MIRA INFORM REPORT

Report No. :	306479
Report Date :	05.02.2015

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) :	31.03.2014
Date of Incorporation :	21.06.1978
Com. Reg. No.:	20-004624
Capital Investment / Paid-up Capital :	Rs. 154.460 Millions
CIN No.: [Company Identification No.]	L24116UP1978PLC004624
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRTJ00275C
PAN No.: [Permanent Account No.]	AABCV0200H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is a global Pharmaceutical and Life Sciences player engaged in manufacture and supply of Generics (Including Active Pharmaceuticals Ingredients (APIs) and Solid Dosage Formulations) and Life Science Ingredients (Including Proprietary Products and Exclusive Synthesis, Nutrition Ingredients and Life Sciences Chemicals).
No. of Employees :	623 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 50000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established integrated pharmaceutical and life sciences company with presence in India, North America, Europe and China having satisfactory track. The management has reported a consecutive loss for past two years as on Financial Year 2013, due to which the position of the reserves has seen a slight deterioration, whereas the subject has reported a minimal net profitability during Financial Year 2014. However, the company possesses a healthy business profile, supported by its strong domestic market position in custom research and manufacturing services. The ratings also take into consideration adequate liquidity position maintaining sufficient cash balance during 2014. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. In view of leadership position in niche products, the subject 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Long Term Rating=A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.01.2014

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	20.01.2014

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 31-03-2014.

LOCATIONS

Registered Office/ Factory 1 :	Bhartiagram, Gajraula, Jyotiba Phoolay Nagar – 244223, Uttar Pradesh, India
Tel. No.:	91-5924-252351-60
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–201301, Uttar Pradesh, India.
Tel. No.:	91-120-4361000
Fax No.:	91-120-4234881/ 84/ 85/ 87/ 95/ 96
E-Mail :	investors@jubl.com support@jubl.com
Mumbai Office:	Contractor Building (Ground Floor) 46 R K Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
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 :	Block No. 133, P. O. Samlaya, Savli Jarod Road, Taluka Savli, Vadodara–391520, Gujarat, India
Tel. No.:	91-2667-251361/ 251563-4
Fax No.:	91-2667-251305
Factory 4 :	Village Sikanderpur Bhainswal Bhagwanpur, Roorkee, District Haridwar, Uttrakhand, India
Tel. No.:	91-332-235161-66
Fax No.:	91-332-235169
Factory 5 :	N-34, MIDC, Anand Nagar, Ambernath - 421506, Maharashtra, India
Tel. No.:	91-251-2620437/ 438
Fax No.:	91-251-2620439
Factory 6 :	SEZ, Bharuch Plot No.5, Vilayat GIDC, Taluka Vagra, Bharuch – 392012, Gujarat, India
Tel. No.:	91-2641-281500 (30 Lines)
Fax No.:	91-2641-281515
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
R and D Facilities :	Located at: UTTAR PRADESH (CENTRAL R&D) · C-26, Sector 59, Noida - 201 301, India · D-12, Sector 59, Noida - 201 301, India · C- 46, Sector 62, Noida - 201 301, India UTTAR PRADESH (GAJRAULA R&D) Bhartiagram, Gajraula - 244 223, District Jyotiba Phoolay Nagar, India KARNATAKA (NANJANGUD R&D) 51-56, KIADB Industrial Area, Nanjangud, District Mysore - 571 302, India GUJARAT (SAVLI R&D) Block 133, Village Samalaya, Taluka Savli, District Vadodara - 391 520, India
Branch Offices :	Located at: · Lucknow · Chennai · Hyderabad · Bangalore · Mumbai · Pune · Ahmedabad · Kolkata

DIRECTORS

As on 31.03.2014

Name :	Mr. Shyam S Bhartia
Designation :	Chairman and Managing Director
Name :	Mr. Hari S Bhartia
Designation :	Co-Chairman and Managing Director
Name :	Mr. Shyamsundar Bang
Designation :	Executive Director (Manufacturing and Supply Chain Operations)
Qualification :	M. Tech (Chem Engg.)
Name :	Mr. Abhay Havaldar
Designation :	Director
Name :	Mr. Shardul S Shroff
Designation :	Director
Name :	Dr. Inder Mohan Verma
Designation :	Director
Name :	Mr. Suresh Kumar
Designation :	Director
Name :	Mr. S Sridhar
Designation :	Director
Name :	Ms. Sudha Pillai
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Lalit 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. Marcelo Morales
Designation :	CEO [Contract Manufacturing and Services, Jubilant HollisterStier]
Name :	Mr. Scott Delaney
Designation :	CEO [Jubilant Cadista]
Name :	Mr. Chandan Singh
Designation :	President [Acetyls and Ethanol]
Name :	Mr. Martyn Coombs
Designation :	President [Jubilant DraxImage]
Name :	Mr. Kevin Garrity
Designation :	President [Allergy Business]
Name :	Dr. Vijayesh Kumar Gupta
Designation :	President [Branded Generics – India]
Name :	Dr. Subir Kumar Basak
Designation :	President [Jubilant Drug Discovery Services (Jubilant Biosys and Jubilant Chemsys)]
Name :	Mr. Nayan Nanavati
Designation :	CEO [Jubilant Clinsys]
Name :	Dr. Ashutosh Agarwal
Designation :	Chief Scientific Officer [Chemicals and Life Science Ingredients]
Name :	Dr. Goutam Muhuri
Designation :	President [RandD - Dosage Forms]

