MIRA INFORM REPORT

Report Date :

23.01.2012

IDENTIFICATION DETAILS

Name :	RELIANCE LIFE SCIENCES PRIVATE LIMITED

Registered Office :	Dhirubhai Ambani Life Science Centre, R-282, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	30.01.2001

Com. Reg. No.:	11-130654

Capital Investment / Paid-up Capital :	Rs.96.350 Millions

CIN No.: [Company Identification No.]	U24239MH2001PTC130654

TAN No.: [Tax Deduction & Collection Account No.]	MUMR10629D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Essential Oils

No. of Employees :	1000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3170000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a Reliance Group company. It is a well established company having satisfactory track. There appears some losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong holding, 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

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

LOCATIONS

Registered Office :	Dhirubhai Ambani Life Science Centre, R-282, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-67678000 / 39118000
Fax No.:	91-22-67678099 / 39118099
E-Mail :	soniareetesh.arora@ril.com sidhi.jatkar@ril.com
Website :	www.rellife.com www.ril.com

Corporate Office :	3rd Floor Sadhana House, Behind Mahindra Towers 570, Pandurang Bhudkar Marg Worli, Mumbai 400018

Factory :	1^st Floor, Sadhana Millls Premises, 570, Pandurang Budhkar Marg, Mumbai - 400 018
Tel. No.:	91-9323277350

Branches :	Located at : Mumbai Ahmedabad Bangalore Chennai Delhi Hyderabad Jaipur Kochi Kolkata Lucknow Ludhiana Navi Mumbai Pune

DIRECTORS

As on 30.09.2011

Name :

Mr. Vinay Arvind Ranade

Designation :

Director

Address :

C – 202, Matoshree Residency, 65 Prarthana Samaj Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

12.03.1967

Qualification :

Chartered Accountant, Management Graduate - Asian Institute of Management, Philippines

Date of Appointment :

07.04.2003

DIN :

00006568

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Director	1/2/2008	7/4/2003	-	Active	NO
2	U99999MH2000PTC126407	RELIANCE CLINICAL RESEARCH SERVICES PRIVATE LIMITED	Director	7/11/2005	7/11/2005	8/12/2007	Active	NO
3	U85199MH2000PTC126806	RELIANCE HEALTH AND TECHNOLOGY PRIVATE LIMITED	Director	24/12/2005	24/12/2005	24/06/2009	Active	NO
4	U24232MH2007PTC168160	RELIANCE PHARMACEUTICALS PRIVATE LIMITED	Director	26/02/2007	26/02/2007	12/6/2007	Active	NO
5	U24239MH2007PTC168750	RELIANCE DIAGNOSTICS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
6	U23201MH2007PTC168747	RELIANCE BIOFUELS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
7	U85195MH2007PTC168878	RELIANCE BIOPHARMACEUTICALS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	12/6/2007	Active	NO

Name :

Mr. Subramaniam Venkatasubramaniam Kollengode

Designation :

Director

Address :

1202, Raheja Regency, Near Sion Telephone Exchange, Sion (East), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

27.11.1957

Qualification :

Chemical Engineer (Madras University), MBA IIMA, CFA

Date of Appointment :

07.04.2003

DIN :

00005154

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Director	7/4/2003	7/4/2003	-	Active	NO
2	U99999MH2000PTC126407	RELIANCE CLINICAL RESEARCH SERVICES PRIVATE LIMITED	Director	30/03/2006	30/03/2006	8/1/2008	Active	NO
3	U24232MH2007PTC168160	RELIANCE PHARMACEUTICALS PRIVATE LIMITED	Director	26/02/2007	26/02/2007	12/6/2007	Active	NO
4	U23201MH2007PTC168747	RELIANCE BIOFUELS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
5	U24239MH2007PTC168750	RELIANCE DIAGNOSTICS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
6	U85195MH2007PTC168878	RELIANCE BIOPHARMACEUTICALS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	12/6/2007	Active	NO

