Dear Members,
 
 The Directors have pleasure in presenting the Thirty Third Annual
 Report and Audited Accounts for the year ended March 31, 2011.
 
 Financial Results
 
                                          Year ended    Year ended
                                       March 31, 2011  March 31, 2010
                                       [Rs./Million]     [Rs./Million]
 
 Sales and Other Income                  22,883           25,537
 
 Net Sales                               22,009           24,561
 
 EBITDA                                   4,507            6,469
 
 Interest                                   463              997
 
 PBDT                                     4,044            5,472
 
 Depreciation                               999              651
 
 Exceptional items                           46              228
 
 PBT                                      2,999            4,593
 
 Provision for Taxation                     203              962
 
 PAT                                      2,796            3,631
 
 Profit brought forward                    8,819            7,558
 from previous year
 
 Adjustment on                            1,017              -
 implementation
 of Scheme of
 Amalgamation &
 Demerger
 
 PROFIT AVAILABLE                        10,598           11,189
 FOR APPROPRIATION
 Which the Directors
 have appropriated as
 follows:
 
 –   Proposed Dividend                      318             317
 on Equity shares
 
 –   Tax on Dividend on                      52              53
 Equity Shares
 
 –   Transfer to General                  1,000           2,000
 Reserve
 
 Balance to be carried                    9,228            8819
 forward
 
 Operations
 
 The above financial results for year ended March 31, 2011 are for the
 businesses remaining with the Company, after giving effect to the
 Scheme of Amalgamation & Demerger and accordingly, are not strictly
 comparable with the previous corresponding period. For better
 comparison and understanding, financial highlights for current year
 compared to adjusted previous year figures (after giving effect to the
 Scheme of Amalgamation & Demerger) are discussed below:
 
 Standalone Financials
 
 Revenues
 
 In FY2011, Revenues for the Company were at Rs. 22,009 million, which
 grew by 8% over last year same period.
 
 International Revenues
 
 International business contributed 52% to the Net Sales at Rs. 11,522
 million.
 
 EBITDA
 
 For the year ending March 31, 2011, EBITDA stood at Rs. 4,507 million
 with EBITDA margins at 20.5%.
 
 Profit Before Tax, Net Profit and EPS
 
 Profit Before Tax in FY2011 stood at Rs. 2,999 million. The Company
 registered Net Profit of Rs. 2,796 million with Basic EPS at Rs. 17.56 for
 the financial year 2011.
 
 Consolidated Financials
 
 Revenues
 
 In FY2011, Net Sales were at Rs. 34,334 million, which grew by 1% over
 last year same period (excluding the one-time revenues from H1N1
 opportunity, the Company recorded growth of 7% in the year).
 
 International Revenues
 
 International business contributed 69% to the Net Sales at Rs. 23,691
 million. Sales from regulated markets at Rs. 17,995 million was 52% of
 the Net Sales.
 
 Life Sciences Products
 
 Revenue from Life Sciences Products at Rs. 26,849 million contributed 78%
 to the total revenue of the Company and grew 9% in the year with good
 volume growth of over 15% across Products. Life Sciences Ingredients
 share in revenue was up at 65% and Generics contributed 13% to the top
 line. This growth is mainly driven by 19% growth in API and 18% growth
 in Generics.
 
 Life Sciences Services
 
 Services Revenue stood at Rs. 7,485 million compared to Rs. 9,190 million
 last year. Excluding the onetime revenue from H1N1 opportunity of Rs.
 1,580 million in FY10, the CMO Services business recorded a growth of
 5% during the year.  However, Clinical Research business witnessed
 slowdown impacting the overall Services growth.
 
 EBITDA
 
 For the year ended March 31, 2011, EBITDA stood at Rs. 5,672 million with
 EBITDA margins at 16.5%. EBITDA margins in Products business were at a
 high of 22.4% and 4.6% in Services business.
 
 Profit Before Tax, Net Profit and EPS
 
 Profit Before Tax in FY2011 stood at Rs. 2,406 million. The Company
 registered Net Profit of Rs. 2,297 million with Basic EPS at Rs. 14.42 for
 the financial year 2011.
 
 Dividend
 
 Your Directors recommend a dividend of 200% i.e. Rs. 2 per fully paid up
 equity share of Rs. 1 for the year ended March 31, 2011. This will absorb
 Rs. 370 million (inclusive of tax) based on existing capital.
 
 Appropriations
 
 It is proposed to transfer Rs. 1,000 million to General Reserve and
 retain the balance in Profit and Loss Account.
 