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1903435	1.20
Bodies Corporate	78577176	49.33
Sub Total	80480611	50.53
(2) Foreign
Bodies Corporate	5570445	3.50
Sub Total	5570445	3.50
Total shareholding of Promoter and Promoter Group (A)	86051056	54.02
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	102428	0.06
Financial Institutions / Banks	1131237	0.71
Foreign Institutional Investors	24619389	15.46
Any Others (Specify)	11380339	7.14
Foreign Financial Institutions	11380339	7.14
Sub Total	37233393	23.38
(2) Non-Institutions
Bodies Corporate	10453290	6.56
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	13501934	8.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	383540	0.24
Qualified Foreign Investor	468782	0.29
Any Others (Specify)	11189144	7.02
Non Resident Indians	1137395	0.71
Trusts	5098545	3.20
Foreign Portfolio Investors	4953204	3.11
Sub Total	35996690	22.60
Total Public shareholding (B)	73230083	45.98
Total (A)+(B)	159281139	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	159281139	0.00

BUSINESS DETAILS

Line of Business :	Subject is a global Pharmaceutical and Life Sciences player engaged in manufacture and supply of Generics (Including Active Pharmaceuticals Ingredients (APIs) and Solid Dosage Formulations) and Life Science Ingredients (Including Proprietary Products and Exclusive Synthesis, Nutrition Ingredients and Life Sciences Chemicals).
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

623 (Approximately)

Bankers :

· Central Bank of India

· Corporation Bank

· Export Import Bank of India

· ICICI Bank Limited

· ING Vysya Bank Limited

· Punjab National Bank

· State Bank of India

· The Hong Kong and Shanghai Bank Corporation Limited

• Yes Bank Limited

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans From Banks - Indian rupee loans	5438.920	9744.440
- Foreign currency loans	2845.720	2714.500
From other parties - Foreign currency loans	2096.850	7600.600
- Finance lease obligations	13.110	24.290
Short Term Borrowing
Loans repayable on demand From Banks	5071.760	6277.770
From other parties	898.650	271.450
Total	16365.010	26633.050

LONG-TERM BORROWINGS

Nature of security of long term borrowings and other terms of repayment

1. Indian rupee loans amounting to Rs. 9,744.480 Million (Previous year Rs. 9,100.00 million) from Corporation Bank, AxisBank Limited, Central Bank of India and Indian Bank, External commercial borrowings amounting to Rs. 2,995.500 million (Previous year Rs. 3,165.090 million) from Citibank N.A., London and DBS Bank Limited, Singapore and foreign currency loans amounting to Rs. 2,695.950 million (Previous year Rs. 2,714.500 million) from Export Import Bank of India are secured by a first pari-passu charge amongst the lenders by way of: -

1. Mortgage of the immovable fixed assets both present and future situate at Bhartiagram, District Amroha, Uttar Pradesh and immovable fixed assets situate at Village Samlaya, Taluka Savli, District Vadodara, Gujarat, and
2. Hypothecation on the entire movable fixed assets, both present and future of the Company.

2. Foreign currency loans amounting to ` 5,691.45 million (Previous year Rs. 5,157.55 million) 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.

3. Rupee Term Loan amounting to Rs. Nil (Previous year Rs. 1,600.000 million) is secured by Fixed Deposits.

4. Indian rupee loans amounting to Rs. 2,700.000 million (Previous year Rs. 2,700.00 million) and Rs. 1,000.000 million (Previous year Rs. 1,000.00 million) from Corporation Bank is repayable in two equal yearly installments commencing from February 2015 and March 2015 respectively.

5. Indian rupee loans amounting to Rs. 3,000.000 million (Previous year Rs. 3,000.000 million) from Axis Bank Limited is repayable in four equal half yearly installments commencing from September 2014.

6. Indian rupee loans amounting to Rs. 1,800.000 millions (Previous year Rs. 2,400.000 million) from Central Bank of India. Balance is repayable in two yearly installments from March 2015.

7. Indian rupee loans amounting to Rs. 1,244.480 millions (Previous year Rs. 1,600.000 millions) from Indian Bank. Balance is repayable in three yearly installments from March 2015.

8. External commercial borrowing amounting to Rs. 2,995.500 million (Previous year Rs. 2,714.500 millions) from DBS Bank Limited, Singapore is repayable in four yearly installments commencing from December 2014.

9. Foreign currency loans amounting to Rs. 2,695.950 million (Previous year Rs. 2,714.500 million) from Export Import Bank of India. Balance is repayable in three yearly installments from May 2014.

10. Foreign currency loans amounting to Rs. 5,691.450 million (Previous year Rs. 5,157.550 million) from Housing Development Finance Corporation Limited is repayable in single installment in July 2014.

11. Loans from subsidiaries are repayable at end of five years from the date of respective disbursement.

12. Finance Lease obligations are secured by hypothecation of specific assets taken under such lease. The same are repayable within two to five years.

13. The Indian rupee loans carry interest rate ranging from 9.5% to 12.75% and foreign currency loan carry interest rate of Libor plus spread ranging from 250 to 450 basis points. Libor are reset at periodic intervals as per the terms of the loan.

SHORT TERM BORROWINGS

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

1. Working capital facilities (including cash credit) 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 Ltd., Central Bank of India, Yes Bank Limited, DBS 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 ` 3,000 million (Previous year Rs. 3,000.000 million) as sublimit carved out from the funded limits, against which the balance outstanding as at year end is Rs. Nil (Previous year ` Nil). Maximum balance of commercial paper outstanding at any time during the year was Rs. Nil (Previous year Rs. 600.00 million). Other working capital loans are repayable as per terms of agreement within one year.

2. Short term loans are availed in Indian rupees and in foreign currency. Indian rupee loans carry interest rate ranging from 9.50% to 13.85% and foreign currency loan carry interest rate of Libor plus spread ranging from 75 to 250 basis points. Libor are reset periodic intervals as per the term of loan.

