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This copy is for private circulation only.

CORPORATE ETHICS(Version 1)

THEMILÂNIUM

(Version 1)

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I. IntroductionII. AmenitiesIII. VisionIV. Mission V. Quality PolicyVI. Corporate Ethics 1. Employee 2. Employer 3. Environment 4. Supplier 5. Competitor 6. Customer 7. Violation of Code VII. Annexure 1: Details of Grievance CommitteeVIII. Annexure 2: Frequently Asked Questions

IX. Annexure 3: Hierarchy chart

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I. Introduction

Founded in the year1976 by Mr. Madan Deshpande, Milan laboratories (I) Private Limited is a thriving pharmaceutical export organisation. A modest family business, which started out as a single storey factory, today spans three multi-storeyed plants which boast of the latest technology and state of the art infrastructure. The non-penicillin products are manufactured in General Plant 1 and General Plant 2 while the Penicillin products are manufactured in a separate Penicillin Plant. General Plant 1 consists of liquid orals and creams and ointments facilities while General Plant 2 consists of capsules, tablets and dry syrups facilities. The penicillin Plant is equipped with the facilities for capsules, tablets and dry syrups. These plants are managed by competent personnel and extremely strong Quality Assurance and Quality Control teams ensure product quality and cGMP. Our range of services also includes Formulation and Development and Regulatory Affairs. The Regulatory Affairs team is adept at making CTD, ECTD and ZACTD dossiers amongst a whole range of country specific dossiers. Quality has always been of utmost importance in Milan and every Milanite is trained to make quality his/her priority. With EU-GMP approved plants and a host of other many such similar Health Authority approvals, Milan makes a promise to all its customers and employees that their well being and safety is always a priority. We believe in continual improvement of the plant and products and always aim to achieve the best quality.

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II. Amenities

We, at Milan, always strive to promote a lively and healthy atmosphere at work. We have an annual day wherein all the employees who have shown exemplary performances throughout the year are rewarded for their hardwork and dedication towards Milan. We celebrate many days, national holidays, festivals and novel days like 12/12/12. These celebrations includes environmental days, Republic Day, Independence Day. Every Diwali there is a Laxmi Pujan at the Head Office. This celebration is also extended to the family of Milanites through events like Nanhe Milan, where all the little ones of Milanites are called upon to startle us with their talents. We promote the bonding of Milanites through company picnic and regular outdoor training conferences. For the dining comfort of the employees, a large lunch room is provided. This spacious and well-ventilated lunch room seats more than a 100 employees at a time.

Milan ensures the well-being of its employees through annual medical check up camps. The penicillin sensitivity test of the employees is also done to make sure that the employee is not allergic to penicillin. All the employees are made aware of the safety guidelines adopted for the plant and the importance of the same is also conveyed to them. First Aid kits are available on every floor of the plant to treat emergencies. The following Ethical Code of Conduct of Milan is instituted to ensure that no Milanite has to compromise on his dignity and self esteem while working at Milan. The Code seeks to protect and provide the an ideal atmosphere for every Milanite so that he can rise to his full potential.

III. Vision

IV. Mission

TO MAINTAIN OUR REPUTATION AS A QUALITY CONSCIOUS

ORGANIZATION WITH STRONG ETHICAL VALUES AS WE KEEP GROWING AND UPGRADING

CONSISTENTLY.

TO ACHIEVE SUCCESS IN ALL REGULATORY APPROVALS

BY BUILDING AND MAINTAINING STRONG

SYSTEMS.

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V. Quality Policy

We are in the business of development, manufacturing & marketing pharmaceutical formulations and hence we are at all times conscious of the fact that we are morally obligated towards improved human health. We shall always strive to achieve customer confidence & satisfaction by manufacturing as per cGMP norms and building quality into our products. We are committed towards maintaining & reviewing the effectiveness of our Quality Management System through our genuine pursuit of continual improvement.

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Ethical Code of Conduct For Milan

We present this code to you as a step ahead in building Milan's credibility as an ethical organisation. This code contains the culture of Milan and defines

its Ethical Policy. We hope that this code will enable each and every person working with Milan to identify

with the company and believe in the same principles, values and goals that Milan does.

