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ERIS Lifesciences Ltd.

BSE: 540596 Sector: Health care
NSE: ERIS ISIN Code: INE406M01024
BSE LIVE 15:41 | 15 Dec 784.65 11.95
(1.55%)
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NSE 15:31 | 15 Dec 786.25 17.50
(2.28%)
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774.00

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796.00

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OPEN 777.20
PREVIOUS CLOSE 772.70
VOLUME 5236
52-Week high 830.95
52-Week low 510.50
P/E 47.01
Mkt Cap.(Rs cr) 10,789
Buy Price 784.65
Buy Qty 72.00
Sell Price 0.00
Sell Qty 0.00
OPEN 777.20
CLOSE 772.70
VOLUME 5236
52-Week high 830.95
52-Week low 510.50
P/E 47.01
Mkt Cap.(Rs cr) 10,789
Buy Price 784.65
Buy Qty 72.00
Sell Price 0.00
Sell Qty 0.00

ERIS Lifesciences Ltd. (ERIS) - Director Report

Company director report

Dear Members

The Board of Directors have pleasure in presenting their 1st Annual Report (Post IPO)on the business and operations of the company together with the Audited FinancialStatements (standalone and consolidated) for the year ended March 31 2017.

1. FINANCIAL RESULTS:

During the year under review the performance of your Company was as under:

(Rs. in million)

Particulars Standalone Consolidated
Year ended 31st March 2017 Year ended 31st March 2016 Year ended 31st March 2017 Year ended 31st March 2016
Total Revenue (Gross) 7129.04 6229.34 7494.95 6144.72
Profit/(Loss) before taxation 2654.79 1208.13 2630.24 1212.56
Less : Tax Expenses (237.78) (51.23) (219.92) (87.52)
Profit after tax before share of profit/(loss) of minority interest 2417.01 1156.90 2410.32 1125.04
Share of profit/(loss) attributable to Minority Interest - - (1.79) 12.88
Profit for the year attributable to the shareholders of the company 2417.01 1156.90 2412.11 1112.16
Add : Balance B/F from the previous year 3015.27 2858.28 2954.22 2841.97
Less: Interim dividend (` 6042 per share+ Tax on Interim Dividend (Current year NIL) - (999.91) - (999.91)
Less: Utilised for issuing bonus shares (136.12) - (136.12) -
Less: Share of loss of minority - - (13.99) -
Balance Profit / (Loss) C/F to the next year 5296.16 3015.27 5216.22 2954.22

2. STATE OF AFFAIRS AND FUTURE OUTLOOK:

The gross sales and other incomes for the financial year under review was ` 7129.04million as against ` 6229.34 million in the previous year recording a growth of 14.44%.

The profit before tax was` 2654.79 million for the financial year under review asagainst ` 1208.13 million for the previous financial year registering an increase of119.74%. The profit after tax for the financial year under review was ` 2417.01 million asagainst ` 1156.90 million for the previous financial year registering an increase of108.92%.

During the year under review there has been no change in the nature of the business ofthe Company.

3. DIVIDEND:

The Board does not recommend any dividend for the financial year 2016-17 (during theprevious year an Interim dividend of ` 6042/- per equity share had been paid. No

Final dividend was declared).

4. CAPITAL EXPENDITURES:

As on March 31st 2017 the gross fixed assets (tangible and intangible) stood at `1543.25 million (last year ` 1086.60 million) and the net fixed assets (tangibleand intangible) at ` 900.84 million (last year ` 647.91 million). Capital expenditureduring the year amounted to ` 488.62 million (last year `232.18 million). During the yearunder review capital expenditure on acquisition of brands amounting to ` 378.70 millionwas made which is included in the figures disclosed above.

5. AMOUNT TO BE CARRIED TO RESERVE:

The Company has not transferred any amount to the reserves during the financial year(previous year: Nil ).

6. INDIAN ACCOUNTING STANDARD:

The Indian Accounting Standards (Ind-AS) became applicable to the Company from April 12017.