Statutory Auditors :
Name :	K. N. Gutgutia and Company Chartered Accountants
Address :	11K, Gopala Tower, 25, Rajendra Place, New Delhi - 110008, India
IFRS Auditors :
Name :	KPMG
Address :	Building No. 10, 8th Floor, Tower B, DLF Cyber City, Phase-II, Gurgaon - 122002 Haryana, India
Cost Auditors :
Name :	J K Kabra and Company Cost Accountants
Address :	552/1B, Arjun Street, Main Vishwas Road, Vishwas Nagar, Delhi - 110032, India
Internal Auditors :
Name :	Ernst and Young Private Limited Chartered Accountants
Address :	Hindustan Times Building, 6th Floor, 18-20, Kasturba Gandhi Marg, New Delhi - 110001, India
Memberships :	Not Available
Collaborators :	Not Available
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. · 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, · 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&M Hot Breads Private Limited · Jubilant Industries Limited · Jubilant Agri and Consumer Products Limited · Jubilant Motors Private Limited, · Jubilant Aeronautics Private Limited · Sankur Chalets Private Limited
Others:	· Vam Employees Provident Fund Trust · Jubilant Employee Welfare Trust · Jubilant Bhartia Foundation · Vam Officers Superannuation Fund

CAPITAL STRUCTURE

As on 02.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
655,000,000	Equity Shares	Re. 1/- each	Rs. 655.000 Millions

Paid-up ,Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
159,281,139	Equity Shares	Re. 1/- each	Rs. 159.281 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
655,000,000	Equity Shares	Re. 1/- each	Rs. 655.000 Millions

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
159,313,139	Equity Shares	Re. 1/- each	Rs. 159.310 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
159,281,139	Equity Shares	Re. 1/- each	Rs. 159.280 Millions
	Add: Equity shares forfeited (paid up)		Rs. 0.020 Million
	Less: Shares held in trust for employees under ESOP Scheme		Rs. 4.840 Millions
	Total		Rs. 154.460 Millions

Paid up capital includes, 501,364, equity shares of Rs. 1 each allotted and issued pursuant to the Scheme of Amalgamation and Demerger, to the shareholders of erstwhile Pace Marketing Specialties Limited for consideration other than cash during the year ended 31 March 2011

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

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

Name of the shareholder	31.03.2014
	No of shares	% held
Jubilant Stock Holding Private Limited	29676992	18.63%
SSB Consultants and Management Services Private Limited	21007665	13.19%
HSB Corporate Consultants Private Limited	18698979	11.74%
GA Global Investments Limited	11707200	7.35%

The reconciliation of the shares outstanding at the beginning and at the end of the year:

Particulars	31.03.2014
	No of shares	Rs. in Millions
At the beginning and end of the year	159281139	159.280

a) 114,835 (Previous year 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, 2005”.

b) Under the Jubilant Employees Stock Option 2005 Plan, as at 31 March 2014 - 132,684 (Previous year 145,443) options are outstanding convertible into 663,420 (Previous year 727,215) shares.

c) Under the Jubilant Employees Stock Option 2011 Plan, as at 31 March 2014 - 1,428,939 (Previous year 1,585,055) options are outstanding convertible into 1,428,939 (Previous year 1,585,055) shares.

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	154.460	159.300	159.300
(b) Reserves & Surplus	17173.080	18276.580	19011.680
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17327.540	18435.880	19170.980
(3) Non-Current Liabilities
(a) long-term borrowings	11410.500	20512.530	24222.120
(b) Deferred tax liabilities (Net)	1734.200	2601.600	2114.130
(c) Other long term liabilities	104.060	50.470	0.000
(d) long-term provisions	2104.130	2273.500	1568.850
Total Non-current Liabilities (3)	15352.890	25438.100	27905.100
(4) Current Liabilities
(a) Short term borrowings	10971.260	10426.990	4847.320
(b) Trade payables	5992.450	5152.220	7067.000
(c) Other current liabilities	14682.490	4652.980	1867.860
(d) Short-term provisions	2146.010	810.820	883.540
Total Current Liabilities (4)	33792.210	21043.010	14665.720
TOTAL	66472.640	64916.990	61741.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20458.890	20901.220	17663.100
(ii) Intangible Assets	1052.470	953.620	737.580
(iii) Capital work-in-progress	211.620	257.600	2520.780
(iv) Intangible assets under development	2207.800	1875.970	1668.800
(b) Non-current Investments	20056.920	19785.060	19380.240
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2989.760	3438.370	4632.240
(e) Other Non-current assets	4.990	2.180	3.700
Total Non-Current Assets	46982.450	47214.020	46606.440
(2) Current assets
(a) Current investments	3.750	0.000	217.000
(b) Inventories	7335.180	6124.800	5933.260
(c) Trade receivables	5295.970	3932.510	4038.250
(d) Cash and cash equivalents	1787.100	2558.850	2028.270
(e) Short-term loans and advances	5050.780	4493.760	2749.490
(f) Other current assets	17.410	593.050	169.090
Total Current Assets	19490.190	17702.970	15135.360
TOTAL	66472.640	64916.990	61741.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	36727.920	31463.030	26410.670
		Other Income	298.810	349.720	89.410
		TOTAL	37026.730	31812.750	26500.080
Less	EXPENSES
		Cost of Materials Consumed	18330.490	15285.770	12399.520
		Purchases of Stock-in-Trade	1740.180	1917.380	2436.790
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(212.070)	(241.750)	(932.610)
		Employees benefits expense	2982.320	2490.170	2072.320
		Other expenses	8069.980	7170.490	1700.320
		Exceptional Items	2268.630	1237.320	1800.840
		Other manufacturing expenses	0.000	0.000	4618.120
		TOTAL (B)	33179.530	27859.380	24095.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3847.200	3953.370	2404.780
Less	FINANCIAL EXPENSES		2775.910	2559.790	1544.210
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1071.290	1393.580	860.570
Less/ Add	DEPRECIATION/ AMORTISATION		1752.870	1521.670	1320.030
	PROFIT BEFORE TAX		(681.580)	(128.090)	(459.460)
Less	TAX		(689.820)	305.140	349.690
	PROFIT AFTER TAX		8.240	(433.230)	(809.150)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6870.620	7862.850	9227.000
Less	APPROPRIATIONS
		Dividend	463.000	478.000	478.000
		Tax on Dividend	81.000	81.000	77.000
		Total	544.000	559.000	555.000
	BALANCE CARRIED TO THE B/S		6334.860	6870.620	7862.850
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	21932.650	18008.460	13576.020
		Other Operating Income	71.410	77.600	103.130
		Interest Income	0.040	0.030	0.210
		TOTAL EARNINGS	22004.100	18086.090	13679.360
	IMPORTS
		Raw Materials	8980.930	5649.480	4761.490
		Stores, spares, chemicals and packing material	541.470	335.100	1729.340
		Capital Goods	44.580	99.610	227.100
		TOTAL IMPORTS	9566.980	6084.190	6717.930
	Earnings Per Share (Rs.)		0.05	(2.72)	(5.08)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.02	(1.38)	(3.06)
Operating Profit Margin (PBDIT / Sales)	(%)	10.47	12.57	9.11
Return on Total Assets (PBT/Total Assets}	(%)	(1.55)	(0.30)	(1.20)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.01)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		1.29	1.68	1.52
Current Ratio (Current Asset/Current Liability)		0.58	0.84	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	159.300	159.300	154.460
Reserves & Surplus	19011.680	18276.580	17173.080
Net worth	19170.980	18435.880	17327.540
long-term borrowings	24222.120	20512.530	11410.500
Short term borrowings	4847.320	10426.990	10971.260
Total borrowings	29069.440	30939.520	22381.760
Debt/Equity ratio	1.516	1.678	1.292

