Annual Report 2012-13

Biotechnology Industry Research Assistance Council (BIRAC)

Directors’ Report

To the Members,
Your Directors have pleasure in presenting the First Annual
Report together with Audited Balance Sheet and Income
and Expenditure Account of the Company for the year
ended March 31, 2013.

ABOUT THE COMPANY

As per approval of the Cabinet, a Biotechnology Industry
Research Assistance Council (BIRAC) was set up as a ‘Not-
for-Profit’ Section 25 Company and registered under the
Companies Act, 1956 (1 of 1956) on 20th March 2012. BIRAC
is an interface agency of the Department of Biotechnology,
Ministry of Science and Technology and has the mandate
of fostering and nurturing the Biotech Enterprises, specially
start ups and SME’s for enhancing their innovation research
capacities and promoting affordable product development.
BIRAC supports Industry-Academia interaction, serve as transform and tend biotech start-ups to convert

a single window for the emerging biotech industry, help innovative research in public and private sector into
viable and competitive products and enterprises”.
establish connectivity with professional and institutional
BIRAC’s key philosophy is to foster innovation and promote
networks, and provides financial support for quality
the translation of discovery and exciting new inventions to
innovation targeted at affordable solutions and product
market ready technologies and products.
development.
BIRAC’s endeavour is to provide value to the crucial and
MANAGEMENT DISCUSSION & ANALYSIS
critical steps in converting discoveries to product. While
A Separate report on the Management Discussion and the public sector scientists concentrate on developing
Analysis is added as an Annexure to this report. early leads, close interaction and partnership with the
industry will translate these into products. BIRAC through
BIRAC PHILOSOPHY its investment schemes provides necessary opportunities
In its 1st year of existence, BIRAC has initiated several to the Public Sector Researchers, 1st Generation
schemes, networks and platforms that help to bridge the Entrepreneurs, Early Start ups and SMEs to take forward
existing gaps in the industry-academia Innovation research their discovery and innovation in key social sectors and
and facilitate novel, high quality affordable products through commercialization ensure global competitiveness
development through cutting edge technologies. BIRAC of the Indian enterprises.
has initiated partnerships with several national and global
BIRAC’s efforts are to empower, enable and catalyse the
partners to collaborate and deliver the salient features of
innovation driven biotech enterprise to fulfil the India’s
its mandate.
Vision of “a US $100 billion Biotech Industry by 2025”
One of the primary mandates of BIRAC is to “to trigger, and create a true “Indian Bio-Economy”

Annual Report 2012-13 10

Biotechnology Industry Research Assistance Council (BIRAC)

PROMOTING ENTREPRENEURSHIP BY The objective of the BIG Scheme is to:

FOSTERING INNOVATION AND REDUCING
• Foster generation of ideas with commercialization
‘INNOVATION RISKS’
potential
The implementation modalities at BIRAC aim to positively • Upscale and validate proof of concept
impact the biotechnology industry sector by providing • Encourage researchers to take technology closer to
access to “risk capital” for early and late stage innovation market through a start up
research for affordable product development, facilitating • Stimulate enterprise formation
product innovation and commercialization through
incubation, technology transfer, acceleration and grand
challenges and by chaperoning the support system for
building enterprises.

The BIG Innovators receive mentoring and networking

help from three BIG Partners (C-CAMP, Bangalore; IKP
Knowledge Park Hyderabad and FITT, IIT Delhi) during the
course of the project.

Three calls have been announced so far and approximately

465 proposals were received. 18 projects have been
supported in the 1st Call. In the 2nd Call for proposals
under BIG, 30 projects have been shortlisted for
In order to foster innovation, BIRAC has started several funding. Several exciting ideas from novel methods of
initiatives and has achieved considerable success in these.
BIRAC has a strong belief that the “bio-innovation capital”
of the nation would come from novel ideas which evolve
from start-ups or academic spin-offs.

a. Biotechnology Ignition Grant (BIG) Intra osseous Access Device (Funded under Scheme:BIG)

BIRAC’s strategy is to populate the start of the innovation

funnel with numerous exciting ideas which have an
unmet need for funding and mentorship. This strategy
is fulfilled through a grant funding scheme called
Biotechnology Ignition Grant (BIG), which is available to
scientist entrepreneurs from research institutes, academia
and start ups. The scheme is designed to stimulate
commercialization of research discoveries by providing
very early stage grants to help bridge the gap between Fetal Electrocardiogram and Uterine Activity signal extraction [Funded
discovery and invention. under Scheme:BIG]

Annual Report 2012-13 11

Biotechnology Industry Research Assistance Council (BIRAC)

extracting Butanol from sea algae to aptamer based development proposals. The
detection of TB were selected. funding schemes cover all
aspects of the innovation
b. IGNITE pipeline. New ideas that have a
BIRAC and Centre of Entrepreneurial Learning (CfEL) of potential for commercialization
Judge Business School, University of Cambridge have to bubble and grow are
initiated a partnership that enables 5 BIRAC supported encouraged. Support is provided for Proof of concept,
applicants to take part in CfEL’s flagship intensive alpha prototype projects, late stage product development
entrepreneurial boot-camp programme called “IGNITE”, through clinical and field trials, pilot stage and scale up.
which is aimed at providing scientists and early Start Ups to Many of the funding schemes endeavour to bring together
explore entrepreneurial opportunities of their innovative ideas industry and academia to work in partnership underscoring
and transform them into a business project. In the year 2013, BIRAC’s commitment to build strong bridges between these
BIRAC selected 5 candidates from BIG grantees and two important stakeholders of biotech ecosystem.
Stanford India Biodesign (SIB) fellows. This first batch of 5
BIRAC supported IGNITE candidates underwent training at a. Small Business Innovation Research
Initiative (SBIRI)
Cambridge for two weeks in July.
The Small Business Innovation Research Initiative (SBIRI)
c. Bio-incubators scheme of the Department of Biotechnology, Ministry of
In order to foster techno entrepreneurship in biotechnology, Science & Technology launched in 2007 to boost Public-
BIRAC has initiated a scheme for strengthening and
up-gradation of the existing bio-incubators and also to
establish New world class bio-incubators in certain strategic
locations. These Bio incubators provide incubation space
and other required services to start-up companies for their
initial growth. Twelve existing incubators across the country
have been strengthened and approx. 70,000 Sq. ft of Bio-
incubator space has been created to support start-ups.

To take forward the techno-entrepreneurship in

biotechnology at National level, BIRAC has taken a step for
establishing a New World Class Bio-incubator in the DBT (a) Single tube nested PCR kit [Funded under scheme SBIRI] (b) Silk
protein blend film for wound management [Funded under Scheme
Bio-clusters at NCR, Faridabad. An agreement between SBIRI] (c) Low Cost and Reliable Clinical Chemistry Analyzer [Funded
BIRAC and Regional Centre Biotechnology (RCB) was under Scheme SBIRI]

signed on behalf of NCR Bio-Cluster. This BIRAC Bio-

Private-Partnership (PPP) efforts in the country is now being
incubator will focus on Medical devices, Bio-pharma
handled by BIRAC. SBIRI was the first of its kind, early
vaccines & diagnostics and Industrial Biotechnology. The stage, innovation focussed PPP initiative in the area of
Bio-incubator will provide the incubation space and other Biotechnology. It has not only facilitated innovation and risk
required services for entrepreneurs and start-up companies taking by small and medium companies but has also helped
for their initial growth. in bringing together the private industry, public institutions
and the government under one roof to promote research
EMPOWERING ENABLING & DRIVING THE and innovation in the Indian Biotech Sector. The projects
INDIAN BIOTECH INNOVATION ECOSYSTEM supported under the scheme have resulted in prominent
FOR AFFORDABLE PRODUCT DEVELOPMENT: outcomes in the form of some products which have already
BIRAC funding modalities recognise and evaluate the come to the market and some promising research leads
‘staged risks’ and the ‘innovativeness’ of several product seeing ray of hope for commercialization.

Annual Report 2012-13 12

Biotechnology Industry Research Assistance Council (BIRAC)

(a) Clinical Development of Influenza Vaccines [[Funded under

Scheme BIPP] (b) Percutaneous Aortic Valve (PAV) Technology
([Funded under Scheme BIPP]
The objectives of this scheme are:
• to provide support for early stage, pre-proof-of-concept
research in biotechnology by industry
• to support new indigenous technologies particularly
those related to societal needs in the healthcare, food
and nutrition, agriculture and other sectors
• to nurture and mentor innovative and emerging
technologies/entrepreneurs
• to assist new enterprises to forge appropriate linkages
with academia and government (a) Oncoscan – Digital Oncopathology Slide Scanner [Funded under
Scheme BIPP] (b) Development of Novel Peptide Based Topical Gel
A total of 140 projects have been supported, involving more for the Treatment of Alopecia. [Funded under Scheme BIPP]
than 100 companies with a committed investment of `425
• To nurture and mentor innovative and emerging
crores.
technologies/entrepreneurs
b. Biotechnology Industry Partnership • To assist new enterprises to forge appropriate linkages
Programme (BIPP) with academia and government
Approved by the Government in 2008, BIPP is an Industry
Partnership Scheme for high risk, discovery led innovation
research. Overall objective of the scheme is:

• To provide support for early stage, pre proof-of-concept

research in biotechnology by industry

• To accelerate the commercialization of new indigenous

technologies particularly those related to societal needs
in the healthcare, food and nutrition, agriculture and
other sectors

Annual Report 2012-13 13

Biotechnology Industry Research Assistance Council (BIRAC)