Name :

Mr. Laxmidas Vallabhdas Merchant

Designation :

Director

Address :

Ramkrupa Tower, 9^th Floor Block Nbo 12, Dr Parekh Street, Prathana Samaj, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

14.11.1959

Qualification :

B. Com., Chartered Accountant

Date of Appointment :

01.06.2007

DIN :

00007722

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900PN1992PTC141422	VELOCIPED TRADING PRIVATE LIMITED	Director	21/01/1992	21/01/1992	-	Active	NO
2	U51900MH1965PTC014453	RELIANCE EXPORTS PRIVATE LIMITED	Director	2/9/1993	2/9/1993	2/6/2009	Active	NO
3	U74140MH1995PLC087756	RELIANCE GLOBAL MANAGEMENT SERVICES LIMITED	Director	10/5/1999	10/5/1999	-	Amalgamated	NO
4	U24120MH1999PLC121009	RELIANCE VENTURES LIMITED	Director	5/10/1999	5/10/1999	-	Active	NO
5	U65990MH1999PLC120918	RELIANCE STRATEGIC INVESTMENTS LIMITED	Director	1/12/1999	1/12/1999	-	Active	NO
6	U51900MH2000PTC125501	ANTILIA COMMERCIAL PRIVATE LIMITED	Director	22/03/2004	22/03/2004	-	Active	NO
7	U72200MH2005PTC154456	RELIANCE INFOSOLUTIONS PRIVATE LIMITED	Director	30/09/2006	12/4/2006	-	Amalgamated	NO
8	U74999MH2007PTC167376	DHANISHTA COMMERCIALS PRIVATE LIMITED	Director	25/09/2007	22/03/2007	-	Active	NO
9	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Director	29/09/2007	1/6/2007	-	Active	NO
10	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO
11	U64202MH2005PTC150752	CONVONIX SYSTEMS PRIVATE LIMITED	Director	30/09/2009	27/01/2009	-	Active	NO
12	U74900MH2007PTC171234	VANISHREE COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	31/01/2011	-	Active	NO

Name :

Mr. Dinesh Bhaskar Sathe

Designation :

Whole-time Director

Address :

A2-601, Rutu Park CHS., RW Sawant Marg, Majiwada, Thane – 400601, Maharashtra, India

Date of Birth/Age :

04.10.1956

Qualification :

B.E.(MECH), DMS

Date of Appointment :

11.12.2009

DIN :

02876683

KEY EXECUTIVES

Name :	Ms. Kartik H Shukla
Designation :	Secretary
Address :	604, D Wing, Dharma Nagar, 247, Linking RoaD, Borivali [West], Mumbai – 400091, Maharashtra, India
Date of Birth/Age :	21.12.1953
Date of Appointment :	21.09.2011
PAN :	AADPS1045C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares

Reliance Health and Technology Private Limited, India	1700
Healthcare Systems and Solution Global Private Limited, India	3300
Reliance Agrotech Private Limited, India	3300
Ekansha Enterprise Private Limited, India	1700
Total	10000

Names of Shareholders (9% Optionally Convertible Non-cumulative Redeemable Preference Shares)	No. of Shares
Reliance Ports and Terminals Limited, India	1500000
Reliance Ports and Terminals Limited, India	8125000
Total	9625000

As on 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Essential Oils

Products :

Item Code No. (ITC Code)	30021099
Product Description	Normal Human Serum Albumin
Item Code No. (ITC Code)	30021099
Product Description	Normal Immunoglobulin for Intravenous USB B.P

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Biopharmaceutical Products
Vials	Nos.	926692
Kits	Nos.	8224
Syringe	Nos.	218782
Plant Products	Nos.	2964239