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26410.670	31463.030	36727.920
		19.130	16.734

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	26410.670	31463.030	36727.920
Profit	(809.150)	(433.230)	8.240
	(3.06)%	(1.38)%	0.02%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
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	Yes
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	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
India Rupee Loans from Subsidiaries	1015.900	428.700
Short Term Borrowing
Loan Repayable on Demand From Banks	4930.850	3784.270
Loans from related parties	70.000	93.500
Total	6016.750	4306.470

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10424562	25/04/2013 *	1,600,000,000.00	INDIAN BANK	47-48 PRAGATI HOUSE, NEHRU PLACE, NEW DELHI - 110019, INDIA	B74962739
2	10343200	25/04/2013 *	2,504,900,000.00	DBS BANK LIMITED	ACTING ON BEHALF OF DBS BANK LIMITED, SINGAPORE, CAPITOL POINT, BABA KHARAK SINGH MARG, NEW DELHI - 110001, INDIA	B74167784
3	10303869	20/03/2012 *	2,400,000,000.00	CENTRAL BANK OF INDIA	PRESS AREA BRANCH, LINK HOUSE, 3 BAHADUR SHAH MARG, NEW DELHI - 110002, INDIA	B35922640
4	10274305	20/03/2012 *	3,000,000,000.00	AXIS BANK LIMITED	B-2 & B-3, SECTOR-16, NOIDA, NOIDA, UTTAR PRADESH - 201301, INDIA	B35468982
5	10271462	20/03/2012 *	1,000,000,000.00	CORPORATION BANK INDUSTRIAL FINANCE BRANCH	H.T. HOUSE, 10TH FLOOR, K.G.MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B35922079
6	10271469	20/03/2012 *	2,700,000,000.00	CORPORATION BANK INDUSTRIAL FINANCE BRANCH	H.T. HOUSE, 10TH FLOOR, K.G.MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B35921576
7	10229540	12/07/2010	4,884,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	A90177528
8	10217801	20/03/2012 *	2,300,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B35908292
9	10173318	12/07/2010 *	4,884,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	A89713697
10	80046092	20/09/2013 *	15,000,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, VADODARA - 390007, GUJARAT, INDIA	B87010690

* Date of charge modification

OVERVIEW

Jubilant Life Sciences Limited (‘the Company’ or ‘Jubliant’) is a global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of Active Pharmaceuticals Ingredients, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Life Sciences Ingredients. It also provides services in Contract Manufacturing of Sterile Injectables 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 teamof about 6,200 multicultural people across the globe, the Company is committed to deliver value to its customers spread across over 100 countries. The Company is well recognized as a “Partner of Choice” by leading pharmaceuticals and life sciences companies globally.

PERFORMANCE REVIEW

The year FY 2014 saw Income from Operations of Rs. 58,034.000 million, a growth of 12% year on year (YoY). Earnings before Interest, Taxes and Depreciation and Amortization (EBITDA) stood at Rs. 10,267.000 million with EBITDA margins of 17.7%. Profits before Exceptional Items, Tax and Minority Interest were at Rs. 4,218 million. The Profit after Tax (PAT) was reported at Rs. 1,090 million whereas the Normalized PAT after adjusting for exceptional items was at Rs. 3,235 million.

they continue to focus on expanding their business globally. Their products and services now reach outto customers in over 100 countries of the world. International revenues account for 75% of the revenue mix at Rs. 43,261 million with revenues primarily from North America, Europe and Japan.

In FY 2014, the Pharmaceuticals segment witnessed a revenue increase of 2% at Rs. 27,277.000 million, contributing 47% to the overall Income from Operations. This progression is driven by new product introduction and price improvements in Radiopharmaceuticals. In Solid Dosage Formulations business, they have 46 commercial products and a pipeline of 455 filings pending approval including 37 ANDAs pending in the US, 7 in Canada and 3 in Europe. During the year, they made 121 filings including 7 in the US, 1 in Canada and 2 in Europe. In Active Pharmaceutical Ingredients business, they have 30 commercial APIs and a pipeline of 522 filings pending approval including 46 in the US, 16 in Canada and 9 CEPs. During the year, they made 33 filings including 9 in the US, 2 in Canada and 9 CEPs.