So far 110 projects have been supported with 95 companies. projects in family health and nutrition, Infectious disease and
A total fund of `700 crores is committed, with Government agriculture. This PMU and the activities are jointly funded by
contribution of `300 crores and Industry contribution of `400 DBT and Gates Foundation. The first call for proposal on
crores. the area of “Achieving Healthy Growth through Agriculture
and Nutrition” has been announced by BIRAC.
c. Contract Research and Services
Scheme (CRS)
b. Partnership with CDSA for Management of
One of BIRAC’s major focus is to enable academia-industry
BIRAC Supported Clinical Trials
interaction and to take forward public funded research to
BIRAC’s funding programme supports clinical trials
commercialization by creating effective linkages between
during the product development cycle. The clinical trials
academia and industry. Through CRS (Contract Research
require specialised services, protocol design, regulatory
and Services Scheme) BIRAC extends support to academic
compliance and monitoring of clinical data. BIRAC has
institutes across the country to take forward their research
signed an Agreement with CDSA as a partner to strengthen
leads through a validation and translation cycle by the
BIRAC capabilities in clinical trial management, and provide
industry. Funding is in the form of grant which is given to training in Regulatory matters.
both the academic as well as the industrial partner. While
the industry performs its role as a validation partner and MENTORING AND CAPACITY BUILDING
engages on a contractual basis, the IP rights reside solely BIRAC has carried out periodic awareness workshops to
with the academic partner. enhance the level of response from the private sector and
The overall aim of the scheme is to enable validation of their public partners.
academic research that has commercialization potential • Training of Trainers Workshop was conducted on
and engage the contract research and manufacturing IP Management at Delhi, Kolkata, Ahmadabad and
(CRAMS) industry to carry out the validation of a process or Chennai, with World Intellectual Property Organization
a prototype. These validations can range from exploratory (WIPO).
to small scale or even large scale. • A series of three Sensitization workshops were held
Four calls have been launched. Eighty four proposals have on Intellectual Property, Technology Management
been received having 88 academic & 84 industry Partners. and Entrepreneurship at University of Rajasthan,
Jaipur; Shri Mata Vaishno Devi University, Jammu and
After a very selective screening, 7 proposals have been
Dibrugarh University, Dibrugarh. These workshops
approved in which 9 academic & 7 industry partners are
were held at strategic locations with respect to a well
involved.
laid out state biotech policy, productive university/ies,
and some entrepreneurial activity/possibility. The topics
BUILDING STRATEGIC ALLIANCE dealt with in the workshop related to IP & Technology
a. DBT-BIRAC-GATES Foundation Management, Patent Search Strategy, Licensing issues,
Entrepreneurship & Biological Diversity etc. depending
Department of Biotechnology (DBT) and Gates Foundation
upon the requirement of the geographical location.
have signed an MoU for joint Global Health and Development
• Workshops on Technology Licensing, Valuation
Needs in Developing Countries. Under this MoU,
and Acquisition for Biotech Sector By Dr. Ashley
collaborative scientific and technological research will be
Stevens, world renowned Technology Management
supported to alleviate some of the world’s most critical global
expert from Boston University, USA, were conducted at
health and development issues over a period of five years Delhi and Bangalore in February, 2013. The aim of these
for the benefit of people in India and developing countries workshops was to train participants to learn various skills
worldwide. To implement this, a Program Management Unit required for management of technologies, their effective
has been set-up at BIRAC, which is responsible for the disposal, licensing, valuation & commercialization and
execution, management and financial oversight of the joint strategies for technology acquisition.

Annual Report 2012-13 14

lekin office ke
Biotechnology Industry Research Assistance Council (BIRAC)

• BIRAC - CDSA Regulatory Meet: Demystifying Indian In order to acquire new important technologies either nationally
Regulations for New Drug or globally BIRAC plans to launch a Technology Acquisition
BIRAC in collaboration with Clinical Development Services Fund. This would be for technologies for development of
Agency (CDSA) organized a Two Day Regulatory Workshop novel and affordable product for the public good. For a
on “Demystifying Indian Regulations for New Drug” during technology to be transferred (either nationally or
11th-12th February, 2013 at New Delhi. internationally) or acquired from overseas, BIRAC
conducts a thorough due diligence of the technology and
The workshop was a BIRAC - CDSA led forum that brought its relevance to India as well as the benefits that would be
together the Experts from Central Drugs Standard Control accrued if a technology is acquired into India.
Organization (CDSCO), Indian Council of Medical Research
(ICMR), Academic Institutes and Industries engaged in BIRAC has facilitated discussions on technology transfer of
new drug development. The goal of this workshop was cardiovascular drugs, infant care systems and formalized
to provide direct, relevant and valuable information on the technology acquisition from Queensland University Australia
key aspects of Regulations governing new drug approvals for bio-fortification of banana.
in India.
IP AND LEGAL CELL POLICY & ANALYSIS
The Regulatory Workshop focussed on topics like: (a)
Updates on Indian Regulations, (b) guidance and Laws a. IP Support: Safeguarding the Indian Biotech
in India, (c) Understanding the Drugs and Cosmetic Act, Innovation
(d) The format and content of IND submissions including The in house IP cell in BIRAC provides support to start ups
regulatory and scientific requirements, (e) Pre-Clinical and and SMEs on various aspects of IP (landscaping, patent
Clinical Documentation Needs, (f) IND / New Drug Review filing, freedom to operate). BIRAC undertakes an extensive
& Approval Process, & Real time Experience in Filing and IP evaluation of proposals that are sent to its flagship funding
seeking Approvals for New Drug / INDs. programmes such as BIPP, CRS, SBIRI and BIG as well as

A series of Grant Writing awareness seminars were also providing clarity on many of the IP issues in collaborative

conducted with active participation of industry and public projects including international projects.

researchers in major cities. BIRAC has set up an IP Management and Technology

Commercialization (IPM-TC) unit at DBT- ICT Centre for
TECHNOLOGY TRANSFER AND ACQUISITION
Energy Bio-Sciences at Mumbai and intends to set up
One of the major policy interventions by BIRAC is to provide
similar centres in different institutes which can provide
access to academic research leads, ensure osmosis of
competent IP services to the local ecosystem. The IP cell
knowledge between academia and industries and provide
also organises several capacity building workshops on
access to cutting edge technologies that help industry to
various aspects of IP.
overcome bottlenecks.

BIRAC engages with the academic institutions and the b. Legal Advisory Support
biotech industry and critically looks at the R&D being BIRAC’s Legal and Contracts Cell provides a complete due
conducted. Part of this process involves mapping of both diligence required for all legal activities of the organisation
knowledge and technologies in organisations involved in and its programmes including formulation and execution
innovation research and BIRAC has initiated technology of various research funding schemes, technology transfer,
mapping exercises of national institutions especially those licensing agreements, contract research, MoUs, agreements
that receive major funds from BIRAC and DBT. BIRAC between BIRAC and its partnering organisations. The Cell
envisages to put in place a scheme for effective technology also extends its support to the industry as per their needs
transfer of publicly funded technology to industry to be on a case to case basis.
commercialized.

Annual Report 2012-13 15

Biotechnology Industry Research Assistance Council (BIRAC)

The Legal and Contracts Cell opines on related issues brainstorm about policy imperatives. Some of the discussions
and has standardized the templates for different PPP organized are:
models of support to Company, Consortium, Technology
• Strategic and policy meetings and discussions regarding
Transfer, Collaborative Programmes between Industry and
nano toxicity guidelines
Academia etc.
• FDI in pharma sector

c. Policy and Analysis Cell: Evidence based • Infrastructure needs for agri biotechnology sector
strategic policy formulation
• Industrial enzymes, medical devices and implants
BIRAC’s in-house Policy and Analysis Cell gathers and
• Bio-manufacturing
analyses various information related to biotechnology
industry and informs the strategic decision making process
Based on this extensive consultation process BIRAC
within the organisation as well as forms the basis of advising
identifies gaps and challenges and then formulates its
stakeholders. The latest market and industry reports are
schemes that aim to provide solutions to the challenges
reviewed and the information is then provided to the relevant
identified. A Secondary Agricultural Innovation Cell has been
experts. The cell is involved in preparing techno-economic
established within BIRAC. The cell provides the missing link
reports on numerous proposals that BIRAC receives for its
to facilitate development of secondary agriculture industry
flagship programmes.
especially SMEs. It provides independent secondary
As part of evidence based policy formulation, BIRAC producers and processors with critical information to build
organises several discussion series and roundtables to successful value-added agricultural enterprises.

THE BIRAC 3I PORTAL- INFORMATION TECHNOLOGY

Dr. Renu Swarup, MD, BIRAC

receiving the SKOCH order of
merit for India best in Smart
Goverenance from Shri J.
Satyanaryana, Secretary, DeitY,
Govt. of India

“BIRAC 3i Portal” is a dedicated portal developed for effective management of all Investment schemes. These include
Biotechnology Industry Partnership Programme (BIPP), Small Business Innovation Research Initiative (SBIRI), Contract
Research and Services (CRS) Scheme and Biotechnology Ignition Grant (BIG) Scheme. The target beneficiaries of BIPP/
SBIRI, CRS and BIG are Industry, academia and individuals/young entrepreneurs respectively. The earliest scheme to be
announced by BIRAC (that time being operated in a programme mode, i.e., BIRAP) was BIPP. The online portal for BIPP
was launched in February, 2010. At present, the portal caters to all the four schemes of BIRAC.

Annual Report 2012-13 16

Biotechnology Industry Research Assistance Council (BIRAC)

INNOVATORS MEET

DBT – BIRAC Innovators Meet was organized on 15-16 October, 2012 at Manesar, Gurgaon, which was attended by over
180 participants from academia, industries, key stakeholders and policy makers. Focussed discussion on priority areas in
health, agriculture and energy were undertaken. The World Bank model of diagnostic monitoring of the industry partnership
scheme and projects was also discussed. This was an excellent platform for all innovators to meet, network and discuss
issues of common interest as well as for showcasing technologies.

Dr. Renu Swarup, MD, BIRAC, Dr. M.K. Bhan Chairman, BIRAC, Prof. Invitees at the BIRAC Innovators Meet 2012
G Padmanabhan, IISC, Dr. Purnima Sharma, MD, BCIL releasing the
Compendium at Innovators Meet 2012

FOUNDATION DAY
BIRAC celebrated the 1st Foundation Day on 20th March 2013. A grand Challenge meet was also organized on the
Occasion. This was attended by over 400 Scientists, undertakings, national and international organization and other
stakeholders. Important issues on ‘Catalysing the Growth of an Innovation Driven Biotech Enterprise’ were discussed.

