MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	JUBILANT LIFE SCIENCES LIMITED (w.e.f.01.10.2010)
Formerly Known As :	JUBILANT ORGANOSYS LIMITED
Registered Office :	Bhartiagram, Gajraula, Jyotiba Phoolay Nagar – 244 223, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.06.1978
Com. Reg. No.:	20-4624
Capital Investment / Paid-up Capital :	Rs.159.300 Millions
CIN No.: [Company Identification No.]	L24116UP1978PLC004624
TAN No.: [Tax Deduction & Collection Account No.]	MRTJ00275C
PAN No.: [Permanent Account No.]	AABCV0200H
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of basic and specialty chemicals such as acetaldehyde, acetic acid, acetic anhydride, vinyl acetate monomer and pyridine bases and their derivatives.
No. of Employees :	5763 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 85000000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Fundamental are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Bhartiagram, Gajraula, Jyotiba Phoolay Nagar–244 223, Uttar Pradesh, India
Tel. No.:	91-5924-252351/ 252353-60
Fax No.:	91-5924-252352
E-Mail :	ajay_krishna@jubilantorganosys.com ajay_krishna@jubl.com investors@jubl.com
Website :	http://www.vamorganic.com http://www.jubilantorganosys.com http://www.jubl.com
Corporate Office :	Plot No.1A, Sector – 16-A, Noida–201 301, Uttar Pradesh, India.
Tel. No.:	91-120-2516601-11
Fax No.:	91-120-2516628-30
E-Mail :	investors@jubl.com
Website :	http://www.jubl.com
Mumbai Office:	Contractor Building (Ground Floor) 46 R K Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Factory 1 :	Bhartiagram, District Jyotiba Phuley Nagar – 201 304, Uttar Pradesh, India
Tel. No.:	91-5924-252351 / 252353-360
Fax No.:	91-5924-252352
Factory 2 :	Village Nimbut, Near Nira Railway Station, District Pune, Maharashtra, India
Tel. No.:	91-2112-269155-57
Fax No.:	91-2112-269154
Factory 3 :	56 Industrial Area, Nanjangud, District Mysore - 571 302 Karnataka, India
Tel. No.:	91 8221 228402-08
Fax No.:	91 8221 228410-11
Factory 4 :	Block No. 133, P. O. Samlaya, Savli Jarod Road, Taluka Savli, Vadodara–391 520, Gujarat, India
Tel. No.:	91-2667-251306 / 251281 / 251326 / 251361-63
Fax No.:	91-2667-251305
Factory 5 :	Sikanderpur Bhainswal Bhagwanpur, Roorkee, District Haridwar, Uttrakhand, India
Tel. No.:	91-332-235161-66
Fax No.:	91-332-235169
Factory 6 :	N-34, MIDC, Anand Nagar, Ambernath, Thane-421506, Maharashtra, India
Tel. No.:	91-251-2620437 / 438
Fax No.:	91-251-2620439
International Manufacturing Facilities :	Quebec Add : Jubilant DraxImage, Inc          16751, TransCanada Highway, Kirkland (Montreal), Québec, Canada H9H 4J4 Tel. : 91-514- 630 7030 Fax : 91-514 -694 9295 Spokane Add : Jubilant HollisterStier LLC          3525, N. Regal, Spokane, Washington 99207, USA Tel. : 91- 509 -489 5656 Fax : 91- 509 -484 4320 Salisbury Add : Jubilant Cadista Pharmaceuticals 207 Kiley Drive, Salisbury, Maryland 21801, USA Tel. : 91- 410- 860 8500 Fax : 91- 410- 860 8719
Marketing offices:	Located at: · Ahmadabad · Bangalore · Kolkata · Chennai · New Delhi · Ludhiana · Mumbai · Vadodara · Hyderabad
Branch Office :	Located At: Uttar Pradesh TamilNadu Karnataka Andhra Pradesh Maharashtra Gujarat West Bengal

DIRECTORS

As on 31.03.2011

Name :	Mr. Shyam S Bhartia
Designation :	Chairman and Managing Director
Name :	Mr. Hari S Bhartia
Designation :	Co-Chairman and Managing Director
Name :	Dr. J M Khanna
Designation :	Executive Director and President (Life Sciences)
Qualification :	M.S. (Organic Chemistry), Ph.D.
Date of Appointment :	16.08.2002
Name :	Mr. Shymsundar Bang
Designation :	Executive Director (Manufacturing and Supply Chain Operations)
Qualification :	M.Tech (Chem Engg.)
Date of Appointment :	02.06.2003
Name :	Mr. Surendra Singh
Designation :	Director
Name :	Mr. H K Khan
Designation :	Director
Name :	Dr. Naresh Trehan
Designation :	Director
Name :	Mr. Abhay Havaldar
Designation :	Director
Name :	Dr. Inder Mohan Verma
Designation :	Director
Name :	Mr. Shardul S Shroff
Designation :	Director

KEY EXECUTIVES

Name :	Mr. R Sankaraiah
Designation :	Executive Directors – Finance
Date of Birth/Age :	47 Years
Qualification :	B.sci., FCA
Experience :	22 Years
Date of Appointment :	09.09.2002
Name :	Mrs. Lalita Jain
Designation :	Company Secretary
Name :	Mr. Pramod Yadav
Designation :	CEO- Advance Intermediates and Nutritional Products
Name :	Mr. Rajesh Srivastava
Designation :	CEO-Fine Chemicals and CRAMS
Name :	Mr. Neeraj Agrawal
Designation :	CEO-Generics
Name :	Mr. Chandan Singh
Designation :	President – Acetyls and Ethanol
Name :	Mr. Mosur
Designation :	President and CEO – Global Drug Discovery and Development
Name :	Dr. Ashutosh Agarwal
Designation :	Chief Scientific Officer – Chemicals and Life Science Ingredients
Name :	Dr. Goutam Muthuri
Designation :	President – R and D – Dosage Form.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	Total No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1903435	1.20
Bodies Corporate	70641176	44.35
Sub Total	72544611	45.55
(2) Foreign
Bodies Corporate	5570445	3.50
Sub Total	5570445	3.50
Total shareholding of Promoter and Promoter Group (A)	78115056	49.04
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1208206	0.76
Financial Institutions / Banks	1109687	0.70
Foreign Institutional Investors	33653600	21.13
Any Others (Specify)	11707200	7.35
Foreign Financial Institutions	11707200	7.35
Sub Total	47678693	29.93
(2) Non-Institutions
Bodies Corporate	15633019	9.81
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	12159825	7.63
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	374885	0.24
Any Others (Specify)	5319661	3.34
Non Resident Indians	409761	0.26
Trusts	4909900	3.08
Sub Total	33487390	21.02
Total Public shareholding (B)	81344677	51.07
Total (A)+(B)	159281139	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	159281139	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of basic and speciality chemicals such as acetaldehyde, acetic acid, acetic anhydride, vinyl acetate monomer and pyridine bases and their derivatives.

Products :

Item Code (ITC No.)	Product Description
293331.00	Pyridine
293319.90	Oxcarbazepine
291531.00	Ethyl Acetate

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Alcohol	KBL	161000	23278
Organic including Specialty Chemicals and its Intermediates	MT	656001	314727
Dry and Acqueous Choline Chloride and Ethyoxylates	MT	21604	15246
Feed Premixes	MT	1800	1777
Active Pharmaceuticals Ingredients [API]	MT	680	414
Tablets and Capsules	No. in Millions	891	75

GENERAL INFORMATION

No. of Employees :

5763 (Approximately)

Bankers :

· ICICI Bank Limited

· State Bank of India

· Export - Import Bank of India

· Punjab National Bank

· Corporation Bank

· Canara Bank

· The Jammu and Kashmir Bank Limited

· ABN AMRO Bank N. V.

· Standard Chartered Bank

· ING Vysya Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 Rs. In Millions	As on 31.03.2010 Rs. In Millions
A. Loans From Bank
- Term Loans [including Rs. 1114.880 millions (previous year Rs. 1347.00 millions) in foreign currency]	12014.88	6597.000
- Working Capital [including Rs. 891.900 Millions (previous year Rs. Nil) in foreign currency]	1075.190	48.340
B. Loan From Others	0	0
Term Loans (including Rs. 6466.280 Millions (Previous year Rs. 3367.500 Millions) in foreign currency)	6466.280	3367.500
Total	19556.350	10012.840
Unsecured Loan	As on 31.03.2011 Rs. In Millions	As on 31.03.2010 Rs. In Millions
Zero Coupon Foreign Currency Convertible Bonds – FCCB 2010 *	0.000	2229.600
Zero Coupon Foreign Currency Convertible Bonds – FCCB 2011*	6336.950	6380.290
Term Loan from Banks/ Others	4000.000	1500.000
Total	10336.950	10109.890

Notes:

1. Rupee Term Loans amounting to Rs.10900.000 Millions from Corporation Bank, The Wong Kong and Shanghai Banking Corporation Limited, Allahabad Bank and Axis Bank Limited and External Commercial Borrowings amounting to Rs.1114.880 Millions from Citibank N.A. London and Other Term Loan in Foreign Currency amounting to Rs.2229.750 Millions from Export Import Bank of India are secured by a first pari-passu charge by way of:

a. Mortgage of the immovable fixed assets situated at Bhartiagram, District Jyotiba Phoolay Nagar, Uttar Pradesh and Immovable fixed assets situate of Village Samlaya, Taluka Savli, District Vadodara, Gujarat and

b. Hypothecation on the entire movable fixed assets, both present and future pertaining to all manufacturing facilities of the company (excluding movable fixed assets charged exclusively).