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

Canara Bank, Prime Corporate Branch II, 2^nd Floor, Varma Chambers, Homji Street, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Working capital loan from bank (Working capital loan referred to above is secured by hypothecation of Stocks and Book Debts of the company and a subsidiary company.	541.502	222.633
Rupee Term Loan from others	16.450	0.000
Total	557.952	222.633
Notes: (A) The Loans taken from Department of Bio Technology (DBT) is secured by hypothecation of the whole of movable properties of the company created under the respective projects and acquired from the respective loan sanctioned by the DBT for the said projects including movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts). (B) (Working capital loan referred to above is secured by hypothecation of stocks and book debts of the company) (C) (Working capital loan referred to above is secured by hypothecation of stocks and book debts of the company)
Unsecured Loans :	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Rupee Term Loan from others	5529.828	5203.619
Total	5529.828	5203.619
(A) Long Term Loans Include: 1- Rs 5527.769 millions -Zero coupon optionally convertible loan from bodies corporate (Zero coupon optionally convertible loan from bodies corporate are convertible into equity shares of the company at fair value to be determined at the time of conversion.) 2- Rs 2.059 millions - Loans from Dept of Biotechnology (B) Long Term Loans Include: 1- Rs 5203.619 millions -Zero coupon optionally convertible loan from bodies corporate (Zero coupon optionally convertible loan from bodies corporate are convertible into equity shares of the company at fair value to be determined at the time of conversion.)


Banking Relations :	--

Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-56308508
PAN :	AAAFC0662N

Subsidiaries :	Reliance Biofuels Private Limited CIN No.: U23201MH2007PTC168747 Reliance Biopharmaceuticals Private Limited CIN No.: U85195MH2007PTC168878 Reliance Clinical Research Services Private Limited CIN No.: U99999MH2000PTC126407 Reliance Diagnostics Private Limited CIN No.: U24239MH2007PTC168750 Reliance Pharmaceuticals Private Limited CIN No.: U24232MH2007PTC168160 Reliance Life Sciences B.V., Netherland Reliance Life Sciences Inc, USA Reliance GeneMedix Plc., U.K. (a Subsidiary of Reliance Life Sciences B.V.) Biometrix Marketing Private Limited, Singapore (a Subsidiary of Reliance GeneMedix Plc.) Genemedix Ireland Limited (a Subsidiary of Reliance GeneMedix Plc.) Reliance Clinical Research Services Sp.zo.o., Poland (a Subsidiary of Reliance Life Sciences B.V.)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
510,000	Equity Shares	Rs.10/-each	Rs.5.100 Millions
14,500,000	Preference Shares	Rs.10/-each	Rs.145.000 Millions
	Total		Rs.150.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/-Each	Rs.0.100 Million
9,625,000	9% Optionally Convertible Non-Cumulative Redeemable Preference Shares	Rs.10/-Each	Rs.96.250 Millions
	Total		Rs.96.350 Millions

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		96.350	96.350	81.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		950.835	950.835	815.835
4] (Accumulated Losses)		[252.713]	[247.024]	[147.285]
NETWORTH		794.472	800.161	749.900
LOAN FUNDS
1] Secured Loans		557.952	222.633	162.416
2] Unsecured Loans		5529.828	5203.619	2985.695
TOTAL BORROWING		6087.780	5426.252	3148.111
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		6882.252	6226.413	3898.011

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2106.916	2128.599	1050.977
Capital work-in-progress		746.853	565.733	374.515

INVESTMENT		2181.186	1272.521	1272.520
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	758.767	569.996	269.666
	Sundry Debtors	987.990	595.686	195.614
	Cash & Bank Balances	49.735	82.623	75.409
	Other Current Assets	51.659	120.441	14.999
	Loans & Advances	1017.765	1580.275	975.866
Total Current Assets		2865.916	2949.021	1531.554
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	688.438	525.973	236.860
	Other Current Liabilities	287.357	131.748	73.350
	Provisions	42.824	31.740	21.345
Total Current Liabilities		1018.619	689.461	331.555
Net Current Assets		1847.297	2259.560	1199.999