Hon’ble Union MInister for Science & Technology, Shri Jaipal Reddy Delegates at the First Foundation Day
lightening the lamp along with Prof. K. VijayRaghvan, Chairman,
BIRAC

Annual Report 2012-13 17

Biotechnology Industry Research Assistance Council (BIRAC)

FUTURE OUTLOOK Lives” combining social innovation and biotechnology for

BIRAC aims to become a dynamic organization, applying the well-being of the society with Maternal and Child Health
unique methodologies for nurturing high risk projects which as its first theme.
hold potential for commercialization. BIRAC would like to
position itself as an organisation nurturing and promoting The objectives of SPARSH are:
innovation led research and aims to play an important role
• Identify and provide support to cutting edge innovations
as a facilitator and not merely a service provider.
towards affordable product development that can bring
The Indian biotechnology sector is growing despite the significant social impact and address challenges of
global economic downturn. The sector however needs inclusive growth.
continued support especially the start ups and SMEs. • Provide support in the form of impact funding of biotech
Given the right support, the sector is predicted to majorly product innovations (with social goals) that can be
contribute to the Indian economy and possibly touch $100 scaled.
billion in revenues by 2025, thus establishing a true Indian • Create and foster a pool of social innovators in biotech and
bio-economy. BIRAC in its short history has managed to provide a platform to share best practices, understand
intricacies of business models in social innovation and
secure the trust of its stakeholders. This trust is immensely
network.
valuable to the organisation and it spurs the organisation to
redouble its efforts to play a greater role in catalysing the
b. BIRAC Industry Sponsored Research
bio-economy.
BIRAC Industry sponsored research is a scheme to
BIRAC envisages greater connect with its stakeholders by promote academic intervention to solve specific research-
initiating, implementing and delivering several programmes based technical challenges faced by Indian Biotech
that fill the gaps and help in turbo-charging the Indian Industries in developing and deploying new technologies
biotechnology sector. central to product development for public good. The main
focus of the scheme is to engage a single or a group of
BIRAC would endeavour to understand new approaches
academic institutes, for finding innovative, commercially
and technologies that would impact the sector in future
viable, affordable and marketable solutions necessary for
such as RNAi, metagenomics, molecular assisted selection
product development by overcoming technology barrier
(MAS), pathway engineering and green chemisry, m-health
encountered by Indian Biotech industries. The funding will
& smart devices and diagnostics. A few initiatives that
be in the form of grant, given to the academic institutes,
BIRAC is planning to launch in the future are: jointly by BIRAC and the industry.

a. Social Innovation programme for Products: c. University Innovation cluster

Affordable & Relevant to Societal Health (SPARSH):
BIRAC along with National Innovation Council are working
Touching a Billion Lives
out the details for establishing University innovation Cluster
BIRAC’s mandate, especially its vision of “addressing with support from both public and private entities. The
the needs of the largest section of society”, aligns with University Innovation Cluster initiative for Biotechnology
the social goals of biotechnology product development. would focus on Universities, where conducive environment
Maternal and Child health (MCH) pose several challenges for biotechnology collaboration and innovation thereof
that need affordable products and processes which can exists and where all stakeholders including industry can be
create immediate impact in India and geographies that show brought together in synergy with each other. This initiative
similar healthcare landscape. MCH remains one of the key is to create an entrepreneurial culture in the Universities
determinants of health of a society. In this regard, BIRAC and help students to test their novel ideas and take them to
has announced the launch of “SPARSH: Touching a Billion proof of concept.

Annual Report 2012-13 18

Biotechnology Industry Research Assistance Council (BIRAC)

d. BIRAC Translation Facilities RTI

In order to ensure a steady flow of bioproducts, bioprocesses BIRAC follows all necessary procedures and processes in
and new technologies there is a need to create a strong accordance with Government Guidelines.
infrastructure both for research and commercialization. In
order to turn research into products, a crucial step is to CODE OF CONDUCT
establish a proof of concept and test it under industrial BIRAC has set out clear guidelines for Code of Conduct of
conditions. It is necessary to have access to scale-up and the Board of Directors and other Employees in accordance
pilot infrastructures during the research and development and fulfilment of the DPE guidelines and the Government
stage to develop and test industrial processes, thus Code of Conduct Rules.
reducing both lead time and investment. A need has been
felt for national level facilities which can be accessed by DIRECTORS’ RESPONSIBILITY STATEMENT
start-ups and SME’s and public sector researches for taking As required under Section 217 (2AA) of the Companies Act,
their research leads to the next stage of validation and trial. 1956, the Directors state:
BIRAC would consider setting up of Facilities for • That in the preparation of the annual accounts, the
Translational Research in partnership and co-governance applicable accounting standards have been followed.
models of operation.
• That the accounting policies selected and applied are
consistent and the judgments and estimates made are
HUMAN RESOURCE
reasonable and prudent so as to give true and fair view
Since, BIRAC is the first-of-its kind in the country, set up of the state of affairs of the company at the end of the
to nurture and support growth of the biotech sector; it financial year and of the profit of the company for that
requires a very special and unique governance structure period.
for successful and effective functioning. Therefore, a
• That proper and sufficient care has been taken for
distinctive structure has been developed. This structure
the maintenance of adequate accounting records in
has been proposed in congruence with the organization’s
accordance with the provisions of the Companies Act,
mission, vision and objectives and after discussions and
1956 for safeguarding the assets of the company and for
consultations with the key stakeholders.
preventing and detecting fraud and other irregularities.
The structure provides for effective functioning while the
• That the Annual Accounts have been prepared on a
focus is on the key activities of BIRAC and the areas that
going concern basis.
the organization plans to expand on in the future.
Human resource is the most valuable component of BIRAC, CORPORATE GOVERNANCE
in view of the specialized skill sets required for each of the A separate report on Corporate Governance is annexed
activities of the company. As per the Cabinet approval, with this report.
BIRAC has developed a Contract Career Pathway for its
employees through its Board of Directors, within which AUDITOR’S REPORT
functional titles have been accorded. M/s SAMPRK & Associates, Chartered Accountants have
been appointed as the Statutory Auditors of the Company
FINANCIAL RESULTS by Comptroller and Auditor General of India for the period
The financial statement is made on accrual method under review. Comments on the observation of the Auditors
of accounting under the historical cost convention, in / CAG are given as Annexure to Directors’ Report and are
accordance with the accounting standards issued by self-explanatory and suitably explained in various Notes on
Institute of Chartered Accountants of India. the Accounts.

Annual Report 2012-13 19

Biotechnology Industry Research Assistance Council (BIRAC)

BANKERS • Prof. Deepak Pental, Professor, Department of Genetics,

Bankers are University of Delhi
• Dr. Dinakar Mashnu Salunke, Executive Director, Regional
• Corporation Bank, CGO Complex, Lodi Road,
Centre for Biotechnology
New Delhi -110003.
The effective date of joining of the four directors is
• State Bank of Hyderabad, CGO Complex, Lodi Road,
25.06.2013.
New Delhi -110003.
CONSERVATION OF ENERGY, TECHNOLOGY
PARTICULARS OF THE EMPLOYEES ABSORP TION AND FOREIGN EXCHANGE
None of the employees is drawing remuneration beyond EARNINGS AND OUTGO
the monetary ceiling prescribed under section 217 (2A) of Statement giving the details of conservation of energy,
the Companies Act, 1956 read with Companies (Particular technology absorption and foreign exchange earnings and
of Employees) Rules, 1975 as amended. outgo in accordance with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988
ABOUT DIRECTORS is given at next page: -
The Board of Directors of BIRAC comprises eminent a. Conservation of Energy
scientists and professionals from the scientific field,
Disclosure regarding conservation of energy is not
technology management, academia, industry and
required.
government agencies.
The first Chairman of the Company was Prof. M. K. Bhan, b. Technology Absorption, Adoption and Innovation
the then Secretary, Department of Biotechnology and Particulars required under Form B of the relevant rule
the first Managing Director is Dr. Renu Swarup, Advisor, pursuant to Section 217(1) (e) of the Companies Act, 1956
Department of Biotechnology. have not been given since the company has no Research
and Development activity. However the main function of
Prof. M. K. Bhan superannuated on 30.11.2012 and Dr.
the company are supporting Innovation Research in the
T. Ramasami who took charge of Secretary, DBT also
Biotech Industry and Promoting Technology Management
took charge of Chairmanship w.e.f 01.12.2012 up to
to promote adoption and transfer of entrepreneurship in all
27.01.2013. Prof. K. VijayRaghavan, Secretary, Department
places of research.
of Biotechnology has now taken charge as the Chairman of
the company w.e.f. 28.01.2013. c. Foreign Exchange Earnings & Outgo
The Government has approved the Appointment of the The foreign exchange earnings & outgo during the year are
following four Independent Non-official Directors for as given below:
BIRAC.
Foreign Exchange Inflow in the form of NIL
• Prof. Ashok Jhunjhunwala, Professor, IIT, Chennai Donations

• Dr. Gagandeep Kang, Professor & Head, Department Foreign Exchange outflow
of Gastrointestinal Sciences, Chirstian Medical College, A. Database subscription Rs. 16,53,789/-
Vellore B. Foreign travel by employees Rs. 16,371/-

ACKNOWLEDGMENT
The Directors wish to place on record their appreciation for the valuable guidance and cooperation extended to the Auditors,
Banks, and various governmental agencies. The Directors also wish to place on record their appreciation for the sincere
efforts put in by the executives and staff of the Company.

Place: New Delhi For and on behalf of Board

Date: 11 Sept., 2013 Prof. K VijayRaghavan, Chairman

Annual Report 2012-13 20

Biotechnology Industry Research Assistance Council (BIRAC)

Annual Report 2012-13 21

Biotechnology Industry Research Assistance Council (BIRAC)

Management Discussion & Analysis Report

(Forming Part of the Directors Report for 2012-13)

INDUSTRIAL STRUCTURE AND DEVELOPMENT affordable.

BIRAC has been set up as a Public Sector Section 25 • Bring a transformational change to the biotechnology
Not for profit Company on 20th March 2012. It is a unique sector of the country by fostering and nurturing the next
organization, the first of its kind in the country and has generation of ‘enterprise builders’ who would help deliver
been set up to match global standards. The Company is innovative biotechnology products and services that can
committed to deliver the required outcome of promoting, solve the unmet needs of the country be it in healthcare,
nurturing and enabling the Biotech Innovation Eco-system agriculture, bio-energy and industrial biotechnology.
for affordable product development. Today there is an
• Reduce the risk inherent in the innovation pipeline
urgent need to create, support and sustain an Innovation
from the origination of an ‘idea’ and its journey through
Ecosystem and an Institutional framework in the country,
several hurdles such as at prototype, at pilot and at scale
which not only provides investment for discovery to early
up stages, to become a successful commercialized
stage to product development and commercialization,
product.
but also address critical gaps in skilled Human Resource,
• Provide a 360° mechanism for biotech firms to take their
infrastructure and relevant research resource. BIRAC
idea to final commercial product.
addressed these needs and aim at enhancing the risk
taking ability of the biotech enterprise and catalysing the • Provide support to other foundational structures of a
growth of innovation research to achieve the target of US biotech innovation ecosystem namely bio-incubators,
$100 billion by 2025. technology transfers and high end technology platforms
that provide access to high end technology tools.

