MIRA INFORM REPORT

Report Date :

21.09.2012

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 – 244223, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.06.1978
Com. Reg. No.:	20-004624
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 Share 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 79600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. It is the largest custom research and manufacturing services player. The company is well recognized as a ‘Partner of Choice’ by leading life science companies worldwide. Financial position of the company appears strong. It has recorded a growth strong. It has recorded a growth of 20% in income from operations during 2012 over last year. However, it has incurred some loss in this year. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

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: 31.03.2012

Name :	Mr. Shyam S Bhartia
Designation :	Chairman and Managing Director
Name :	Mr. Hari S Bhartia
Designation :	Co-Chairman and Managing Director
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 :	Dr. Ashutosh Agarwal
Designation :	Chief Scientific Officer – Chemicals and Life Science Ingredients
Name :	Dr. Goutam Muthuri
Designation :	President – R and D – Dosage Form.
Name :	Mr. Marcelo Morales
Designation :	CEO-Contract Manufacturing and Services, Jubilant HollisterStier
Name :	Mr. Scott Delaney
Designation :	CEO-Jubilant Cadista
Name :	Mr. Martyn Coombs
Designation :	President Jubilant DraxImage
Name :	Mr. Kevin Garrity
Designation :	President Allergy Business
Name :	Dr. Subir Kumar Basak
Designation :	President Jubilant Drug Discovery Services (Jubilant Biosys and Jubilant Chemsys)
Name :	Mr. Nayan Nanavati
Designation :	CEO-Jubilant Clinsys

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

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	1216061	0.76
Financial Institutions / Banks	1109687	0.70
Foreign Institutional Investors	34259892	21.51
Any Others (Specify)	11707200	7.35
Foreign Financial Institutions	11707200	7.35
Sub Total	48292840	30.32
(2) Non-Institutions
Bodies Corporate	15130824	9.50
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	11942059	7.50
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	477822	0.30
Any Others (Specify)	5322538	3.34
Non Resident Indians	412638	0.26
Trusts	4909900	3.08
Sub Total	32873243	20.64
Total Public shareholding (B)	81166083	50.96
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	-

BUSINESS DETAILS

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.

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 :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Indian rupee loan	13400.000	10900.000
Foreign currency loan	3417.100	1013.300
Foreign currency loan	7376.880	6466.280
Finance lease obligations	28.140	11.050
Cash credit/working capital demand loans	1109.430	1075.190
Other working capital loans from banks	500.000	0.000
Total	25831.550	19465.820
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Indian rupee loan	0.000	4000.000
Cash credit/working capital demand loans	2572.890	0.000
Loans from related parties	65.000	0.000
Zero coupon foreign currency convertible bonds - FCCB 2011	0.000	6336.950
Commercial Papers	600.000	0.000
Total	3237.890	10336.950

4.1 Rupee term loans amounting to Rs. 13,400.000 millions from Corporation Bank, Allahabad Bank, Axis Bank Limited, Central Bank of India and Indian Bank and External Commercial Borrowings amounting to Rs. 3,699.740 million from Citibank N.A., London and DBS Bank Limited, Singapore and other term loan in foreign currency amounting to Rs. 2,543.750 millions from Export Import Bank of India are secured by a first pari-passu charge amongst the lenders by way of: -

a) Mortgage of the immovable fixed assets both present and future situate at Bhartiagram, district Jyotiba Phoolay Nagar, Uttar Pradesh and immovable fixed assets situate at village Samlaya, taluka Savli, district Vadodara, Gujarat, and

b) Hypothecation on the entire movable fixed assets, both present and future of the Company.

4.2 Rupee term loans amounting to Rs. 2,700.000 millions and Rs. 1,000.000 millions from Corporation Bank is repayable in two equal yearly installments commencing from February, 2015 and March, 2015 respectively.

4.3 Rupee term loans amounting to Rs. 2,700.000 millions from Allahabad Bank is repayable in two equal yearly installments commencing from December, 2014.

4.4 Rupee term loan amounting to Rs. 3,000.000 millions from Axis Bank Limited is repayable in four equal half yearly installments commencing from September, 2014.

4.5 Rupee term loan amounting to Rs. 2,400.000 millions from Central Bank of India is repayable in three yearly installments commencing from March, 2014.

4.6 Rupee term loan amounting to Rs. 1,600.000 millions from Indian Bank is repayable in four yearly installments commencing from March, 2014.

4.7 External commercial borrowing amounting to Rs. 1,155.990 millions from Citibank N.A., London is repayable in eight half yearly installments from April, 2012.

4.8 External commercial borrowing amounting to Rs. 2,543.750 millions from DBS Bank Limited, Singapore is repayable in four yearly installments commencing from December, 2014.

4.9 Other term loan in foreign currency amounting to Rs. 2,543.750 millions from Export Import Bank of India is repayable in four yearly installments starting from May, 2013.

4.10 Other term loan in foreign currency amounting to Rs. 4,833.130 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 also at Bharuch owned by one of the subsidiaries of the Company. Land mortgaged at Chittorgarh demerged into a group company consequent upon the scheme of demerger is under process of release. The loan is repayable in single installment in July, 2014.

4.11 Finance Lease obligations are secured by hypothecation of specific assets taken on such lease. The same are repayable as per the terms of agreement

7.1 Nature of security of short term borrowings and other terms of repayment:

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, The Hongkong and Shanghai Banking Corporation Limited, ING Vysya Bank Limited, Central Bank of India, Yes Bank Limited and Export Import Bank of India, 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. 3,000.000 millions as sublimit carved out from the funded limits, against which the balance outstanding as at 31st March, 2012 ? 600.00 million. Maximum balance of commercial paper outstanding during the year at any time was Rs. 1,150.000 millions.

Banking Relations :	--
Statutory Auditors :
Name :	K N Gutgutia and Company Chartered Accountants
Address :	11K Gopala Tower, 25, Rajendra Place, New Delhi – 110 048, India
Cost Auditors :
Name :	J K Kabra And Company Chartered Accountants
Address :	552/1B, Arjun Street, Main Viswas Road, Viswas Nagar, Delhi – 110 032, India
Subsidiaries including Step-down subsidiaries :	· Jubilant Pharma Pte Limited · Draximage Limited, Cyprus · Draximage Limited, Ireland · Draximage LLC · Jubilant DraxImage (USA) Inc. · Deprenyl Inc., USA · Jubilant DraxImage Inc. · 6963196 Canada Inc. · 6981364 Canada Inc. · DAHI Animal Health (UK) Limited · Draximage (UK) Limited · Jubilant Life Sciences Holdings Inc. · Jubilant Clinsys Inc., · Cadista Holdings Inc., · Jubilant Cadista Pharmaceuticals Inc. · Jubilant Life Sciences International Pte. Limited · HSL Holdings Inc. · Jubilant HollisterStier LLC · Jubilant Life Sciences (Shanghai) Limited · Jubilant Pharma NV · Jubilant Pharmaceuticals NV · PSI Supply NV · Jubilant Life Sciences (USA) Inc. · Jubilant Life Sciences (BVI) Limited · Jubilant Biosys (BVI) Limited · Jubilant Biosys (Singapore) Pte. Limited · Jubilant Biosys Limited · Jubilant Discovery Services, Inc. · Jubilant Drug Development Pte. Limited · Jubilant Chemsys Limited · Jubilant Clinsys Limited · Jubilant Infrastructure Limited · Jubilant First Trust Healthcare Limited · Asia Healthcare Development Limited · Jubilant Innovation (BVI) Limited · Jubilant Innovation Pte. Limited · Jubilant DraxImage Limited India · Jubilant Innovation (India) Limited · Jubilant Innovation (USA) Inc, Jubilant HollisterStier Inc., (Formerly Draxis Pharma Inc.) · Draxis Pharma LLC, Generic Pharmaceuticals Holdings, Inc. · Jubilant Life Sciences (Switzerland) AG, · First Trust Medicare Private Limited · Jubilant Drug Discovery and Development Services Inc. · Vanthys Pharmaceutical Development Private Limited
Other Entities :	· Jubilant HollisterStier General Partnership Canada (formerly Draxis Pharma General Partnership) · Draximage General Partnership Canada (controlled through subsidiaries/step down subsidiaries).
Enterprise over which certain key management personnel have significant influence :	· Jubilant Enpro Private Limited · Jubilant Oil and Gas Private Limited · Jubilant Foodworks Limited · Tower Promoters Private Limited · B and M Hot Breads Private Limited · Jubilant Industries Limited · Jubilant Agri and Consumer Products Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