7. CHANGES IN CAPITAL STRUCTURE:

The Capital Structure of the Company underwent the following changes during thefinancial year under review:

During the financial year 2016-17 the Company's equity Shares of face value ` 10/-(Rupees Ten only) were subdivided into 10 (Ten) equity Shares of face value Re. 1/- (RupeeOne Only) each fully paid-up.

136125000/- (Thirteen Crore Sixty One Lac and Twenty Five Thousand) equity shares ofRe. 1/- each were allotted as Bonus Shares. Authorised capital of the Company stoodincreased from ` 100000000/- (Rupees Ten Crore) to ` 300000000 (`300000000/-) (Rupees Thirty Crore) at the end of the period under review.

8. KEY CHANGES DURING THE YEAR:

Retirement from Partnership: The Company retired from the partnership of M/s SozinFlora Pharma partnership firm (Reg. No. 244/2010) w.e.f. 1st September 2016.

Conversion to Public Limited: The Company has converted itself into a public limitedCompany after obtaining the requisite approvals in this regard.

9. STATUTORY AUDITORS:

At the 10th Annual General Meeting of the Company held on 25th October 2016 M/s.Deloitte Haskins & Sells LLP having Firm's Registration No. 117366W/W-100018 wereappointed as the statutory auditors of the Company to hold office till the conclusion ofthe 15th Annual General Meeting subject to ratification by the members at everyintervening Annual General Meeting of the Company.

10. INTERNAL AUDITORS:

M/s Dharmesh Parikh & Co. (Firm No. 112054W) have been duly appointed as theInternal Auditor for the financial year 2017-2018.

11. COST AUDITORS:

M/s Kiran J Mehta & Co.. Cost Accountants have been duly appointed as the CostAuditors for the financial year 2017- 2018.

12. SECRETARIAL AUDIT REPORT:

M/s. Ravi Kapoor & Associates Practicing Company Secretaries Ahmedabad have beenduly appointed as the Secretarial Auditor of the Company for the financial year 2017-18.The Secretarial Audit Report for the financial year 2016-17 appears at "Annexure1" to this report.

The Secretarial Auditor's report does not contain any qualification or reporting onfraud.

13. BOARDS' COMMENTS ON AUDITORS' REPORT:

The Board has duly reviewed the Statutory Auditors' Report on the Accounts includingthe notes thereto. The Auditors' Report is self-explanatory and does not call for anyfurther explanation / clarification in-terms of section 134(3) of the Companies Act 2013.The Auditors of the Company have not reported any fraud within the meaning of Section143(12) of the Companies Act 2013.

The Board has also duly reviewed the Secretarial audit report wherein no fraud or anyqualifying remark appears.

14. DEPOSITS ACCEPTED/RENEWED DURING THE YEAR COVERED UNDER CHAPTER V (ACCEPTANCE OFDEPOSITS BY COMPANIES) OF THE COMPANIES ACT 2013:

The Company has neither accepted nor renewed any deposits from the public during theyear under review.

15. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR TRIBUNALS ORCOURTS:

There were no material or significant Regulators or Courts during the year under reviewimpacting the going concern status and Company's operations in future.

16. INTERNAL FINANCIAL CONTROL:

The Company has in place adequate internal financial controls in order to ensure thatthe financial statements of the Company depict a true and fair position of the business ofthe Company. The Company continuously monitors and looks for possible gaps in itsprocesses and it devices and adopts improved controls wherever necessary.

17. CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION FOREIGNEXCHANGE EARNINGS AND OUTGO:

The particulars as prescribed under Sub-section (3)(m) of Section 134 of the CompaniesAct 2013 read with the Companies (Accounts) Rules 2014 appear at "Annexure2" to this report:

18. SUBSIDIARY COMPANY /ASSOCIATE/JOINT VENTURE COMPANIES:

The Company held a wholly owned subsidiary namely M/s Eris Therapeutics PrivateLimited at the commencement of the year under review which continues to be so at the endof the year under review. Further the Company acquired 100% of the paid-up equity Capitalof M/s. Aprica Healthcare Private Limited during the year under review therebyconstituting it as a wholly owned subsidiary of the Company. Further during the yearunder review the Company acquired 75.48% of paid–up equity share capital of M/s.Kinedex Healthcare Private Limited. In view of the above investment made by the CompanyM/s. Kinedex Healthcare Private Limited has become a subsidiary of the Company during theyear under review.