STRENGTH AND OPPORTUNITIES • Create new models of engagement among industry,

Since BIRAC is a unique organisation first-its-kind, set up academia and the third sector and build porous

in the country to nurture and support growth of the biotech boundaries for critical and important information to flow
among all stakeholders. For this to be realised, BIRAC
sector; it requires a very special and unique governance
envisages itself to be at the intersection of each of the
structure for successful and effective functioning.
dynamic ecosystems viz. industry, academia and the
BIRAC’s core mission is to work as a Development Agency third sector.
in the field of biotechnology and address the national needs • Kindle the spirit of bio-entrepreneurship in academia
of health and food security problems through bottom up and enable spin outs from academic and public funded
competitive grant approach or through top down product research centres.
development programmes. To achieve this aim, BIRAC is
• Build national and international partnerships with similarly
working in partnership with private, public and international aligned organisations in delivering its mandate.
groups and the aim is to:

• Play a catalytic role in fashioning, building and scaling RISK AND GOVERNANCE
a true Indian bio-economy that puts biotechnology at The steady growth of the Biotech Sector at about 20%
the centre stage of the growth story of India, addresses is indicative of the potential, which will help the sector
the multitudes of challenges that the country faces and to achieve a target of US $100 billion by 2025. However
helps in delivering solutions that are innovative and sustained growth to its full potential requires creation of the

Annual Report 2012-13 22

Biotechnology Industry Research Assistance Council (BIRAC)

innovation system, which BIRAC endeavours. BIRAC also deliver the salient features of its mandate.
recognizes the fact that maximum support is required for
small enterprise to take them through the critical “valley of ENSURING ENTITLEMENTS – BIRAC
death” where chances of failure are high due to high risk INVESTMENT SCHEMES
R&D activities. BIRAC therefore addresses this and has Igniting new ideas – Biotech Ignition Grant
launched a number of schemes to reduce the risk inherent Schemes (BIG)
in the innovation pipeline, from idea to discovery to product. • Scheme was announced in June 2012 in partnership
BIRAC’s schemes and activities provide support to the with 3 BIG Partners IKP Knowledge Park, Hyderabad;
required foundation structure and also a 360o mechanism Centre for Cellular and Molecular Platforms (C-CAMP),
to facilitate this journey from idea to product. Bangalore and Foundation for Innovation and Technology
Transfer (FIIT), New Delhi
AREAS OF OPERATIONS • Provides support of `50 lakh (US $100,000) for high
BIRAC is an organization with 4 unique verticals to support risk innovation discovery and proof of concept by first
its mandate: generation entrepreneurs and early start ups.
• 2 calls were announced, 289 applications were received
• Nurturing innovation by mentoring and funding high risk,
and nearly 50 BIG Innovators were awarded
highly innovative projects by itself and on behalf of multiple
partners throughout the innovation value chain, viz:
Partnership with industry for high risk discovery
early stage innovation research, product development, led innovation research – Biotechnology Industry
product validation and commercialization. Partnership Programme (BIPP) and Small Business
• Promoting and supporting Public Private Partnership Innovation Research Initiative (SBIRI)
Innovation programmes. • Scheme provides for support for high risk, innovation
research from discovery to proof of concept to technology
• Provide Project management and other innovation
validation, up to pre-commercialization.
support services, particularly for regulatory product
evaluation. • Under BIPP, 28 calls were announced, nearly 800
projects were received, 112 projects were approved and
• Build Strategic Alliance for providing essential need
102 agreements were signed with 93 industry (15 start
based research and innovation services to the Industry,
ups and 60 SMEs) and 28 academic partners
particularly small and medium industry, as a gap filling
measure. • Under SBIRI, 22 calls were announced, 1200 projects
were received, 140 projects were approved involving
This is a unique initiative of the Government to promote the more than 100 companies. Some landmarks are
growth of Biotechnology industry in India. Ø 3 Novel drugs are under Phase II and Phase III
trials.
BIRAC is a new industry-academia interface and implements
its mandate through a wide range of impact initiatives, such Ø A point-of-care diagnostic device was developed.
as providing access to risk capital through targeted funding, Ø Device for execution procedure for tumor ablation
technology transfer, IP management and handholding was launched in the market.
schemes that help bring innovation excellence to the
Ø 3 vaccines were developed- Japanese Encephalitis
biotech firms and make them globally competitive. In its
- in market; PandyfluTM in the market; Rotavirus –
1st year of existence, BIRAC has initiated several schemes,
Phase III was completed successfully.
networks and platforms that help to bridge the existing gaps
in the industry-academia Innovation research and facilitate Ø 3000 litre /day pilot plant established for
lignocellulosics ethanol production.
novel, high quality affordable product development through
cutting edge technologies. BIRAC has initiated partnerships Ø Recombinant Uricase for treatment of tumor lysis
with several national and global partners to collaborate and syndrome was developed

Annual Report 2012-13 23

Biotechnology Industry Research Assistance Council (BIRAC)

Ø Diagnostic kit for malaria was developed.

Ø Recombinant follicle stimulating hormone for treating
infertility was developed.
Ø Recombinant fuzeon for AIDS was developed as a
biosimilar product.
Ø RBC phenotyping kit was developed as an affordable
import substitute.
Creating capacity in various fields for successful
bioenterprise development.
• 6 sensitization workshops on “Intellectual Property,
Technology Management and Entrepreneurship”
were organized at Jaipur, Jammu and Dibrugarh. 332
participated, 249 from academia and 83 from industry
(start-ups, SMEs and others).
• 4 workshops on class technology validation, licensing
and transfer were organized by Prof. Ashely Stevens,
President, Associate of Technology at Bangalore and
New Delhi. 149 participated, 72 from academia and 77
from industry (start-ups, SMEs and others).
• Regulatory workshop on “Demystifying Indian Drug
Regulations for New Product Approvals” was organized
Facilitating technology validation and development at New Delhi.
– Contract Research Scheme (CRS)
• Scheme was announced to promote academia – TECHNOLOGY TRANSFER AND ACQUISITION
industry interface; 3 calls were launched; 84 proposals
Technology Transfer: Banana Bio-fortification:
were received; 88 academic & 83 industry partners are
• BIRAC has signed an agreement with Queensland
involved; 7 proposals were approved; 9 academic &7
University of Technology (QUT), Australia for technology
industry partners are involved.
transfer related to Bio-fortification and Disease Resistance
in Banana to India.
EMPOWERING FOR ACHIEVING EXCELLENCE
• BIRAC represents the Department of Biotechnology
Creating a world class incubation space for
entrepreneurs and start ups (DBT), Ministry of Science and Technology, Government

The BIRAC bioincubator strengthening scheme was

launched to create world class incubation space for early
startups and make available in required services and
facilities. 12 Bioincubators were set up. Over 100 incubatees
are expected to benefit from 70,000 sq. ft. of incubator
space created.

Creating common service facilities to service the

needs of start-ups and researchers
• High end structural and functional characterization of
protein therapeutics and peptides – Intas Pharmaceuticals
Ltd. Large scale production of microbial antigens and
Mr. Michael Finney, CEO of QUT Technology Transfer Company, Blue
monoclonal-antibodies – SPAN Diagnostics Ltd. Box and Dr. Renu Swarup, MD, BIRAC signing the agreement

Annual Report 2012-13 24

Biotechnology Industry Research Assistance Council (BIRAC)

of India for development and execution of a governing • Healthcare Sector: Strand Life Sciences Pvt. Ltd.,
agreement in accordance with this underlying public Bangalore for their contribution in Hepatotoxicity
cause. First batch of Indian scientists after training at Prediction Platform (Heptox)
QUT have returned back to India to take the project • Biomedical Devices, Implants & Diagnostics Sector:
forward. ‘Five Indian Partners’ are implementing the Perfint Healthcare Pvt. Ltd., Chennai for their contribution
collaborative objectives in India in CT Guided Robotic Positioning System (ROBIO EX)
and Automated Device for Planning, Execution and
BUILDING STRATEGIC ALLIANCES Confirmation of Targeted Tumor Ablation Therapy
(MAXIO)
Forging International Linkages
• Industrial Processes and Green Technology Sector:
• DBT – BIRAC – GATES Foundation Partnership for
Pelican Biotech and Chemical Labs Pvt. Ltd., Alppuzha,
Affordable Product Development
Kerala for their contribution in Novel Methods for
• Health care
Isolation of Biochemicals and Value Added Products
• Agriculture
from Crustacean Exoskeleton. Navya Biologicals Pvt.
Ltd., Hubli, Karnataka for their contribution in Platform
BIRAC has set up a Project Management Unit (PMU) to take
Technologies for Production of Complex Proteins,
this partnership forward and implement the agreed action
Peptides and MABs.
plan.

• BIRAC – DBT – WHO – PATH Multi-Stakeholder First Foundation Day of BIRAC

Consortium on Affordable Technologies for Women BIRAC celebrated the First Foundation Day on 20th March
& Child - The discussion was organized and 8 priority 2013. A Grand Challenge Meet was also organized on
technologies identified for future activities. The details the occasion. This was attended by over 400 scientists,
are being worked out. undertakings and representatives of national and international
organizations and other stakeholders
Leveraging existing strengths – Building
Partnerships
• ABLE as a knowledge Partner FUTURE OUTLOOK
• CDSA for Clinical Trial related activities Having established itself in the first year, BIRAC is now
focussed on moving ahead towards fulfilment of its
INDUSTRY – ACADEMIC INTERACTION major goal and target- strengthening and empowering
• DBT – BIRAC Innovators Meet was organized on 15-16 the biotech enterprises to undertake strategic, high risk
October, 2012 at Manesar, Gurgaon. Over 180 participants innovation research for meeting the national challenge of
from academia, industries, key stakeholders and policy affordable product development.
makers attended the meet. Very focussed discussions
During the coming year BIRAC would endeavour to launch
were held on priority areas in health, agriculture and
energy. The World Bank model of diagnostic monitoring • BIRAC Social Innovation Scheme
of the industry partnership schemes and projects was • BIRAC Industry Sponsored Research
also discussed.
BIRAC would continue to work towards empowerment and
DBT-BIRAC Innovators Awards were given in this growth of the biotech enterprises especially start-ups and
meet to the following companies: SMEs by
• Agriculture Sector: Bioseed Research India
• Creating Translational Facilities to move research leads
Pvt. Ltd., Hyderabad and International Centre for
forward
Genetic Engineering & Biotechnology, New Delhi
for their contribution in Rice Hybrids with Improved • Setting up Service Facilities, which are accessible to the
Characteristics start-ups and early stage entrepreneurs.

Annual Report 2012-13 25

Biotechnology Industry Research Assistance Council (BIRAC)

• Setting up Biotech Accelerator to nurture the early stage and support growth of the biotech sector, it requires a very
innovation and facilitate their translation to affordable special and unique governance structure for successful
products. and effective functioning. Therefore, a distinctive structure
• Create Product Development Partnerships to achieve the has been developed. This structure has been proposed
goal of affordable innovation and product development in congruence with the organization’s mission, vision and
in key social sectors. objectives and after discussions and consultations with the
BIRAC would continue to be the “Connector and key stakeholders.
Catalyser”
The structure provides for effective functioning while the
focus is on the key activities of BIRAC and the areas that
INTERNAL CONTROL SYSTEM AND THEIR
the organization plans to expand on in the future.
ADEQUACY
The Company has established systems providing adequate Human resource is the most valuable component of
internal controls, commensurate with its size and nature BIRAC, in view of the specialized skill sets required for
of the business. Such systems have been appropriately each of the activities of the company. As per the Cabinet
documented. There is a very clear policy to maintain approval, BIRAC has developed a Contract Career Pathway
confidentiality and ensure No-Conflict of Interest. for its employees through its Board of Directors within
which functional titles have been accorded. A very unique
HUMAN RESOURCES organisational structure, Contract Career Development
Since BIRAC is first-of- its kind in the country, set up to nurture Path and HR Policy have been developed.

