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

Summary of Significant Accounting Policies (Tables)

v3.23.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2023
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

9/2/2021

Holding Company

Virax Biolabs (UK) Limited

United Kingdom

8/19/2021

100% (via Virax Biolabs Group Limited)

Virax Biolabs Limited (FKA- Shanghai Biotechnology Devices Ltd)

Hong Kong

4/14/2020

100% (via Virax Biolabs (UK) Limited) in United Kingdom

Virax Immune T-Cell Medical Device Company Limited (FKA- Stork Nutrition Asia Limited)

Hong Kong

1/16/2017

100% (via Virax Biolabs Limited) in Hong Kong

Virax Biolabs PTE. Limited

Singapore

5/4/2013

95.65% (via Virax Biolabs Limited) in Hong Kong

Logico Bioproducts Corp.

BVI

1/21/2011

95.65% (via Virax Biolabs PTE. LTD)

Shanghai Xitu Consulting Co., Ltd (FKA- Shanghai Logico Bioproducts)

PRC

10/27/2017

95.65% (via Virax Biolabs PTE. LTD)

Virax Biolabs USA Management, Inc.

 

USA

 

1/08/2022

 

100% (via Virax Biolabs Group 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

U.S. dollars

Virax Biolabs Limited (FKA- Shanghai Biotechnology Devices Ltd)

U.S. dollars

ViraxImmune T-Cell Medical Device Company Limited (FKA- Stork Nutrition Asia Limited)

U.S. dollars

Virax Biolabs PTE. LTD

U.S. dollars

Logico Bioproducts Corp.

U.S. dollars

Shanghai Xitu Consulting Co., Ltd (FKA- Shanghai Logico Bioproducts)

Renminbi

Virax Biolabs USA Management, Inc.

 

U.S. dollars

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

 

 

Year Ended March 31,

 

 

Year Ended March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

British Pound

 

 

0.807

 

 

 

0.761

 

 

 

0.830

 

 

 

0.735

 

Singapore Dollar

 

 

1.328

 

 

 

1.372

 

 

 

1.352

 

 

 

1.349

 

Renminbi

 

 

6.873

 

 

 

6.355

 

 

 

6.889

 

 

 

6.417