 Capital Structure
 
 (A) Foreign Currency Convertible Bonds (FCCBs)
 
 Your Company, during 2005-06 and 2006-07, issued Foreign Currency
 Convertible Bonds (FCCBs) of USD 75 million (FCCB 2010) and USD 200
 million (FCCB 2011), respectively. During the year, the outstanding
 balance of FCCB 2010 was completely redeemed.
 
 Whilst the FCCBs are listed on Singapore Stock Exchange, the Global
 Depository Shares (GDSs) arising out of conversion of FCCBs are listed
 on Euro MTF Market of the Luxembourg Stock Exchange.
 
 The balance of FCCB 2011 amounting to USD 142.10 million outstanding as
 of date, would be redeemed on May 20, 2011.
 
 (B) Employees Stock Options (ESOPs)
 
 During the year, no Stock Options were granted under the Jubilant
 Employees Stock Option Plan 2005.
 
 As on 31st March, 2011, 1,82,013 Stock Options were outstanding. Each
 option entitles the holder to acquire fve equity shares of Rs. 1 each at
 the exercise price fixed at the time of grant being market value as per
 SEBI Guidelines.  A maximum of 9,10,065 shares will be allotted by the
 Company / transferred from Jubilant Employees Welfare Trust upon
 exercise of these Options.
 
 The details as required under Regulation 12 of Securities and Exchange
 Board of India (Employee Stock Option Scheme and Employee Stock
 Purchase Scheme) Guidelines, 1999 are given in Annexure A and form part
 of this Report.
 
 (C) Paid-up Capital
 
 The paid-up Capital as at March 31, 2011 stands at Rs. 159,281,139
 comprising of 159,281,139 equity shares of Rs. 1 each.
 
 No dilution on account of conversion of FCCBs is envisaged as
 conversion right ceases on May 10, 2011.
 
 Further, no dilution under ESOPs is expected, as Jubilant Employees
 Welfare Trust is envisaged to transfer the shares held by it to
 employees on exercise.
 
 Scheme of Amalgamation & Demerger
 
 During the year, a Scheme of Amalgamation & Demerger (Scheme), was
 sanctioned by the Hon''ble High Court of Judicature at Allahabad vide
 its orders dated October 28, 2010 and November 08, 2010. The Scheme
 became effective with effect from November 15, 2010 (the effective
 date) and Speciality Molecules Limited (SML) – a wholly owned
 subsidiary of the Company and Pace Marketing Specialities Limited
 (PMSL) were amalgamated into the Company and the Company''s Agri
 Products, Performance Polymer and IMFL divisions were demerged into
 Jubilant Industries Limited (JIL) - a subsidiary of the Company.
 
 The amalgamations were effective from the amalgamation appointed date
 viz., close of business on March 31, 2010 and the demerger was
 effective from the demerger appointed date viz., commencement of
 business on April 1, 2010.
 
 Name Change
 
 During the year, the name of the Company was changed to ''Jubilant Life
 Sciences Limited'' to refect the evolved character of the Company as an
 integrated Pharmaceutical and Life Sciences Company.
 
 Subsidiaries
 
 Brief particulars of principal subsidiaries are given below:
 
 Jubilant HollisterStier LLC (formerly Hollister-Stier Laboratories LLC)
 - This Spokane State of Washington, USA based company, is a wholly
 owned subsidiary of HSL Holdings Inc. It is a recognized contract
 manufacturer of sterile injectable vials, syringes and lyophilized
 products and provides a complete range of services to support the
 pharmaceutical and biopharmaceutical industries. Additionally, it is a
 manufacturer of allergenic extracts, targeted primarily at treating
 allergies and asthma.
 
 Its contract manufacturing capabilities include aseptic liquid fll /
 fnishing and lyophilization in three distinct cGMP areas designated as
 Small Volume Parenteral (SVP), Small Lot Manufacturing (SLM) and
 Clinical Trial Manufacturing (CTM).  Its capabilities can be applied to
 a variety of projects from pre-clinical through commercial scale across
 a multitude of dosage forms including: microspheres, suspensions, WFI/
 diluents, biologics (proteins), lyophilized products, liposomes and BD
 Hypak syringes. Jubilant HollisterStier maintains an outstanding
 regulatory record with the FDA (CBER and CDER), EMA and Japan''s and
 Brazil''s regulatory agencies. Jubilant HollisterStier''s contract
 manufacturing business serves 38 customers, some of which involve
 multiple products, ranging from small biotechnology to large
 pharmaceutical companies.
 
