MIRA INFORM REPORT

Report Date :

06.06.2008

IDENTIFICATION DETAILS

Name :	RUSAN PHARMA LIMITED
Registered Office :	Rusan House, 58-D, Government Industrial Estate, Charkop, Kandavli (West), Mumbai – 400 067, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	15.03.1994
Com. Reg. No.:	077069
CIN No.: [Company Identification No.]	U24230MH1994PLC077069
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14490A
PAN No.: [Permanent Account No.]	AABCR3179H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of pharmaceutical formulations, bulk drugs and intermediates

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1040156
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Rusan House, 58-D, Government Industrial Estate, Charkop, Kandivli (West), Mumbai – 400 067, Maharashtra, India
Tel. No.:	91-22-28682512 / 28682515
Fax No.:	91-22-28687035
E-Mail :	rusan@bom2vsnl.net.in
Bulk Drug Plant/Factory :	Plot No. 6406, GIDC, Ankleshwar, District Bharuch, Gujarat
Formulation Unit: (Kandla Division):	Plot No. 59 to 65, Sector II, Kandla Special Economic Zone, Gandhidham, Kutch, Gujarat – 370230
Branches/ :	703, 2^nd Floor, GIDC Industrial Estate, Road No. 56, Baroda – 390 010, Gujarat

DIRECTORS

Name :	Mr. Navin Satyapal Saxena
Designation :	Director
Address :	Sea Castle Co-operative Housing Society, 301, 7 Bunglow Road, Versova, Andheri (West), Mumbai – 400 061
Date of Birth/Age :	01.01.1953
Date of Appointment :	15.03.1994
Name :	Mr. Ramesh A. Patel
Designation :	Director
Address :	B/8, Bhavana Building, S. V. Road, Kandivli (West), Mumbai – 400 067
Date of Birth/Age :	05.12.1939
Date of Appointment :	02.05.1995
Name :	Mr. Dilipkumar Khandbhai Desai
Designation :	Director
Address :	D – 67, Gordhan Baug, Jambli Galli, Borivali (W), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	06.05.1948
Date of Appointment :	21.04.1998
Name :	Mr. Pradipkumar N. Shah
Designation :	Director (Resign on 25.04.2001)
Address :	A/7, West View Building No. 2, S. V. Road, Santacruz (West), Mumbai – 400 054
Date of Birth/Age :	31.07.1938
Date of Appointment :	02.05.1995

KEY EXECUTIVES

Name :	V. I. Desai and Company
Designation :	Company Secretary
Address :	Mumbai - 400057

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Navin Satyapal Saxena	728184
Mrs. Archana Navin Saxena	239974
Mr. Dilip Khandubhai Desai	10
Mrs. Usha Dilip Desai	10
Mr. Pradip Nanalal Shah	10
Mrs. Shakuntala Ramesh Patel	10
Mr. Ramesh Ambalal Patel	10
Total	968208
Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of pharmaceutical formulations, bulk drugs and intermediates

Products :

Products Description	ITC Code No.
Amoxycilin Formulation – Capsu/ Dry Syrup	3004.10.30
Ephact – Capsules	3004.90.93
Bendro Fluazide - Tables	2935.00.90
Melformin - Tables	2925.20.90

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablets	No.	375	375	345.010
Capsules	No.	225	155	--
Dry Syrup	No.	7.50	7.50	57.80
Injections / Vials	Ltr.	15	15	--
Injections / Ampoules	Ltr.	15	09	--
Injectibles	Bottle	--	--	--
Drops	Ltr.	--	--	--
Liquids	Ltr.	--	--
Creams	Kgs.	--	--	3241.50
Bulk Drugs	Kgs.	--	--	282.75
Buprenorphine Hydrochloride	Kgs.	--	60	--
Tramadol Hydrochloride	Kgs.	--	1500	--
Bisoprolol Fumerate	Kgs.	--	25	--
Fantany	Kgs.	--	30	--
Naltraxone	Kgs.	--	50	--

GENERAL INFORMATION

Customers:

· Rusan Helathcare Private Limited

· Pharmacare FZE

No. of Employees :

600

Bankers :

· Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400 021

· Indian Bank

· State Bank of India

· State Bank of Indore

· Swami Narayan Bank

Facilities :