2. Other Term Loan in Foreign Currency amounting to Rs.4236.530 Millions from Housing Development Finance Corporation Limited is secured by First Mortgage by way of deposit of original title deeds of specified land and buildings situated at Noida, Greater Noida, Nanjangud, Nira, Roorkee, Ambernath and at Chittorgarh owned by Group Company and also at Bharuch owned by one of the subsidiary of the Company.

3. Working Capital Facilities sanctioned by Consortium of Banks and notified Financial Institutions comprising of ICICI Bank Limited, Corporation Bank, Punjab National Bank, State Bank of India, Canara Bank, Export Import Bank of India, ING Vysya Bank Limited, Central Bank of India and Standard Chartered Bank are secured by a first charge by way of hypothecation, ranking pari-passu inter-se Banks, of the entire book debts and receivables and inventories both present and future, of the Company wherever the same may be or be held. The working capital sanctioned limits also include Commercial Paper Programme of Rs.3000.000 Millions as sublimit carved out from the funded limits, against which the balance outstanding as at 31st March, 2010 Rs. Nil. Maximum balance of Commercial Paper outstanding during the year is Rs.1000.000 Millions.

4. Loans (excluding working capital loans and Foreign Currency Convertible Bonds) repayable within one year Rs.101.580 Millions (Previous Year Rs.224.500 Millions).

5. Term loan from a Bank as at 31st March, 2011 has been classified as “Unsecured” pending execution of documents.

Banking Relations :	--
Auditors :	Statutory Auditors K N Gutgutia And Company, 11K Gopala Tower, 25, Rajendra Place, New Delhi – 110 048, India. IFRS Auditors KPMG, Building No. 10, 8^th Floor, Tower B, DLF Cyber City, Phase-II, Gurgaon – 122 002, India. Cost Auditors J K Kabra And Company, 552/1B, Arjun Street, Main Viswas Road, Viswas Nagar, Delhi – 110 032, India. Internal Auditors Ernst And Young Private Limited, Hindustan Times Building, 6^th Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001, India.
Subsidiaries :	· Jubilant First Trust Healthcare Limited · Asia Healthcare Development Limited · Jubilant Infrastructure Limited · Jubilant Pharma Pte. Limited · Cadista Holdings Inc. · Jubilant Cadista Pharmaceuticals Inc. (formerly Cadista Pharmaceuticals Inc.) · Colvant Sciences, Inc. (Dissolved w.e.f. 31^st March. 2011) · Jubilant Life Sciences (Shanghai) Limited (formerly Jubilant Organosys (Shanghai) Limited) · Jubilant Life Sciences International Pte. Limited (formerly Jubilant Organosys International Pte. Limited) · DraxImage Limited, Cyprus · DraxImage Limited, Ireland · DraxImage LLC · Jubilant Draximage (USA) Inc. (formerly DSPI Inc., USA) · Deprenyl Inc., USA · Jubilant DraxImage Limited (formerly DraxImage India Limited.) · Jubilant DraxImage Inc. (formerly Draxis Specialty Pharmaceuticals Inc.) · 6963196 Canada Inc. · 6981 364 Canada Inc. · DAHI LLC. (Dissolved w.e.f. 21st March 2011) · DAHl Animal Health (UK) Limited · Paximage (UK) Limited · Jubilant Life Sciences (BVI) Limited. (formerly Jubilant Organosys (BVI) Limited), Jubilant Biosys (BVI) Limited · Jubilant Drug Development Pte. Limited · Jubilant Chemsys Limited (Address: D-12, Sector 59, Noida – 201301, Uttar Pradesh, India) · Jubilant Clinsys Limited (formerly Clinsys Clinical Research Limited) · Jubilant Innovation (BVI) Limited · Jubilant Innovation Pte. Limited · Jubilant Life Sciences (Switzerland) AG, Schaffhausen · Jubilant Pharma NV · Jubilant Pharmaceuticals NV · PSI Supply NV · Jubilant Life Sciences Holdings Inc. (formerly Clinsys Holdings. Inc.) · Jubilant Clinsys Inc. (formerly Clinsys Clinical Research, Inc.) · HSL Holdings Inc · Jubilant Hollister Stier LLC (formerly Hollister-Stier Laboratories LLC) · Draxis Pharma Inc. · Draxis Pharma LLC · Generic Pharmaceuticals Holdings Inc. · Jubilant Life Sciences (USA) Inc. (formerly Jubilant Organosys (USA) Inc.) Jubilant Innovation (India) Limited, Jubilant Innovation (USA) Inc. · Jubilant Biosys (Singapore) Pte. Limited · Jubilant Biosys Limited · Jubilant Discovery Services. Inc. · Cadista Pharmaceuticals (UK) Limited (Dissolved on 13th April. 201 0).
Group Companies	· Enpro Exports Private Limited · Jaytee Private Limited · Jubilant Enpro Private Limited · Jubilant Securities Private Limited · Jubilant Capital Private Limited · Rance Investment Holdings Limited · Cumin Investments Limited · Torino Overseas Limited · Vam Holdings Limited · Nikita Resources Private Limited · Jubilant Oil and Gas Private Limited · Enpro Oil Private Limited · Tower Promoters Private Limited · U C Gas and Engineering Limited · Western Drilling Contractors Private Limited · Jubilant Realty Private Limited · Jubilant Properties Private Limited · Indian country Homes Private Limited · Jubilant E and P Ventures Private Limited · Jubilant Retail Private Limited · Jubilant Stock Holding Private Limited (formerly Jubilant Retail Holdings Private Limited) · Jubilant Motorworks Private Limited (formerly Jubilant Motors Private Limited) · Jubilant Retail Consolidated Private Limited · B and M Hot Breads Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
655000000	Equity Shares	Re.1/- each	Rs.655.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
159313139	Equity Shares	Re.1/- each	Rs.159.310 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
159281139	Equity Shares	Re.1/- each	Rs.159.280 Millions
Add:	Equity Shares Forfeited (paid up)		Rs.0.020 Million
	Total		Rs.159.300 Millions

Notes:

1) The Company issued Zero Coupon Foreign Currency Convertible Bonds due 2011 (FCCB 2011) for an aggregate value of USD 200 Millions, convertible at any time between 30th June, 2006 to 10th May. 2011 by holders into fully paid equity shares of Re.1/- each of the Company or Global Depositary Shares (GDS) each representing one equity share at an initial conversion price of Rs.413.4498 per share with a fixed rate of exchange of Rs.45.05 = USD 1. The conversion price is subject to adjustment in certain circumstances. The Bonds may also be redeemed, in whole but not in part, at the option of the Company at any time on or after 19th May, 2009, subject to satisfaction of certain conditions. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed on 20th May, 2011 at 142.429% of their principal amount. The FCCBs are listed on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are listed on Luxembourg Stock Exchange. USD 57.90 Millions Bonds were bought back at a discount in financial year ended 31^st March, 2009, and the same were cancelled.

Post Demerger of certain businesses the conversion price, for the outstanding FCCB's amounting to USD 142.10 Millions has been reset to 379 per equity share of the Company, based on valuation done by two independent investment Bankers and has been intimated to bondholders, as per the terms of the issue. The outstanding balance of FCCB 2011 USD 142.10 Millions, on conversion would result in allotment in of 16,890,778 equity shares of Re.1/- each.

2) The Company issued Zero Coupon Foreign Currency Convertible Bonds due 2010 (FCCB 2010) for an aggregate value of USD 75 Millions, convertible at any time between 3rd July, 2005 to 14th May, 2010 by holders into fully paid equity shares of Re.1/- each of the Company or Global Depositary Shares (GDS) each representing one equity shares at an initial conversion price of Rs.273.0648 per share with a fixed rate of exchange of Rs.43.35 = USD 1. The conversion price was subject to adjustment in certain circumstances. The Bonds could also be redeemed, in whole but not in part, at the option of the Company at any time on or after 23rd May, 2008, subject to satisfaction of certain conditions. Unless previously converted, redeemed or purchased and cancelled, the Bonds were to be redeemed on 24th May, 2010 at 138.383% of their principal amount. The FCCBs were listed on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are listed on Luxembourg Stock Exchange. USD 22.343 Millions were converted up to 31st March, 2010 into equity shares and this represents 3,547,022 shares of Re.1/- each as on 31st March, 2010 and USD 3 Millions Bonds were bought back at a discount in the financial year ended 31st March, 2009 and the same were cancelled and balance amount of USD 49.657 Millions was redeemed during the year.

3) Under the Jubilant Employees Stock Option Plan;

a) Options in force as of 31st March 2011 – 182,013 options convertible into 910,065 shares of Re.1 each.

b) 328,969 vested options have been exercised up to 31% March 2011 and 1,644,845 shares were allotted by the company or transferred from Jubilant Employee Welfare Trust.

4) Paid up capital includes:

a) 43,990.695 equity shares of Re.1 each fully paid allotted and issued in 2003-04, as bonus shares by capitalization of Capital Redemption Reserve in accordance with the resolution passed by the shareholders dated 28th February, 2004.

b) 1,644,020 equity shares of Re.1 each allotted and issued pursuant to the Scheme of Amalgamation of erstwhile Ramganga Fertilizers Limited with the Company for consideration other than cash in 1994-95. {761.780 equity shares of Re.1 each allotted to Vam investments Limited and 159,420 equity shares of Re.1 each allotted to Vam Leasing Limited were cancelled during the year 2002-03}

c) 5,064,000 equity shares of Re.1 each allotted and issued pursuant to the Scheme of Amalgamation to shareholders of erstwhile Anichem India Limited and of erstwhile Enpro Specialty Chemicals Limited with the Company for consideration other than cash in 1999-00. {1,620,970 Equity shares of Re.1 each allotted to Vam Investment Limited and 1,714,000 equity shares of Re.1 each allotted to Vam Leasing Limited were cancelled during the year 2002-03}

d) Pursuant to the Scheme of Amalgamation and Demerger approved by the Hon'ble High Court of Judicature, Allahabad, during the year the paid-up share capital increased by 501,364 equity shares of Re.1 each, allotted to the shareholders of erstwhile Pace Marketing Specialties Limited for consideration other than cash, in accordance with scheme.

e) 114,835, equity shares of Re.1 each allotted to employees and directors of Company on exercise of the vested stock options in accordance with the terms of exercise under the "Jubilant Employees Stock Option Plan".