 Jubilant DraxImage Inc. (formerly Draxis Specialty Pharmaceuticals
 Inc.) – This company is a wholly owned subsidiary of your Company
 through Jubilant Pharma Pte. Limited. It deals in radiopharmaceuticals.
 Radiopharmaceuticals is a niche, high entry barrier business.
 DraxImage markets radioactive products with radioactive isotope already
 incorporated, and non-radioactive products, which are solid in
 lyophilized form. Radiopharmaceuticals are used for both therapeutic
 and diagnostic molecular imaging applications to customers comprising
 hospitals, imaging centres and cardiology / oncology clinics.
 
 This company operates a US FDA approved manufacturing facility in
 Montreal at Canada. It is recognised globally for its quality and
 execution capabilities, strong regulatory track record and has an
 established customer base comprising large innovator and specialty
 pharmaceutical companies.
 
 Jubilant Biosys Limited – This company is a subsidiary of your Company
 through Jubilant Biosys (Singapore) Pte. Ltd., wholly owned subsidiary
 of your Company, which holds 66.98% of the equity of this company.
 
 This company provides Drug Discovery Services to Global Pharmaceutical
 and Biotech companies in:
 
 – Stand alone Service Model
 
 - Functional services in area of Discovery Informatics, Structural
 Biology and In Vivo & Invitro Biology on FTE or Fee based model.
 
 – Collaborative / Partnership Model
 
 - Integrated discovery program across a single or a portfolio of
 molecules
 
 - Risk / Reward sharing option
 
 – Research Funding
 
 – Payments for scientifc milestones including bonus achieved through
 Discovery and Development phase
 
 – Royalties on successful commercialization of drug.
 
 During 2010-11, this company has been able to consolidate its position
 in the Drug Discovery Services by providing services in integrated drug
 discovery programmes, functional service in structural biology, High
 thru put screening, Insilco modeling and IN Vivo Biology and Invitro
 Biology.
 
 During the year, it signed integrated programs deal with another major
 Pharma Abbott Lab and Biotech Company Vega Therapeutics Inc.
 
 Jubilant Discovery Services Inc. - This Delaware based USA corporation,
 is a wholly owned subsidiary of Jubilant Biosys Limited. This company
 provides sales, marketing and liaising services to Jubilant Biosys
 Limited for its US based customers.
 
 Jubilant Chemsys Limited – This company is a subsidiary of your Company
 through Jubilant Drug Development Pte. Ltd., wholly owned subsidiary of
 your Company, which holds entire equity of this company. This company
 offers following services to drug discovery companies based out of US,
 Europe and Japan on Full Time Equivalent and molecule basis:
 
 - Discovery Chemistry Functions
 
 - Hit to Lead and Lead Optimization
 
 - Medicinal Chemistry Services
 
 - Scaling up from mg to kg in kilo lab and pilot plant
 
 It also works closely with Jubilant Biosys Limited in collaborative
 drug discovery research services arena.
 
 Jubilant Clinsys Limited (formerly Clinsys Clinical Research Limited) –
 This company is a subsidiary of your Company through Jubilant Drug
 Development Pte. Ltd., wholly owned subsidiary of your Company, which
 holds entire equity of this company.
 
 This company offers following services to pharmaceutical, biotechnology
 and medical device companies:
 
 - Bio-analytical, Bio equivalence & Pharmacokinetics studies with 52
 bed facility at Noida
 
 - Clinical Trials from Phase I-IV
 
 - Clinical Data Management studies
 
 - Clinical Trial Staffng solutions
 
 During 2010-11, this company has been able to sign major Clinical data
 management (CDM) contracts with Novartis and Lotus Labs (P) Ltd as part
 of its endeavor to enhance CDM business.
 
 Jubilant Clinsys Inc. (formerly Clinsys Clinical Research Inc.) – This
 New Jersey based USA corporation, is a wholly owned subsidiary of
 Jubilant Life Sciences Holdings Inc.  and is a therapeutically focused
 full service clinical research organization.
 
 This company has expertise in a wide range of highly specialized
 therapeutic areas including oncology, cardiovascular, central nervous
 system, respiratory, dermatology and allergy/ immunology. It offers
 broad range of clinical research services to pharmaceutical,
 biotechnology and medical device companies in support of Phase II-IV
 drug and device development including project management, clinical
 monitoring, scientifc and medical support, patient and investigator
 recruitment, site management, biostatistics, data management, drug
 safety, quality assurance, regulatory affairs and medical writing. This
 company has operations in Bedminster, New Jersey, Raleigh, North
 Carolina, Ottawa, Ontario and Dusseldorf.
 