Secured Loan	Rs in millions 31.03.2005
From Bank on pre-shipments Packing credit – Canara Bank	14.963
From Bank on post-shipments Bill Purchased– Canara Bank	14.915
Rupee advance form Canara Bank (the above loan form Bank are secured by first charge by way of hypothecation of company’s present and future inventories, book debts and some movables properties and are further guaranteed by the directors in their personals capacity)	11.952
Term loan form State Bank of Indore	0.173
Term loan form State Bank of Indore - FCNR (the loan from Bank is secured by first charge by way of mortgage of Plant and Machinery of Kandla)	10.273
ING Vysya Bank (By way of mortgage of Motor cars)	0.202
Total	52.478
Unsecured Loans
Loan From Directors	40.321
(The Amt. included interest of Rs.1.061 Millions net of TDS)
Total	40.321

Banking Relations :	Good
Auditors :
Name :	P. P. Shah and Associates Chartered Accountants
Address :	5B-1, Fairy Manor, 13, Rustom Sidhwa Marg (Gunbow Street), Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22673482 / 83
Fax No.:	91-22-22673321
E-Mail :	paresh@bom3.vsnl.net.in
Associates/Subsidiaries :
	· Q-Tech Research Lab Private Limited · Tuscany Holdings Private Limited U65990MH1994PTC081494 · Tuscany Holding Private Limited · Navin Saxena Res and Technology Private Limited · Tulip Trading Company · Rusan Healthcare Private Limited · Pharmacare FZE · Dr. Navin Saxena · Mrs. Archana Saxena · Mr. D K Desai · Mr. R A Patel

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 millions
	Total		Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
968208	Equity Shares	Rs. 10/- each	Rs. 9.682 millions
	Total		Rs. 9.682 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		9.682	9.682	9.682
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		250.357	228.778	214.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		260.039	238.460	223.731
LOAN FUNDS
1] Secured Loans		66.128	52.477	63.867
2] Unsecured Loans		13.449	40.322	39.818
TOTAL BORROWING		79.577	92.799	103.685
DEFERRED TAX LIABILITIES		0.218	1.301	1.059
TOTAL		339.834	332.560	328.475
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.809	119.150	119.332
Capital work-in-progress		2.566	0.000	0.000
INVESTMENT		15.288	14.789	14.789
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.674	49.563	48.913
	Sundry Debtors	196.485	170.591	184.679
	Cash & Bank Balances	13.027	18.194	18.185
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.642	38.537	36.542
Total Current Assets		318.828	276.885	288.319
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	111.371	80.145	96.794
	Provisions	3.510	2.760	4.230
Total Current Liabilities		114.881	82.905	101.024
Net Current Assets		203.947	193.980	187.295
MISCELLANEOUS EXPENSES		2.224	4.641	7.059
TOTAL		339.834	332.560	328.475

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		297.249	311.220	288.946
Other Income		3.913	2.818	0.000
Total Income		301.162	314.038	288.946
Profit/(Loss) Before Tax		25.963	18.019	39.280
Provision for Taxation		(0.333)	0.243	1.499
Profit/(Loss) After Tax		26.296	17.776	37.781
Export Value		N.A.	N.A.	N.A.
Import Value		N.A.	13.181	15.587
Expenditures :
	Raw Material Consumed	77.994	114.934	145.603
	Purchases made for re-sale	13.615	2.491	14.090
	Increase/(Decrease) in Finished Goods	(8.745)	1.302	24.959
	Salaries, Wages, Bonus, etc.	2.630	24.384	25.585
	Managerial Remuneration	1.418	1.280	7.509
	Payment to Auditors	0.725	0.888	13.158
	Interest	6.439	5.425	2.417
	Insurance Expenses	1.017	0.910	0.000
	Power & Fuel	8.456	10.411	0.000
	Depreciation & Amortization	16.822	16.275	16.345
	Other Expenditure	154.827	117.713	0.000
Total Expenditure		275.198	296.018	249.666

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	8.73	5.66	13.07
Net Profit Margin (PBT/Sales)	(%)	8.73	5.79	13.59
Return on Total Assets (PBT/Total Assets}	(%)	5.97	4.55	9.63
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.17
Debt Equity Ratio (Total Liability/Networth)		0.75	0.74	0.91
Current Ratio (Current Asset/Current Liability)		2.77	3.34	2.85

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

· Land

· Factory Building

· Plant and Machinery

· Office Equipments

· Equipments and Tools for R and D

· Dies

· Air condition

· Electric Installation

· Furniture and Fixture

· Computer

· Vehicles

· Guest House Equipments

Business:

The company manufactures and markets a wide range of formulations in various conventional and technologically advanced dosage forms.