5) Pursuant to the Scheme of Amalgamation approved by the Hon'ble High Court of Judicature, Allahabad and Hon'ble High Court of Delhi. Delhi, and as contained in the Opening Reference Balance Sheet annexed to the Scheme, the paid up share capital of the Company reduced during the year 2002-03 by cancellation of 2,382,750 and 1,873,420 equity shares of Re.1 each fully paid up held by erstwhile Vam Investments Limited, and Vam Leasing Limited respectively as investments in the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		159.300	158.800	147.560
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21246.600	21569.720	13246.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21405.900	21728.520	13393.880
LOAN FUNDS
1] Secured Loans		19556.350	10012.840	15514.580
2] Unsecured Loans		10336.950	10109.890	9741.830
TOTAL BORROWING		29893.300	20122.730	25256.410
DEFERRED TAX LIABILITIES		1899.020	2049.750	1265.550
TOTAL		53198.220	43901.000	39915.840
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15385.130	14592.520	13967.840
Capital work-in-progress		4253.950	2721.930	2690.860
INVESTMENT		18640.550	18692.030	17095.360
DEFERREX TAX ASSETS		0.000	58.620	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4047.000	4247.100	3334.260
	Sundry Debtors	3345.170	3073.050	3559.530
	Cash & Bank Balances	9852.590	4342.210	2789.310
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7182.240	5843.380	4730.800
Total Current Assets		24427.000	17505.740	14413.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3009.710	3051.150	2522.540
	Other Current Liabilities	2438.600	2144.410	1515.100
	Provisions	4060.100	4474.280	4217.770
Total Current Liabilities		9508.410	9669.840	8255.410
Net Current Assets		14918.590	7835.900	6158.490
MISCELLANEOUS EXPENSES		0.000	0.000	3.290
TOTAL		53198.220	43901.000	39915.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	22008.960	24560.600	24307.220
		Other Income	105.480	149.320	771.940
		TOTAL (A)	22114.440	24709.920	25079.160
Less	EXPENSES
		Other Manufacturing Expenses	17966.410	18633.600	21340.160
		Increase/(Decrease) in Finished Goods	(313.070)	(164.550)	(281.070)
		TOTAL (B)	17653.340	18469.050	21059.090
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4461.100	6240.870	4020.070
Less	FINANCIAL EXPENSES (D)		462.550	997.130	543.540
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3998.550	5243.740	3476.530
Less/ Add	DEPRECIATION/ AMORTISATION (F)		999.070	651.050	746.210
	PROFIT BEFORE TAX (E-F) (G)		2999.480	4592.690	2730.320
Less	TAX (H)		203.220	961.690	122.910
	PROFIT AFTER TAX (G-H) (I)		2796.260	3631.000	2607.410
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8818.540	7557.840	6711.720
	Adjustment on implementation of Scheme of Amalgamation and Demerger		(1016.770)	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	2000.000	1500.000
		Dividend	318.560	317.560	223.340
		Tax on Dividend	51.680	52.740	37.950
	BALANCE CARRIED TO THE B/S		9227.790	8818.540	7557.840
	EARNINGS IN FOREIGN CURRENCY
		Export Sales (FOB Value)	11356.890	11001.600	10783.710
		Interest Income on Bank Deposit (overseas)	35.460	13.870	1.810
	TOTAL EARNINGS		11392.350	11015.470	10785.520
	IMPORTS
		Raw Materials	3987.490	4385.300	3607.140
		Stores & Spares	192.580	229.100	217.370
		Capital Goods	158.390	147.120	380.230
		Others	1544.990	1584.790	643.800
	TOTAL IMPORTS		5883.450	6346.310	4848.540
	Earnings Per Share (Rs.)
	Earnings Per Share - Basic (Rs.)		17.56	24.60	17.70
	Earnings Per Share - Diluted (Rs.)		15.87	21.24	15.25

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	6187.500	6310.300	6778.400
Total Expenditure	4943.900	5204.200	5678.000
PBIDT (Excl OI)	1243.600	1106.100	1100.400
Other Income	23.500	22.900	18.900
Operating Profit	1267.100	1129.00	1119.300
Interest	300.100	359.900	421.800
Exceptional Items	(26.800)	(416.000)	(1532.220)
PBDT	940.200	353.100	(834.700)
Depreciation	276.800	292.100	322.800
Profit Before Tax	663.400	61.000	(1157.500)
Tax	124.500	11.000	212.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	538.900	50.000	(1370.200)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	538.900	50.000	(1370.200)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.64	14.69	10.40
Net Profit Margin (PBT/Sales)	(%)	13.63	18.70	11.23
Return on Total Assets (PBT/Total Assets}	(%)	7.53	14.28	9.62
Return on Investment (ROI) (PBT/Networth)		0.14	0.21	0.20
Debt Equity Ratio (Total Liability/Networth)		1.93	1.37	2.50
Current Ratio (Current Asset/Current Liability)		2.57	1.81	1.75

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	No

OPERATIONS:

The above financial results for year ended March 31, 2011 are for the businesses remaining with the Company, after giving effect to the Scheme of Amalgamation and Demerger and accordingly, are not strictly comparable with the previous corresponding period. For better comparison and understanding, financial highlights for current year compared to adjusted previous year figures (after giving effect to the Scheme of Amalgamation and Demerger) are discussed below:

 
Standalone Financials:
 
Revenues:
 
In FY2011, Revenues for the Company were at Rs.22009.000 Millions, which grew by 8% over last year same period.
 
International Revenues:
 
International business contributed 52% to the Net Sales at Rs.11522.000 Millions.
 
EBITDA:
 
For the year ending March 31, 2011, EBITDA stood at Rs.4507.000 Millions with EBITDA margins at 20.5%.
 
Profit Before Tax, Net Profit and EPS:
 
Profit Before Tax in FY2011 stood at Rs.2999.000 Millions. The Company registered Net Profit of Rs.2796.000 Millions with Basic EPS at Rs.17.560 Millions for the financial year 2011.

NAME CHANGE:
 
During the year, the name of the Company was changed to 'Jubilant Life Sciences Limited' to reflect the evolved character of the Company as an integrated Pharmaceutical and Life Sciences Company.
 
AWARDS AND ACCOLADES:

During the year 2010-11, the Company won the following:
 
· Two Environmental Best Practices Award 2011, by CII-Sohrabji Godrej Green Business Centre, under Most Innovative Environmental Project and Most Useful Environmental Project for the Co-processing of Hazardous waste in Cement Kiln at Nanjangud plant, Mysore, India
 
· Golden Peacock Innovation Award 2011 for developing Niacin by Vapour Phase Catalytic Oxidation of Beta Picoline
 
· Ernst and Young Entrepreneur of the Year 2010 for Life Sciences and Consumer Products to Mr. Shyam S Bhartia, Chairman and Managing Director and Mr. Hari S Bhartia, Co-Chairman and Managing Director 
 
· CII - EHS Award 2010 - First Place for Excellence in EH and S systems at the Nanjangud Plant, among medium scale industries
 
· Safety Innovation Award 2010 by The Institution of Engineers (India) for implementing Innovative Safety Management Systems at Nanjandgud Plant
 
· National Award for Excellence in Water Management -2010 by CII-Sohrabji Godrej Green Business Centre for Nanjangud plant
 
· India Manufacturing Excellence Award 2010 - 'Gold Certificate of Merit' by The Economic Times - Frost and Sullivan for EOU facility at Gajraula
 
· Certification of Commendation for Strong Commitment for Sustainability by CII-ITC Sustainability Awards 2010
 
· Two ABCI Awards 2010 for Communication efforts of Jubilant Life Sciences- Gold for e-newsletter and Bronze for CSR Communication
 
· Jubilant was included in the Forbes Asia 'Best Under a Billion' Asia List - released in Sept 2010
 
· A+ rating from GRI for Corporate Sustainability Report 2010 (consecutively for the last four years since 2007)
 
· Golden Peacock Environment Management Award 2010 by World Environment Foundation (WEF) for API facility at Nanjangud, Mysore, India
 
MANAGEMENT DISCUSSION AND ANALYSIS
 
INDUSTRY SCENARIO:

PHARMA AND LIFE SCIENCES GROWTH:
 
The demand for pharmaceutical products and services is seeing robust growth across emerging nations. Even as innovators strive to bring newer drugs and novel therapies to market to replenish sales lost on account of blockbuster drugs loosing patent protection, it is the generic dosage forms sector that is showing a sustained uptick. The developed world is showing higher rates of adoption of these low-cost products which are widely used in the developing countries. The US market for generics is expected to grow to over US$ 100 billion in the next two years.

Similarly agrochemicals have good potential to deliver. Years of stagnant investment in agriculture has pushed food grain output to a plateau. Proper use of agrochemicals and right quality of seeds is the least risky method of charting a revival in farmland productivity. The global crop science market stands at just under US$ 50 billion. Given the acute nee to increase the food output to feed a growing world population, farmers are turning to crop protection and crop nutrition products. Global Life Sciences, which is a tightly regulated market by nature, is thus seeing handsome growth.