 Jubilant Innovation (India) Limited – This company is a wholly owned
 subsidiary of your Company through Jubilant Innovation (BVI) Limited.
 This company provides services in the areas of:
 
 - Drug Development Scientifc Services
 
 - Project Management services and
 
 - Related and ancillary activities for the development of molecules
 owned/ co-owned by Jubilant Innovation (BVI) Limited.
 
 The company fosters the development of molecules owned/ co- owned by
 Jubilant Innovation (BVI) Limited, in terms of fnding right CRO''s in
 India to get maximum cost arbitrage based on their capabilities,
 overseeing, analysis and monitoring of information on clinical /
 toxicology studies being conducted in India on Jubilant Innovation
 (BVI) Limited''s molecules.
 
 Jubilant Innovation Pte. Limited – This Singapore Company is a wholly
 owned subsidiary of Jubilant Innovation (BVI) Limited. The company is
 an investment company and owns 50% share holding in Vanthys
 Pharmaceutical Development (P) Limited, a 50:50 Drug development Joint
 Venture with Lilly.  It has also signed a Joint Venture agreement with
 University of Alabama, US and Southern Research Institute, US in the
 feld of Drug Discovery.
 
 Jubilant Innovation (BVI) Limited – This British Virgin Island based
 company is a wholly owned subsidiary of Jubilant Pharma Pte. Limited.
 This Company co-develops /in licenses the prescription pharmaceuticals
 in late discovery or preclinical phases, and develops these molecules
 through a phase II Proof of Concept (POC) trial.
 
 The company develops these molecules on and at risk basis with either a
 predetermined return structure or an equity interest and sells these
 molecules after Phase II POC study for development completion. The
 selling /out licensing will have upside in terms of upfront payment,
 various milestone payments including sales milestones and/or sales
 royalties.
 
 Jubilant Innovation (USA) Inc. – This Delaware based USA corporation,
 is a wholly owned subsidiary of your Company through Jubilant
 Innovation (BVI) Limited. This company provides services in the areas
 of:
 
 - Drug Development Scientifc Services
 
 - Project Management services and
 
 - Related and ancillary activities for the development of molecules
 owned/ co-owned by Jubilant Innovation (BVI) Limited.
 
 The company fosters the development of molecules owned/ co- owned by
 Jubilant Innovation (BVI) Limited, in terms of fnding right CRO''s in US
 and Europe based on their capabilities, overseeing, analyses and
 monitoring of information on clinical / toxicology studies being
 conducted outside India on Jubilant Innovation (BVI) Limited''s
 molecules.
 
 Jubilant Infrastructure Limited – This wholly owned subsidiary of your
 Company has set up Sector Specifc Special Economic Zone (SEZ) for
 Chemicals and Pharmaceuticals in Gujarat. About 107 hectares land has
 been taken on lease from GIDC in Bharuch District, Gujarat. The
 Government of India notifed the SEZ in February 2008. In September
 2008, the Central Government constituted the Approval Committee for
 this SEZ.
 
 During frst Approval Committee meeting for this SEZ in November 2008,
 SEZ unit of this company was considered for approval and accordingly, a
 Letter of Approval has been issued for setting up Unit in the SEZ.
 
 This SEZ has received all the required permissions, approvals,
 eligibility certifcates & licenses under SEZ Act and Rules & other
 relevant Laws. It has received Environment Clearance from Ministry of
 Environment & Forest, Government of India and accordingly, Consent to
 Establish has also been received from Gujarat Pollution Control Board
 under the applicable Water and Air Acts.
 
 Jubilant First Trust Healthcare Limited - This company is in the
 business of healthcare and is involved in setting up an integrated
 hub-and-spoke network with a total of about 1,000 beds in West Bengal.
 The effort is led by a team of professional doctors and healthcare
 planners in West Bengal. In 2009, the company commissioned a 120-bed
 super-specialty hospital.  The company is having a total capacity of
 170 beds across two hospitals in West Bengal. Your Company holds 93.24%
 of equity capital of this company. This company holds 99.77% capital of
 Asia Healthcare Development Limited.
 