Regarding the warning letters at their CMO operations - the issue in Montreal has been resolved and in Spokane, they have responded to all of the FDA observations. They are confident of bringing back growth in CMO of Sterile Injectables business on the back of strong order book and better compliance.

During the year, they sold their Hospital business to Narayana Health. The business has been transferred on a going concern basis as a slump sale, which will enable us to focus on their core businesses in Pharmaceuticals and Life Sciences.

In FY 2014, Life Science Ingredients segment delivered revenue growth of 23% to Rs. 30,757 million thus contributing to 53% to the overall Income from Operations. Volume growth along with the price hikes that took in some of their key products aided their performance in this segment.

As of March 31, 2014, Net Debt stood at Rs. 39,130.000 million. It comprises of Rs. 18,324.000 million in Net Long-Term Debt and Rs. 20,806 million in Working Capital Debt. Post adjustment for exchange rates, when compared with March 31, 2013, Net Debt was down by Rs. 2,604.000 million at Rs. 36,526 million.

AWARDS AND ACCOLADES

During the year, various awards and accolades were received by the Company/its management. These are:

• ‘14th Annual Greentech Environment Award 2013’ won byGajraula plant, India;

• ‘Certificate from CocaCola for compliance to Global Food Safety Initiative as per TCCC norms for the year 2013’ presented to Gajraula plant, India;

• ‘Amity Global Business School - CSR Award 2013’ won by the Company in appreciation of outstanding work in the CSR domain;

• ‘Shri Janeshwar Mishra Export Award’ - Excellence Award for the Best Performance in the field of Export and First Award for performance in the field of Export under the category of Chemicals, Pharmaceuticals & Cosmetic Products;

• ‘Annual Greentech Safety Award 2013’ - Silver Award under chemical sector won by Gajraula plant, India;

• ‘Express, Logistics & Supply Chain Leadership Award’ under the category Excellence in Manufacturing Supply Chain in Chemical;

• ‘CII – National Award for Excellence in Energy Management 2013’ won by Gajraula plant as Energy Efficient Unit; and

• ‘Lifetime Achievement Award 2010-11’ won by Mr. Shyam S. Bhartia, presented by Mr. Anand Sharma, Minister of Commerce and Industry, Govt. of India at CHEMEXCIL’s Export Award

BUSINESS OBJECTIVES

Jubilant Life Sciences today is a global integrated pharmaceutical and life sciences player with over 35 years of proven track record. They have a well-diversified portfolio across segments of Pharmaceuticals and Life Science Ingredients. Strategically, they have pursued a cohesive business model across the entire Pharmaceutical ecosystem and have positioned ourselves as a one-stop-shop for the global Pharmaceutical and Life Sciences industry.

They continue to deliver meaningful innovations in health care and are also building a more agile company to seize evolving market opportunities. their competitive strength lies in their integrated low cost production and their innovative product portfolio backed by efficient R&D capabilities and manufacturing capabilities.

OUTLOOK

They expect strong growth momentum in both the segments of their businesses. The Pharmaceuticals business is expected to deliver on account of resolution of Warning Letter in Montreal, focused attention to resolve USFDA issues in Spokane, consolidation of global quality system for compliance, new product launches in Generics business and better price realisations and expected launch of Ruby-fill in Radiopharmaceuticals

Growth in Life Science Ingredients business is to be led by higher capacity utilisation, better pricing and entry into new geographies. They will continue to be prudent in any incremental capital expenditure spending and look forward to improving their cash balances and reducing debt levels.

They wish to convey their earnest gratitude to all their esteemed stakeholders including customers, suppliers, vendors, bankers and shareholders for reposing faith in us and being supportive through all their endeavours. They would like to welcome Mrs. Sudha Pillai, who joined us as an Independent Director on their Board. they would also like to express a note of thanks to their employees, globally, for assisting us in the delivery of their broader agenda of profitable growth.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS EXCELLENCE

Business Excellence function focuses on new improvement strategies to enhance the competitive advantage of the Company. These strategies focus on all key aspect of the Company viz Customer, Process and People and encompasses all facets of the business including Manufacturing, Sales and Marketing, R&D, Supply Chain,

Corporate HR and Projects etc.

Business Excellence has adopted various improvement methodologies in-line with organisation priorities like Six Sigma, Lean, and Design for Six Sigma (DFSS), World-Class Manufacturing (WCM), Total Productive Maintenance (TPM), Supply Chain Re-engineering (SCOR), Theory of Constraints (TOC), Project Management (EPM), Operation Research (OR), Business Intelligence (BI), Maynard Operation Sequencing Technique (MOST) etc.

Business Excellence helped in aiding in Supply Chain re-engineering solutions through planning and sourcing and also providing business intelligence solutions in the contract manufacturing businesses aiding critical cost and quality improvement. Capacity debottlenecking projects through application of Lean Six Sigma and process simulation in APIs, Solid Dosage Formulations and Fine Ingredients business were also undertaken. More than 175 green belts are undergoing and 55 green belts have completed their requirements for certification by undergoing the Lean Six Sigma training and completing at least one Improvement project sponsored by their functional head.

Along with improvement in existing processes, a need was felt for a systematic mechanism for new product development and capital projects execution. In this framework, the Stage Gate approach was adopted for initialisation, execution & governance throughout the life cycle of the project. Quality by Design (QBD) has also been very well-integrated with new product development.