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		6882.252	6226.413	3898.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			908.700
		Other Income			167.100
		TOTAL (A)	2835.100	2555.100	1075.800

Less	EXPENSES (B)		2682.783	2538.027	1195.500

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		152.317	17.073	[119.700]

Less	FINANCIAL EXPENSES (D)		49.809	30.417	9.800

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		102.508	[13.344]	[(129.500]

Less/ Add	DEPRECIATION/ AMORTISATION (F)		108.182	86.040	27.300

	PROFIT BEFORE TAX (E-F) (G)		[5.674]	[99.384]	[156.800]

Less	TAX (H)		0.000	0.000	2.800

	PROFIT AFTER TAX (G-H) (I)		[5.674]	[99.384]	[159.600]

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	12.300

	BALANCE CARRIED TO THE B/S		NA	NA	[147.300]

	EARNINGS IN FOREIGN CURRENCY
		FOB value of export	760.400	235.867	203.726
		Revenue from services	NA	52.364	3.435
		Interest	NA	14.959	0.917
	TOTAL EARNINGS		NA	303.190	208.078

	IMPORTS
		Raw Materials	770.366	619.656	205.028
		Stores & Spares	51.584	35.667	44.103
		Capital Goods	7.682	12.501	10.256
		Traded Goods	243.356	214.230	0.000
	TOTAL IMPORTS		1072.988	882.054	259.387

	Earnings Per Share (Rs.)		[567.40]	[9938.44]	[15956]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	[0.20]	[3.89]	[14.84]

Net Profit Margin (PBT/Sales)	(%)	NA	NA	[17.26]

Return on Total Assets (PBT/Total Assets}	(%)	[0.11]	[1.96]	[6.05]

Return on Investment (ROI) (PBT/Networth)		[0.01]	[12.42]	[0.21]

Debt Equity Ratio (Total Liability/Networth)		8.94	7.64	4.65

Current Ratio (Current Asset/Current Liability)		2.81	4.28	4.62

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 2^nd Floor, Chitrakoot, shree Ram Mills Premises, Ganpatrao Kadam Marg, Worli, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 05.04.2007.

OPERATIONAL AND FINANCIAL REVIEW:

During the year, total revenue from sales and services were at Rs.2835.100 millions as compared to Rs.2555.100 millions for 2009-10.

Export earnings for the year were recorded at Rs.760.400 millions as against Rs.288.200 millions for 2009-10.

During the year, the company has launched a recombinant product under the brand name Fostirel TM .

During the year, there was a capacity enhancement in the API Plant.

Contingent Liabilities :

Rs. in millions

Particulars	31.03.2011	31.03.2010
a. Guarantees given by banks on behalf of the company	58.666	11.911
b. Disputed Income tax demand	9.895	11.130
c. Disputed Wealth tax demand	-	0.026
d. Claims against the company/disputed liabilities not acknowledged as debts	17.007	13.642