The details of subsidiary companies are as under:

Name Nature Country of Incorporation Proportion of Ownership Interest as on March 31 2017
Eris Therapeutics Private Limited Subsidiary India 100.00%
Aprica Healthcare Private Limited Subsidiary India 100.00%
Kinedex Healthcare Private Limited Subsidiary India 75.48%

The Company has formulated a policy for determining material subsidiaries. The Policymay be accessed at http:// eris.co.in/policies.

19. PERFORMANCE AND FINANCIAL POSITION OF THE SUBSIDIARY COMPANIES/JOINT VENTURE/ASSOCIATE COMPANY:

The Board has reviewed the affairs of its subsidiary Companies. Pursuant to Rule 5 ofthe Companies (Accounts) Rules 2014 a statement containing the salient features of thefinancial statements of the Company's subsidiaries/ joint ventures/ associate companies ofthe Company appears in Form AOC – 1 which is enclosed at "Annexure 3" tothis report. Details pertaining to the subsidiaries of the Company are provided in thenotes to the Consolidated Financial Statements.

20. CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements have been prepared pursuant to Section 129(3) ofthe Companies Act 2013 read with Rule 8(1) of the Companies (Accounts) Rules 2014 asalso the Accounting Standards prescribed by the Institute of Chartered Accountants ofIndia (ICAI) in this regard. The Consolidated Financial Statements have been prepared onthe basis of audited financial statements of the Company and its subsidiaries as approvedby their respective Board. The Auditors' Report to the shareholders does not contain anyqualification observation or adverse remark or comment.

21. EXTRACT OF ANNUAL RETURN (MGT-9):

The extract of the Annual Return appears at "Annexure-4" to this Report.

22. CORPORATE SOCIAL RESPONSIBILITY (CSR):

In compliance with the requirements of Section 135 of the Act read with the Companies(Corporate Social Responsibility Policy) Rules 2014 the Board of Directors haveconstituted a Corporate Social Responsibility (CSR) Committee.

The details of the CSR Committee Meetings and the attendance of the Members at themeetings along with other details appears in the Report on Corporate Governance whichforms part of this Annual Report.

The annual report on CSR in the prescribed form appears at "Annexure 5" tothis Report. The contents of the CSR Policy of the Company as approved by the Board on therecommendation of the CSR Committee are available on the website of the Company at thelink: http://eris.co.in/policies.

23. MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report highlighting the important aspects ofthe business of the Company appear separately at "Annexure 6" to this Report.

24. CORPORATE GOVERNANCE:

Your Company strongly believes in adherence with good and ethical governance practicesto enable the management to direct and control the affairs of the Company in an efficientand effective manner. It believes in imbibing good governance practices to ensure themaximization of value and goodwill for all the stakeholders of the Company. With thatbelief though not applicable before listing the Company voluntarily complied with therequirements of Regulation 17 and 27 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 ("SEBI Listing Regulations") as applicable tothe listed Companies and has been complying with the aforesaid requirements of CorporateGovernance post listing. A separate report on Corporate Governance and the PracticingCompany Secretary's Certificate appear at "Annexure 7" to this report.

25. DIRECTORS & KEY MANAGERIAL PERSONNELS:

The composition of the Board of Directors underwent the changes set-out below:

During the year under review

(i) Mr. Amit Indubhushan Bakshi was re-appointed as the Managing Director of theCompany for a period of 5 years (April 1st 2016 to March 31st 2021).

(ii) Independent Directors were appointed in the extra ordinary general meeting held on3rd February 2017 namely:

1. Mrs. Vijaya Sampath

2. Mr. Rajiv Gulati

3. Mr. Shardul Suresh Shroff

4. Mr. Kirit Nanubhai Shelat

(iii) Mr. Inderjeet Singh Negi and Mr. Himanshu Jayantbhai Shah were appointed asWhole-time Directors at the extra ordinary general meeting held on 3rd February 2017.