 Asia Healthcare Development Limited - This company is a subsidiary of
 your Company through Jubilant First Trust Healthcare Limited, which
 holds 99.77% of its total capital. This company runs a hospital in
 Behrampur, 200 kms away from Kolkata, on a Public-Private-Partnership
 with Government of West Bengal.
 
 Jubilant Cadista Pharmaceuticals Inc. (formerly Cadista Pharmaceuticals
 Inc.) – This Delaware based USA corporation, is a wholly owned
 subsidiary of Cadista Holdings Inc. This Company is in the business of
 manufacturing generic pharmaceuticals, solid dosage forms and has a US
 FDA approved manufacturing facility in USA. Its customer base includes
 all the large wholesalers, retail and grocery chains.  Besides
 manufacturing its own label products, it also provides Product
 development and Contract manufacturing services.
 
 Jubilant Life Sciences (USA) Inc. [formerly Jubilant Organosys (USA)
 Inc.] – This Delaware based USA corporation, is a wholly owned
 subsidiary of your Company.  It undertakes sales and distribution of
 advance intermediates, fne chemicals and APIs in USA.
 
 Jubilant Life Sciences (Shanghai) Limited (formerly Jubilant Organosys
 (Shanghai) Limited) – This wholly owned subsidiary of your Company is
 held through Jubilant Pharma Pte. Limited. It undertakes sales and
 distribution of products in China. It is into trading of advance
 intermediates
 
 - Pyridine & its derivatives, vitamins and fne chemicals. It is
 catering to pharmaceutical, animal feed and agrochemical industries in
 China. This subsidiary is also a major sourcing hub of raw materials
 for your company.
 
 Jubilant Pharmaceuticals NV - This is a wholly owned subsidiary of your
 Company through Jubilant Pharma NV, Belgium, which holds 99.8% of its
 shares and Jubilant Pharma Pte. Limited, Singapore which holds the
 balance shares, both of which are wholly owned subsidiaries of your
 Company. This company is engaged in the business of licensing of
 generic dosage forms and offers regulatory affairs services to generic
 pharmaceutical companies for the diverse European market.
 
 PSI Supply NV – This is a wholly owned subsidiary of your Company.
 99.5% shares of this company are held by Jubilant Pharma NV and balance
 by Jubilant Pharma Pte. Limited. This company is engaged in the supply
 of generic dosage forms to European markets
 
 Jubilant DraxImage Limited (formerly Draximage India Limited) - This
 company is a wholly owned subsidiary of your Company through Draximage
 Limited, Cyprus. The company has started its operation from January 01,
 2011 by launching radioactive isotopes. The product which it is
 presently selling is Tc-99m Generator which is used in the diagnosis of
 Bone scans, cerebral perfusion imaging, Myocardial Perfusion Imaging.
 The other products it is selling are Thallium-201 and Lodine-131
 capsules and solution, which are used for Myocardial Perfusion Imaging
 and for the diagnosis and treatment of Thyroid and its related
 diseases. This company plans to introduce, from April 2011, Lyophilized
 kits which are Sestamibi, MDP, MAA and DTPA and RUBY-FILL (Rubidium- 82
 Generator-PET isotope).
 
 This company also proposes to set up a centralized Radio pharmacy which
 will further propel its growth and help not only to provide a strategic
 advantage over competitors but also to achieve the leadership status in
 the Nuclear Medicine.
 
 Other subsidiaries as at the year end are as follows:
 
 Cadista Holdings Inc., USA
 
 DAHI Animal Health (UK) Limited, UK
 
 Deprenyl Inc., USA
 
 Draximage (UK) Limited, UK
 
 Draximage Limited, Cyprus
 
 Draximage Limited, Ireland
 
 Draximage LLC, USA
 
 Draxis Pharma Inc., USA
 
 Draxis Pharma LLC, USA
 
 * Generic Pharmaceuticals Holdings Inc., USA HSL Holdings Inc., USA
 
 Jubilant Biosys (BVI) Limited, British Virgin Islands
 
 Jubilant Biosys (Singapore) Pte. Ltd., Singapore
 
 Jubilant DraxImage (USA) Inc. (formerly DSPI Inc.), USA
 
 Jubilant Drug Development Pte. Ltd., Singapore
 
 Jubilant Life Sciences (BVI) Ltd. (formerly Jubilant Organosys (BVI)
 Limited), British Virgin Islands
 
 * Jubilant Life Sciences (Switzerland) AG, Schaffhausen
 
 Jubilant Life Sciences Holdings Inc. (formerly Clinsys Holdings Inc.),
 USA
 
 Jubilant Life Sciences International Pte. Ltd. (formerly Jubilant
 Organosys International Pte. Limited), Singapore
 
 Jubilant Pharma NV, Belgium
 
 Jubilant Pharma Pte. Limited, Singapore
 
 6963196 Canada Inc., Canada
 
 6981364 Canada Inc., Canada
 
 * became subsidiary during the year
 
 During the year Colvant Sciences Inc., DAHI LLC and Cadista
 Pharmaceuticals (UK) Limited ceased to be subsidiaries of the Company.
 