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

Issued & Subscribed

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

Paid-up Capital :

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

Notes:

2.1 Paid up capital includes, 501,364, equity shares of Rs.1 allotted and issued pursuant to the Scheme of Amalgamation and Demerger, to the shareholders of erstwhile Pace Marketing Specialities Limited for consideration other than cash during the year 2010-11.

2.2 The Company has only one class of shares referred to as equity shares having par value of Rs. 1. Each holder of equity shares is entitled to one vote per share.

2.3 The details of shareholders holding more than 5% shares is set out below:

Name of the shareholder	As at 31st March, 2012
	No of shares	% held
Jubilant Stock holding Private Limited	21740992	13.65%
Jubilant Capital Private Limited	21007665	13.19%
Jubilant Securities Private Limited	18698979	11.74%
GA Global Investments Limited	11707200	7.35%

2.4 The reconciliation of the number of shares outstanding is set out below:

Particulars	As at 31st March, 2012
	No	Rs. in million
Numbers of shares at the beginning	159,281,139	159.280
Add: Shares issued pursuant to scheme of amalgamation and demerger	-	-
Numbers of shares at the end	159,281,139	159.280

2.5. a) 114,835, equity shares of Rs. 1 each allotted on exercise of the vested stock options in accordance with the terms of exercise under the "Jubilant Employees Stock Option Plan

b) Under the Jubilant Employees Stock Option 2005 Plan , as at 31st March,2012- 164,562 options are outstanding convertible into 822,810 shares.

c) Under the Jubilant Employees Stock Option 2011 Plan , as at 31st March,2012- 860,580 options are outstanding convertible into 860,580 shares.

2.6 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2.7 The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		159.300	159.300	158.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19739.100	21246.600	21569.720
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19898.400	21405.900	21728.520
LOAN FUNDS
1] Secured Loans		25831.550	19465.820	10012.840
2] Unsecured Loans		3237.890	10336.950	10109.890
TOTAL BORROWING		29069.440	29802.770	20122.730
DEFERRED TAX LIABILITIES		2114.130	1899.020	2049.750
TOTAL		51081.970	53107.690	43901.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20069.480	16860.310	14592.520
Capital work-in-progress		2520.780	2694.950	2721.930
INVESTMENT		19597.240	18640.550	18692.030
DEFERREX TAX ASSETS		0.000	0.000	58.620
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5933.260	4047.000	4247.100
	Sundry Debtors	4038.250	3345.170	3073.050
	Cash & Bank Balances	2031.970	9852.590	4342.210
	Other Current Assets	176.400	42.030	0.000
	Other Non- Current Assets	720.110	0.000	0.000
	Loans & Advances	7381.730	7368.280	5843.380
Total Current Assets		20281.720	24655.070	17505.740
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7067.000	4158.850	3051.150
	Other Current Liabilities	1867.860	1432.250	2144.410
	Provisions	2452.390	4152.090	4474.280
Total Current Liabilities		11387.250	9743.190	9669.840
Net Current Assets		8894.470	14911.880	7835.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		51081.970	53107.690	43901.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	26410.670	22084.770	24560.600
		Other Income	89.410	51.450	149.320
		TOTAL (A)	26500.080	22136.220	24709.920
Less	EXPENSES
		Cost of materials consumed	12399.520	9014.250
		Purchase of traded goods	2436.790	2248.190
		Change in inventories of finished goods, work-in-progress and traded goods	(932.610)	(313.070)
		Other manufacturing expenses	4618.120	3498.420
		Employee benefits expenses	2072.320	1728.110
		Exceptional items	1800.840	45.530
		Other expenses	1700.320	1449.720
		TOTAL (B)	24095.300	17671.150	18469.050
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2404.78	4465.070	6240.870
Less	FINANCIAL EXPENSES (D)		1544.210	466.520	997.130
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		860.570	3998.550	5243.740
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1320.030	999.070	651.050
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(459.460)	2999.480	4592.690
Less	TAX (H)		349.690	203.220	961.690
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(809.150)	2796.260	3631.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9228.000	8819.000	11189.000
	Adjustment on implementation of Scheme of Amalgamation and Demerger		0.000	(1017.000)	0.000
	APPROPRIATIONS
		Transfer to General Reserve	0.000	1000.000	2000.000
		Dividend	478.000	318.000	317.000
		Tax on Dividend	77.000	52.000	53.000
	BALANCE CARRIED TO THE B/S		7864.000	9228.000	8819.000
	EARNINGS IN FOREIGN CURRENCY
		Export Sales-Net of Returns (FOB Value)	13576.02	11356.89	11001.600
		Other Operating Income	103.130	34.500	13.870
		Interest Income	0.210	1.130	0.000
	TOTAL EARNINGS		13679.360	11392.520	11015.470
	IMPORTS
		Raw Materials	4761.490	3987.490	4385.300
		Trade Goods	1729.250	1544.990	1584.790
		Stores & Spares	129.340	192.580	229.100
		Capital Goods	227.100	158.390	147.120
	TOTAL IMPORTS		6847.180	5883.450	6346.310
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(5.08)	17.56	24.60
	Diluted		(5.08)	15.87	21.24

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2012
	1^st Quarter
	Unaudited
Net Sales	7425.700
Total Expenditure	6220.600
PBIDT (Excl OI)	1205.100
Other Income	17.400
Operating Profit	1222.500
Interest	450.500
Exceptional Items	(1042.400)
PBDT	(270.400)
Depreciation	360.700
Profit Before Tax	(631.100)
Tax	104.900
Provisions and contingencies	0
Profit After Tax	(736.000)
Extraordinary Items	0
Prior Period Expenses	0
Other Adjustments	0
Net Profit	(736.000)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.05)	12.63	14.69
Net Profit Margin (PBT/Sales)	(%)	(1.74)	13.58	18.70
Return on Total Assets (PBT/Total Assets}	(%)	(1.14)	7.22	14.31
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.14	0.21
Debt Equity Ratio (Total Liability/Networth)		2.03	1.85	1.37
Current Ratio (Current Asset/Current Liability)		1.78	2.53	1.81

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INCOME FROM OPERATION:

In FY2012, the Company recorded income from operations of Rs. 26,410.000 millions, which grew by 20% over last year.

INTERNATIONAL REVENUES

International business contributed 53% to the net revenue from operations at Rs. 13,982.000 millions.

EBITDA

For the year ended March 31, 2012, EBITDA stood at Rs. 4205.000 millions with EBITDA margins at 16%.