(Version 1)

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VI. Corporate Ethics

Scope:

1) This code applies to all the persons working at Milan and governs the behaviour of all including the BOARD OF DIRECTORS. 2) Through this code, Milan promises to: I. Uphold all the trends and abide by all the rules, regulations and laws of the land. ii. Understand and respect the different values across cultures. iii. Consistently make and deliver a product that we can safely administer to our own parents and children. 3) This code is a part of the terms and conditions of employment.

4) Definitions

All the following definitions form a part of this code and all the words usedhave the same meaning as assignedto them by Standard English dictionaries.

i. Employee: Any person who works for Milan in consideration of remuneration, is an Employee of Milan. ii . Employer: All the Directors are referred to as Employer. iii. Milan: Milan refers to employee and employer collectively unless otherwise specified wherein it refers to company.

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1. Employee: I. An employee will abide by all the rules, regulations and laws that the company follows and lays down from time to time.ii. An employee will not discriminate on the grounds of caste, colour, gender, religion, nationality or any other such grounds that are illegal as per law.iii. An employee shall not engage in any such talks that hurt the sentiments of his colleagues.iv. An employee will always respect the privacy of a fellow employee.v. An employee will not use disrespectful or foul language while within company premises.vi. An employee will treat all fellow employees with dignity and mutual respect.

vii. An employee will always work within the safety rules and guidelines laid down by the company.

viii. An employee will not misappropriate the company resources for his own personal gain.ix. An employee will not engage in any violent or vindictive behaviour. x. An employee will never abuse the power entrusted to him or show favouritism. He shall at all times be fair to all concerned.xi. While taking any decision, the employee shall always consider the goodwill and reputation of Milan along with fellow employee safety and well being.

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xii. A n employee, at all times, shall maintain the confidentiality of all the data, knowledge, information and any such property of Milan.

xiii. An employee shall not knowingly or intentionally conceal such a fact, which may have an impact on the business of Milan.

An employee shall declare his relationship with a fellow employee, xiv. failing which, if the management is made aware of the existence of the

relationship, through some source other than the two employees involved in the relationship, both the employees will be held in violation of this code and shall be dealt with accordingly by the grievance committee. xv. An employee should also declare if he/she is in a relations ship with a person who work in a company considered as “competitor” by Milan or is part of vendor, supplier, service provider or associates of Milan. xvi. An employee shall declare to the management his alternate source of income, if any, and the management shall decide if the alternate source of income affects or compromises the integrity of Milan in any way. If it is found that the alternate source of income affects or compromises the integrity of Milan, the employee shall be dealt with as the management deems fit and if the alternate source of income does not affect Milan in anyway, the employee shall be allowed to continue his alternate source of income. This decision, of whether or not the alternate source of income of an employee affects or compromises the integrity of Milan, is solely the management's discretion.

xvii. A n employee shall always act with honesty and integrity and never forget the fact that the end user of Milan is the patient whose health is of utmost importance.

2. Employer: i . The employer is also an employee of Milan and hence the code of conduct for an employee is also applicable to him. ii . The employer must at all times maintain the confidentiality and the integrity of the data available to them and shall be honest in their reporting and submission of the data to the relevant authorities.

iii. Whenever there is a conflict of interest, the employer shall resolve the conflict in favour of Milan. iv. The employer at all times shall promote a healthy working atmosphere.

3. Environment: i. Milan will neither entertain, encourage nor execute any act in any manner that will be harmful to the environment.

4. Supplier: i. An employee will not accept or entertain any personal gifts or personal favours from any vendor, supplier, service provider or associates. ii . Milan will not intentionally engage in any acts that harm the reputation of the supplier, vendor, service providers or associates. iii. Milan shall treat the supplier, vendor, service provider or associate on the basis of mutual respect.