Annual Report 2012-13 26

Biotechnology Industry Research Assistance Council (BIRAC)

Annual Report 2012-13 27

Biotechnology Industry Research Assistance Council (BIRAC)

Report on Corporate Governance

The company firmly believes and has consistently practiced good corporate governance. The company’s policy is reflected
by the very values of transparency, professionalism and accountability. The company constantly strives towards betterment
of these aspects and thereby perpetuate it into generating long term economic value for its shareholders, customers,
employees, other associated persons and the society as a whole. In accordance with the Department of Public Enterprises
(DPE) Guidelines on Corporate Governance, the details of compliance by the Company are as under:

BOARD OF DIRECTORS
The Board is having an Executive Chairman and an Executive Managing Director and an appropriate composition of
Executive and Non- Executive Directors conforming to the specification provided in the DPE Guideline. All the Directors are
equipped with a variety of perspectives and skills, to ensure effectiveness of the Board, facilitating efficient discharge of
their duties and adding value in the context of the Company’s circumstances.
The Board of Directors consists of six Directors and the composition and category of Directors is given below:
Details of Directors and Board Meetings Attended:

Name Category Other No. Committee Board Attendance Remarks

Directorship membership Meeting at last
held in other Attended AGM
company (Nos.)

Prof. M. K. Bhan Chairman Nil Nil 19.04.12 NA Tenure Completed on

(Executive) 25.07.12 30.11.2012
24.09.12
29.11.12
Dr. T. Ramasami Chairman Nil Nil No Board NA Tenure from
(Executive) Meeting 01.12.2012 to
during his 27.01.2013
tenure
Prof. K. ViajayRaghavan Chairman 01 Nil 05.03.13 NA Tenure from
(Executive) 28.01.2013
Dr. Renu Swarup Managing 01 Nil 19.04.12 NA
Director 25.07.12
(Executive) 24.09.12
29.11.12
05.03.13
Dr. Dinakar Mashnu Independent NA NA NA NA Tenure from
Salunke Director 25.06.2013

Annual Report 2012-13 28

Biotechnology Industry Research Assistance Council (BIRAC)

Dr. Gagandeep Kang Independent NA NA NA NA Tenure from

Director 25.06.2013
Prof. Deepak Pental Independent NA NA NA NA Tenure from
Director 25.06.2013
Prof. Ashok Independent 10 09 NA NA Tenure from
Jhunjhunwala Director 25.06.2013

1.1 Five Board meetings of the Company were held during the period on the following dates:
1. 19/04/2012, 2. 25/07/2012, 3. 24/09/2012, 4. 29/11/ 2012 5. 05/03/2013,
1.2 None of the Directors on the Board hold directorship in more than fifteen companies and no Director is a member of
more than 10 Committees and Chairman of more than 5 Committees (as specified in Clause 49), across all the Companies
of which he is a Director. The Directors have made the necessary disclosures regarding Committee positions.
1.3 There are no pecuniary relationships or transactions of the non-executive Directors of the Company.
1.4 Sitting fees to Non- Executive Director up to period ended on 31.03.2013 – N.A.

BOARD PROCEDURE
The meeting of Directors is generally held at the Company’s Registered office in New Delhi. The Statutory requirements
for holding Board Meetings are compiled within Company’s policy and practice. Apart from matters requiring the Board’s
approval by Statute, all major decisions including financial results, actual operations, feed back reports and minutes of
meetings are regularly placed before the Board.

CODE OF CONDUCT
BIRAC has set out clear guidelines for Code of conduct of the Board of Directors and other Employees in accordance and
fulfilment of the DPE guidelines and the Government Code of Conduct Rules.

SHAREHOLDER INFORMATION AS ON 31.03.2013

Category Code Category of Number Total Total value Total Shareholding as

Shareholders of Share No. of of Shares a percentage of total
holders Shares (In Rs.) number of shares
Shareholding of Promoter President of India 3 10000 1,00,00,000 100
and Promoter group
GRAND TOTAL 3 10000 1,00,00,000 100

GENERAL BODY MEETINGS

Location and time for the first Annual General Meeting:

Period Venue DATE TIME

ended on
31.03.2013 At Registered office of the Company- A/254, Bhisham 30.09.2013 11.30 a.m.
Pitamah Marg, Defence Colony, New Delhi - 24

Annual Report 2012-13 29

Biotechnology Industry Research Assistance Council (BIRAC)

6. The Management Discussion and Analysis Report forms a part of this Annual Report.

FINANCIAL YEAR
BIRAC was incorporated on 20th March 2012. The Financial year for this report is therefore w.e.f 20th March 2012 to 31st
March 2013. The company however follows the financial year period as follows-1st day of April to 31st day of March

Financial Account
This is the First Annual Report of the Company and 1st Accounts Statement report is being presented.
• Details of Transactions by the company during 2013-13 are provided in the Notes on Account and none of the
transactions with any of the related parties were in conflict with the interest of the Company.
• The Company has complied with mandatory requirement as per DPE Guidelines. No penalty or strictures have been
imposed on the company by any regulatory authorities relating to capital markets in the last three years.
• Address for Correspondence: A-254, Bhisham Pitamah Marg, Defence Colony, New Delhi - 110024.

COMPLIANCE CERTIFICATE
As per section 383A of the Companies Act, 1956, a compliance certificate has been obtained from Practising Company
Secretary, M/s Agrawal Manish Kumar & Co., New Delhi. The Certificate is a part of Directors’ Report.

Annual Report 2012-13 30

Biotechnology Industry Research Assistance Council (BIRAC)

COMPLIANCE CERTIFICATE OF COMPANY SECRETARY IN WHOLE TIME PRACTICE

COMPLIANCE CERTIFICATE

Corporate Identification Number of the Company: U73100DL2012NPL233152

Nominal Capital: Rs. 1 Crore.
To,
The Members
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL

Delhi
e have examined the registers, records, books and papers of M/S. BIOTECHNOLOGY INDUSTRY RESEARCH
ASSISTANCE COUNCIL, (the Company) as required to be maintained under the Companies Act, 1956, (the Act) and
the rules made thereunder and also the provisions contained in the Memorandum and Articles of Association of the
Company for the financial year ended on 31st March, 2013. In our opinion and to the best of our information and
according to the examinations carried out by us and explanations furnished to us by the company, its officers and
agents, we certify that in respect of the aforesaid financial year:
(i) The Company has kept and maintained all registers as stated in Annexure A’ to this certificate, as per the provisions
of the Act and the rules made thereunder and all entries therein have been duly recorded.
(ii) The company has duly filed the forms and returns as stated in Annexure B’ to this certificate, with the Registrar of
Companies, Regional Director, Central Government. Company Law Board or other authorities within the time prescribed
under the Act and the rules made thereunder.
(iii) The Company being Private Limited Company Under Section 25 of the Act, has paid-up capital of Rs. 1 Crore and its
maximum number of members during the said financial year was less than 50 excluding its present and past employees
and the Company during the year under scrutiny:
a. Has not invited public to subscribe for its shares or debentures; and
b. Not invited or accepted any deposits from persons other than its members, directors or their relatives
(iv) The Board of Directors duly met FIVE TIMES on 19-04-2012, 25-07-2012, 24-09-2012, 29-11-2012, and 05-03-2013 in
respect of which meetings proper notices were given and the proceedings were properly recorded and signed including
the circular resolutions passed in the Minutes Book maintained for the purpose.
(v) The company has not closed its register of members during the financial year.
(vi) Since the Company has been Registered on 20.03.2012, it was not required to hold AGM for the Financial year
31.03.2012 as per requirement of Provisions of Companies Act, 1956
(vii) No Extra Ordinary General Meeting was held during the financial year.
(viii) Section 295 of the Companies Act, 1956 is not applicable to Company, being a Private Company.
(ix) The company has not entered into the transactions specified under section 297 of the Act.
(x) The company has made necessary entries in the register maintained under section 301 of the Act.
(xi) The company was not required to take approvals from the Board of Directors, Members, and previous approval of
Central Government, as there were no instances falling within the purview of Section 314 of the Act.
(xii) The company has not issued any duplicate share certificates during the financial year.

Annual Report 2012-13 31

Biotechnology Industry Research Assistance Council (BIRAC)

(xiii) The company has:-

a. Issued share certificates on allotment of Equity shares to Subscribers of Memorandum & Transfer of Shares during the
financial year.
b. Not deposited any amount of dividend in a separate bank account as no dividend was declared during the
financial year.
c. Not required to post warrants to any member of the company as no dividend was declared during the financial year.
d. Compliance of Section 217 of the Act is not applicable.

(xiv) The Board of Directors of the Company is duly constituted. All the Appointments of Directors has been duly made
during the Financial ear.

(xv) The provisions related to Appointments of Managing Directors / Managers is not Applicable to Private Company.

(xvi) The company has not appointed any sole Selling Agents during the financial year.

(xvii) As informed by the Management of the Company, the Company was not required to obtain approval of the Central
Government, Company Law Board, Regional Director, Registrar of Companies and or such other authorities as may be
prescribed under the various provisions of the Act during the financial year.

(xviii) The Directors have disclosed their interest in other firms/ Companies to the Board of Directors pursuant to the
provisions of the Act and the Rules made thereunder.

(xix) The company has issued 10000 (No’s) equity shares (Including 1000 Shares allotted to subscribers to Memorandum
during the financial year.

(xx) The company has not bought back any shares during the financial year.

(xxi) The company has not redeemed any preference shares during the financial year.

(xxii) There were no transactions necessitating the Company to keep in abeyance the rights to dividend, rights shares and
bonus shares pending registration of transfer of shares.

(xxiii) The company has not invited / accepted any deposits including any unsecured loans falling within the purview of
Section 58A of the Act during the financial year.

(xxiv) The Company being a private company, the provisions relating to Borrowing under Section 293(1) (d) of the Act is
not applicable.

(xxv) The company being a private company, the provisions of Section 372A of the Act is not applicable.

(xxvi) The Company has not altered the provisions of Memorandum with respect to Situation of the Company’s Registered
Office of the company during the year under scrutiny.