REPORTED PROFIT/(LOSS) AFTER TAX AND EPS

Reported Loss After Tax was Rs. 809.000 millions in FY2012. Basic EPS stood at Rs. (5.08). However, Normalised Profit After Tax stood at Rs. 991.000 millions after adjusting for exceptional items of Rs. 1800 .000 millions, mainly on account of unrealised exchange losses. Normalised EPS stood at Rs. 6.22 for the FY2012.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY SCENARIO – PHARMACEUTICALS AND LIFE SCIENCES

The demand for pharmaceutical products is seeing an uptrend and is expected to continue growth in line with longer life expectancy and higher prevalence of infectious and chronic diseases. Healthcare is acknowledged as an integral part of every government’s official manifesto, across developed world as well as the emerging markets. The clear stated objective of these manifestos is to deliver lower cost healthcare services with improved access for all sections of society.

According to a study by IMS Healthcare, the total spending on medicines will cross US$ 1 trillion by the year 2015. This is likely to be driven by growing share of emerging nations, which are expected to account for ~28% of this spending and greater allocation for generic medicines, where the contribution to these spends is expected to stand at ~39%.

Branded formulations could see a dip in line with patent expiries of major drugs in the next few years, resulting in about US$ 120 billion savings over the next 5 years in the developed markets alone.This signals substantial value depletion of existing portfolios of major pharmaceutical companies even though some of them will have generic versions of the products going off patent. Innovators typically earmark around 20% of their sales to RandD activities in order to maintain a portfolio of patented products. Outsourcing provides a way to optimise these spends. The evolving dynamics of the healthcare industry favour outsourcing and companies like Jubilant Life Sciences stand to be a major beneficiary.

Meanwhile, the requirement for agrochemicals in the coming years is expected to be governed by the demand for food grains which will be in turn driven by a growing global population, paucity of arable land for cultivation of food grains, declining productivity of existing fields and novel applications for agrochemicals such as production of bio-fuels. It has been estimated that the global agrochemical market will increase in size from US$ 134 billion in 2010 to US$ 223 billion in 2015. Thus the crop science market is expected to continue on growth path as farmers rely more and more on crop protection and crop nutrition products. As a result, the demand for life science products is expected to generate sustainable growth for Jubilant.

Indian companies are today regarded as collaborators demonstrating capabilities that match global expectations. They have been recognised as the 6th largest contract manufacturing and services outsourcing player in the pharmaceutical industry by United Nations Conference on Trade and Development (UNCTAD) in its World Investment Report 2011.

Jubilant Life Sciences today offers a substantial footprint in life science and pharmaceutical products and services through its presence across the value chain. Its integrated operating set-up makes it feasible to deliver advantages of scale and quality required by its global clients in the chosen verticals. While the opportunity in outsourcing is large, the requirements from products and service solutions providers in this sector are often stringent. Jubilant enjoys a sterling reputation as a 'Partner of Choice' to almost all top players within these industries.

JUBILANT LIFE SCIENCES -GROWTH ACROSS THE VALUE CHAIN

Their strategy of continuously moving up the value chain into life sciences and pharmaceutical business with expanded geographic reach and ongoing investments in R and D has yielded excellent results. They enjoy long standing relationships with all the top 20 pharmaceutical and 7 of the top 10 agrochemical companies of the world. Over the years the company has consolidated its position and has truly transformed itself into global life sciences player.

Business evolution has enabled the need for reclassification of verticals into Pharmaceuticals and Life Science Ingredients (LSI) for clarity and better understanding of the operating matrix. The Pharmaceuticals business comprises of Active Pharmaceutical Ingredients (APIs), Generics and Specialty Pharmaceuticals (Radiopharmaceuticals and Allergy Therapy Products) and Contract Manufacturing Outsourcing (CMO), Drug Discovery and Development Solutions (DDDS) and Healthcare services. The Life Science Ingredients vertical constitutes Proprietary Products and Exclusive Synthesis (PPES), Nutrition Ingredients and Life Science Chemicals (LSC) businesses.

The Pharmaceuticals vertical today contributes 51% of their revenues and balance comes from Life Science Ingredients space. Their corporate strategy for growth is based on four key pillars outlined below while influencing human lives through their multiple products and services.

PHARMACEUTICALS

ACTIVE PHARMACEUTICALS INGREDIENTS (APIS)

Business Overview

APIs represent the most crucial component of a drug. Commonly known as bulk actives or bulk drugs they are mixed with other components to produce tablets, capsules or liquids. They partner with manufacturers of generic drugs such that their APIs become part of their formulation. They have a clear focus on production of APIs for Cardiovascular System (CVS) and Central Nervous System (CNS) therapeutic areas besides few Anti-infective and Anti-ulcerants.

Performance Overview

Revenues in FY 2012 came in at Rs.44850.000 million compared to Rs.33780.00 million in same period last year. APIs delivered growth of 33% with the help of higher sales of existing products and additional sales from 4 new product launches. The API segment continues to show encouraging signs of growth in its chosen therapeutic areas. They are optimistic in the prospects of Sartans and are seeing good momentum in Irbesartan in Europe and Canada and Valsartan in Europe.

Growth Outlook

The overall market for APIs has been valued at US$ 101 billion in 2010, which is expected to grow at 7.9% Compounded Annual Growth Rate (CAGR) from 2011 to 2016. The demand for APIs will continue to thrive in line with the broader shift from patented to generic products. They are looking to garner significant market share in selected products by leveraging their in-house capabilities in Generics. Further, focus would be on scaling up and commercialising new molecules through effective product development and DMF filings portfolio. Moreover efforts are on to improve the contribution from the 23 launches in multiple geographies in the past year along with garnering growth from about 35 new launches planned in the next 3 years. The Company would continue strengthening its position in the regulated markets of Europe, Japan and North America from where it currently garners over 50% sales while exploring new opportunities in Emerging Markets.

In their pursuit to improve efficiencies, they are investing in optimising and debottlenecking their facilities to increase throughput. Having commissioned the Sartans facility in FY 2011, their primary objective is to achieve a higher capacity utilisation from the plant which has a revenue potential of US$ 60 million at full capacity.

GENERICS

Business Overview

They are focussing on primarily CVS, CNS, Anti-allergic and Steroids categories. They undertake manufacture and sale of Solid Dosage Formulations on their own and through their subsidiaries Jubilant Pharmaceuticals and Jubilant Cadista. Their innovative range of Proprietary Products includes value-added formulations and special formulations, taste masking, flash tablets, oral dispersible forms, chewable tablets and modified release forms.

They derive substantial business from the US market where products are also supplied under the Veterans Health Administration initiative. They enjoy leadership in the US for Terazosin and Methylprednisolone and figure among the top 3 in Cyclobenzaprine, Hydrochlorothiazide capsule, Lamotrigine and Meclizine and among the top 5 in Donepezil and Prochlorperazine. Their key strengths in Europe also include regulatory affairs services, formulation development, licensing of marketing authorisations in addition to supplies of Solid Dosage Forms to makers of generic products.

Performance Overview

Revenues for FY 2012 stood at Rs.5366.000 millions, up 161% from Rs.2058.000 millions in the previous year aided by favourable pricing environment and niche positioning of key products. The FDA (US) approved their ANDA for Risperidone ODT tablets for the application in CVS therapeutic area this year. They also received ANDA approval for Donepezil, indicated for CNS and Pantoprazole Sodium Delayed Release Tablets 20 mg and 40 mg indicated for Gastrointestinal (GI) application, both products are to be supplied from the Roorkee facility. All three products are based on in-house APIs and would be valuable in their vertical integrated operations. They also received 13 Dossier approvals, paving the way for faster growth in the European geography.