The Company won award and recognition from Confederation of Indian Industry (CII), Kaizen Institute and Frost and Sullivan for various accomplishments in manufacturing excellence. With respect to bringing about improvement in the Company, knowledge based newsletters were shared across all businesses, yellow and green belt trainings for corporate functions were undertaken covering many employees and a Kaizen scheme was launched to generate number of ideas on cost reduction, capacity enhancement and quality improvement.

FIXED ASSETS

Tangible assets:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Vehicles-leased

· Office equipments

· Railway sidings

Intangible assets:

· Internally generated

· Product registration/market authorization

· Rights

· Software

STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2014

(Rs. In Millions)

Particulars
	Quarter Ended		Half Year Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
PART I
Income from operations
(a) Net sales/Income from operations (Net of excise duty)	6959.500	10260.100	17219.600
(b) Other Operating Income	50.300	102.300	152.600
Total income from operations (net)	7009.800	10362.400	17372.200
Expenses
a) Cost of materials consumed	3985.800	5303.400	9289.200
b) Purchase of traded goods	340.500	563.300	903.800
c) Change in inventories of finished goods, work-in progress and traded goods	62.700	103.200	165.900
d) Power & fuel	793.000	925.300	1718.300
e) Employee benefits expenses	533.800	797.000	1330.800
f) Depreciation and amortization expenses	207.100	412.800	619.900
g) Other expenses	840.100	1324.400	2164.500
Total Expenses	6763.000	9429.400	16192.400
Profit/(Loss) from operations before other income, finance cost and exceptional items	246.800	933.000	1179.800
Other Income	520.500	76.700	597.200
Profit/(Loss) from ordinary activities before finance costs & exceptional items	767.300	1009.700	1777.000
Finance costs	612.000	631.400	1243.400
Profit/(Loss) from ordinary activities after finance costs but before exceptional items	155.300	378.300	533.600
Exceptional items	(2711.900)	(1529.400)	(4241.300)
Profit/(Loss) from ordinary activities before tax	2867.200	1907.700	4774.900
Tax expense (Net)	699.600	(129.500)	570.100
Net Profit/(Loss) from ordinary activities after tax	2167.600	2037.200	4204.800
Extraordinary items (net of tax expenses)	0.000	0.000	0.000
Net Profit/(Loss) for the period	2167.600	2037.200	420.800
Paid-up equity share capital (Face value per share Re.1)	159.300	159.300	159.300
Reserves (excluding revaluation reserve)
Earnings per share before and after extraordinary items (Not annualized)
Basic (Rs.)	13.61	12.79	26.40
Diluted (Rs.)	13.61	12.79	26.40
PART II
PARTICULARS OF SHAREHOLDING
Public shareholding
- Number of shares (Re. 1 each)	73230083	73230083	73230083
- Percentage of shareholding	45.98	45.98	45.98
Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of shares	10715000	9700000	10715000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	12.45	11.27	12.45
- Percentage of shares (as a % of the total share capital of the company)	6.72	6.09	6.72
b) Non-Encumbered
- Number of shares	75336056	76351056	75336056
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	87.55	88.73	87.55
- Percentage of shares (as a % of the total share capital of the company)	47.30	47.93	47.30

Particulars	31.03.2014
Investors Complaints (Nos.)
Pending at the beginning of the quarter	Nil
Received during the quarter	5
Disposed of during the quarter	5
Remaining unresolved at the end of the quarter	Nil

NOTE: 1 UNAUDITED STANDALONE SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2014

Particulars
	Quarter Ended		Half Year Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
Segment revenue
a. Pharmaceuticals	21.900	2020.000	2041.900
b. Life Sciences Ingredients	6987.900	8351.600	15339.500
Total	7009.800	10371.600	17381.400
Less: Inter segment revenue	0.000	9.200	9.200
Net Sales/Income from operations	7009.800	10342.400	17372.200
a. Pharmaceuticals	21.900	2020.000	2041.900
b. Life Sciences Ingredients	6987.900	5342.400	15330.300
Total	7009.800	10362.400	17372.200
Segment results (profit(+)/loss(-) before tax and interest from each segment)
a. Pharmaceuticals	(78.900)	157.500	1014.600
b. Life Sciences Ingredients	456.300	1026.000	1585.200
Total	377.400	1183.500	2599.800
Less: i. Interest (Finance costs)	612.000	631.400	1401.700
ii. Other un-allocable expenditure (including exceptional items)	157.000	371.900	3174.000
iii. Un-allocable Income (including exceptional items)	(3258.800)	(1727.500)	(150.700)
Total Profit/(Loss) before tax	2867.200	1907.700	(1825.200)
Capital Employed (Segment assets less Segment liabilities)
a. Pharmaceuticals	(15.300)	10294.700	11117.300
b. Life Sciences Ingredients	18786.600	18235.400	20180.300
Total capital employed in segments	18771.300	28530.100	31297.600
Add: Un-allocable corporate assets less liabilities	27313.600	22459.500	21608.100
Total capital employed in the Company	46084.900	50989.600	52905.700

NOTE: 2 STATEMENT OF STANDALONE ASSETS AND LIABILITIES

(Rs. In Millions)

SOURCES OF FUNDS	30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	154.500
(b) Reserves & Surplus	21528.700
Total Shareholders’ Funds	21683.200
(2) Non-Current Liabilities
(a) long-term borrowings	12005.800
(b) Deferred tax liabilities (Net)	1548.600
(c) Other long term liabilities	0.000
(d) long-term provisions	1890.900
Total Non-current Liabilities (3)	15445.300
(3) Current Liabilities
(a) Short term borrowings	6556.800
(b) Trade payables	4291.800
(c) Other current liabilities	6379.700
(d) Short-term provisions	2532.900
Total Current Liabilities (4)	19761.200
TOTAL	56889.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	15286.700
(b) Non-current Investments	17556.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	3010.900
(e) Other Non-current assets	4.500
Total Non-Current Assets	35858.500
(2) Current assets
(a) Current investments	100.000
(b) Inventories	6152.400
(c) Trade receivables	3769.000
(d) Cash and cash equivalents	324.500
(e) Short-term loans and advances	10675.400
(f) Other current assets	9.900
Total Current Assets	21031.200
TOTAL	56889.700