Companies such as Jubilant Life Sciences are very well-positioned to offer expertise and value to fellow pharma and life sciences companies -whether it is in developing process improvements, or supplying generic dosage forms or simply helping design and develop drugs of the future. With their complete range of outsourcing services they are well accepted as value creators in their chosen segments.
 
SEGMENTAL DISCUSSION LIFE SCIENCE PRODUCTS:
 
The Life Science Products business comprises Life Science Ingredients and Generics business and contributed 8% to total revenues at Rs.26849.000 Millions in FY 2011 from Rs.24669.000 Millions in FY 2010 with EBITDA of Rs.6,003 Millions and margin of 22.4% for the year.
 

LIFE SCIENCE INGREDIENTS (LSI):

The LSI business comprising Active Pharmaceutical Ingredients (APIs), Nutrition Ingredients, Proprietary Products and Exclusive Synthesis and Life Science Chemicals contributed 65% to total revenues in FY 2011 at Rs.22327.000 Millions as compared to Rs.20840.000 Millions in FY 2010.

A. ACTIVE PHARMACEUTICAL INGREDIENTS (APIS):

Business Overview: 
 
APIs are key active ingredients used in formulations and are also known as bulk active substances or bulk drugs. APIs are typically combined with additional inactive ingredients to produce formulations in the form of tablets, capsules or liquids. Their APIs are primarily sold to manufacturers of formulations of generic drugs, these are drugs whose patents have expired in regulated markets. Their focus therapeutic areas include Central Nervous System (CNS), Cardiovascular System (CVS), Anti-infective, Anti-ulcerant, Analgesics, Anti-osteoporotic, Muscle relaxant and Urinary-antispasmodic.
 
Performance Overview: 
 
Revenues in FY 2011 stood at Rs.3372.000 Millions from Rs.2835.000 Millions in the previous year. Their business delivered 19% growth on the back of good sales of existing products and additional sales from newer product launches. They remain the preferred API supplier to leading companies in US and Europe and are ranked globally No.1 for APIs like Valsartan, Carbamazepine, Oxcarbazepine, Lamotrigine and Pinaverium Bromide and No.2 for Citalopram and Risperidone.
 
Outlook: 
 
The outlook remains positive for their API business with almost 85% of sales being generated from US and Europe. They continue to remain a preferred supplier to some of the leading global pharma companies. Their capacity in Sartans will help them consolidate their global presence and they expect the facility to run at high level of capacity utilization. They plan to integrate their existing APIs with their solid dosage forms to improve synergies and profitability through better supply chain efficiency and market mix.
 
B. NUTRITION INGREDIENTS:

Business Overview: 
 
They are backward integrated into Beta Picoline through their Proprietary Products and Exclusive Synthesis business to derive Niacin and Niacinamide. There is a global business based on outsourced manufacturing model with distribution of products across the US, Europe and Emerging markets. They cater to the top 5 companies globally in each of their product lines. Their chief customers in Animal Nutrition include integrators, breeding farmers, feed millers, and formulator/pharma companies, commercial - broiler and layer farmers.
 
Performance Overview: 
 
Revenues in FY 2011 stood at Rs. 1,917 Millions from Rs.1966.000 Millions in the previous year. Going forward, the good demand from markets in Europe and Emerging markets is expected to support the increase in volumes. They are focusing on reclaiming the corrections in realizations of their products in this business and remain hopeful that the momentum will improve.
 
Outlook: 
 
The Vitamins business holds a lot of promise for the future. Their backward integration and breakthrough technologies will enable them to continue to be one of the lowest cost and good quality manufacturer of Niacin and Niacinamide. This coupled with robust sales and distribution in US, Europe and China will help them to further strengthen their presence. The Animal Nutrition business also looks positive in the domestic and international markets which would further boost these Nutrition Ingredients business.
 
C. PROPRIETARY PRODUCTS AND EXCLUSIVE SYNTHESIS (PPES):
 
Business Overview: 
 
The PPES business comprises Proprietary Products and Exclusive Synthesis businesses. Their Proprietary products portfolio includes key products namely Pyridine, Picolines, Piperidines, Cyanopyridine, Aminopyridines, Chloro and Bromopyridines manufactured under the Advance Intermediates, Fine Chemicals and Crop Science Chemicals business units. They are global leaders in most of these products and have been growing. Their market share with all their customers thus retaining their leadership in these products. In all their Proprietary products, they are vertically integrated and use their own captive basic raw materials. This gives them a competitive edge in the market place against other global manufacturers.
 
They offer various chemistry platforms like Vapour phase catalytical Reaction, High pressure (58 Kg) Reaction, High temperature (more than 250xC) Reaction, Amination, Chlorination, Bromination, Fluorination reactions and many more to manufacture their proprietary products.

Their Exclusive Synthesis business mainly works with innovator companies from early stage of development to offer intermediates and APIs for NCEs (New Chemical Entities) taking it through various stages up to launch and commercial scale.
 
Performance Overview: 
 
Revenue in FY 2011 stood at Rs.9492.000 Millions from Rs.9452.000 Millions in the previous year. Although volume growth was at 8%, they witnessed pricing pressure on account of market conditions. They have focused on operating efficiencies and expect to benefit from an opportune market environment through expansion in their product portfolio.
 
Outlook: 
 
The outlook remains positive for their PPES business despite pricing pressures and uncertainties, with improved efficiencies in their processes technology and high captive consumption of Pyridine and its value added derivatives.
 
They would utilise Beta Picoline to produce 3-Cyanopyridine (3CP) and Niacinamide and use Pyridine for large volume of Symtet (2,3,5,6-Tetrachloropyridine) which would help in increasing captive consumption of their Advance Intermediates to manufacture value added products. They expect to launch Symtet on a bigger scale and it is expected to be a big business driver in their forward integrated model with potential peak revenues of US$ 90 Millions at full capacity of 24,000MT per annum.
 
They look forward to penetrating into newer and high margin applications like Electronic grade Pyridine for Semiconductors chips, LCD's and Optical Lights.
 
D. LIFE SCIENCE CHEMICALS

Business Overview: 
 
Their Life Sciences Chemicals (LSC) business segment produces various Organic Intermediates. Jubilant is present across the Acetyls value chain based on downstream products of Acetic Acid and Ethyl Alcohol. Their products are typically precursors to downstream products such as pharmaceuticals, aromatics, adhesives, food, packaging, beverages, crop protection chemicals, textiles and other solvents. A significant portion of their Organic Intermediates products is used for internal consumption to manufacture value-added Fine Chemicals and APIs. Owing to their strengths in integration and efficient manufacturing theyhave been able to carve out a market leadership position in South Asian Region for their self.
 
They have capabilities to produce Acetyls from agro-based feedstock including molasses and alcohol. With this feedstock, they very often take the make or buy decision, depending on sector dynamics and their own operating imperatives. They have large storage capacities to stock up their key raw material for extended periods along with large warehousing capacity at Indian ports for their products and feedstock alike.

Performance Overview: 
 
Revenues in FY 2011 stood at Rs. 7,546 Millionss from Rs.6,587 Millions in the previous year. Operationally the business demonstrated good uptick in sales performance with key demand coming from India, Europe, Japan and Emerging markets. The buoyancy in pharma and agrochemical industries for these products is driving volume growth for them. There was a good improvement in margins of the business as well. They had certain high cost inventory of input materials which they have drawn down completely thereby supporting the momentum in earnings. Their capacity increments are aimed at sustaining this pace of growth.
 
Outlook: 
 
The Acetyls business is on an upward trend on account of increasing domestic demand coupled with demand from the US and Europe. Their successful roll-out in Europe and opportunities in the Far East should support growth momentum especially with the upcoming new capacities.

GENERICS:

A. SOLID DOSAGE FORMS:

Business Overview: 
 
They primarily supply to the US market, (presently 94% of sales is from US) where they have 11 products in the market, including few under supply to the Veterans Health Administration program. They have leadership position in US for Terazosin and Methylprednisolone, are amongst top 3 in Cyclobenzaprine, Hydrochlorothiazide capsule, Lamotrigine and Meclizine and in top 5 in Oxcarbazepine, PCP and Prednisone.
 
In the European market they are engaged in provision of regulatory affairs services, formulation development, licensing of marketing authorisations and supply of Solid Dosage Forms to Generic pharmaceutical companies. They have a portfolio of Dossiers, most of which incorporate their in-house APIs, which they license to these companies.
 
They also offer turnkey products and services to Generic pharmaceutical companies by undertaking the supply of Solid Dosage Forms and APIs based on ANDAs and Dossiers developed by them and arrange market authorizations and release for facilitating sales of Solid Dosage Forms in European Union (EU) countries and North America. Their services also include upgrading/updating old Dossiers for cost/process effective solutions.
 
Their Solid Dosage Forms business develops over the counter drugs. In addition, they develop value-added formulations and special formulations, taste masking, flash tablets, oral dispersible forms, chewable tablets and 
modified release forms.
 

Performance Overview:

Revenues in FY 2011 stood at Rs.2,028 Millions, up 33% from Rs.1,519 Millions in the previous year. Their business delivered very strong growth on the back of good sales of existing products and additional sales from new launches. They enjoy recognition for quality and execution capabilities backed by their strong regulatory focus. Given their global manufacturing presence they are in a position to launch and develop products in regulated and emerging markets alike, thereby fulfilling the demand of low cost healthcare.

Outlook:

They have an exciting pipeline of products lined up through FY 2014 and intend to have many products in key markets like Canada, South Africa, Russia and Brazil. They will get into partnerships with prominent distributors in these markets to extend their reach.

B. RADIOPHARMACEUTICAL PRODUCTS:

Business Overview: 
 
They develop, manufacture and market Diagnostic Imaging and Therapeutic, Radiopharmaceutical Products. Radiopharma operates in a highly regulated market. In the US their products are sold as kits through radiopharmacies and large hospitals. In the European market they have an agreement with a leading nuclear imaging player.
 