Growth Outlook

Besides demonstrating growth in the existing US operation through new launches and higher sales of existing products, this business aims to leverage the Roorkee facility within India. The contract with a Japanese generic firm for supply of formulated CVS drug, based on in-house APIs continues to show promise. They expect strong growth across geographies led by Europe, Japan and Emerging Markets, backed by over 60 new launches in the latter.

Growth in performance is expected to accrue from robust product pipeline of 48 ANDAs and 35 Dossier filings in regulated markets of US and Europe alone. This is expected to be further fuelled by about 100 launches over the next 3 years representative of a huge market opportunity, especially post the patent expiries. They shall continue filing higher ANDAs and Dossiers to give further strength to the swelling product pipeline.

SPECIALTY PHARMACEUTICALS

Business Overview

They are engaged in the creation of a range of nuclear imaging products for therapeutic and diagnostic purposes. The diagnostic applications focus on Thyroid, Bone, Lung, Kidney, Brain and Myocardial Perfusion Imaging. These products are often sold along with the kit that is used to administer the product. The key aspect of this business is that it is highly regulated. Products are directly retailed to radiopharmacies and hospitals with which they have tie-ups.

In Allergy Therapy Products segment, their line-up includes over 200 US FDA approved human allergen extracts used in wide range of differentiated products marketed for diagnosis and immunotherapy both in bulk and against customer prescriptions. Focus is on big 5 antigens plus skin test devices. The target user-base covers conventional allergists, ENT, regular physicians and managed care/hospital based clinics across the US and Canada besides other international markets.

Performance Overview

Revenues in FY 2012 stood at Rs. 3111.00 millions, up 25% from Rs.2495.000 millions in the previous year. The revenues in this business segment continue to show traction helped by product launches in new geographies especially in the Radiopharmaceutical business and volume growth in current markets in both business lines.

Growth Outlook

The global market for radiopharmaceutical products for therapeutic usage and PET and SPECT imaging stood at US$ 3 billion in 2010 and is likely to increase to US$ 5 billion by 2015. PET and SPECT diagnosis account for ~90% of the global radiopharmaceuticals market and this trend is likely to continue. Being a niche business with high-entry barriers, they are in a favourable position to grow their Radiopharmaceutical business. Geographic expansion into India, Middle East as well as other Emerging Markets and new product introduction will drive growth rates while all the existing products are also expected to grow to their optimal potential. During the course of the year India's Atomic Energy Regulatory Board has permitted us to commission a radio pharmacy at Noida, UP which should be another revenue driver for the business. They have filed for Ruby-Fill generator in the US and Canada, where approvals and launches are expected during FY 2013 to tap the US$ 60 million market opportunity. They are set to enjoy first mover advantage in Canada, where they would be one of the two suppliers in the US market.

Aggressive growth strategies have been instituted in the allergen extracts business in the US aided by lower cost skin testing devices, unique products and an effective marketing program. US would continue to be the focus market though share of revenues is expected from Canada and international regions as well. R and D efforts on product development of Sublingual Immunotherapy continues with one study completing Phase II. Their Allergenic Extracts division has seen double digit growth and is poised to continue its growth trajectory based on the US and international expansion including expansion in India and ROW. The Skin Testing Device is now being manufactured in lower cost locations that act as a lever in attracting new business.

CONTRACT MANUFACTURING OUTSOURCING (CMO) OF STERILE INJECTABLES AND NON-STERILE PRODUCTS

Business Overview

They have integrated operations at their US and Canadian facilities. The business benefits from a strong order book and there are multiple contracts under execution for supplies to US and European geographies.

Performance Overview

Revenues in FY 2012 stood at Rs.6211.000 millions compared to Rs.5301 millions in the previous year. A new multi-year contract of US$ 70 million has been signed with a leading US based pharmaceutical company to produce a prominent OTC product for women's health and personal care to be targeted at the US market. In addition, 4 long term contracts for multiple products with combined value of over US$ 90 million were also won during the year. Backed by new order execution, the CMO business exhibited significant improvement in revenues on a year on year basis building superior channels for growth in the future. Focus on cost-saving helped Jubilant to improve margins. Necessary measures to improve capacity utilisation have been taken which in turn will support growth in the future.

Growth Outlook

Better capacity utilisation given optimised basket of products is expected to shape outlook. They are employing a superior marketing strategy and have strengthened their business development team, which is helping us secure commercial manufacturing opportunities as well as mid to late stage clinical opportunities. A new line of analytical laboratory services will also be on offer, allowing a broader complement of service capabilities such as lab services and clinical trial quantities that will deepen the engagement with key customers. Efforts would also be towards vertically integrating into Sterile dosage development.

They will target a top 3 ranking in the North American « CMO market for their existing Sterile Injectable products. They are also seeking to launch self-branded products such as Sterile Evacuated Vials and Diluents to broaden revenue base and will expand their geographic reach from the core North American market to European region.

DRUG DISCOVERY AND DEVELOPMENT SOLUTIONS (DDDS)

Business Overview

They conduct collaborative and integrated drug discovery programs under this business. Within functional services, they offer drug discovery services in the areas of Medicinal Chemistry, Discovery Informatics, Computational Chemistry, Structural Biology, and In-Vivo and In-vitro Biology. The developmental services on offer include Clinical Research from Phase I to Phase IV including Clinical Trials and Data Management in chosen therapeutic areas. Their unique model provides Drug Discovery Services to multinational pharmaceutical and biotech companies through stand alone service model with respect to functional services in Discovery Informatics, Computational Chemistry, Structural Biology and In-Vivo and In-Vitro biology on Full Time Employee (FTE) or fee basis; and collaborative or partnership model with respect to integrated discovery programs across a single or a portfolio of molecules as well as a risk/ reward sharing option for research funding, payments for scientific milestones including bonus in discovery and development phase and royalties on successful commercialisation of the drug. Development milestones would typically include milestones at various stages of pre-clinical, clinical and regulatory submission stages of drug development.

The research facilities under the DDDS business are located in Malvern, US and at Bengaluru and Noida in India. They also maintain a global presence in the Clinical Trial operations and have facilities both in the US and in India with presence in Canada as well as in Germany.

Performance Overview

Revenues in FY 2012 stood at Rs.2,440.000 millions from Rs. 2,107.000 millions in the previous year. The performance in this business was muted in terms of profit primarily on account of depressed results from US Clinical Trials business. They have taken various measures to realign costs in line with its top line and were able to improve margins in the year.

Growth Outlook

The global pharmaceutical industry continues to consolidate in the RandD space with a volatile portfolio that is strategically challenging in the near term. The collaborations continue to impose greater risk or success based models while strategic initiatives are driven by a Build Operate model that is capital intensive. The emphasis is on higher rewards for the right innovation. In effect the externalisation strategy continues to evolve and the 3 year horizon does look promising for players like Jubilant in value added capabilities that deliver optimal outcomes.

They are well positioned as one the top 5 preferred integrated discovery collaborator to major pharmaceutical and biotech companies, accelerating their global discovery efforts across multiple therapeutic areas. Alongside, they are expanding the integrated model which continues to generate the highest potential for growth and value creation with an optimal size portfolio. A multipronged strategy will be pursued to sustain growth by:

· Continuing to enhance the Therapeutic Verticals, consolidating existing portfolio partnerships while expanding new partnerships to attain an optimal balance between early stage programs and late stage candidate deliveries thereby ensuring a balanced EBIDTA

· Continuing to build balance between FTE based relationships and shared risk relationships thereby de-risking the portfolio partnerships while driving the profitability higher via stickier partnerships

· Pursuing proprietary drug discovery programs whereby they are engaged in exploratory research and discovery of new molecules via fast follower targets that will continue to fuel the pipeline efforts of their partners. This in turn will be licensed at a potentially higher value thereby enhancing the value creation in the midterm

Financial year 2012-13 looks quite promising as they execute multiple integrated programs thereby optimising the capacity of running integrated programs in existing drug discovery facility. They also expect to achieve significant milestones including a number of drug candidates and developmental milestones during next year thereby establishing a viable research business. An on-going integration process of subsidiaries in the US and in India will seek to deliver a better product profile that translates into stronger margins.

