams

Virax Biolabs Trading B.V.

 

Euro

Virax Biolabs UK Operating LLC

 

British Pound Sterling

Disclosure of Effect of Changes in Foreign Exchange Rates

The most important exchange rates per USD 1.00 that have been used in preparing the financial statements are:

 

 

Closing rate

 

 

Average rate

 

 

As of March 31,

 

 

 

 

 

As of March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

British Pound

 

 

0.791

 

 

 

0.807

 

 

 

0.761

 

 

 

0.796

 

 

 

0.830

 

 

 

0.735

 

Euro

 

 

0.926

 

 

 

0.917

 

 

 

0.896

 

 

 

0.920

 

 

 

0.958

 

 

 

0.860

 

Singapore Dollar

 

 

1.349

 

 

 

1.328

 

 

 

1.372

 

 

 

1.345

 

 

 

1.352

 

 

 

1.349

 

Renminbi

 

 

7.220

 

 

 

6.873

 

 

 

6.355

 

 

 

7.165

 

 

 

6.889

 

 

 

6.417

 

Disclosure of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives are:

Laboratory equipment

5 years

Computer equipment

3 years

Capitalized software

3 years