Generic Names of the Principal Products of the company are :

· Pyrazinamide

· Buprenorphine Hydrochloride

· Paracetamol

With the establishment of Rusan Research Centre in Mumbai, the company is rapidly emerging as a research driven enterprise with a sharply focused vision and well-defined goals.

The company’s manufacturing plant with an area of 28000 sq.mtrs. is located in the Kandla Special Economic Zone (previously Kandla Free Trade Zone).

The company has established a sophisticated bulk drug manufacturing facility plant at 6406, GIDC, Ankleshwar for bulk drugs and intermediates with facilities for lab scale and scale up. This multipurpose plant with an area 2000 sq.mtrs. has been designed to meet US FDA requirements. At present, the manpower at Ankleshwar includes 5 technical personnel and 10 skilled labours.

The company’s products are registered in the following countries :

· Russian Federation

· Ukraine

· Uzbekistan

· Kazakistan

· Azerbizan

· Mynmar

Its’ products will soon be registered in the following countries :

· Vietnam

· Uganda

· Iraq

· Tanzania

· Sri Lanka

· Sudan

· Phillipines

· Cambodia

· Kenya

· Libya

· Nepal

The company’s fixed assets of important value include land – Ankleshwar, factory building, plant & machinery, office equipments, furniture & fixtures, computers and vehicles.

Name of the company

RUSAN PHARMA LIMITED

Presented By

Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400 021

1) Date and description of instrument creating the change

20/09/1994

Hypothecation agreement for packing credit, advance dated 20^th September, 1994

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 15.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All raw materials for manufacture of Pharmaceutical formulations, tablets, injections and Bulk Drugs etc. belonging to the company and such other goods wherever stored and acceptable to the Bank as security from time to time.

4) Gist of the terms and conditions and extent and operation of the charge.

To secure packing credit facility granted by the Bank to the company.

Interest @ 13 % p.a.

5) Name and Address and description of the person entitled to the charge.

Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400 021

6) Date and brief description of instrument modifying the charge

29/04/2005

Supplemental common hypothecation agreement dated 29^th April 2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By the present modification, the PC/FBE/FDB limit has been enhanced from Rs. 60.00 Millions to Rs. 90.000 millions

Further the above limit of Rs. 90.000 millions shall be sacred by :

Hypothecation by way of first charge as primary security on all present and future :

Stock of goods meant for export such as raw material semi finished and finished goods and packing material of pharmaceuticals and other items of stock-in-trade, stores, spares goods and properties of every description wherever situated, whether at the company’s factories, place of business, godwons or in transit or wherever else or in the course of delivery.

Documents of title to goods and / or goods received under their DALC and / or Book debts arising there form and all the current assets of the company

Hypothecation by way of first charge as Collateral security

All book debts, receivables, outstanding monies, claims, bills contracts, engagements, rights, and all other monies due and cowing to the any person, company, government or public body or authority.

Air conditioners and Electrical Installations, computers, dies, equipments and tools for R & D and for QCD and other, furniture and fixture, machinery office equipments and vehicles more particularly described in Part C of Annexure II to the supplemental common hypothecator agreement dated 29^th April 2005.

All other terms and conditions remain unchanged.

Name of the company

RUSAN PHARMA LIMITED

Presented By

Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400 021

1) Date and description of instrument creating the change

20/08/1998

Hypothecation agreement for packing credit, advance dated 29/08/1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the goods and commodities purchased, acquired, received under FLC facility such as raw materials for manufacture of Pharmaceutical Tablets, Injection and Bulk Drugs etc. of the company.

All the Book debts, outstanding, money receivable, claims and bills, arising out of the sales, disposal of the goods received under FLC facility due to the company

4) Gist of the terms and conditions and extent and operation of the charge.