HEALTHCARE

Operating Review and Outlook

Revenues in FY 2012 came in at Rs.140.000 millions compared to Rs.119.000 millions in the previous year showing a growth of 17% year on year. They are looking at improving profitability without additional investments in the venture.

LIFE SCIENCE INGREDIENTS

PROPRIETARY PRODUCTS AND EXCLUSIVE SYNTHESIS (PPES)

Business Overview

Key product range includes Pyridine, Picolines and its derivatives, like Piperidines, Cyanopyridines, Aminopyridines, Chloropyridines and Bromopyridines and many more. These products are categorised as Fine Chemicals, Advance Intermediates and Crop Science Chemicals business divisions and are primarily used as basic building blocks in production of active ingredients. Their competitive advantage stems from the level of integration in this operation, which is down to the basic raw materials. They offer unique platforms in chemistry such as Vapour Phase Catalytic Reaction, High Pressure Reaction, High Temperature (more than 25 000C) Reaction, Amination, Chlorination, Bromination, Fluorination Reactions. Proprietary Products are manufactured using these and other skills that they possess in chemistry. In Exclusive Synthesis division, they partner innovator companies through the life cycle of their products, from the developmental stages to commercialisation, offering developmental work on key Advance Intermediates, APIs and even New Chemical Entities (NCEs) and then take it through commercialisation at large scale.

Performance Overview

This business reported revenues of Rs.9322.000 millions in FY 2012 compared to Rs.9543.000 millions in the previous year. The 2% sales de-growth that they witnessed was primarily on account of higher internal demand for the products consequent upon increased vertical integration. With focus on improving and maintaining the Company's leadership position in key Proprietary Products they have managed to win new orders in a competitive environment.

Growth Outlook

They are seeing significant interest in their PPES offerings and have invested considerably for Pyridine capacity enhancement to the tune of 20% during the year. This will support additional sales of existing products and planned launches of new products alike. The growing emphasis on utilisation of in-house Pyridine and its derivatives to offer value-added downstream products should also drive growth. This includes the utilisation of Beta Picoline to produce 3-Cyanopyridine (3CP)

NUTRITION INGREDIENTS

Business Overview

The biggest advantage they have is their integrated nature of operations. This provides us with the cost-advantage that is difficult for any player in the industry to match. Beta Picoline manufactured under the Proprietary Products is the precursor to Niacin and Niacinamide (Vitamin B3) produced and is used by international companies in the field of animal nutrition, human food fortification and enrichment, pharmaceuticals, agrochemicals and personal care. Within Animal Nutrition they cater to the needs of breeding farmers, feed-millers and commercial - broiler and layer farmers who buy products for their poultry.

Performance Overview

Revenues in FY 2012 stood at Rs.2108.000 millions from Rs.1915.000 millions in the previous year. Going forward, they foresee their selves standing on firm ground to garner better volumes in this particular segment as a result of ramp up capacity from the recently commissioned manufacturing facility at Bharuch SEZ, Gujarat for Niacinamide.

Growth Outlook

Recent enhancements to capacities combined with close integration with PPES business should deliver growth. As utilisation of the new Niacinamide capacity improves during the year to over 60%, it will pave the way for its peak annual revenue potential of US$ 75 million. Launches of over 5 new products in the ensuing period are also expected to improve sales. Strong growth can be expected from China, followed by the regulated markets of the US and Europe

LIFE SCIENCE CHEMICALS (LSC)

Business Overview

They manufacture and trade in products in the Acetyl value-chain. These organic intermediates are precursors to Advanced Intermediates and Fine Chemicals used in a range of applications such as pharmaceuticals, aromatics, adhesives, food, packaging, beverages, crop protection chemicals, textiles and other solvents. Parts of these Acetyls are also consumed by their other business verticals for instance in production of value-added Fine Chemicals and APIs. Strong integration and manufacturing efficiencies have helped us rank within the top 10 in key Acetyl products across the world. These Acetyls are produced using green feedstock, i.e. molasses or alcohol. They have created large storage capacities at their plants and ports to ensure continued supplies of feedstock to the operation and to benefit from lotheyr feedstock prices which are cyclical in nature, especially with respect to Ethyl Alcohol.

Performance Overview

Revenues in FY 2012 stood at Rs.9599.000 millions compared to Rs.7540.000 millions last year, growing at 27% YoY. The business continues to show uptick with demand coming from domestic as well as international markets. Volumes have remained healthy in the business through the year. They continue to work on increasing capacity and utilisations to keep up with the growth in volumes in its key products, Ethyl Acetate and Acetic Anhydride. During FY 2012, they expanded their Acetic Anhydride manufacturing capacity to become a supplier to global producers of mainly pharmaceuticals and crop protection chemicals and to expand their foot-print in newer markets.

Infrastructure was also strengthened in terms of providing end to end supply chain solutions for their global customers, logistics for storage at ports as well as for bulk exports. With their entry into Europe through marketing and sales alliance with a Swedish firm, they are now regarded as a European seller in market place rather than just an Indian exporter. They also happen to be the only Indian player to have registered Ethyl Acetate and Acetic Anhydride under REACH Regulations.

Growth Outlook

They expect their expanded capacities to help us address increased demand in Europe and Emerging Markets and also help maintain their leadership position in India. They are determined to increase the geographic reach of their products and expect to show substantially higher growth coming from the European and other underpenetrated regions in the next 3 years. They are cognisant of the importance of utilising the right mix of feedstock and plan to make investments to ensure that their present advantage and flexibility in usage of feedstock perpetuates in their long term vision to be a formidable global Life Science Chemicals player.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Central Excise	320.330	50.850
Customs	12.590	14.140
Sales Tax	45.540	18.360
Income Tax	411.190	214.830
Service Tax	105.830	34.130
Others	41.830	57.620

Excluding demands in respect of business transferred in earlier year to Jubilant Industries Limited in terms of the scheme of demerger though the demands may be continuing in the name of the Company.

B. Guarantees:

i. The Company has given corporate guarantee on behalf of its subsidiaries, HSL Holdings Inc. and Jubilant HollisterStier Inc (formerly known as Draxis Pharma Inc) to ICICI Bank UK. PLC. and ICICI Bank, Canada for USD 50 millions - effective guarantee as at 31st March, 2012 USD 6.25 millions(Previous year USD 18.75 millions) and USD 37.66 millions (Previous year USD 50.21 millions) respectively - total effective guarantee equivalent to Rs. 2,234.090 millions(Previous year Rs. 3,075.310 millions), to secure financial facilities granted by them.

ii. Outstanding guarantees furnished by banks on behalf of the Company/by the Company including in respect of letters of credits is Rs. 2,101.030 millions (Previous year Rs. 2,197.900 millions).