(xxvii) The Company has not altered the provisions of Memorandum with respect to the objects of the Company during
the year under scrutiny.

(xxviii) The Company has not altered the provisions of Memorandum with respect to the Name of the Company during the
year under scrutiny.

(xxix) The Company has not altered the provisions of Memorandum with respect to the Share Capital of the Company
during the year under scrutiny

(xxx) The Company has not altered its Article of Association during the year under scrutiny

(xxxi) There was no prosecution initiated against or show cause notices received by the Company for alleged

Annual Report 2012-13 32

Biotechnology Industry Research Assistance Council (BIRAC)

offences under the Act and no fines and penalties or any other punishment was imposed on the company during the
financial year.

(xxxii) The Company has not received any money as security from its employees during the financial year.

(xxxiii) The company has complied with the provisions of section 418 of the Act, relating to provident Fund.

for Agrawal Manish Kumar & Co

Date: 09-09-2013
Company Secretary
Place: New Delhi
Manish Kumar Agrawal
(Proprietor)
C.P. NO. 7057

Annexure-A

Registers as maintained by the Company

Statutory Registers and Other Registers:
1) Minutes of Meeting of Board of Directors U/s. 193(1)
2) Minutes of Meeting of Shareholders U/s. 193(1)
3) Register of Directors/Managing Director U/s. 303(1)
4) Register of Members U/s. 150(1)
5) Register of Directors Shareholding U/s. 307(1)
6) Register of Contracts in which directors are interested U/S 301
7) Register of Share Transfer

Annexure-B

Forms and Returns as filed by the Company

Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government or
other authorities during the financial ear ending on 31st March 2013.
No Documents have been filed during Financial Year ended on 31.03.2013

Annual Report 2012-13 33

Biotechnology Industry Research Assistance Council (BIRAC)

Annual Report 2012-13

Biotechnology Industry Research Assistance Council (BIRAC)

Annual Report 2012-13

Biotechnology Industry Research Assistance Council (BIRAC)

Statutory Auditors Report

To The Members of
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL
REPORT ON THE FINANCIAL STATEMENTS
e have audited the accompanying financial statements of BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE
COUNCIL, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Income and Expenditure (from
20th March, 2012 to 31st March, 2013) for the year ended, and a summary of significant accounting policies and other
explanatory information. e have issued this report in suppression of our report dated 20th July, 2013 consequent upon
the revision of Balance Sheet, Income & Expenditure account of the Company in terms of observation of the Government
Audit (C&AG of India) regarding certain changes as suggested in their Audit Notes.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the Accounting Standards referred to in Sub-Section
(3C) of Section 211 of the Companies Act, 1956 (“the Act ). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. e conducted our audit in
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
e believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give
the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:

Annual Report 2012-13 36

Biotechnology Industry Research Assistance Council (BIRAC)

a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March,2013
b) In the case of Income and Expenditure , of the excess of income on expenditure for the year ended on that date; and
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order ) issued by the Central Government of India
in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order. N/A
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit;
b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our
examination of those books;
c) the Balance Sheet, and Statement of Income and Expenditure dealt with by this Report are in agreement with the books
of account
d) in our opinion, the Balance Sheet, and Statement of Income and Expenditure comply with the Accounting Standards
referred to in sub section (3C) of section 211 of the Companies Act, 1956;
e) In terms of Department of Company Affairs Notification No. GSR 829(E), dated 21st October, 2003 Government of
Companies are exempt from applicability of provisions of section 274(1) (g) of the Companies Act, 1956.

For SAMPRK & Associates

Chartered Accountants
Firm Reg. No. 013022N

CA. Pankaj Sharma

Place : New Delhi (Partner)
Date : 30.08.2013 Membership No. 093446

Annual Report 2012-13 37

Biotechnology Industry Research Assistance Council (BIRAC)

Balance Sheet

Biotechnology Industry Research Assistance Council

Balance Sheet as on 31st March, 2013
(Amount in Rs.)
Particulars Note No. Figures for the current reporting period
(31.03.2013)
EQUITY AND LIABILITIES
(1) Shareholder’s Funds
(a) Share Capital 1 1,00,00,000.00
(b) Reserves and Surplus 2 8,66,147.00
(c) Capital Grant for Fixed Assets 43,37,966.00
(2) CURRENT LIABILITIES
(a) Other Current Liabilities 3 37,72,49,979.00
(b) Short Term Provisions 4 2,78,465.00
TOTAL 39,27,32,557.00
ASSETS
(1) Non-Current Assets 5
(a) Fixed Assets
(i) Tangible Assets 36,05,876.00
(ii) Intangible Assets 5,38,390.00
(b) Long-Term Loans and Advances 6 18,20,000.00
(2) Current Assets
(a) Cash and Cash Equivalents 7 27,16,55,533.00
(b) Other Current Assets 8 11,51,12,758.00
TOTAL 39,27,32,557.00
Significant Accounting Policies (The 13
accompanying Notes from 1 to 26 are an
integral part of financial statements)

As per our report of even date attached

For and on behalf of Board of Directors of Biotechnology Industry Research Assistance Council

S.K.Lal Renu Swarup K.VijayRaghavan

(Company Secretary) (Managing Director) (Chairman)

For SAMPRK & Associates

Chartered Accountants
Firm Reg. No. 013022N

CA. Pankaj Sharma

Place : New Delhi (Partner)
Date : 30.08.2013 Membership No. 093446

Annual Report 2012-13 38

Biotechnology Industry Research Assistance Council (BIRAC)

Income & Expenditure Account

Biotechnology Industry Research Assistance Council

Statement of Income & Expenditure for the period ended 31st March, 2013
(Amount in Rs.)
Particulars Note No. Figures for the current reporting
period 31.03.2013
(1) INCOME
(a) Grants Received & Utilized 9 46,330,771.00
(b) Other Income 10 1,615,217.00
Total Revenue (A) 47,945,988.00
(2) EXPENDITURE
Employee Benefit Expenses 11 5,344,991.00
Depreciation & Amortisation Expenses 193,730.00
Other Expenses 12 41,262,655.00
Total Expenses (B) 46,801,376.00
(3) Surplus of Income over Expenditure before exceptional 1,144,612.00
and extraordinary items. C=(A-B)
(4) Exceptional Items (D) -
(5) Surplus before extraordinary items. (E 3 - 4) 1,144,612.00
(6) Extraordinary Items (F 5 - 6) -
(7) Income Before Tax (G = 6 - 7) 1,144,612.00
Less: Provision for Income Tax 278,465.00
Surplus for the Year Carried Forward to Reserve & 866,147.00
Surplus A/c
(8) Earnings per equity share:
(1) Basic 86.61
(2) Diluted 86.61
Significant Accounting Policies (The accompanying 13
Notes from 1 to 26 are an integral part of financial
statements)

As per our report of even date attached

For and on behalf of Board of Directors of Biotechnology Industry Research Assistance Council

S.K.Lal Renu Swarup K.VijayRaghavan

(Company Secretary) (Managing Director) (Chairman)

For SAMPRK & Associates

Chartered Accountants
Firm Reg. No. 013022N

CA. Pankaj Sharma

Place : New Delhi (Partner)
Date : 30.08.2013 Membership No. 093446

Annual Report 2012-13 39

Biotechnology Industry Research Assistance Council (BIRAC)

Notes to Account

Biotechnology Industry Research Assistance Council

Notes to Financial Statements
1 Share Capital
Particulars Figures for the
current reporting
period (31.03.2013)
(Amount in Rs.)
A. Authorized
10,000 Equity shares of Rs 1000/-each 10,000,000.00
B. Isssued ,Subscribed & Fully paid
10,000 Equity shares of Rs 1000/-Each fully paid up 10,000,000.00
Subscribed but not fully paid Nil
TOTAL 10,000,000.00
C. Reconciliation of Number of Shares
No of shares Amount in Rs.
Number of equity shares at the beginning - -
Add: Equity shares issued during the year 10,000 10,000,000.00
Number of equity shares at the end (closing balance) 10,000 10,000,000.00
D. Details of Shareholder’s holding more than 5% in equity shares
of the company
Name of Shareholder No. of shares % of shares held
President of India 9,000 90.00
Dr. (Prof.) Maharaj Krishan Bhan (held on behalf of President of 900 9.00
India)
Dr. Renu Swarup (also held on behalf of President of India) 100 1.00
TOTAL 10,000 100
E Other details and rights
The company has only one class of equity shares issued at par value
of Rs.1000 each.
Each Equity shareholder has right to one vote per share
The shares do not have dividend rights
Shares carries no distribution right in the event of liquidation
2 Reserves and Surplus
Surplus
Opening Balance Nil
Add: Transfer from Statement of Income & Expenditure 866,147.00
TOTAL 866,147.00

Contd...

Annual Report 2012-13 40

Biotechnology Industry Research Assistance Council (BIRAC)

Particulars Figures for the

current reporting
period (31.03.2013)
(Amount in Rs.)
Notes to Financial Statements
3 Other Current Liabilities
Unutilised grant (Welcome Trust) * 103,297,534.00
Unutilised Grants Carried forward
BIRAC Fund ( I&M ) Sector 148,968,800.00
BIRAC Fund( Manpower) A/c 4,655,009.00
BIRAC Fund( Non Recurring) A/c 5,662,034.00
BIRAC Fund( Recurring) A/c 105,017,220.00 264,303,063.00
Others Payable
Statutory Liabilities 1,735,256.00
Others 7,914,126.00 9,649,382.00
TOTAL 377,249,979.00
Unutilised grant of elcome Trust will be returned (Note No. 19)
4 Short Term Provisions
Provision for Income Tax 278,465.00
TOTAL 278,465.00
6 Non - Current Assests
Long Term Loans & Advances
Security Deposit 1,120,000.00
Loans 700,000.00
(Given through Biotech Consortium India Limited under BIPP
Scheme)
Unsecured, considered good Nil
Due from directors/ officers Nil
TOTAL 1,820,000.00
7 Current Assets
Cash & Cash Equivalents
Cash in Hand 14,030.00
Balances with Banks in Saving accounts 271,641,503.00
TOTAL 271,655,533.00
Notes to Financial Statements
8 Other Current Assets
Advances Recoverable 742,180.00
Prepaid Expenses 2,880,578.00
Unspent amount with BCIL under BIPP Scheme 111,490,000.00
TOTAL 115,112,758.00
9 Income
Grants Received & Utilized
Grant against Manpower Expenses 5,344,991.00
Grant against Recurring Expenses 39,471,780.00
Grant utilised by BCIL for E P 1,514,000.00
TOTAL 46,330,771.00
Refer Note No. 26
Contd...