 Pursuant to Scheme of Amalgamation and Demerger, Speciality Molecules
 Limited merged with the Company and certain businesses of the Company
 were hived off to demerged Jubilant Industries Ltd. (formerly Hitech
 Shiksha Limited). Both these companies ceased to be subsidiaries of the
 Company.
 
 Particulars required as per Section 212 of The Companies Act, 1956
 
 In terms of the general exemption granted by the Government of India
 vide its general circular no. 2/2011 dated February 08, 2011, from
 attaching the Directors'' Reports, Balance Sheets, Profit & Loss Accounts
 and other particulars of the subsidiaries, the same have not been
 attached to this Report.
 
 Fixed Deposits
 
 No fresh deposits have been accepted by your Company during the year
 from the public. As on March 31, 2011, your Company had no outstanding
 Fixed Deposits. There were no overdue deposits. There were, however, 25
 unclaimed deposits amounting to Rs. 3.82 lacs.
 
 Auditors
 
 K. N. Gutgutia & Co., Chartered Accountants, [ICAI Registration Number
 - 304153E] Auditors of the Company, retire at the ensuing Annual
 General Meeting and offer themselves for re- appointment. They have
 confrmed that their re-appointment, if made, shall be within the limits
 laid down in Section 224 (1B) of the Companies Act, 1956.
 
 Cost Auditors
 
 J. K. Kabra & Co., Cost Accountants, [Firm Registration Number - 9]
 Cost Auditors of the Company, have confrmed that their re-appointment,
 if made, shall be within the limits laid down in Section 224 (1B) of
 the Companies Act, 1956. During the financial year 2010-11, the Cost
 Audit Reports of Chemical (Sulphuric Acid), Industrial Alcohol & Bulk
 Drugs were fled on September 17, 2010 and of Fertilizer were fled on
 September 21, 2010, against the due date of September 27, 2010.
 
 Directors
 
 Mr. Rahul Yadav, Nominee Director of Citicorp International Finance
 Corporation and HPC (Mauritius) Limited – Equity Investors and Mr.
 Vishal Marwaha, Alternate Director to Mr. Rahul Yadav, ceased to be
 Directors with effect from July 07, 2010.
 
 Effective from November 11, 2010, Mr. Arabinda Ray resigned from the
 Board.
 
 In accordance with the Articles of Association of the Company, Mr. Hari
 S. Bhartia, Mr. Shyamsundar Bang and Dr. Naresh
 
 Trehan retire by rotation at the forthcoming Annual General Meeting
 and, being eligible, offer themselves for re- appointment.
 
 Directors'' Responsibility Statement
 
 In compliance of Section 217 (2AA) of the Companies Act, 1956, the
 Directors of your Company, based on the representation received from
 management, confrm:
 
 - that in the preparation of annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures.
 
 - that the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as on March 31, 2011 and of the Profit or loss of the
 Company for the year ended March 31, 2011.
 
 - that the Directors have taken proper and suffcient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities.
 
 - that the Directors have prepared the annual accounts on a going
 concern basis.
 
 Conservation Of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo
 
 Information relating to Conservation of Energy, Technology Absorption
 and Foreign Exchange Earnings and Outgo, required to be made pursuant
 to Section 217(1)(e) of the Companies Act, 1956, read with Companies
 [Disclosure of Particulars in the Report of Board of Directors] Rules,
 1988, is given in Annexure B and forms part of this Report.
 
 Employees
 
 The particulars of employees, as required under Section 217(2A) of the
 Companies Act 1956, read with the Companies (Particulars of Employees)
 Rules, 1975, are given in Annexure C and form part of this Report.
 
 Corporate Governance
 
 A separate section on Corporate Governance is attached to this Report
 as Annexure D. A certifcate from the auditors of the Company regarding
 compliance of conditions of Corporate Governance as stipulated under
 clause 49 of the Listing Agreements with Stock Exchanges is enclosed as
 Annexure E. A certifcate from the Chairman & Managing Director that all
 Board members and senior management personnel have affrmed compliance
 with the Code of Conduct for the year ended March 31, 2011 is attached
 as Annexure F. CEO/CFO certifcate is enclosed as Annexure G.
 