3.In order to complete the Pharma consolidation as approved by the Board, under its wholly owned subsidiary Jubilant Pharma Limited, Singapore (JPL), the Company has transferred, with effect from 1 July 2014, its Active Pharmaceutical Ingredients and Dosage Forms business to Jubilant Generics limited (JGL), a wholly owned Subsidiary of JPL, by way of a slump sale on going concern basis for a lump sum consideration of Rs. 9293.000 Millions (net of debts of Rs. 3923.000 millions} and the profit on sale of such businesses amounting to Rs. 2754.300 millions has been classified under exceptional items. As reported earlier the Company had already transferred shares held by it in Jubilant Pharma Holdings Inc, USA and Jubilant Pharma NV, Belgium to JGL, and the profit on the sale of such share amounting to Rs. 1650.800 millions was also classified as exceptional item in previous quarter.

The Active Pharmaceutical Ingredients and Dosage Forms business of the Company has been treated as discontinuing operations till the period up to 30 June 2014 in the financial results. The required relevant information for these discontinued operations for all periods presented is as below:

(Rs. In Million)

Particulars
	Quarter Ended		Half Year Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
Total revenue	--	2007.100	2007.100
Total expenditure	--	1913.400	1913.400
Profit before tax	--	93.700	93.700
Tax expense	--	22.900	22.900
Profit after tax	--	70.800	70.800

4. Pursuant to the Companies Act, 2013 ('the Act'} being effective from 1 April 2014, the Company has revised depreciation rates on fixed assets as per the useful life specified in Part 'C' of Schedule II of the Act. As a result of this change, the depreciation charge for the quarters ended 30 September 2014, 30 June 2014 and half year ended 30 September 2014 is lower by Rs. 82.500 Millions, Rs. 366 Millions, and Rs. 1191.100 Million respectively. Further, based on the transitional provision provided in Note 7(b) of the Schedule II an amount of Rs.101.500 Million (after adjustment for related tax impact) has been debited to opening balance of retained earnings in respect of the fixed assets where life has expired as per the said Schedule as on 31 March 2014.

5.Finance costs includes exchange difference arising from foreign currency short-term borrowings regarded as an adjustment to interest costs as per AS 16-"Borrowing Costs ", and is gross of credit on the swap contracts as under.

Particulars
	Quarter Ended		Half Year Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
- Finance Cost net of credit on swap contracts	395.100	486.600	881.700
Add : Foreign Exchange differences and credit on swap contracts	216.900	144.800	361.700
- Gross Finance Cost	612.00	631.400	1243.400

6. Exceptional items for each period presented includes:

i) Amortization of debit balance in Foreign Currency Monetary Items Translation Difference Account (FCMITDA) of Rs. 77.800 millions, Rs. 243.500 millions, Rs. 387.400 million; Rs. 321.300 million, Rs. 6425 lacs and Rs.1000.200 millions for the quarters ended 30 September 2014, 30 June 2014, 30 September 2013; half year ended 30 September 2014, 30 September 2013 and year ended 31 March 2014; respectively, representing exchange difference on long-term foreign currency monetary liabilities which has been used for the purpose other than acquiring fixed assets.

ii) The remaining amount of exceptional items, other than profit on sale of business/ investments as mentioned in note 3, for all periods presented primarily represents foreign exchange difference for the period (excluding portion included in finance cost} and mark to market gain/ loss (net of related contractual recoveries) in respect of forward contracts, currency and interest rate swap contracts.

7. Previous period figures have been reclassified to conform to the current period's classification. Further~ the figures for the current period are not comparable to the previous periods due to transfer of certain businesses as explained in Note 3.

8. The above unaudited results were, subjected to limited review by the Statutory Auditors of the Company, reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 28 October 2014. The review report of the Statutory Auditors is being filed with the Bombay Stock Exchange and National Stock Exchange and is also available on the Company's website at www.jubl.com.

PRESS RELASES

Ind-Ra Assigns Jubilant Life Sciences’ Proposed NCDs ‘IND A+(exp)’; Affirms other Ratings

Ind-Ra-New Delhi-22 January 2015: India Ratings & Research (Ind-Ra) has assigned Jubilant Life Sciences Limited’s (JLL) proposed INR4,000m non-convertible debenture (NCD) an ‘IND A+(exp)’ rating. The agency has also affirmed JLL’s Long-Term Issuer Rating at ‘IND A+’. The Outlook is Stable. A full list of rating actions is at the end of this commentary.

The proceeds from the proposed NCD are to be used by JLL for general corporate purposes including repayments of existing debt. The assignment of the final rating is contingent upon the receipt of final documents conforming to the information already received.

KEY RATING DRIVERS

Presence Across Pharmaceutical Value Chain: JLL has established operations across the entire pharmaceutical value chain - right from the inception of a drug concept (through drug discovery and development solutions business), walking past the active pharmaceutical ingredients (API) business and culminating into the final dosage or injectable products. Moreover, the company also provides contract manufacturing at various levels which helps it derive business from major pharmaceutical players globally.

Vertically Integrated Operations: JLL has a high degree of vertical integration with the solid dosage formulation business leveraging upon the in-house API unit. The company is also the largest supplier for pyridine and is exploring stabilisation of commercial volumes for Symtet, another pyridine integrated product thus moving further in the pyridine value chain. This level of vertical integration helps the company achieve cost competitiveness and also helps in stabilisation of operation by having a consistent raw material supply.