Annual Report 2012-13 41

Biotechnology Industry Research Assistance Council (BIRAC)

10 Other Income
Interest Received - Saving Accounts 1,614,517.00
Misc. Income 700.00
TOTAL 1,615,217.00
11 Employees Benefit Expenses
Salary & Allowances to Staff 4,597,491.00
Employer’s Contribution to Provident Fund 747,500.00
TOTAL 5,344,991.00
Notes to Financial Statements
12 Other Expenses
AMC Expenses 318,717.00
Travel Expenses 4,765,436.00
Meeting & Conference Expenses 6,941,087.00
Advertisement Expenses 6,498,600.00
Building Maintanance Charges 685,085.00
Legal & Professional Expenses 4,520,174.00
Office Expenses 325,439.50
Power & Electricity Expenses 216,630.00
Printing & Stationery Expenses 415,830.00
Rent 9,795,181.00
Sitting Fees & TA and DA 392,735.00
Sponsorship 100,492.00
Fees & Subscription 832,927.50
Conveyance Expenses 831,130.00
orkshop Expenses 2,358,481.00
Expenses Incurred for BIPP Scheme 1,514,000.00
Preliminary Exp ritten Off 276875.00
Security Service 277,747.00
Postage & Telephone Expenses 129,282.00
Statutory Audit Fees 56,180.00
Bank Charges 2,305.00
Misc. Expenses 8,321.00
TOTAL 41,262,655.00

As per our report of even date attached

For and on behalf of Board of Directors of Biotechnology Industry Research Assistance Council

S.K.Lal Renu Swarup K.VijayRaghavan

(Company Secretary) (Managing Director) (Chairman)

For SAMPRK & Associates

Chartered Accountants
Firm Reg. No. 013022N

CA. Pankaj Sharma

Place : New Delhi (Partner)
Date : 30.08.2013 Membership No. 093446

Annual Report 2012-13 42

Biotechnology Industry Research Assistance Council (BIRAC)

Refer Note No. 9

Unutilised Grants Refundable (Amount in Rs.)
Particulars Figures for the current reporting
period (31.03.2013)
Short Term Long Term
BIRAC ( elcome Trust A/c) 103,297,534.00 -
Total 103,297,534.00 -

Statutory Liabilities (Amount in Rs.)

Particulars Figures for the current reporting
period (31.03.2013)
Short Term Long Term
TDS Payable 294,116.00 -
Employees Provident Fund payable 1,441,140.00 -
Total 1735256.00 -

Other Payable (Amount in Rs.)

Particulars Figures for the current reporting
period (31.03.2013)
Short Term Long Term
Department of Bio Technology 276,875.00 -
Audit Fee Payable 50,562.00 -
Electricity Expenses Payable 37,400.00 -
Telephone Expenses Payable 8,034.00 -
Others 7541255.00 -
Total 7914126.00 -

Balances with Banks in Saving Accounts (Amount in Rs.)

Particulars Figures for the current reporting
period (31.03.2013)
Short Term Long Term
State Bank of Hyderabad (I & M) 37,540,690.00 -
State Bank of Hyderabad ( elcome Trust) 103,297,534.00 -
Corporation Bank 130,803,279.00 -
Total 271,641,503.00 -
5. Notes to Fincial Statements
Fixed Assets (Amount in Rs.)
GROSS BLOCK DEPRECIATION NET BLOCK
Particulars Rate of Figures Additions/ Sales/ Figure as at Char- For the Sale/ Total as at WDV at WDV at
Dep. as at Adjustments Adjus- end of ged year Adjus- the end of the end the end of
beginning tments current up 2012-13 tment current of current previous
of current reporting to reporting reporting reporting
reporting period 2011- period period period
period (31.03.13) 12 (31.03.2013) (31.03.2013) (31.03.12)
(01.04.12)
Tangible
Furniture & Fixtures 18.10 - 3,456,952.00 - 3,456,952.00 - 114,856.00 - 114,856.00 3,342,096.00 -
Computer 40 - 274,300.00 - 274,300.00 - 10,520.00 - 10,520.00 263,780.00 -
Total Tangible 3,731,252.00 - 3,731,252.00 - 125,376.00 - 125,376.00 3,605,876.00 -
Intangible
ebsite 40 - 606,744.00 - 606,744.00 - 68,354.00 68,354.00 538,390.00 -
Development
Total Intangible 606,744.00 - 606,744.00 - 68,354.00 - 68,354.00 538,390.00 -
TOTAL - 4,337,996.00 - 4,337,996.00 - 193,730.00 - 193,730.00 4,144,266.00 -

Annual Report 2012-13 43

Biotechnology Industry Research Assistance Council (BIRAC)

Significant Accounting Policies

NOTE No. 13

CORPORATE INFORMATION
Biotechnology Industry Research Assistance Council (BIRAC) “the Company is a Section 25 “Not-for-Profit Company
incorporated under the provisions of the Companies Act, 1956, vide Registration No. U73100DL2012NPL233152 dated
20th March 2012.It came into existence with the approval of Cabinet vide order no.40/CM/2011 (i) dated 9th December,
2011.The Company is engaged in nurturing, promoting and mentoring Research and Development in Biotech Sector.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements of the Company have been prepared in accordance with Generally Accepted Accounting
Principles in India (Indian GAAP). The Company has prepared these Financial Statements for compliance in all material
respects, with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The Financial Statements have been prepared on an accrual basis
and under the historical cost convention.

a) Revenue Recognition
BIRAC receives grants for its operation and running its schemes from the Department of Biotechnology (DBT). The
Company submits Utilisation Certificate and Statement of Expenditure (UCSE) to DBT when the fund is exhausted for
further replenishment of funds. DBT sanctions and disburses the funds to BIRAC. The funds are recognised only when it is
received by BIRAC. Hence, the grants are recognised on receipt or cash basis. Grants received and utilised for operation
and activities are recognised as income on receipt basis. Interest received on unutilised grant are accounted as other
income on receipt basis.

b) Fixed Assets
Fixed Assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost
comprises of purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the
asset to its working condition for the intended use is also accounted for. Any subsidy/reimbursement/ contribution received
for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is
stated at cost.
Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits
from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed
assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the
Statement of Income and Expenditure for the period during which such expenses are incurred. Gains or losses arising
from derecognization of fixed assets are measured as the difference between the net disposal proceeds and the carrying
amount of the assets derecognized.

c) Depreciation and Amortisation

Depreciation on assets is provided on written down value ( DV) method using the rates arrived at based on the useful
lives estimated by the management, or those prescribed under the Schedule IV to the Companies Act, 1956, whichever
is higher.
Depreciation on fixed assets added/disposed off during the year/period is provided on pro-rata basis with reference to the
date of addition/disposal. Individual assets costing upto Rs. 5000 are depreciated in full in the year of purchase.

d) Intangible Assets
Intangible assets acquired are measured separately at cost. Intangible assets are carried at cost less accumulated
amortization and accumulated impairment losses, if any. Internally, generated intangible assets are not capitalized and

Annual Report 2012-13 44

Biotechnology Industry Research Assistance Council (BIRAC)

expensed off in the Statement of Income and Expenditure in the year in which the expenditure is incurred.
Intangible assets are amortized on a written down value ( DV) method. The amortization period and the amortization
method are reviewed at least at each financial year end.

e) Miscellaneous Expenditure
Preliminary expenditures are amortized fully during the year it is incurred.

f) Foreign Exchange Transactions/Translation

Foreign currency transactions and balances: Foreign Currency Transfer is made as per the approved Government
guidelines. For any contribution being received from foreign entities, the necessary approval is obtained under the Foreign
Contribution (Regulation) Act, 2010.

• Initial Recognition
Foreign currency transactions are recorded in the reporting currency by applying the exchange rate between the
reporting currency and the foreign currency at the date of the transaction.

• Conversion
Foreign Currency monetary items are retranslated using the exchange rate prevailing at the reporting date.

• Exchange Differences
Exchange differences arising on long-term foreign currency monetary items related to acquisition of a fixed asset are
capitalized and depreciated over the remaining useful life of the asset. The exchange differences on other foreign
currency monetary items are accumulated in ‘Foreign Currency Monetary Item Translation Difference Account’ and
amortized over the remaining life of the concerned monetary item.
All other exchange differences are recognized as income or as expenses in the period in which they arise.

g) Taxes on Income
The Company is a Section 25 “Not-for-Profit Company incorporated under the provisions of the Companies Act, 1956.It
does not generate any income/revenue from its activities.

h) Employees Benefits
The Company does not have any permanent employment structure. All the employees of the Company are hired on
a contractual basis, renewable after a periodical duration subject to their good performance. The Company follows a
Contractual-Career-Path as approved by the Board in compliance with the provisions laid out in the Cabinet Note approved
by government.
The provisions of AS- 15 are not applicable to the Company as all the employees are on contractual basis as per the
approval of the Cabinet Note.
However, since the provisions of the Employees Provident Fund Act, 1952 are applicable to the Company, the Company
contributes towards employee’s provident fund which is recognized in the Statement of Income and Expenditure in the year
in which the contribution is made. The Company has no obligation other than the contribution payable to the employee
provident fund.

i) Earning Per Share:

The Company is a Section 25 “Not-for-Profit Company . It does not generate any income/revenue from its activities. It does
not distribute any dividend to its shareholders. However, for the compliance of AS – 20 the Company has computed EPS
as under.
a) Basic earnings per share are calculated by dividing the net income or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period.
b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all
diluting potential equity shares.

Annual Report 2012-13 45

Biotechnology Industry Research Assistance Council (BIRAC)

j) Impairment of Assets:
The carrying amounts of assets will be reviewed at each Balance Sheet date. If there is any indication of impairment based
on internal/external factors, an impairment loss will be recognized wherever the carrying amount of an asset exceed its
recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value
in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.
After impairment, depreciation will be provided on the revised carrying amount of the assets over its remaining useful life.

k) Provisions:
A provision is recognized when the company has present obligations as a result of past event, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligations and reliable estimate can be made
of amount of the obligation. Provisions are not discounted at their present value and are determined based on the best
estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.

m) Contingent Liabilities:
A Contingent liability is a possible obligation that arises from the past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare cases where there is liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence
in the financial statements.

n) Loans & Advances:

Long term loans and advances are shown as Loan & Advances in Balance Sheet.

o) Related party disclosure:

The provisions of Accounting Standard-18 are not applicable as there is
(a) no related party relationships; and
(b) no transaction between a reporting enterprise and its related parties.