5. Competitor: i. Milan will respect the Competitor on professional grounds.

6. Customer: I. Milan promises to deliver a consistent quality product that satisfies the customer. ii. Milan considers the end users; the patient's satisfaction and well being as it’s primary aim and strive to deliver a product that has maximum patient compliance and contentment. iii. Milan seeks to serve only those customers whom Milan is competent to serve, who value our service and who meet appropriate standards of legitimacy and integrity. Milan has a right to assess every customer's assignment before it is taken, including, the quality and integrity of a company and its management.

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7. Violation of the Code:

I.

ii.

iii.

I.

iv.

v.

vi.

vii.

If any employee is found violating this code, he shall be subjected to the relevant action.If any employee observes another employee violating the code, he shall report the violation immediately to the Grievance Committee. It is not necessary that the victim only should report the violation.The reporting of violation shall be preferably made in writing in a language that the complainant understands best or alternatively verbal violation reports are also acceptable which will be documented by the person receiving it. The violation report shall be made in the following manner: The report shall be made directly to the Grievance Committee who shall resolve the matter within 3 working days of the place where the complaint is received, failing which the report can be made to the Board of Directors. ii. If the violation is done by a member of the Grievance Committee, then the report shall be directly made to the Board of Directors.The Grievance Committee shall comprise of the following three people: 1. Personnel Manager2. Coordinator3. HR ManagerViolation can be reported to any one of the Grievance Committee members. However, when the Grievance Committee converges for deliberation, not less than two members shall be present. Also based on the sensitivity of the case, the Grievance Committee can recruit additional members as it deems fit.When the Grievance Committee receives any report of violation, they shall investigate the matter and after due diligence shall take a decision based on their findings and intelligence while applying the principles of natural justice.Any action taken by the Grievance Committee shall be binding on the defaulter and the Grievance Committee should bear in mind that the action taken by them shall be deterrent in nature.

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The Grievance Committee shall apply its discretion in maintaining the secrecy of the person reporting the violation. The Grievance Committee shall maintain a logbook wherein all the violation reports received shall be documented. A consolidated report of the logbook shall be sent on a monthly basis to the Board. When such a violation report is received by the Board, the Board shall take appropriate action in the best interest of Milan. Alternately, the Grievance Committee can also refer the violation report to the BOD for their deliberation and decision. When a violation report has been made against the employee, the employee shall refrain from any sort of retaliation as such retaliation could amount to definitive evidence of violation of this code.

viii.

ix.

x.

xi.

VII. Annexure 1: Details of Grievance Committee

Personnel Manager:Name : Laxman BhopiContact number: 9224624158

Coordinator:Name: Sanjay PotdarContact Number: 9224746072

HR Manager:Name: Amol PadeContact Number: 9773342425

VIII. Annexure 2: Frequently Asked Questions

1. Why should I follow this code?

This code is to be followed by all Milanites as it makes up the culture of Milan. The following of this code is mandatory and fosters the sense of belongliness in the Milanite.

2. Why do I have to declare my alternate source of income?

Declaring the alternate source of income of an employee by the company is a statutory requirement and hence company responsibility. It is therefore necessary that every employee declare his alternate source of income.

3. What is an alternate source of income?

Any activity that is done in exchange for money is an alternate source of income. There is no amount above which it is called as source of income.

4. Can I use the same service provider that Milan uses for my personal work?

No you cannot use the service providers of Milan for personal work. If need be, the permission can be obtained from the management to do so prior to engaging the service provider.

5. Who all can I share this code with?

You can share this code with your family and prospective Milanites.

6. What do I do when I notice someone violating the code?

If you notice someone violating the code, you have to report the violation to the Grievance Committee immediately.

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If you are not the intended user, please return this copy to the following address.

Factory: Plot Nos.: 35, 36, 63, 64, 65, 67 & 87. Jawahar Co-op. Industrial Estate Ltd., Kamothe, Panvel, Navi Mumbai. Tel.: 2743 7733 / 2743 7734 / 2743 7735, Fax: 2742 1910,

Web Site: www.milanlabs.com, [email protected]

Office: A-5, Megh Malhar, Gavand Path, Naupada, Thane (W) - 400 602.Tel.: 91-22-2544 7341/ 2539 0686, Fax: 91-22-2540 1744, E-mail: [email protected]