(iv) Mr. Kaushal Kamlesh Shah and Mr. Rajendra Rambhai Patel resigned from theDirectorship of the Company w.e.f. 5th January 2017 due to their other preoccupationspertaining to the business of the Company.

Subsequent changes in composition till the date of this Report:

(v) Mr. Sanjiv Dwarkanath Kaul resigned from the Directorship of the Company w.e.f 26thMay 2017.

(vi) Mr. Himanshu Jayantbhai Shah Whole-time Director of the Company retires byrotation and being eligible offers himself for reappointment at the ensuing Annual GeneralMeeting.

During the year under review Mr. Milind Talegaonkar has been designated as the CompanySecretary of the Company w.e.f. 21st September 2016.

During the year under review Mr. Sachin Shah has been designated as the Chief FinancialOfficer of the Company w.e.f. 28th September 2016.

26. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS AND THE COMMITTEES THEREOF:

During the year under review the Board of Directors of the Company duly met 11 (Eleven)times respectively. The applicable details of these Board and Committee meetings includingthe attendance of the Directors at those meetings appear in the Report on CorporateGovernance which separately appears in this Annual Report.

27. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OFTHE FINANCIAL YEAR AND THE DATE OF THE REPORT:

No Material changes and commitments occurred between the end of the financial yearunder review and the date of this report which could affect the financial position of theCompany.

The Company in its Board Meeting held on 6th June 2017 approved the Red HerringProspectus for the Initial Public Offering and filed the same with the office ofCompanies Gujarat on 6th June 2017 and with the Securities and Exchange Board of India(SEBI) on 7th June 2017.

Further the Company in its Board Meeting held on 21st June 2017 approved theProspectus for the Initial Public Offering and filed the same with the office of Registrarof Companies Gujarat on 21st June 2017.

LISTING OF SHARES

The equity shares of the Company have been listed on the BSE Limited and National StockExchange of India Limited w.e.f. 29th June 2017 and consequently the Company has become alisted entity.

28. AUDIT COMMITTEE:

During the year under review the Board of Directors in their meeting held on04.02.2017 constituted an Audit Committee. The details of its meetings the attendance ofthe members thereat and the other applicable details appear in the Report on CorporateGovernance which separately appears in this Annual Report.

29. NOMINATION AND REMUNERATION COMMITTEE:

During the year under review the Board of Directors in their meeting held on04.02.2017 constituted a Nomination and Remuneration Committee of the Company. Thedetails of its meetings the attendance of the members thereat and the other applicabledetails appear in the Report on Corporate Governance which separately appears in thisAnnual Report.

30. STAKEHOLDERS RELATIONSHIP COMMITTEE:

During the year under review the Board of Directors in their meeting held on04.02.2017 constituted a Stakeholders Relationship Committee. The details of itsmeetings the attendance of the members thereat and the other applicable details appear inthe Report on Corporate Governance which separately appears in this Annual Report.

31. IPO COMMITTEE:

An IPO Committee of the Board had been constituted during the year under review. Thedetails of its meetings the attendance of the members thereat and the other applicabledetails appear in the Report on Corporate Governance which separately appears in thisAnnual Report. The Committee has been duly dissolved after completion of the IPO.

32. EMPLOYEES' STOCK OPTION SCHEME:

‘Eris Lifesciences Employee Stock Option Plan 2017' ("ESOP 2017"/"Plan") was approved by the shareholders of the Company in the Extra OrdinaryGeneral Meeting held on 03.02.2017 to create offer and grant from time to time Registrarof up to 391599 Employee Stock Options in one or more tranches to the permanentemployees existing and future including the Directors (but excluding the IndependentDirectors) of the Company exercisable into not more than 391599 fully paid-up equityShares of the Company in the aggregate and having face value of Re. 1 each. The details asrequired to be disclosed under the SEBI (Share Based Employee Benefits) Regulations 2014(SEBI SBEB 2014) are put on the Company's website: http://eris.co.in/ which is adoptedherein by reference. The Plan is in compliance with the SEBI SBEB 2014. There are nomaterial changes in the Plan.