Well-diversified Market: JLL supplies to a global market. The company derives 25% of its revenue from domestic sales while a substantial 58% is earned by supplying to the regulated markets of US and EU/Japan. Another 9% is derived from sales in the Chinese market while the rest 8% is from supplying to the rest of the world. The company has been growing its presence in Russia, Brazil and South Africa by both licensing out and developing own distribution networks.

Adequate Liquidity; High Financial Leverage: An aggressive inorganic growth strategy coupled with volatile profitability resulted in high financial leverage in the past. For FY14, JLL had interest coverage (operating EBITDA/gross interest expense) of 3.10x (FY13: 4.30x) and financial leverage (net debt/operating EBITDA) of 3.91x (FY13: 3.80x). The company however has comfortable liquidity with cash balance of INR4,603m at FYE14. Also, its average fund-based working capital use is around 84%.

Revenue Growth, Volatile Margins: JLL’s consolidated revenue grew 12.4% yoy in FY14, driven by 23% yoy growth in the life sciences ingredients business. There was muted growth in the pharmaceutical segment due to delays in approvals and warning letters at the Montreal and Spokane CMO facilities. The company remains exposed to raw material commodity cycles and finished product price fluctuations leading to volatile EBITDA margin.

Lower-than-expected Half-yearly Overall Performance due to CMO Business: For 1HFY15, JLL reported revenue of INR28.44bn (1.7% yoy). The EBIDTA margin remained low at 9% primarily due to the impact of warning letter on the contract manufacturing (CMO) business at Spokane. The issues mentioned in the warning letter to the Montreal facility have already been resolved and lifted. The company took a voluntary shutdown at the Spokane facility in 1QFY15 for update and to implement corrective measures, which has also impacted the EBIDTA. However, Ind-Ra believes resumption of operations at the facility and no loss of business contracts shall have a stabilising impact on the revenue and EBIDTA margins in 2HFY15.

Business Reorganisation: The company has undergone a business reorganisation whereby the entire pharmaceutical business has been consolidated under JLL’s 100% subsidiary, Jubilant Pharma Limited (JPL), Singapore. JPL has tied-up funding of USD200m from International Finance Corporation for the business reorganisation transaction. Of this USD147.5m has been disbursed to JPL and transferred to Jubilant Generics Limited, a 100% subsidiary of JPL for the Indian pharmaceutical business, by a mix of equity and compulsorily convertible debt. This integration of higher margin pharmaceutical business provides JLL with the opportunity to unlock a higher multiple at an opportune moment.

Foreign Exchange, Exceptional Losses: JLL incurred forex losses in both FY14 and FY13 due to the foreign currency denominated debt being restated at appreciated US dollar levels on the consolidated balance sheet. However, Ind-Ra believes that JLL will have a more stable foreign currency profile with the realignment of foreign currency debt profiles with the foreign exchange earning entities and stable fundamentals for Indian economy.

RATING SENSTIVITIES

Negative: A negative rating action could result from debt-led acquisitions/capex leading to the financial leverage being sustained above 4.5x.

Positive: A positive rating action could result from a significant improvement in the consolidated profitability leading to the financial leverage being sustained below 2.5x.

COMPANY PROFILE

JLL is an integrated pharmaceutical and life sciences company. It is India’s largest custom research and manufacturing services player and a leading drug discovery and development solution provider. The company has its presence in India, North America, Europe and China. In FY14, the company reported consolidated revenue of INR58.03bn, up 12.4% yoy and an EBITDA of INR10.08bn resulting in an EBITDA margin of 17.4%.

JLL’s ratings are as follows:

· Long-Term Issuer Rating: affirmed at ‘IND A+’; Outlook Stable

· INR4,550m  long-term bank loan (reduced from INR10,700m): affirmed at ‘IND A+’

· INR7,000m fund-based working capital limits: affirmed at ‘IND A+’/‘IND A1+’

· INR10,750m non-fund based working capital limits: affirmed at ‘IND A1+’

· INR3,000m short-term debt/commercial paper programme (carved out of fund-based working capital limits): ‘IND

· A1+’ rating withdrawn, as the instrument has been paid in full

· Proposed INR4,000m non-convertible debenture programme: assigned Long-Term ‘IND A+(exp)’

NEW DELHI:

Jubilant Life Sciences has completed tender offer to acquire all outstanding shares of Cadista HoldingsInc, thereby making the US-based firm as its wholly-owned subsidiary. Jubilant Generics Inc, a subsidiary of the company has successfully completed its previously announced tender offer for all of the outstanding shares of Cadista Holdings Inc, Jubilant Life Sciences said in a statement.

"Accordingly, Cadista Holdings has now become a wholly-owned subsidiary of Jubilant Life Sciences Limited," it added.

As of the expiration of the tender offer, a total of 17,018,378 shares were validly tendered and not withdrawn in the offer, representing around 82 per cent of Cadista Holdings' currently outstanding shares not already owned by Jubilant Generics and its affiliates, it said.

Jubilant Generics has accepted for payment of all validly tendered shares, it added.

"As a result of the merger, all shares of Cadista Holdings held by the remaining minority stockholders of Cadista Holdings have been cancelled and, subject to appraisal rights under Delaware Law, converted into the right to receive a $1.60 per share in cash," it said.

Jubilant Generics Inc had commenced the open offer to acquire all outstanding shares of the US-based Cadista Holdings Inc in November 2014.

Jubilant shares were trading 1.61 per cent up at Rs 126 apiece during afternoon session on the BSE

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 oher 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. 61.68
UK Pound	1	Rs. 93.53
Euro	1	Rs. 70.75

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	JYTK

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.