C. Other contingent liabilities:

i. The Company's writ petition against the levy of transport fee by the state of Maharashtra on consumption of rectified spirit and molasses within Nira factory has been allowed by the Hon'ble Bombay High Court with consequential refund. The Company has filed a refund claim for an amount of Rs. 2.510 millions deposited during the period when the dispute was pending before the High Court. The total amount of disputed transport fee is Rs. 156.31 millions. The State of Maharashtra has filed a special leave petition in the Supreme Court and has sought a stay on the operation of the High Court order.

ii. Liability in respect of bills discounted with banks is Rs. 500.000 millions (Previous year Rs. 200.000 millions).

iii. The Company has challenged before the Hon'ble Allahabad High Court, the increase in denaturing fee by the State of Uttar Pradesh w.e.f 1st April, 2004 on denaturing of rectified spirit in the Gajraula factory and the writ petition has been admitted by the court. The Company has deposited Rs. 21.020 millions under protest which is shown as deposits.

iv. Zila Panchayat at J.P. Nagar (in respect of the Company's Gajraula plant) served a notice demanding a compensation of Rs. 277.400 millions allegedly for, percolation of poisonous water stored in lagoons and flowing through the land of Zila Panchayat resulting in loss of crops and cattle of the farmers and for putting poisonous fly ash on national highway which caused loss to the health and damages to eyes and skin of people. District Magistrate issued a recovery certificate along with 10% collection charges inflating the demand to Rs. 305.14 millions. In the opinion of the Company, the Zila Panchayat has no jurisdiction in raising this demand. The demand was challenged in Hon'ble Allahabad High Court and the court stayed the demand till further orders.

v. The Company has challenged, before the Hon'ble Allahabad High Court, the levy of license fees of Rs. 2.870 millions by State of Uttar Pradesh, for grant of PD-2 license for manufacture of ethyl alcohol for industrial use. The writ petition has been admitted and is being listed for final hearing. Though the amount has been deposited and shown as such, no provision against this has been made as the issue is covered by the earlier favorable judgment of the Hon'ble Supreme Court of India.

vi. The State of Uttar Pradesh (UP) has imposed levy on import of denatured spirit into the State of Uttar Pradesh (UP). The Company has imported denatured spirit into the State of Uttar Pradesh and has challenged levy amounting to Rs. 90 millions before Hon'ble Allahabad High Court. The writ petition has been allowed by the High Court in favour of the Company. The State of Uttar Pradesh filed a special leave petition (SLP) with Hon'ble Supreme Court. The SLP has been admitted but the Hon'ble Supreme Court has declined the request of the State of Uttar Pradesh (UP) to stay the operation of High Court Order.

vii. The Hon'ble Supreme Court has quashed the levy of license fee by State of Uttar Pradesh on captive consumption of denatured spirit in the Gajraula factory, and has ordered the refund of the fee paid during the period of dispute subject to condition that the amount has not been collected from the Company's customers. Further the Court has directed the State to investigate whether the Company has collected the disputed fee from its customers to the extent bank guarantees were furnished. The Company is entitled to a refund of Rs. 84.060 millions as the amount paid during the period of dispute or secured by bank guarantees was not collected from its customers. Accordingly the Company has approached the State of Uttar Pradesh for the refund of the said amount. The amount paid has been shown as deposit.

FIXED ASSETS

Tangible Assets:

· Land (Freehold and Leasehold)

· Building (Factory and Others)

· Railway Sidings

· Plant and Machinery

· Vehicles

· Office equipments

· Furniture and Fixtures

Intangible Assets:

· Rights

· Copyright

· Product Registration

· Market Authorisation

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012

(Rs. In Millions)

STAND ALONE RESULTS	Quarter Ended
Particulars	30.06.2012
	(Unaudited)
PART I
Income from operations
a) Net sales/Income from operations (Net of excise duty)	7368.200
b) Other Operating Income	57.500
Total income from operations (net)	7425.700
Expenses	6581.300
a) Cost of material consumed	3536.100
b) Purchase of traded goods	472.700
c) Change in inventories of finished goods, work-in-progress and traded goods	(171.800)
d) Power & fuel	836.900
e) Employee benefits expenses	560.800
f) Depreciation & amortization expenses	360.700
g) Other expenses	985.900
Profit/(Loss) from operations before other income, finance cost and exceptional items	844.400
Other Income	17.400
Profit/(Loss) from ordinary activities before finance costs & exceptional items	861.800
Finance costs	450.500
Profit/(Loss) from ordinary activities after finance costs but before exceptional items	411.300
Exceptional items	1042.400
Profit/(Loss) from ordinary activities before tax	(631.100)
Tax expense (Net)	104.900
Net Profit/(Loss) from ordinary activities after tax	(736.000)
Extraordinary items (net of tax expenses)	-
Net Profit/(Loss) for the period	(736.000)
Share of Profit/(Loss) of Associate Company	-
Minority Interest	-
Net Profit/(Loss) after taxes, minority interest and share of profit/loss of associates	(736.000)
Paid-up equity share capital (Face value per share ? 1)	159.300
Reserves (excluding revaluation reserve) Earnings per share before and after extraordinary items (Not annualized)
Basic (Rs.)	(4.62)
Diluted (Rs.)	(4.62)
PART II
PARTICULARS OF SHAREHOLDING
Public shareholding
- Number of shares (? 1 each)	81166083
- Percentage of shareholding	50.96
Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	3374000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	4.32
- Percentage of shares (as a % of the total share capital of the company)	2.12
b) Non-Encumbered
- Number of shares	74741056
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	95.68
- Percentage of shares (as a % of the total share capital of the company)	46.92

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

STAND ALONE RESULTS	Quarter Ended
Particulars	30.06.2012
	(Unaudited)
Segment revenue
a. Pharmaceuticals	1724.100
b. Life Sciences Ingredients	5708.400
Total	7432.500
Less : Inter segment revenue	6.800
Net Sales/Income from operations	7425.700
a. Pharmaceuticals	1724.100
b. Life Sciences Ingredients	5701.600
Total	7425.700
Segment results (profit(+)/loss(-) before tax and interest from each segment)
a. Pharmaceuticals	431.300
b. Life Sciences Ingredients	786.200
Total	1217.500
Less : i. Interest (Finance costs)	450.500
ii. Other un-allocable expenditure (including exceptional items)	1415.500
iii. Un-allocable Income (including exceptional items)	(17.400)
Total profit/(loss) before tax	(631.100)
Capital Employed (Segment assets less Segment liabilities)
a. Pharmaceuticals	9496.100
b. Life Sciences Ingredients	16725.300
Total capital employed in segments	26221.400
Add: Un-allocable corporate assets less liabilities	24570.200
Total capital employed in the Company	50791.600

Note:

1. In order to provide better understanding of nature of business lines and operating matrix the Company has identified two reportable segment as i) Pharmaceuticals and ii) Life Sciences Ingredients effective current quarter. The Pharmaceutical Segment comprises of Active Pharmaceutical Ingredients, Generics, Speciality Pharma, Contract Manufacturing of Sterile and Non Sterile Products, Drug Discovery and Development Solutions and Healthcare business and Life Sciences Ingredients Segment comprises of Proprietary Products and Exclusive Synthesis, Nutrition Ingredients and Life Sciences Chemical business.

2. The Company has opted for accounting of exchange difference arising on reporting of long term monetary items under Clause 46 A of AS 11 "The Effects of Changes in Foreign Exchange Rates". Accordingly exchange differences amounting to Rs.167.800 Millions has been amortized during the quarter and the accumulated debit balance in Foreign Currency Monetary Items Translation Difference Account (FCMITDA) is Rs.1343.500 Millions as at 30th June, to be amortized over the balance life of the respective loan and Rs.236.700 Millions has been debited to Capital Work in Progress.

3. The company has applied hedge accounting in respect of certain transactions including forward contracts under Accounting Standard 30 issued by the Institute of Chartered accountants of India and the debit balance in hedge reserve as at 30th June, 2012 is Rs. 837.900 Millions (Consolidated Rs.911.200 Millions).