33. CONTRACTS WITH RELATED PARTIES:

Related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of business. The information ontransactions with related parties compiled in Form AOC-2 appears at "Annexure8" to this report.

34. PARTICULARS OF LOANS GIVEN GUARANTEES GIVEN INVESTMENTS MADE OR SECURITY PROVIDEDBY THE COMPANY:

Details of loans guarantees and investments covered under section 186 of the CompaniesAct 2013 appear in the notes to the financial statements.

35. PROTECTION OF WOMEN AT WORKPLACE:

The Company has in place a Prevention of Sexual Harassment policy on preventionprohibition and redressal of sexual harassment at workplace in line with the requirementsof the Sexual Harassment of Women at the Workplace Prevention Prohibition and Redressal)Act 2013. An Internal Complaints Committee is in place to redress complaints receivedregarding sexual harassment. All employees (permanent contractual temporary trainees)are covered under this policy. Frequent communication of this policy is done inassimilation programmes and at regular intervals with the employees.

During the year 2016-2017 no complaints were received by the Company related to sexualharassment.

36. RISK MANAGEMENT PLAN:

The Board of Directors of the Company has duly formulated and implemented a riskmanagement policy and plan for enabling the company to identify elements of risks ascontemplated by the provisions of Section 134(3)(n).

37. DISCLOSURE ON ESTABLISHMENT OF VIGIL MECHANISM:

As per the provisions of Section 177(9) of the Companies Act 2013 (‘Act') theCompany is required to establish an effective Vigil Mechanism for Directors and employeesto report genuine concerns.

In the light of the above Vigil Mechanism Policy (Whistleblower Policy) of the Companywas adopted in the meeting of Board of Directors dated February 6th 2017.

The Vigil mechanism policy seeks to help persons who have major concerns over anywrongdoing within the Company to report unlawful activities accounting irregularitiesetc. The objective of the Policy is to maintain a redressal system which can process allsuch complaints /concerns and resolve the issues. Further it provides for adequatesafeguards against victimization of employees and Directors who wish to use the vigilmechanism to bring any wrong deed to the notice of the Company.

38. DIRECTORS' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirm that:

a) In the preparation of the Annual Accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures if any;

b) They have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of Financial year and of the profit ofthe Company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d) The Directors have prepared the Annual accounts on a going concern basis;

e) The Directors have laid down an adequate system of internal financial controls to befollowed by the Company and such internal financial controls are adequate and operatingefficiently; and

f) The Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and were operating effectively.

39. DISCLOSURE OF REMUNERATION:

During the year under review Rule 5 of Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 was not applicable to the Company.

40. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:

The provisions of Section 178 (1) became applicable to the Company after its conversioninto a public Company. The Board of Directors have adopted the requisite policy whichappears at "Annexure-9" to this report.

The parameters approved by the Board for the evaluation of the performance ofNon-Executive Directors are:

a) Attendance at meetings of the Board and Committees thereof

b) Extent of participation through discussions in the Board meetings or Committeethereof

c) Contribution to strategic decision making

d) Inputs received while making risk assessments and suggestions on risk mitigation

e) Inputs received during the review of financial statements business performance.

f) Overall contribution to the enhancement of brand image of the Company.

The parameters approved by the Board for the evaluation of the performance of ManagingDirector and the Whole-time Director(s) are:

a) appropriate benchmarks set as per industry standards

b) the performance of the role occupant.

The requirements of Section 134(3)(p) were not applicable to the company during thereporting financial year.

41. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS:

The Company has complied with the applicable Secretarial Standards issued by theInstitute of Company Secretaries of India on Board Meetings and Annual General Meetings.

42. DECLARATION OF INDEPENDENCE:

The Company has received necessary declarations from each of the Independent Directorsto the effect that they respectively meet the criteria of independence as stipulated underSection 149 of the Companies Act 2013.

43. ACKNOWLEDGEMENT

The Board of Directors would like to express their sincere appreciation for theassistance and co-operation received from all the stakeholders during the year underreview. The Boards of Directors also wish to place on record its deep sense ofappreciation for the committed services by the Company's executives staff and workers.