NOTES TO ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2013

14. As per the approval of the Cabinet, BIRAC receives its entire funds as Grants-in-Aid from Department of Biotechnology
(DBT),Ministry of Science and Technology, Government of India for its operations and various approved activities. The
funding for BIRAC operational cost includes recurring, non-recurring and manpower. In addition, the budget for the
approved scheme is disbursed by BIRAC to the concerned agencies which are selected following the approved selection
procedure. These funds are currently disbursed as grants-in-aid for research and innovation and are non-recoverable.
15. BIRAC is also responsible to manage and implement the Public Private Partnership (PPP) schemes of Department of
Biotechnology (DBT) under the I & M Sector Plan Budget as per the approval of the Cabinet. These funds are specifically
for two approved schemes:
a. Biotechnology Industry Partnership Programme (BIPP)
b. Bio-incubators Support Scheme (BISS)

a. For the BIPP scheme, Biotech Consortium India Limited (BCIL) has been approved as the ProjectManagement Agency
and accordingly the funds are released to BCIL for further disbursement to the projects which are approved by BIRAC
as per the laid down procedure. The disbursements are made by BCIL based on specific release order issued by
BIRAC following the approved guidelines. These funds are both a mix of Grants-in-Aid and Loan. As per the existing
approved provisions, the loan recovery is made by BCIL and repaid directly to DBT and does not get reflected in BIRAC
balance sheet.The Grants-in-Aid is non-recoverable.
b. Under the Bio-incubators Scheme, only Grants-in-Aid is disbursed to the projects approved by BIRAC as per the laid
down procedure.These Grants-in-aid are non-recoverable.

Annual Report 2012-13 46

Biotechnology Industry Research Assistance Council (BIRAC)

16. Under the programmes which are funded by BIRAC, the assets which are created by the Funds disbursed are in the
name of the Grantor. The Grantee is expected to maintain and insure the assets at their own cost and they are also under
the obligation not to dispose-off the assets without the prior approval of the Grantor i.e. BIRAC.
17. During the last financial year, the FCRA approval for the project monitoring unit to be setup by BIRAC on behalf Bill &
Melinda Gates Foundation (BMGF) was obtained. However there was no transaction on this account.
18. BIRAC was incorporated on 20th March, 2012 and as per the Board Resolution the First Financial ear is from 20th
March, 2012 to 31st March, 2013. The details of grants received are as under:
• Rs. 1.00 crorevideDBT Sanction Order no. BT/BIRAC/01/2012dated 28.09.2012 under manpower head.
• Rs. 5.75 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 28.09.2012 under Recurring head.
• Rs. 1.25 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 28.09.2012 under Non-Recurring head.
• Rs. 0.75 crore vide DBT Sanction Order no. BT/BIRAC/01/2012 dated 18.02.2013 under Non-Recurring head.
• Rs. 2.25 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 18.02.2013 under Recurring head.
• Rs. 10.00 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 26.03.2013 under Recurring head.
• Rs. 3.50 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 29.03.2013 under Recurring head.
Total grant received for BIRAC operational cost and activity was Rs.24.50 Crore (Rupees Twenty four crore and Fifty Lakh)
only during the financial year 2012-2013. Out of this
(a) Rs 3.95 crore was utilised for operational cost
(b) Rs 7.05 crore for various schemes as detailed under.
(c) Rs. 1.00crorefor authorised share capital.
(d) Rs. 0.43 crore for purchase of tangible and non-tangible assets.
(e) Rs. 0.53 crore for manpower expenses.
The details of disbursement of funds under different projects are as under:

Date of disbursement Name of Projects Amount (Rs.)

BIRAC Schemes
19/11/2012 NABI(Mohali) 1,19,56,000.00
19/11/2012 National Research Centre for Banana(NRCB) 85,40,000.00
19/11/2012 Bhabha Atomic Research Centre (BARC) 44,05,000.00
26/11/2012 National Agri-Food Biotech. Inst.(NABI) 11,90,000.00
11/12/2012 Tamil Nadu Agri. Uni.(TANU) 3,92,000.00
11/12/2012 IIHR 3,92,000.00
05/03/2013 NBRC 9,00,000.00
05/03/2013 Leadinvent Technologies Pvt Ltd. 27,00,000.00
05/03/2013 Director, South Campus, Delhi 22,00,000.00
13/03/2013 BIBCOL 1,43,61,000.00
14/03/2013 IKP Knowledge Park- BIG Project 1,00,00,000.00
15/03/2013 Director, AIIMS, Delhi 11,75,000.00
19/03/2013 celrisCenomics Ltd 30,00,000.00
19/03/2013 Directorate of Oil Seeds Research, Hyd 53,00,000.00
23/03/2013 CRS Path Labs, Delhi 40,00,000.00
TOTAL 7,05,11,000.00

Annual Report 2012-13 47

Biotechnology Industry Research Assistance Council (BIRAC)

In addition to the above as stated in the Balance Sheet, BIRAC has also received an amount of Rs. 31.4979 crore in 3
instalments for implementing BIPP and Bio-incubator schemes under I&M Sector.

The second tranche of funds received are as under:

• Rs. 15.00 crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 19.11.2012 under I& M sector head.
• Rs. 4.9979crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 26.03.2013 under I& M sector head.
• Rs. 11.50crorevide DBT Sanction Order no. BT/BIRAC/01/2012 dated 28.09.2012 under BIPP head.
The total grant received on this account was Rs. 31.4979 crore.Out of this an amount of Rs. 16.60 crore was utilised and
amount of Rs. 14.90 crore was carried forward to the next F. . 2012-13.
The details of disbursement of funds under different projects are as under:

I & M Sector Amount (Rs.)

14/01/2013 C Camp 1,95,00,000.00

22/02/2013 IIT Madras 4,12,60,000.00
27/02/2013 IKP Knowledge Park 3,30,00,000.00
06/03/2013 KIIT Bhubneshwar 1,52,18,000.00
07/03/2013 IIT Kanpur 3,88,99,200.00
30/03/2013 IIT Delhi 1,51,00,000.00
30/03/2013 BIPP 15,19,000.00
30/03/2013 BIPP (other expenditure for the scheme) 15,14,000.00
TOTAL 16,60,10,200.00

19. BIRAC had received Rs. 10.25 crore from Department of Biotechnology (DBT) under DBT- ellcome Trust Programme. The
amount has been kept in a separate bank account. No disbursement was made since there was no specific direction received
from DBT. Accordingly, the interest earned amounting Rs. 7,97,534/- has not been included in the income of the company. This
amount would be referred in the statement of utilization to be submitted to DBT.
20. BIRAC is registered under section 25 of the Companies Act, 1956. The company has applied for registration under
section 12A of the Income Tax Act, 1961. The company has also sought approval under section 80G of the Income Tax Act,
1961 for deduction in respect of donations.
21. Registration for EPF was applied for in December 2012. The Company got the registration intimation in April, 2013.
The Company henceforth, deposited the EPF contribution with the EPF authorities for the coverage period of June 2012
to March, 2013.
22. Foreign Exchange Transactions: During the current financial year the following income/expenditure has been incurred.
A. Income: NIL
B. Expenditure:
(i) Foreign travel:
(a) Directors: NIL (b) Other Employees: (One). Rs. 25,436.00 (including USD 300 and other expenses in INR)
(ii) Database Subscription: Rs. 16,53,789.00 (USD 30,000)
23. CIF value of import is NIL for the current financial year.
24. Details of payment toStatutory Auditors: (Amount in Rs.)
Audit Fees: 50,000.00
Service Tax: 6,180.00
Total 56,180.00
25. This is the first financial year of the Company as it is operating from 20th March, 2012. Hence, no figures pertaining to
previous year has been mentioned.

Annual Report 2012-13 48

Biotechnology Industry Research Assistance Council (BIRAC)

26. Detail of Grants Utilization

S.No Particulars Funds Received Funds Utilized Funds Utilized Balance Carried
(Schemes) (Others) Forward
1 I & M Funds 31,49,79,000.00 16,44,96,200.00 1514000.00 14,89,68,800.00
2 BIRAC Schemes 21,50,00,000.00 7,05,11,000.00 3,94,71,780.14 10,50,17,219.86
3 DBT ( Non-Recurring) 20000000.00 0.00 14337966.00 5662034.00
4 Man Power 10000000.00 0.00 53,44,991.00 4655009.00
5 Total 55,99,79,000.00 23,50,07,200.00 60668737.14 26,43,03,062.86

Detail of Utilisation of Funds By Biotech Consortium India Ltd

Amount disbursed by BIRAC 115000000.00
Add interest received by BCIL 223000.00

115223000.00
Less Grant given by BCIL 1519000.00
Less Loan given by BCIL 700000.00
Less Expenditure incurred by BCIL 1514000.00

Balance with BCIL carried forward 111490000.00

Detail of Prepaid Expenses

Particulars Amount
Prepaid Rent 1971624.00
Prepaid Internet Expenses 56026.00
Prepaid Subscription 832928.00
Prepaid Expenses 20000.00
Total 2880578.00

For and on behalf of Board of Directors of Biotechnology Industry Research Assistance Council

S.K.Lal Renu Swarup K.VijayRaghavan

(Company Secretary) (Managing Director) (Chairman)

Annual Report 2012-13 49

Biotechnology Industry Research Assistance Council (BIRAC)

Comments of The Comptroller And Auditor

General Account (C & AG)
Comments of The Comptroller And Auditor General of India Under Section 619(4) of The Companies Act,
1956 on The Accounts of Biotechnology Industry Research Assistance Council (BIRAC) for The ear Ended
31st March 2013
The preparation of financial statements of (Biotechnology Industry Research Assistance Council) BIRAC for the year
ended 31st March 2013 in accordance with the financial reporting frame work prescribed under the Companies Act,
1956 is the responsibility of the management of the company. The statutory Auditor appointed by the Comptroller and
Auditor General of India under section 619(2) of the Companies Act, 1956 is responsible for expressing opinion on
these financial statements under section 227 of the Companies Act, 1956 based on independent audit in accordance
with the auditing and assurance standards prescribed by their professional body the Institute of Chartered Accountants
of India. This is stated to have been done by them vide their Audit Report dated 30.08.2013.
I, on behalf of the Comptroller and Auditor General of India have conducted a supplementary audit under section
619(3)(b) of the Companies Act, 1956 of the financial statements of BIRAC for the year ended 31 March 2013. This
supplementary audit has been carried out independently without access to the working papers of the statutory auditors
and is limited primarily to inquires of the statutory auditors and company personnel and a selective examination of
some of the accounting records.
Based on the my supplementary audit, nothing significant has come to my knowledge which would give rise to any
comment upon or supplement to Statutory Auditor’s report under Section 619(4) of the Companies Act, 1956.

For and on behalf of the Comptroller and

Auditor General of India

Atreyee Das
Place : New Delhi Principal Director of Commercial Audit & Ex-officio
Date : 11.08.2013 Member Audit Board –II

Annual Report 2012-13 50