 Management Discussion & Analysis
 
 Notes on Management Discussion & Analysis of the financial position of
 the Company have been given separately and form part of this Report.
 
 Corporate Sustainability Report
 
 Your Company, being committed to address environmental issues and
 discharge its corporate social responsibility, is publishing for the
 ninth year in a row, Corporate Sustainability Report, duly audited by
 Ernst & Young, and conforming to Global Reporting Initiative (GRI)
 Guidelines. The Report is being sent to all our shareholders.
 
 Risk Management
 
 Today''s business environment remains challenging for the Corporate
 World and risk management retains its high position on every
 organization''s agenda. The Company has several risk factors which could
 potentially impact its business objectives, if not perceived and
 mitigated in a timely manner. With an effective risk management
 framework in place, the Company looks at these risks as challenges and
 opportunities to create value for its stakeholders. With its
 established processes and guidelines in place, combined with a strong
 oversight and monitoring system at the Board and senior management
 levels, the Company has a robust risk management strategy in place.
 
 The senior management team sets the overall tone and risk culture of
 the organization through defned and communicated corporate values,
 clearly assigned risk responsibilities, appropriately delegated
 authority, and a set of processes and guidelines. The Company has laid
 down procedures to inform Board members about the risk assessment and
 risk minimization procedures. The Company promotes strong ethical
 values and high levels of integrity in all our activities, which in
 itself is a significant risk mitigator.
 
 With the growth strategy in place, risk management holds a key to the
 success of its journey of continued competitive sustainability in
 attaining its desired business objective.
 
 A detailed note on Risk Management is given as part of Management
 Discussion & Analysis.
 
 Human Resource Management
 
 As of March 31, 2011, we had 5763 employees including those in our
 Subsidiary companies.
 
 As of March 31, 2011, 661 of our employees at our manufacturing plants
 at Samlaya, Nira, Gajraula and Nanjangud, were members of unions or had
 collective bargaining capability.  We enjoy cordial relations with our
 employees and there have been no instances of major strikes, lockouts
 or other disruptive labour disputes.
 
 We have signed a policy on CII Code of Conduct on Affrmative Action
 that reconfrms our commitment that equal opportunity in employment for
 all sections of society is a component of our growth and
 competitiveness.
 
 We strive toward technology driven HR systems and processes and have
 implemented world renowned PeopleSoft based human resource management
 system ''Synergy HRIS''. Its key features include employee personal and
 Job database, self service features like reimbursements, pay slips,
 leaves, income tax declarations & computations, loans and exit process
 etc.
 
 We believe in an open, fair and transparent culture and stand by our
 promise of Caring, Sharing, Growing and make efforts to make Jubilant
 one of the best places to work for. In this direction, we have been
 conducting the Gallup employee engagement survey to gauge the
 organization''s health.  This allows us to track the proportion of
 engaged to actively disengaged employees and so that mid-course
 corrections or interventions can be implemented thereof.
 
 A detailed note on HR Management is given in the Management Discussion
 & Analysis.
 
 Awards and Accolades
 
 During the year 2010-11, the Company won the following:
 
 - Two Environmental Best Practices Award 2011, by CII- Sohrabji Godrej
 Green Business Centre, under Most Innovative Environmental Project and
 Most Useful Environmental Project for the Co-processing of Hazardous
 waste in Cement Kiln at Nanjangud plant, Mysore, India
 
 - Golden Peacock Innovation Award 2011 for developing Niacin by Vapour
 Phase Catalytic Oxidation of Beta Picoline
 
 - Ernst & Young Entrepreneur of the Year 2010 for Life Sciences &
 Consumer Products to Mr. Shyam S Bhartia, Chairman & Managing Director
 and Mr. Hari S Bhartia, Co-Chairman & Managing Director
 
 - CII – EHS Award 2010 - First Place for Excellence in EH&S systems at
 the Nanjangud Plant, among medium scale industries
 
 - Safety Innovation Award 2010 by The Institution of Engineers (India)
 for implementing Innovative Safety Management Systems at Nanjandgud
 Plant
 
 - National Award for Excellence in Water Management – 2010 by
 CII-Sohrabji Godrej Green Business Centre for Nanjangud plant
 