Their business is anchored by these expertise in Rand D, Manufacturing, Quality Controls and Regulatory Affairs. They have a portfolio of existing products like 1-131 used in the treatment of Thyroid Cancer and the related Smart-FillT indigenous 1-131 capsule dispenser; Macro Aggregates of Albumin (MAA) for Lung Imaging, Diethylene Triamine Penta Aceticacid (DTPA) for Lung and Renal Imaging, Methyl Diphosphonate (MDP) for Bone Scan, 1-131 Diagnostics for Thyroid Scan, Gluceptate for Kidney and Brain Imaging and Sestamibi for Myocardial Perfusion Imaging. They enjoy market leadership in North America in the 1-131 therapeutic line. They have dominant market share in North America for MAA and DTPA while they enjoy market leadership in Canada for MDP.
 
Performance Overview: 
 
Revenues in FY 2011 stood at Rs.1295.000 Millions, up 18% from Rs.1098.000 Millions in the previous year. The key highlight of their performance was the re-launch of Sestamibi following resumption of supplies of the isotope used in the product. They have started receiving regular supplies from the now revived Canadian nuclear reactor. Moreover they have diversified their supplier of nuclear input materials by appointing two other reactors in different continents. These would also support their growth plans for other products hereafter.
 
Outlook: 
 
The Radiopharmaceutical business is one of their more exciting businesses and has a lot of potential to grow. This business enjoys high entry barriers on account of its nature. They plan to undertake various initiatives to improve the penetration of their existing products and are working to launch newer line extensions and products into the markets. Also their efforts in entering newer markets like Spain, Germany, UK, France and emerging markets like India are expected to pay off.
 
C. ALLERGENIC EXTRACTS:
 
Business Overview: 
 
They are one of the leaders in North American immunotherapy and vaccine products and have the benefit of over 85 years of experience in this business. They offer up to 200 products which are sold both in bulk quantities and against customer prescribed preparation formats. In the US, their key customers include conventional allergists, ENT and other physician besides managed care and hospital based clinics. However, in Europe and Canada, they have partnerships with leading immunotherapy players and distributors. Their is the second largest allergy immunotherapy business in the US. In Venom category of products, they enjoy a niche and are one of the only two US based makers of stinging insect Venom Immunotherapy products.

Performance Overview: 
 
Revenues in FY 2011 were at Rs. 1,199 Millions from Rs. 1,212 Millions last year. They continued to deliver a steady performance in this business with positive growth in dollar terms.
 
Outlook: 
 
The prospects of Immunotherapy holds good especially in the US markets, since this market is one of the largest though least penetrated. The Company has undertaken various steps to drive growth and bring in efficiencies namely manufacturing of vials in-house, increasing awareness of its products and sales force optimization. Going forward they expect this business to grow bigger in current geographies.
 
LIFE SCIENCE SERVICES:

The Life Science Services business comprises of Contract Manufacturing Operations (CMO) of Sterile Injectables and Non-sterile Products, Drug Discovery and Development Solutions (DDDS)and Others. Itcontributed 22% of total revenues at Rs.7485.000 Millions in FY 2011 from Rs.9190.000 Millions in FY 2010. EBITDA for the year was at Rs.345.000 Millions with margin at 4.6%.
 
A. CONTRACT MANUFACTURING OPERATIONS (CMO) OF STERILE INJECTABLES AND NON-STERILE PRODUCTS

Business Overview: 
 
They provide CMO of Sterile and Non-sterile products and related services and enjoy a large presence in the North American market. In fact, they are placed amongst the Top 5 within the North American CMO players. They have integrated CMO operations across 2 primary locations, their US and Canadian facilities. They are executing a large, multi-year contract for one of the innovator companies where they are supplying a pre-determined basket of products.
 

Performance Overview: 
 
Their Net Sales in FY 2011 were at Rs.5265.000 Millions compared to Rs.6616.000 Millions in the previous year. They reported a steady performance in this business despite the effect of the one-time order supplied for H1N1 vaccines, which was undertaken in the previous year. They experienced changes in customer demand and delays in their submission approvals. Additionally, they saw reductions in key customer forecasts due to slowdown in the commercialization of their products. They expect resumption of normalised operations as they progress into next year with much more focus on business development. Secondly they have undertaken an alignment of costs to their projections on deliveries, which will also translate into better profitability.
 
Outlook: 
 
They plan to increase the capacity utilisation of small volume parenterals in the coming year. Also plans are underway to expand the support services in order to offer a better value proposition to their business partners. In this year, initiatives are on to further improve the efficiency and reliability of operations along with optimum sourcing and cost saving initiatives. Focus has been sharpened on profitability improvement.
 
B. DRUG DISCOVERY AND DEVELOPMENT SOLUTIONS (DDDS):
 
Business Overview: 
 
Their service portfolio under this business includes collaborative integrated drug discovery programs in chosen therapeutic areas. Under the functional services they undertake drug discovery in Structural Biology, Insilco Technologies and Medicinal Chemistry. Their drug development activities pertain to clinical research from Phase I to Phase IV including clinical trials and data management in Oncology, CVS, CNS, Dermatology, Respiratory and
 
Allergy Immunotherapy. They also have collaborations with 3 Academic institutions to develop new Targets / molecules for drug discovery and development.
 
The service is delivered against Research Fees, where cost of the research is covered and includes some 'discovery milestones' and/or development milestones, which covers royalty payments on launch of products.
 
Performance Overview: 
 
Revenues in 2010-11 stood at Rs. 2,101 Millions. This performance has been witnessed in the light of successfully integrating their research platforms and being able to successfully offer a gamut of services. However growth would have been much higher, but for reduction in research budgets by pharma sector undergoing a consolidation phase and dried up funding for mid-size Biotech companies from venture funds post the recession.
 
Outlook: 
 
Growth in discovery services business will be driven by increase in number of integrated collaborative programs which will lead to an increase in revenue from research funding. While Structural biological services would drive functional services growth, Medicinal chemistry will drive growth by higher capacity utilisation coupled with higher efficiency. They are expanding their capabilities to meet the needs of their clients in preclinical development and early discovery. Global clinical services will be mainly driven by Clinical Trial Management (CTM) and Clinical Data Management (CDM) services and new contracts. Further integration of their US and Indian subsidiaries will drive cost synergies and help in expanding the product portfolio and margins.
 

C. OTHERS:

Their Healthcare business is operated through Jubilant First Trust Healthcare (JFTH) which focuses on providing 'Better Care at Affordable Cost', and their beneficiaries are spread across the middle-income population in the districts and towns of West Bengal, India.
 
They currently run two operational hospitals, located at Berhampore with 50 beds and at Barasat with 120 beds, in West Bengal. Jubilant Kalpataru Hospital, which is a 120-bed specialty hospital set up in 2009 provides services such as Neurosurgery, Neonatal and Pediatric Intensive Care. The hospital has a team of full-time doctors in major medical disciplines, who are also available on-call to extend emergency care to patients.
 
OPERATING REVIEW AND OUTLOOK:
 
Revenues in 2010-11 stood at Rs.119.000 Millionss from Rs.81.000 Millionss in the previous year. They are looking at improving profitability without further capex in the short term.
 

FIXED ASSETS

· Land (Freehold and Leasehold)

· Building (Factory and Others)

· Railway Sidings

· Plant and Machienry

· Vehicles

· Office equipments

· Furniture and Fixtures

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 31TH DECEMBER, 2011

(In Millions)

Particulars				STANDALONE
	Quarter Ended 31.12.2011 (UnAudited	Quarter Ended 30.09.2011 (UnAudited)	Half Year Ended 31.12.2011 (UnAudited)
Net Sales / Income from Operations	6745.100	6283.700	19199.000
Other Operating Income	33.300	26.600	77.200
Total Income	6778.400	6310.300	19276.200
Total Expenditure	6000.800	5496.300	16717.800
a) (Increase) / Decrease in Stock in Trade and Work In Process	(518.800)	(246.700)	(987.200)
b) Purchase of Traded Goods	590.200	606.500	1747.100
c) Raw and Process material consumed	3372.800	2989.300	9207.600
d) Stores, Spares, Chemicals, Catalyst and Packing Material consumed	311.700	223.200	820.900
e) Power and Fuel	736.400	534.900	1825.700
f) Other Manufacturing Expenses	192.900	180.100	499.300
g) Staff cost	560.600	509.000	1537.400
h) Depreciation	322.800	292.100	891.700
i) Other Expenditure (Selling, General and Admin Expenses - including exchange loss/gain)	432.200	407.900	1175.300
Operating Profit before Other Income and Interest	777.600	814.000	2558.400
Other Income	18.900	22.900	65.300
Profit Before Interest and Exceptional Items	796.500	836.900	2623.700
Interest (Net)	421.800	359.900	1081.800
Profit After Interest but before Exceptional Items	374.700	477.000	1541.900
Exceptional Items	1532.200	416.000	1975.000
Profit from Ordinary Activities before tax	(1157.500)	61.000	(433.100)
Tax Expense (Net)	212.700	11.000	348.200
Net Profit from ordinary activities after tax	(1370.200)	50.000	(781.300)
Extraordinary items (net of tax expenses)	0.000	0.000	0.000
Minority Interest	0.000	0.000	0.000
-Net Profit after minority interest	(1370.200)	50.000	(781.300)
Paid-up Equity Share Capital (Face Value of Re.1 Each)	1593	1593	1593
Reserves (excluding revaluation reserve)
Earning per share before and after extraordinary items (Not annualized)
-Basic	(8.60)	0.31	(4.91)
-Diluted	(8.60)	0.31	(4.91)
Public Shareholding
-Number of Shares (Re.1 Each)	81166083	81344677	81166083
-% of Shareholding	50.96	51.07	50.96
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	4257000	6552333	4257000
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	5.45	8.41	5.45
- Percentage of Shares (as a % of the Total Share Capital of the Company)	2.67	4.11	2.67
b) Non Encumbered
- Number of Shares	73858056	71384129	73858056
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	94.55	91.59	94.55
- Percentage of Shares (as a % of the Total Share Capital of the Company)	46.37	44.82	46.37