For and on behalf of the Board of Directors

Amit Bakshi

(DIN: 01250925)

Chairman and Managing Director

Ahmedabad

17th August 2017

Annexure - 2

PARTICULARS OF ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGSAND OUTGO REQUIRED UNDER THE COMPANIES (ACCOUNTS) RULES 2014

A. Conservation of energy:

Steps taken for conservtation of energy:

Power consumption monitoring is regularly done at the manufacturing facilityresulting in optimum energy consumption and conservation.

Use of LED lights to save electricity is being adopted.

Regulation in usage of office lighting.

Regular monitoring of high energy consumption areas and taking appropriate measuresas and when required.

The steps taken by the company for utilising alternate sources of energy:

The Company is evaluating all possibilities of utilizing alternate sources of energy inits operation wherever possible.

The capital investment on energy conservation equipment:

During the year the company made no capital investment on energy conservationequipment.

B. Technology absorption:

Company regularly monitors the technical advancements which can help in reducing costand make the existing processes more eco-friendly and result in minimization ofenvironmental hazards.

The benefits derived from these efforts would be product improvement cost reductionand sustainable development.

No technology was imported by the Company during the year under review.

Expenditure on research and development by the Company was NIL

C. Foreign Exchange Earnings and Outgo details are as follows:

( ` In million)
Sr. No. Particulars 2016-17 2015-16
1 Foreign Exchange Earnings NIL NIL
2 Foreign Exchange Outgo 20.59 31.91

 

For Eris Lifesciences Limited
Amit Bakshi
Chairperson & Managing Director
DIN: 01250925
August 17 2017
Ahmedabad

Form AOC-1

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 ofCompanies (Accounts) Rules 2014)

Statement containing salient features of the financial statement of subsidiaries orassociate companies or joint ventures

Part A Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in `)

Name of the subsidiary Eris Therapeutics Private Limited Aprica Healthcare Private Limited# Kinedex Healthcare Private Limited
The date since when subsidiary was acquired 01.04.2010 12.07.2016 23.11.2016
Reporting period for the subsidiary concerned if different from the holding company's reporting period N.A N.A N.A
Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries N.A N.A N.A
Share capital 100000/- 100000/- 1825040/-
Reserves and surplus 797720/- (41845536/-) (58880075/-)
Total assets 920820/- 83005635/- 162680740/-
Total Liabilities 23100/- 124751171/- 219735775/-
Investments NIL NIL NIL
Turnover NIL 242513844/- 171568143/-*
Profit before taxation 705927/- (60540704/-) (46600006/-)*
Provision for taxation 31240/- (18695168/-) (15215078/-)*
Profit after taxation 674687/- (41845536/-) (31384927/-)*
Proposed Dividend NIL NIL NIL*
Extent of shareholding (in percentage) 100% 100% 75.48%

* From 23rd November 2016 till March 31 2017.

# Aprica Healthcare was incorporated on 12th July 2016

Part B Associates and Joint Ventures

Name of Associates or Joint Ventures There are no associates or joint ventures of the Company during the year.
1. Latest audited Balance Sheet Date N.A
2. Date on which the Associate or Joint Venture was associated or acquired N.A
3. Shares of Associate or Joint Ventures held by the company on the year end N.A
a) Numbers N.A
b) Amount of Investment in Associates or Joint Venture N.A
c) Extent of Holding (in percentage) N.A
4. Description of how there is significant influence N.A
5. Reason why the associate/joint venture is not consolidated N.A
6. Networth attributable to shareholding as per latest audited N.A
Balance Sheet
7. Profit or Loss for the year N.A
i. Considered in Consolidation
ii. Not Considered in Consolidation

1. There are no subsidiaries or associates or joint ventures which are yet to commenceoperations.

2. There are no subsidiaries or associates or joint ventures which have been liquidatedor sold during the year.

For Eris Lifescience Limited
Amit Bakshi Himanshu Shah Sachin Shah Milind Talegaonkar
Chairperson & Managing Director Whole Time Director Chief Financial Officer Company Secretary
DIN: 01250925 DIN: 01301025 Membership No. A-26493
Ahmedabad
August 17 2017