 - India Manufacturing Excellence Award 2010 - ''Gold Certifcate of
 Merit'' by The Economic Times - Frost & Sullivan for EOU facility at
 Gajraula
 
 - Certification of Commendation for Strong Commitment for Sustainability
 by CII-ITC Sustainability Awards 2010
 
 - Two ABCI Awards 2010 for Communication efforts of Jubilant Life
 Sciences- Gold for e-newsletter and Bronze for CSR Communication
 
 - Jubilant was included in the Forbes Asia ''Best Under a Billion'' Asia
 List – released in Sept 2010
 
 - A  rating from GRI for Corporate Sustainability Report 2010
 (consecutively for the last four years since 2007)
 
 - Golden Peacock Environment Management Award 2010 by World Environment
 Foundation (WEF) for API facility at Nanjangud, Mysore, India
 
 Certifications
 
 Your Company follows several externally developed initiatives in the
 economic, environmental and social areas. Facilities of the Company at
 Gajraula, Nira, Savli, Nanjangud and Ambernath are ISO 9001:2008
 certified for Quality Management System.  These manufacturing facilities
 are also ISO 14001:2004 certified for Environmental Management System.
 For Occupational Health and Safety at work place, these manufacturing
 facilities are also certified to OHSAS 18001:2007. The locations of
 Gajraula, Nira and Savli are certified for Integrated Management System
 (IMS). Facilities at Savli are certified for FAMI- QS Version – 5
 Quality in Feed Safety Management System.  Gajraula Quality Control
 Laboratory has also been certified for chemical testing by NABL
 (National Accreditation Board for Testing and Calibration Laboratories)
 in accordance with the ISO / IEC 17025:2005.
 
 Dosage Forms facility at Roorkee follows Good Manufacturing Practices
 (GMP) as per World Health Organisation (WHO) specifcations in
 manufacturing and testing of pharmaceutical products and hence has been
 granted WHO GMP certifcate by the Drug Licensing and Controlling
 Authority, Uttarakhand.  The facility is also approved by UK-MHRA (UK-
 Medicines and Healthcare Products Regulatory Agency) to export drugs to
 European Market.
 
 Nanjangud plant has got US FDA (United States Food & Drug
 Administration) approval for exporting certain products to US market.
 AFSSAPS (Agence Francaise de Securite Sanitaire des Produits de Sante
 -The French Health Products Safety Agency), GMP approval for certain
 products, PMDA (Pharmaceuticals and Medical Devices Agency, Japan) for
 exporting Risperidone HCl to the Japanese market, KFDA (Korea Food and
 Drug Administration) for exporting Valsartan and Losartan to Korean
 market, COFEPRIS for exporting Pinaverium Bromide to Mexican market.
 Olanzapine, Losartan was audited by United State Pharmacopeia and
 approved for the use of USP logo.
 
 Investor Services
 
 In its endeavor to improve investor services, your Company has taken
 the following initiatives:
 
 - With a view to communicating on a real time basis, your Company has
 been e-mailing to the shareholders, quarterly results, press releases
 and other similar communications soon after they are sent to the stock
 exchanges.
 
 - For effective communication with shareholders, during the year, the
 Company also e-mailed Annual Report, Corporate Sustainability Report
 and Notice of Annual General Meeting to shareholders on their email IDs
 as available, in addition to statutory physical mailing.
 
 - The Investor Section on the website of the Company www.jubl.com is
 more user friendly now.
 
 - A dedicated e-mail ID viz. investors@jubl.com for sending
 communications to the Company Secretary / Compliance Officer has been
 made effective. Members may lodge their complaints or suggestions on
 this e-mail as well.
 
 - The Company has been mailing feedback forms to investors, annually,
 so as to bring about improvement in service level based on responses
 received. The Company has also placed an online Investor Feedback Form
 on its website www.jubl.com under the head Investors. This form can
 be submitted electronically.
 
 Acknowledgments
 
 Your Directors acknowledge with gratitude the co-operation and
 assistance received from the Central and State Government Authorities.
 Your Directors thank the Shareholders, Private Equity Investors,
 Financial Institutions, Banks/other lenders, Customers, Vendors and
 other business associates for their confdence in the Company and its
 management and look forward to their continued support. The Board
 wishes to place on record its appreciation for the dedication and
 commitment of your Company''s employees at all levels, which has
 continued to be our major strength.
 
                                 For and on behalf of the Board
 
 Noida                                         Shyam S. Bhartia
 
 May 10, 2011                      Chairman & Managing Director