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239MH2001PTC130654
Name of the company	RELIANCE LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhirubhai Ambani Life Sciences Centre R-282, TTC Area Of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10115694
Type of charge	Book Debts Others - Stocks
Particular of charge holder	Canara Bank, Prime Corporate Branch II, 2^nd Floor, Varma Chambers, Homji Street, Fort, Mumbai – 400001, Maharashtra, India Email : kadamdd@canarabank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Common Hypothecation Agreement dated 09.07.2011, executed between Canara Bank and Reliance Life Sciences Private Limited for increase in Credit Facility from Rupees 100 millions to 1385.000 millions
Date of instrument Creating the charge	09.07.2011
Amount secured by the charge	Rs.1385.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - For OCC/ODBD limit of Rs.985.000 millions: Base Rate +1.5% (floating) i.e.11.75%p.a. (Presently) as per sanction letter dated 04.07.2011 Terms of Repayment - For Fund based credit facilities of Rs.985.000 millions and for Non Fund based credit facilities of Rs.400.000 millions: For a period of 1 year tenable till 27.06.2012 as per sanction letter dated 04.07.2011 Margin – As per sanction letter dated 04.07.2011 For Fund based: 25% For Non Fund based: NIL Extent and Operation of the charge - First Charge on Stocks and Book Debts of the Company by way of Hypothecation, as per Part C of Annexure II of the Supplemental Common Hypothecation Agreement dated 09.07.2011 read with Common Hypothecation Agreement dated 29.07.2008 subsequently varied/modified by Supplemental Agreement dated 23.10.2009, 01.02.2010 and13.06.2011 executed between Canara Bank and Reliance Life Sciences Private Limited for the repayment of the dues under the said facilities, including interest, cost and other charges
Short particulars of the property charged	Stocks and Book Debts of the Company as per Part C of Annexure II of the Supplemental Common Hypothecation Agreement dated 09.07.2011
Date of last modification prior to the present modification	13.06.2011
Particulars of the present modification	Increase in credit facility provided by Canara Bank from Rs.1000.000 Millions to Rs.1385.000 Millions by grant of Additional OCC/ODBD limit of Rs.285.000 Millions and grant of Additional ILC/FLC (DA/DP) limit of Rs.100.000 Millions vide Supplemental Common Hypothecation Agreement dated 09.07.2011

Corporate identity number of the company	U24239MH2001PTC130654
Name of the company	RELIANCE LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhirubhai Ambani Life Sciences Centre R-282 Ttc Area Of Midc, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Department of Biotechnology, Block 2, CGO Complex, Lodhi Road, New Delhi-110 003, Delhi, India
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 19.11.2010 executed between Department of Biotechnology, Ministry of Science & Technology, Government of India and M/s Reliance Life Sciences Private Limited
Date of instrument Creating the charge	19.11.2010
Amount secured by the charge	Rs.12.650 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest On loan amount upto Rs.10.000 millions: SI @ 1% pa On loan amount more than Rs.10.000 millions: SI @ 2% pa (Any delay in repayment: simple interest @12% pa on the defaulted amounts for the period of delays) Terms of Repayment Repayable in 10 equal yearly installments starting six months after completion of the project. Margin 49.83% Extent and Operation of the charge Hypothecation to secure repayment of loan availed from the Department of Biotechnology, hereafter referred as DBT, and repayment or payment of other monies including all interest, liquidated damages, costs, charges and expenses and all other monies due to DBT under SBIRI scheme.
Short particulars of the property charged	Whole of the movable properties acquired from loan sanctioned by the DBT under SBIRI project relating to symptomatic cartilage defect of femoral condyle. movable properties are as described in Schedule I to the deed of Hypothecation The aforesaid movable properties include plant and machinery, machinery spares, tools and accessories and other movables both present and future, save and except book debts.

Fixed assets:

Tangible assets

Leasehold land
Buildings
Plant and machinery
Data processing equipment
Vehicles
Furniture and fixture

Intangible assets

Patents, trade
Marks, designs, etc

As per website details:

Company Profile

Reliance Life Sciences

The Reliance Group is India’s largest private sector enterprise, with annual revenues of US$ 58 billion. The Group’s activities span oil and gas exploration and production, petroleum refining, petrochemicals, polyester, plastics, organized retailing and telecom. The Group’s flagship company Reliance Industries Limited is the largest private sector company and a Fortune Global 500 company. The Reliance group has a market capitalization of US$ 75 billion.

Reliance Life Sciences (RLS) is part of the Reliance Group of companies. RLS was established to develop business opportunities in medical, plant and industrial biotechnology; with key initiatives in biopharmaceuticals, pharmaceuticals, regenerative medicine, clinical research, molecular diagnostics, plant and industrial biotechnology.

Reliance Life Sciences is developing business opportunities in the domains of medical, plant and industrial biotechnology.