4. Exceptional items include:

i) Amortization of Foreign Currency Monetary Item Translation Difference Account-loss/(gain) Rs.167.800 Millions (Consolidated Rs.167.800 Millions) for Q1-FY 2013.

ii) Mark to Market in respect of Currency and Interest rate swap contracts at the quarter end resulting in loss/(gain) amounting to Rs.874.600 Millions (Consolidated Rs.874.600 Millions) for Q1 FY 2013.

5. Tax Expenses are net after considering the Deferred Tax charge/credit and MAT Credit Entitlement.

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

7. The above un-audited results were, subjected to limited review by the auditors of the Company, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 23rd July, 2012.

AS PER WEBSITE DETAILS:

Press Release:

Noida, Monday, July 23, 2012

Q1 FY13

Income from Operations – Rs. 12400.000 Millions, up 31%

EBITDA – Rs. 2770.000 Millions, up 46%

PAT - Rs 50.000 Millions after accounting for Unrealised Mark to Market Forex loss on loans of Rs 1040.000 Millions

The Board of Jubilant Life Sciences Limited, an integrated pharmaceutical and life science industry player met today to approve financial results for the quarter ended June 30, 2012.

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:

“We are happy to report strong revenue growth of 31% for the quarter along with operating profit growth of 46%, year on year. our strategy of geographic expansion is yielding fruits in terms of 37% growth in International revenues, which now account for 73% of revenue mix. The exceptional performance has been driven by focus to continuously move up the value chain and launch new products through innovative processes. We are confident to demonstrate robust revenue and profit growth with stable EBITDA margins in times to come. ”

In Q1 FY2013, Income from Operations was at all time high of Rs 12400.000 Millions with 31% YoY growth. The growth was backed by overall volume increase of 23%. Foreign exchange movement was also favourable in terms of revenue and profit growth. EBITDA at all time high of Rs. 2770.000 Millions grew 46% YoY and the EBITDA margins were at 22.3%, up from 20.0% reported last year. Profit before exceptional items, tax and minority interest was at Rs. 1580.000 Millions, up 64% YoY. Reported Profit after tax of Rs. 50.000 Millions was after accounting for unrealised mark to market forex loss on loans of Rs 1040.000 Millions. Normalised PAT stood at Rs 1090.000 Millions for Q1’FY13, up 34% compared to same quarter in FY12.

Pharmaceuticals Segment Review

Pharmaceutical segment comprises of APIs, Generics, Speciality Pharma, CMO, DDDS and Healthcare. Income from operations of the segment stood at Rs 6410.000 Millions, up 45% YoY and contributing 52% to the revenue mix. The segment EBITDA was at Rs 2000.000 Millions, up from Rs 840.000 Millions last year with 138% YoY growth. The EBITDA margins were at 31.1% up from 19.0% in Q1 FY’12.

Revenue in the segment was driven by exceptional YoY growth in Generics and Speciality Pharma businesses. Income from the Generics business was driven by growth from our US as well as India facilities. Revenue growth in the Radiopharmaceuticals was driven by entry into Emerging markets with Sestamibi while Allergy business revenue was healthy on account of expansion into ENT market segment. Revenues in Services businesses of CMO, Drug Discovery and Development Solutions and Healthcare were stable.

In terms of the pharma product pipeline, as of June 30th, 2012, the Company has 48 cumulative US ANDA filings, of which 20 are approved, 36 Dossier filings in the EU of which 33 are approved, 12 filings in Canada and 297 in ROW of which 49 are approved. The Company also has 58 DMF filings in the U.S., 28 CEPs in Europe, 31 in Canada and 6 in Japan in addition to 76 filings in ROW.

Life Science Ingredients Segment Review

The Ingredients segment comprises of Proprietary Products and Exclusive Synthesis, Nutrition Ingredients and Life Science Chemicals. Income from operations was at Rs. 5990.000 Millions, showing growth of 18% YoY thereby contributing 48% to the overall revenue mix. The segment EBITDA was at Rs 1110.000 Millions as compared to Rs. 1210.000 Millions last year same quarter with margins at 18.5% from 23.7% in Q1 FY’12.

Growth in the segment was across all three major business lines. The incremental Pyridine and Beta Picoline capacities have served to consolidate the company’s global leadership position in the segment. Owing to the integrated nature of the operation, the SEZ facility is expect to support growth both in the captive business of downstream products and in terms of external demand. Nutrition Ingredients business is showing healthy ramp-up in recently commissioned SEZ capacities though products are facing pricing pressures in the market place. Life Science Chemical business continues to see good growth in European markets although pricing is softer. Our key products in this business are gaining market shares in the domestic space.

Geographical Overview

With focussed geographic outreach program in place in all its businesses, the company now caters to needs of customers spread across 90 countries of the world. The regulated markets (US, Canada, Europe and Japan) remained the focus of growth with revenues in these markets growing at 41% YoY. Revenue from North America was at Rs. 5020.000 Millions contributing 40% to the revenue mix and showing growth of 43% YoY; revenue from Europe and Japan at Rs. 2520.000 Millions contributed 20% to revenue mix and showed growth of 38% YoY. Revenue from ROW was at Rs. 1510.000 Millions, giving 12% to the revenue mix with YoY growth of 22%. Domestic revenue at Rs. 3350.000 Millions was up 15% YoY and contributed 27% to the revenue mix.

Outlook In FY13, the Company expects to maintain its guidance of achieving 20-22% revenue growth with EBITDA margins sustainable at about 21%. The Company is confident of achieving this growth on account of new product launches and expansion in new territories by the pharmaceutical products businesses of APIs, Generics and Specialty Pharma followed by higher utilisation of new capacities in Life Science Ingredients and CMO business. The continuous efforts to improve global competitiveness through increased vertical integration, improvement in yields and realigning costs with revenues will also help achieve this performance.

About Jubilant

Jubilant Life Sciences Limited is a global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Generics, Specialty Pharmaceuticals and Life Science Ingredients. It also provides Services in Contract Manufacturing and Drug Discovery and Development. The Company’s strength lies in its unique offerings of Pharmaceutical and Life Sciences products and services across the value chain. With 10 world-class manufacturing facilities in India, US and Canada and a team of ~6300 multicultural people across the globe, the Company is committed to deliver value to its customers spread across 90 countries. The Company is well recognized as a ‘Partner of Choice’ by leading pharmaceuticals and life sciences companies globally. For more info: www.jubl.com

Noida, Monday, May 07, 2012

FY 2012

Highest Ever Income from Operations – Rs. 42780.000 Millions, up 24% YoY

EBITDA – Rs. 8930.000 Millions, up 57% YoY

EBITDA margins at 20.9% from 16.5% in FY 11

Expect FY13 Revenue growth at 20-22%

Board recommends higher dividend of 300%

The Board of Jubilant Life Sciences Limited, an integrated pharmaceutical and life science industry player met today to approve financial results for the fourth quarter and year ended March 31, 2012.

Commenting on the results, Mr. Shyam S Bhartia, Chairman and Managing Director and Mr. Hari S Bhartia, Co-Chairman and Managing Director, Jubilant Life Sciences said:

"Our performance this year was characterised by strong revenue growth of 24% and profit growth of 57% demonstrating robust business momentum across all segments growing globally with a focus on pharmaceutical business. Our International business which accounts for 70% of income recorded 27% growth and with about 50% assets outside India, Jubilant is now truly transformed into a Global Life Sciences Company. Our strategy of continuously moving up the value chain into pharmaceutical and Life Sciences with expanded geographic reach and ongoing investments in R and D for new product launches has yielded excellent results. Consequently, Board has proposed 300% dividend for the year.