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars	Quarter Ended
	30.09.2011
	UnAudited
Shareholders funds
- Share Capital	159.300
- Reserves and Surplus	21255.100
Minority Interest	0.000
Loan From Banks, Institutions and FCCB’s	26621.600
Deferred Tax Liability (net)	1990.700
Total	50026.700
Fixed Assets	21277.000
Investments – In Liquid Funds	803.500
Investments – Others	19023.700
Deferred Tax Assets	0.000
Foreign Currency Monetary Items Translation Difference Account (FCMITDA)	527.400
Current Assets, Loans and Advances
- Inventories	4984.700
- Sundry Debtors	3097.800
- Cash and Bank Balances	89.500
- Other Current Assets	0.000
- Loans and Advances	7703.400
Less : Current Liabilities and Provisions
- Liabilities	5999.800
- Provisions	1480.500
Miscellaneous Expenditure (Not Written off or Adjusted)	0.000
Total	50026.700

Notes:

1. During the Quarter Cadista Holdings Inc. USA, these step down subsidiary where the company holds 82.38% equity, carrying on its generic business through a wholly owned subsidiary, Jubilant Cadista Pharmaceuticals Inc. USA, was registered with the Securities and Exchange Commission (SEC) of United States of America, under Section 12 (g) of the Securities and Exchange Control Act, United States of America.

2. The Company operates under one reportable segment viz. Pharmaceuticals and Life Sciences Products and Services (PLSPS).

3. During the Quarter the Company has opted for cash flow hedge accounting, in respect of certain transactions, under AS 30 issued by the Institute of Chartered Accountants of India. Accordingly, foreign exchange translation loss of Rs.148.300 Millions has been debited to hedging reserve account.

4. Exceptional items include :

i) Amortization of Foreign Currency Monetary Item Translation Difference Account-loss/(gain) Rs.263.700 Millions for Quarter 2-FY 2012 and Rs.285.100 Millions for Half 1-FY 2012.

ii) Mark to Market in respect of Currency and Interest rate swap contracts outstanding at the period end resulting in loss/(gain) amounting to Rs.152.300 Millions for Quarter 2 FY 2012 and Rs.157.700 Millions for Half 1-FY 2012.

5. Tax Expenses (Net) is after considering the MAT Credit Entitlement Rs.146.400 Millions for Half 1-FY 2012.

6. The Compensation Committee of the Board on 24th October, 2011, has granted 862461 options to eligible Employees/ Directors of the Company and its subsidiaries as per JLL Employees Stock Option Plan 2011. Each option shall entitle the holder to acquire 1 equity share of Rs.1 each fully paid at Rs.200.05, being the market price as per SEBI guidelines. There is no dilution envisaged on account of this grant.

7. Information on investors complaints for the quarter (Nos.): Opening Balance - Nil, New -23, Disposals -23, Closing Balance - Nil.

8. The results for the corresponding quarter/six months has been recasted to give effect to the Scheme of Amalgamation and Demerger approved by Hon'ble High Court of Judicature, Allahabad during FY 2011 with effect from 1st April 2010.

9. Previous year / periods figures have been regrouped/ reclassified wherever necessary.

10. The above un-audited results were, subjected to limited review by the auditors of the Company, reviewed by the Audit Committee at its meeting held on 31st October, 2011 and approved by the Board of Directors at its meeting held on 1st November, 2011.

WEB SITE DETAILS

PROFILE

Subject is an integrated pharmaceutical and life sciences company. The Company Pharmaceuticals and Life Sciences Products and Services include custom research and manufacturing services (CRAMS), pharmaceutical products, life sciences chemicals, nutrition ingredients and healthcare. CRAMS includes proprietary products, active pharmaceuticals ingredients (APIs), drug discovery and development services (DDDS). Pharmaceutical products include specialty pharmaceuticals, radio pharmaceuticals, allergenic extracts and generics. Nutrition ingredients include ingredients for pharma, human and animal applications. Healthcare includes hospital units. As of March 31, 2010, it had eight manufacturing facility in India and three in North America. Effective November 15, 2010, it announced that it has demerged its Agri and Performance Polymers business into an independent company Jubilant Industries Limited, which will be a part of Jubilant Bhartia Group. For the nine months ended 31 December 2010, subject revenues decreased 9% to RS25.56B. Net income decreased 41% to RS1.68B. Revenues reflect a decrease in income from pharmaceuticals and life sciences products division. Net income also reflects an increase in purchases cost, increased depreciation and rise in other expenditure. Subject is an integrated pharmaceutical and life sciences company.

MANAGEMENT

SHYAM SUNDER BHARTIA - EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR - CHAIRMAN

Shri. Shyam Sunder Bhartia is an Executive Chairman of the Board, Managing Director of Jubilant Organosys Limited. After graduating in Commerce, he did his ICWA from the Institute of Cost and Works Accountants of India (ICWAI) and is a fellow member of the ICWAI. An industrialist of India, he has industrial experience in the Pharmaceuticals and Speciality Chemicals, Food, Oil and Gas (Exploration and Production), Aerospace and Information Technology sectors. He also serves on the Board of several public companies viz. Chambal Fertilizers and Chemicals Limited, Birla Cotton Spinning and Weaving Mills Limited, Domino's Pizza India Limited, Zuari Industries Limited, Lionel India Limited, GeoEnpro Petroleum Limited, Enpro Secan India Limited, Jubilant Chemsys Limited, Jubilant Clinsys Limited, Vam Holdings Limited, PSI NV, Belgium, PSI Supply NV, Belgium, Jubilant Pharma NV, Belgium, Jubilant Energy (Holdings) B.V., Netherlands and has served as a Director of Air India Limited.

Education

B Commerce, Kolkata University

HARI S. BHARTIA - EXECUTIVE CO-CHAIRMAN OF THE BOARD, MANAGING DIRECTOR- CHAINRMAN

Shri. Hari S. Bhartia is an Executive Co-Chairman of the Board, Managing Director of Jubilant Organosys Limited. He is an industrialist of India with 20 years of experience in the Pharmaceuticals and Speciality Chemicals and Biotechnology, Food, Oil and Gas (Exploration and Production), Aerospace, Information Technology and other sectors. He has led his business group into strategic alliances and affiliations with some of the global corporations. Mr. Bhartia’s role in institutional work includes his role in various capacities with Indian Institute of Technology (IIT), Delhi and IIT Kanpur and Confederation of Indian Industry (CII). He has been a member in several educational and science and technology programmes of Government of India. Mr. Bhartia is also a member of Communication Working Group of Global Round Table on Climate Change, Columbia University, USA. A Chemical Engineering Graduate of the Indian Institute of Technology, Delhi, Mr. Bhartia has been conferred Distinguished Alumni award by Indian Institute of Technology, Delhi in the year 2000.

Education

B Chemical Engineering, Indian Institute of Technology

SHYAMSUNDAR BANG - EXECUTIVE DIRECTOR - MANUFACTURING AND SUPPLY CHAIN, DIRECTOR

Mr. Shyamsundar Bang is an Executive Director - Manufacturing and Supply Chain, Director of Jubilant Organosys Limited. He graduated as Chemical Engineer from Nagpur University in 1971 and further did his Masters in Chemical Engineering from UDCT, Mumbai in 1973. He has experience of 41 years with industries. Mr. Bang began his career with Indo Berolina Industries, Mumbai, a design engineering company. He then worked with Jaycee Chemicals Private Limited, Mumbai and Pure Chem Company Limited. Bangkok where he managed various chemical projects. He has been associated with Jubilant Organosys Limited, since 1982. He joined as Technical Manager and has handled various responsibilities in the last 25 years. He has been instrumental in bringing new technologies, developing and managing projects and developing new business opportunities for the company.

Education

M Chemical Engineering, Mumbai University

Chemical Engineering, Rashtrasant Tukadoji Maharaj Nagpur University

ABHAY HAVALDAR - NON-EXECUTIVE INDEPENDENT DIRECTOR - NOMINEE OF GA EUROPEAN INVESTMENTS LIMITED

Mr. Abhay Havaldar is Non-Executive Independent Director - Nominee of GA European Investments Limited of Jubilant Organosys Limited. He is currently the Managing Director at General Atlantic LLC, a global private equity firm, where he has worked since 2002. He established General Atlantic's India office in 2002 and remains based in Mumbai, India where he leads General Atlantic's South East Asia investment initiatives with a focus on Business Solutions, Financial Services and Enterprise Software. Prior to joining General Atlantic Partners in 2002, he was the Co-Founder of Connect Capital, a pan-Asian e-commerce investment company and the Asian vehicle for Insight Capital Partners, a business-to-business e-commerce investor. He holds a bachelors degree in electrical engineering from the University of Bombay and a masters in management degree from the Sloan Fellow Program at the London Business School. He currently serves as a Director on the board of Geometric Software Solutions, Patni Computer Systems Limited. and 3D PLM Software Solutions Limited.