From a domain perspective, these opportunities cover:

a. Biopharmaceuticals (Plasma Proteins, Biosimilars (Recombinant Proteins, Monoclonal Antibodies) and Novel Proteins)

b. Pharmaceuticals (Oncology, Steroid, Hormone and Peptide - Active Pharmaceutical Ingredients and Formulations )

c. Clinical Research Services (Pre-clinical animal studies, Bioavailability and Bioequivalence studies, Phase 1 studies, Phase 2 to 4 studies, QTc studies, Mass balance/Micro dosing studies, Clinical Data Management, Biostatistics, Clinical Trial Supplies Management, Medical Writing, Pharmacovigliance, Regulatory Services and Quality Assurance )

d. Regenerative Medicine (Stem Cell therapies, Tissue Engineered products, Stem Cell enriched Repository Services, Assisted Reproduction and Fetal Medicine)

e. Molecular Medicine (DNA/RNA-based diagnostics, Molecular Genetics, Predictive Diagnostics, Histopathology, Cytopathology, Flow Cytometry based diagnosis, Pharmacogenomics)

f. Novel Therapeutics (siRNA Therapies)

g. Biofuels (Biodiesel, Bioethanol, Biobutanol)

h. Plant Tissue Culture

i. Industrial Biotechnology (Biopolymers, Biochemicals, Enzymology)

From an integration perspective, these opportunities encompass Repositories, Research, Process Development, Pre-clinical Studies, Human Clinical Trials, Commercial-scale Manufacture and Marketing, all of which are carried out in-house.

Reliance GeneMedix plc, a UK-based subsidiary of Reliance Life Sciences with a manufacturing facility in Ireland, is developing biosimilars for the European market.

Reliance Institute of Life Sciences is a not-for-profit organisation, focusing on competency development in Biotechnology, not only for Reliance Life Sciences but also for the industry. The Institute offers a wide range of competency development programs and diploma programs in Biotherapeutics and Clinical Research.

Reliance Life Sciences initiative is one of the most diverse and integrated biotechnology initiatives being developed anywhere in the world.

Consistent with the diversity and depth of its initiatives, Reliance Life Sciences has a professional team comprising substantially of Ph. Ds, M.Ds, Engineers and Post Graduates in Science. The average age of the Reliance Life Sciences team is 33 years. 28% of the employees are women.

RLS operates state-of-the-art facilities in the life sciences domain. The flagship facility is the Dhirubhai Ambani Life Sciences Centre (DALC) in Navi Mumbai. Spread over 20 acres, DALC is among the most diverse and integrated life sciences campuses in the world. Its diversity stems from the wide spectrum of areas of research and development undertaken and its integration comes from repository, laboratory research, pre-clinical research, clinical research and manufacturing facilities; all located in the same campus. A second facility is in Bangalore, for clinical pharmacology and clinical data management.

Today RLS is a fully-integrated life sciences industry player with in-house capabilities in research, pre-clinical and clinical development, process development, commercial-scale manufacturing, marketing and local sales organization. The Company employs about 800 people, many of whom have PhDs or post-graduate degrees.

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 :

Our 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.

Our 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.50.32
UK Pound	1	Rs.77.96
Euro	1	Rs.65.30

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	6
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.

MIRA INFORM REPORT

758.767

569.996

269.666

987.990

595.686

195.614

49.735

82.623

75.409

51.659

120.441

14.999

1017.765

1580.275

975.866

2865.916

2949.021

1531.554

688.438

525.973

236.860

287.357

131.748

73.350

42.824

31.740

21.345

1018.619

689.461

331.555

1847.297

2259.560

1199.999

[0.20]

[3.89]

[14.84]

NA

NA

[17.26]

[0.11]

[1.96]

[6.05]

[0.01]

[12.42]

[0.21]

8.94

7.64

4.65

2.81

4.28

4.62

Unit