We will continue to demonstrate robust growth in revenue driven by higher capacity utilisation of newly added capacities and ensuing capacity addition in Life Science Ingredients business with stable EBITDA margins."

In the fourth quarter of FY2012, the Company recorded Income from Operations of Rs 11760.000 Millions, growing 31% YoY. The Company EBITDA was Rs. 2480.000 Millions up 82% YoY with margins at 21.1%, compared to 15.2%. Profit before exceptional items, tax and minority interest was Rs. 1240.000 Millions, recording YoY growth of 73%. The Company reported Loss after tax of Rs. 640.000 Millions in Q4’FY12. However, Normalised Profit After Tax is Rs.830.000 Millions after adjusting for Exceptional Items.

In FY2012, the Company recorded Income from Operations of Rs 4,2780.000 Millions, growing 24% YoY. The Company EBITDA was Rs. 8930.000 Millions up 57% YoY with margins at 20.9%, compared to 16.5% in FY11. Profit before exceptional items, tax and minority interest was Rs. 4630.000 Millions, recording YoY growth of 64%. The Company reported Profit After Tax of Rs 150.000 Millions in FY12. However, Normalised Profit after Tax is Rs 3630.000 Millions for FY12 after adjusting for Exceptional Items of Rs 3490.000 Millions on account of impairment of goodwill in US clinical research business and unrealised exchange losses.

During the year the Company promptly repaid the only outstanding FCCBs of US$ 202Mn. In order to augment the capacities in Life Science Ingredients business and further strengthening the products portfolio of API and Generics business, the Company invested sum of Rs 5150.000 Millions in FY12.

Business Review

Considering the evolution that has transpired in the business lines, the Company has reclassified its businesses into two verticals namely Pharmaceuticals and Life Science Ingredients.

Pharmaceuticals Business – This comprises revenue lines of APIs, Generics, Speciality Pharma, CMO, DDDS and Healthcare. In FY12, the Income from operations of Rs 21750.000 Millions recorded growth of 41% YoY, contributing 51% to the revenue mix. EBITDA stood at Rs 5800.000 Millions, up from Rs 1670.000 Millions in previous year reporting growth of 247% year on year. EBITDA margins stood at 26.7% in FY12, up from 10.8% in previous year.

The revenue and margins growth was mainly driven by new launches, better pricing and demand for current niche products in Generics business, income for which was Rs 5370.000 Millions with growth of 161% YoY. As of March 31st, 2012, the Company has 48 cumulative US ANDA filings of which 19 are approved, 35 Dossier filings in EU of which 31 are approved, 9 filings in Canada and 264 in ROW of which 38 are approved.

API business reported revenue of Rs 4490.000 Millions with 33% growth driven by new launches in Sartans, Donepezil in US and Olanzapine in Europe. At the end of March 2012, the Company has 58 DMF filings in the US, 29 CEPs in Europe, 29 in Canada and 6 in Japan besides over 65 filings in ROW which indicate a strong pipeline for future launches.

Specialty Pharmaceutical revenue comprising Radiopharmaceuticals and Allergy Products business at Rs. 3110.000 Millions witnessed 25% YoY growth backed by entry into new geographies. Approval for Rubidium Generator used for PET Myocardial Perfusion Imaging is expected from Health Canada and USFDA in FY13 for launch in these 2 geographies. Revenue growth in Allergy business was marked by enhanced international sales and market expansion in key products and devices.

CMO of sterile injectibles and non sterile products business revenue at Rs 6210.000 Millions had a growth of 17% over previous year driven by increased capacity utilisation in FY12. Margins for the business stood at 19.2%, up 2 times from 9.5% in FY11.

Drug Discovery and Development Solutions reported Rs 2440.000 Millions income from operations with 16% YoY growth and recorded EBITDA margins of 9.2% from negative margins last year. However, the US Clinical research business witnessed de-growth in the year and incurred a loss which has depressed overall DDDS margins.

In order to bring the US clinical trial business back on track, during the last few years, the Company had taken steps to arrest the cash outflow by various measures including business development, operational efficiencies and cost reduction measures etc. However, CRO consolidation in US and Europe and consequent depletion in size of new business as well as delayed financing arrangements across the venture world resulted in sharp decline in backlog, cancellation of existing studies and delay in commencement of new awards impacting the turnaround plans of this business, during the year. Accordingly a provision for impairment of carrying value of goodwill of Rs 1500.000 Millions has been made in the books.

Life Science Ingredients Business – Ingredients business comprises Proprietary Products and Exclusive Synthesis, Nutrition Ingredients and Life Science Chemicals. In FY12, Income from operations at Rs. 2,103crore recorded an increase of 11% YoY and contributed 49% to the Revenue Mix. EBITDA stood at Rs 3540.000 Millions with 16.8% margins for the year compared to Rs 4680.000 Millions and 24.6% margins in FY11. The margin reduction is mainly on account of competitive pricing to enhance market share and higher input material costs. The situation is expected to get corrected during FY13 due to cost rationalization and operating leverage.

During the year, the Company commissioned its manufacturing facility at SEZ in Gujarat with commercial production of 10,000 TPA Niacinamide and an Intermediate, 3-Cyanopyridine, to cater to the growing global needs of Nutrition Ingredients. Products from new plants have already been approved by all the major international customers and regular supplies have commenced. Niacinamide’s global demand is growing at the rate of 4-5% per annum whereas the annual demand growth in Asia Pacific, India and China is 7-8%. Jubilant being the lowest cost producer for Niacinamide globally due to its vertically integrated feedstock, is very well placed to effectively compete in the market place and achieve higher capacity utilisation and better margins.

The expanded Pyridine and Beta Picoline capacity during the year will further strengthen vertical integration and company’s global leadership position. Supplies from this facility will be used for meeting both the external demand and the growing internal demand for manufacture of value added products in newly added capacities of Symtet and Niacinamide.

The Company also commissioned its additional capacity of Life Science Chemical plant and started supplies to European markets to expand its geographic reach.

Geographical Overview

Jubilant's continued focus on business development in the regulated markets (US, Canada, Europe and Japan) has resulted in strong growth in margins with 37% revenue growth. Income from North America stood at Rs. 16810.000 Millions contributing 39% to the revenue mix and recording growth of 32% YoY; whereas 19% of the revenue came from Europe and Japan at Rs. 8040.000 Millions, recording a growth of 49% YoY. About 30% of the revenue came from domestic market at Rs. 12670.000 Millions recording a growth of 18% YoY. Revenues from China stood at Rs. 2890.000 Millions, 7% of the revenue mix and Emerging Markets revenue stood at Rs. 2370.000 Millions, 5% of the mix.

Going forward, while the regulated markets will continue to grow and shall be the main stay of the future growth but with new product launches in China and Emerging markets, substantial increase in revenues from these markets can be expected in FY 13.

Dividend

The Board has recommended dividend of 300%, for the year compared to 200% in FY 11.

Outlook

The Company believes it is on a strong trajectory to achieve a compounded annual revenue growth of over 20% for next 3 years with improved EBITDA margins. The strong operational result will lead to robust balance sheet with the debt to equity below 1 and debt to EBITDA multiple below 2.5 times.

In FY13, the Company expects to achieve 20-22% revenue growth with EBITDA margins sustainable at current levels. The Company is confident of achieving this growth on account of higher utilisation of new, expanded and existing capacities in Life Science Ingredients and CMO business along with new product launches as well as expansion in new territories in APIs, Generics and Specialty Pharma businesses. Also the Company has been making continuous efforts to improve global competitiveness through increased vertical integration, improvement in yields and realigning costs with revenues.

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.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.90.57

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--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	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	-

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