Education

M Management, London Business School

B Electrical Engineering, University of Bombay

HAMIDULLA KABIR KHAN - NON-EXECUTIVE INDEPENDENT DIRECTOR

Mr. Hamidulla Kabir Khan is Non-Executive Independent Director of Jubilant Organosys Limited. He has served in the Indian Administrative Service since 1956, and from the early 1970s until 1985, he was heavily in industrial development policy in the state of Gujarat and at the central Government. He has experience in promoting social and educational activities in India, and has been instrumental in establishing a management school in Ahmadabad, a public school in Gujarat, Red Cross and Blood Donation Centers and centers to promote farmers' participation in agricultural activities. H.K. Khan is currently director on the boards of directors of Calcom Visions Limited, and Dhir and Dhir Asset Reconstruction and Securitisation Company Limited.

SHARDUL SURESH SHROFF - NON-EXECUTIVE INDEPENDENT DIRECTOR

Shri. Shardul S. Shroff is Non-Executive Independent Director of Jubliant Organosys Limited. He is a Corporate Attorney, has experience in areas of infrastructure, projects and project finance, privatisation and disinvestment, mergers and acquisitions, joint ventures, banking and finance, capital markets and commercial contracts. He is the Managing Partner of reputed law firm, Amarchand and Mangaldas and Suresh A Shroff and Company.

Education

LLB, University of Mumbai

B Commerce, Sydenham College of Commerce and Economics

SURENDRA SINGH - NON-EXECUTIVE INDEPENDENT DIRECTOR

Mr. Surendra Singh is Non-Executive Independent Director of Jubilant Organosys Limited. He is a reputed member of the Civil Services for 35 years and held key senior positions in the Indian government, earlier as Special Secretary to the Prime Minister of India and then as Cabinet Secretary to the Government of India. He also held the prestigious position of Executive Director at the World Bank where he chaired a Committee of the World Bank Directors on Development Effectiveness. He is Director on other Indian public limited companies i.e NHT Limited, NIIT Technologies Limited, CMC Limited, UTI Bank Limited, Andhra Bank Paper Mills Limited, BAG Films Limited, Nagarjuna Chemicals and Fertilizers Limited, West Bengal Power Development Corporation Limited, and VLS Finance Limited.

Education

MS, Allahabad University

NARESH KUMAR TREHAN - NON-EXECUTIVE INDEPENDENT DIRECTOR

Dr. Naresh Kumar Trehan is Non-Executive Independent Director of Jubilant Organosys Limited. He is an eminent cardiologist instrumental in changing the scenario of Cardiothoracic and Vascular Surgery in India. Dr. Trehan who has been instrumental in setting up Escorts Heart Institute and Research Centre, New Delhi, is Executive Director, Chief Cardiothoracic and Vascular Surgeon and member of the Board of Governors, of this institute. He is also the Member and Honorary Consultant at various Institutes and hospitals in India and abroad. Dr. Trehan did his MBBS from KGMC, Lucknow and followed it with Diplomate, American Board of Surgery and Diplomate, American Board of Cardiothoracic Surgery. Besides clinical work Dr. Trehan has keen interest in training, education and research programmes. He is giving post doctoral training of international standard to 12 surgeons at a point of time in the institute. He has trained 30 surgeons so far. In recognition of his contribution in the field of heart research and surgery, Dr. Naresh Trehan has been felicitated with various awards and honours including Padma Shri Award and Padma Bhushan Award. Dr. Trehan is also the Director of Escorts Heart and Super Speciality Hospital Limited.

Education

King George Medical University

INDER MOHAN VERMA - NON-EXECUTIVE INDEPENDENT DIRECTOR

Dr. Inder Mohan Verma is Non-Executive Independent Director of Jubliant Organosys Limited. He is a professor in the Laboratory of Genetics and American Cancer Society at Salk Institute, California, is one of the world's authorities on the development of viruses for gene therapy vectors. He currently holds the Irwin and Joan Jacobs Chair in Exemplary Science and is also the director of the Laboratory of Genetics.

Education

PHD Biochemistry, The Weizmann Institute of Science

Biochemistry, Lucknow University

NEERAJ AGRAWAL - CHIEF EXECUTIVE OFFICER – GENERICS

Mr. Neeraj Agrawal is Chief Executive Officer - Generics of Jubilant Organosys Limited. He holds B. Tech. (Elect.), MBA. He has 14 years of experience. He is a Business Strategy of Mckinsey and Company.

GOUTAM MUHURI - PRESIDENT – R AND D DOSAGE FORMS

Dr. Goutam Muhuri is President - RandD Dosage Forms of Jubilant Life Sciences Limited. He holds M. Pharma, Ph.D. He has 20 years of experience.

CHANDAN SINGH SENGAR – PRESIDENT - ACETYLS AND ETHANOL

Mr. Chandan Singh Sengar is President - Acetyls and Ethanol of Jubilant Life Sciences Limited. He holds B.Sc., MBA. He has 25 years of Experience

RAJESH KUMAR SRIVASTAVA - CHIEF EXECUTIVE OFFICER - FINE CHEMICALS AND CRAMS

Mr. Rajesh Kumar Srivastava is Chief Executive Officer - Fine Chemicals and CRAMS of Jubilant Organosys Limited. He holds B. Tech., MMM. He has 24 years of experience.

PRAMOD YADAV - CHIEF EXECUTIVE OFFICER - ADVANCE INTERMEDIATES AND NUTRITIONAL PRODUCTS

Mr. Pramod Yadav is Chief Executive Officer - Advance Intermediates and Nutritional Products of Jubilant Organosys Limited. He holds B. Sc. (Tech.), MMM. He has 24 years of experience.

NEWS

PRESS RELEASES

Jubilant Q2 FY2012
Revenue - Rs.1,0480.000 Millions, up 22% YoY
EBITDA - Rs.2410.000 Millions, up 58% YoY
EBITDA Margins at 23.0% as against 17.8% in Q2’FY11
PAT - Rs.790.000 Millions after unrealised FE Loss Rs.430.000 Millions in Q2’FY12, up 8% YoY  

The Board of Jubilant Life Sciences Limited, an integrated pharmaceutical industry player and the largest Custom Research and Manufacturing Services Company in India met today to approve financial results for quarter and half year ending September 30, 2011.

Quarterly Results

In the Second quarter of FY2012, Revenue was at Rs10480.000 Millions, up 22% YoY and 11% QoQ.  The International business from 75 countries contributed 70% to Net Sales at Rs.7300.000 Millions. Sales from regulated markets of USA, Canada, Europe and Japan were together at Rs.6080.000 Millions and amounted to 58% of the Net Sales. Sales from USA and Canada grew 34% followed by 27% YoY growth in Europe and Japan regions and 22% in India.

In Q2’FY12, the Company EBITDA was Rs.2410.000 Millions up 58% YoY with margins at 23.0%, compared to 17.8% in Q2’FY11.  Net Profit for the quarter grew 8% YoY and stood at Rs.7090.000 Millions , after accounting for Rs.430.000 Millions mainly due to unrealized foreign exchange loss in Q2’FY12. For Q2’FY12, Basic/Diluted EPS stood at Rs.4.98 per equity share of Re.1.00 FV recording growth of 19% YoY on Diluted basis.

Revenue from Life Science Products which stood at Rs. 833crore contributed 79% to sales. It grew 25% YoY from Rs.6660.000 Millions in Q2’FY11 and 13% QoQ from a base of Rs.7390.000 Millions, backed by both volume growth and pricing strength. The share in revenue of Life Sciences Ingredients was 56% at Rs.5920.000 Millions with YoY growth of over 6%. Generics with sales of Rs.2410.000 Millions contributed 23% to the revenue mix and recorded a growth of 118% YoY. Product business EBITDA margins were higher at 26.8% from 24.2% in Q2’FY11, an increase of 260bps.

Life Science Services Revenue was at Rs.2150.000 Millions, depicting growth of 12% YoY and 5% on QoQ basis. CMO contributed 15% to the Revenue Mix at Rs.1540.000 Millions, and Drug Discovery and Development Solutions reported Rs.580.000 Millions in net sales, contributing 6% to the revenue mix for the quarter. Services business maintained momentum in EBITDA with 16.7% margins, a six fold increase compared to 2.8% in Q2’FY11.

Half Yearly Results

In the First Half of FY2012, Revenue was at Rs.19920.000 Millions, up 19% YoY.  The International business contributed 69% to Net Sales at Rs.13830.000 Millions. Sales from regulated markets of USA, Canada, Europe and Japan were together at Rs.11300.000 Millions and amounted to 57% of the Net Sales. Sales from Europe and Japan regions grew 37% YoY followed by 22% growth in USA and Canada and 20% in India.

For the six months period under consideration, the Company EBITDA was Rs.4310.000 Millions up 46% YoY, with margins at 21.7%, compared to 17.7% in corresponding period last year, up 400bps.  Net Profit for the first Half Year stood at Rs 156crore, growing 26% on YoY and Basic/Diluted EPS stood at Rs.9.82 per equity share of Re. 1.00 FV recording growth of 40% YoY on Diluted basis.

Revenue from Life Science Products which stood at Rs.15720.000 Millions contributed 79% to sales. It grew 22% YoY basis from Rs.12870.000 Millions in the corresponding period last year, backed by both volume growth and pricing strength. The share in revenue of Life Sciences Ingredients was 60% at Rs.12000.000 Millions with YoY growth of 11%. Generics with sales of Rs.3730.000 Millions contributed 19% to the revenue mix and recorded a growth of 78% YoY. Product business EBITDA margins were higher at 25.0%, up 140 bps from 23.6% in the corresponding period last year.

Life Science Services Revenue was at Rs.4200.000 Millions, depicting growth of 8% YoY. CMO contributed 15% to the Revenue Mix at Rs.3050.000 Millions and Drug Discovery and Development Solutions reported Rs.1090.000 Millions in net sales, contributing over 5% to the revenue mix for the half year. Services business recorded high growth in EBITDA with 17.0% margins, depicting over three fold increase from corresponding period last year.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Managing Director and Mr. Hari S Bhartia, Co-Chairman and Managing Director, Jubilant Life Sciences said:
“Theyare happy to share that the Company has delivered strong revenue and earnings growth in the second quarter of FY2012 as well as for the first half year. Generics business led the growth in terms of revenue and profitability leading to higher contribution from the segment. Services business witnessed a substantial turnaround with increase in margins and sales growth and is expected to continue the performance due to strong order book and higher capacity utilisation.

These growth momentum should continue in the following quarters backed by the commissioning of new capacities lined up for the year; innovation led new product launches and expansion in focussed geographies in Products business with sustained higher margins in Services business.”

Filings and Approvals

During the quarter, the Company filed 2 DMF in the US taking the total US DMF filings to 54. There were 4 ANDA filings in the US, in therapeutic areas of CVS, anti-infective and anti migraine in the same period. It received ANDA approval for Pantoprazole Sodium Delayed Release Tablets 20mg and 40mg, a generic drug in Gastro Intestinal therapeutic area, to be supplied from Roorkee, in India in the quarter gone by thereby improving further growth opportunities for the generics business. During the quarter, the dosage formulation plant at Roorkee received approval from ANVISA, Brazil.

New order Wins

During the quarter, the Company signed a long term supply in Life Science Ingredients business with a leading international Life Sciences company. The total value of this ‘take or pay’ contract is in the range of US$ 80-100 Millions, to be supplied in 3 years from first quarter of FY13.

It also signed a multi-year contract in CMO business with a leading US pharma company to manufacture a prominent over the counter (OTC) women health and personal care product in North America for the same geography. The total value of this ‘take or pay’ contact is around US $ 70 Millions for a period of over 4 years.

The Company has recently entered into collaboration with Norgine, a leading European speciality pharmaceuticals company under its integrated drug discovery model to provide pre-clinical candidates for developing multiple targets in gastrointestinal diseases for an initial period of 3 years.

As per strategy to strengthen its reach in the European markets, the Company appointed a leading Sweden based firm as its sales and marketing agent for two of key life science chemicals.

Capacity Additions

The Company recently commissioned its manufacturing facility at SEZ in Gujarat with commencement of commercial production of 10,000 TPA Niacinamide and an Intermediate, 3-Cyanopyridine, to cater to the growing global needs of Nutrition Ingredients.

The Company also commissioned at its manufacturing facility at SEZ in Gujarat a multipurpose Life Science ingredient facility for pharmaceuticals industry for which it has already received orders from international customers. 

The Pyridine capacity has been expanded during the quarter, as planned and is now catering to the global requirements from new facility. Earlier in the year, plants for Agro actives/ Intermediates had been commercialised, aiding the growth in Ingredients segment.

Other capacity projects of Life Science Chemicals plant and the Life Science Ingredient for Symtet plant are on track.

Outlook

The overall underlying strength of these business has been strong due to increasing order book position and capacity utilisation in all these business segments. In second half, the Company expects to continue to build on the robust sustainable revenue and margin growth momentum recorded in the first half.

In Products business, revenue growth would be on account of commissioning of new capacities, innovation led product launches and geographic expansion while operating profit growth would be backed by improved capacity utilisation and increased vertical integration.

In Services business, focused margin improvement initiatives of increased capacity utilisation, higher margin product mix and cost optimization would continue to lead to higher profitability.

About Jubilant

Jubilant Life Sciences Limited is an integrated Pharma and Life Sciences Company. It is the largest Custom Research and Manufacturing Services (CRAMS) player and a leading Drug Discovery and Development Solution (DDDS) provider out of India. The Company provides Life Sciences products and services across the value chain.  With 10 world-class manufacturing facilities and a team of ≈6000 multicultural people across the globe, the Company is committed to deliver value to its customers spread across 75 countries.  The Company is well recognized as a ‘Partner of Choice’ by leading life sciences companies worldwide.

Norgine and Jubilant Announce Discovery Collaboration in Gastrointestinal Therapeutic Area

Norgine, a leading European speciality pharmaceutical company and Jubilant Biosys Limited, Bengaluru based subsidiary of Jubilant Life Sciences Ltd, an integrated pharma and life sciences company of India, announced today, that they have entered into a discovery partnership. The collaboration, spanning an initial period of 3 years will provide a platform for Norgine to develop multiple targets utilising Jubilant Biosys integrated drug discovery platform targeting gastrointestinal diseases.

Under the terms of the agreement Jubilant shall deliver preclinical candidates to Norgine who will own all rights to further development and commercialisation of the candidates.

Commenting on the collaboration, Sri Mosur, President and CEO, Global Drug Discovery and Development at Jubilant said: "Jubilant is very pleased to partner with Norgine, a very successful European speciality pharmaceutical company. Theyare confident these "accelerated discovery" platform will enable Norgine's quest for novel and optimal therapies in delivering affordable care to the unmet needs of patients in Europe and worldwide in the area of gastrointestinal disease".

Commenting on the collaboration, Ian Cox, Vice President of Pharmaceutical and Preclinical Development at Norgine said: "Theyare delighted to be collaborating with Jubilant, a company with a track record in these types of discovery programmes, and theygenuinely look forward to a productive and fruitful relationship".

About Norgine

Norgine is an independent, successful European speciality pharmaceutical company that has been established for over 100 years and has a presence in all major European markets. In 2010, Norgine's net product sales were ¤258 Millions. The Company employs over 1,200 people.

Norgine's focus is the development and marketing of pharmaceutical products that address significant unmet clinical needs in therapeutic areas such as gastroenterology, hepatology and supportive care. The Company currently markets a range of products in various markets in its key therapeutic areas e.g., MOVICOL for the treatment of constipation and faecal impaction, MOVIPREP a bowel cleansing preparation, KLEAN-PREP for bowel preparation prior to colonoscopy, XIFAXAN for the treatment of travellers diarrhoea and ORAMORPH for the treatment of moderate to severe pain associated with cancer.

Norgine is active in research and development and currently has products in various stages of clinical development. Norgine manufactures most of its own products in Hengoed, UK and Dreux, France.

About Jubilant

Subject is a Bengaluru based subsidiary of Jubilant Life Sciences Limited, headquartered in Noida, India. It is an integrated Pharma and Life Sciences Company providing Life Science products and services to its customers spread across 75 countries. Its subsidiary Jubilant Biosys, provides integrated drug discovery and development solutions to the global pharmaceutical industry. It is a pioneer in collaborative discovery research and development   and is engaged in multiple partnerships with global pharmaceutical industry in therapeutic areas of Oncology, CNS and CVMED.

JUBILANT LIFE SCIENCES INKS LONG-TERM SUPPLY PACT WITH GLOBAL FIRM

17 August 2011

India, Aug. 17 -- Jubilant Life Sciences, an integrated pharmaceutical industry player and the largest Custom Research and Manufacturing Services Company in India, has signed a long term supply agreement in Proprietary Products business with a leading international Life Sciences company. The total contract is valued at over $80 Millions to be supplied in three years from the quarter April-June 2012. This contract has a minimum volume 'take or pay' commitment and has an opportunity to go over $100 Millions. This product has a huge demand in the market which is vindicated by the release of advance payment by the customer on the signing of the contract. Further, the company said that it continues to see strong growth in the proprietary products segment and expects to sign a few more contracts during the year. At present, the company provides life sciences products and services across different sectors. The company's consolidated net profit rose 52.92% to Rs.771.200 Millionss for the first quarter ended June 30, 2011, against Rs 504.300 Millionss in the same period previous fiscal. Total income rose to Rs.9484.800 Millionss for the quarter ended June 30, 2011 up by 15.86% compared with Rs.8186.100 Millionss in the same period previous financial year.

JUBILANT LIFE SCIENCES LTD SIGNS LONG TERM SUPPLY AGREEMENT FOR NEW PRODUCT

Aug 16, 2011

Jubilant Life Sciences Limited announced that it has signed a long term supply agreement in proprietary products business with a international life sciences company. The total contract is valued at over USD80 Millions to be supplied in three years from the quarter April-June 2012.

JUBILANT SIGNS A LONG TERM SUPPLY AGREEMENT FOR A NEW PRODUCT

12 August 2011

India, Aug. 12 -- Jubilant Life Sciences Limited has informed BSE regarding a Press Release dated August 12, 2011, titled "Jubilant Signs a Long Term Supply Agreement for a New Product".

JUBILANT INKS $80 MN CONTRACT WITH GLOBAL FIRM

12 August 2011

New Delhi, Aug. 12 -- Pharmaceutical company Jubilant Life Sciences Friday said that it has entered into a long term supply contract of proprietary products with an international life sciences company valued at $80 Millions. The company did not divulge the name of its international customer. "The total contract is valued at over $80 Millions to be supplied in three years from the quarter April -June 2012," the company said in a statement. According to the statement, the contract has a minimum volume 'take or pay' commitment with an opportunity to go over $ 100 mn. "This product has a huge demand in the market which is vindicated by the release of advance payment by the customer on the signing of the contract." The company further said that it continues to see strong growth in the proprietary products segment and expects to sign a few more contracts during the year. Currently, the company provides life sciences products and services across different sectors.

JUBILANT LIFE SCIENCES LTD EXPECTS THREE TO FOUR DRUG APPROVALS IN THE US IN FY 2012-CNBC TV-18

Aug 09, 2011

CNBC TV-18 reported that Jubilant Life Sciences Limited plans to file applications for about 30 new drugs in the US and Europe and expects to receive approvals for three to four drugs in the American market in fiscal 2012.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

These market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

These Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.39.38

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.