To secure packing credit facility granted by the Bank to the company.

5) Name and Address and description of the person entitled to the charge.

Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400 021

6) Date and brief description of instrument modifying the charge

29/04/2005

Supplemental common hypothecation agreement dated 29^th April 2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By the present modification, the PC/FBE/FDB limit has been enhanced from Rs. 40.00 Millions to Rs. 60.000 millions s given below :

Facility	Existing limit	Revised Limit
ILC/ FLC	40.000	60.000
Sub limit Bank Guarantee	(20.000)	(15.000)
Total	40.000	60.000

Further the above limit of Rs. 60.000 millions shall be secured by :

Hypothecation by way of first charge as primary security on all present and future :

Stock of goods meant for export such as raw material semi finished and finished goods and packing material of pharmaceuticals and other items of stock-in-trade, stores, spares goods and properties of every description wherever situated, whether at the company’s factories, place of business, godwons or in transit or wherever else or in the course of delivery.

Documents of title to goods and / or goods received under their DALC and / or Book debts arising there form and all the current assets of the company.

Hypothecation by way of first charge as Collateral security

All book debts, receivables, outstanding monies, claims, bills contracts, engagements, rights, and all other monies due and cowing to the any person, company, government or public body or authority.

Air conditioners and Electrical Installations, computers, dies, equipments and tools for R & D and for QCD and other, furniture and fixture, machinery office equipments and vehicles more particularly described in Part C of Annexure II to the supplemental common hypothecator agreement dated 29^th April 2005.

All other terms and conditions remain unchanged.

Form 8 : As on 31.03.2007

Corporate identity number (CIN) Foreign company registration number	U24230MH1994PLC077069
Name of the Company	RUSAN PHARMA LIMITED
Address	Rusan House, 58-D, Government Industrial Estate, Charkop, Kandavli (West), Mumbai – 400 067, Maharashtra, India
This form is for	Modification of charge
Type of Charge	· Book Debts · Movable Property (Not being pledge) · Floating charge
Particulars of the charge holder	Canara Bank Overseas Branch, 211, Dalamal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India mcity@canbank.co.in
Nature or description of the instrument(s) creating or modifying the charge	Supplemental Common Hypothecation Agreement.
Date of the instrument creating or modifying the charge	03.12.2007
Amount secured by the charge	Rs.110.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As may be described by the Bank from time to time. Terms of repayment: Repayable on demand Margin: As may be described by the Bank from time to time. Extent and operation of the charge: The charge is to operate as security for the due repayment of the PC/PCFC/FDB/FBE/BRD limit Rs.110.000 Millions ans BG/ILC/FLC limit Rs.60.000 Moillions (Which is registered with ROC as separate charge) together with interests, additional interest, costs, charges, expenses and all other moneys payable by the company to the Bank in terms of sanction.
Short particulars of the property charged (including location of the property)	Primary Security: Hypothecation by way of first charge, of all the stocks and book debts of the company. Collateral Security: EMT and 1^st charge on fixed assets of the company.
Particular of the present modification	By the present modification, the PC / PCFC / FDB / FBE/BRD limit has been enhanced from Rs.90.000 Millions to Rs.110.000 Millions. The enhanced limit shall be additionally security by the hypothecation of all book debts of the company.

Name of the company

RUSAN PHARMA LIMITED

Presented By

RUSAN PHARMA LIMITED AND

CANARA BANK , OVERSEAS BRANCH, NARIMAN POINT, MUMBAI – 400021, INDIA

1) Date and description of instrument creating the change

29.08.1996

Agreements of Hypothecation of goods and book debts dated 29^th August, 1996.

2) Amount secured by the charge/amount owing on the securities of charge

Re.2.500 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the goods and commodities purchased, acquired received under FLC facility such as raw materials for manufacturer of pharmaceuticals formulations, Tablets, Injection and Bulk Druga etc., of the company.

All the book debts, outstandings, money receivable, claims and bills, arising out of the sales, disposal of the goods receivable under the FLC facility, due to the company.

4) Gist of the terms and conditions and extent and operation of the charge.

To secure FLC facility granted by the Bank to the company.

5) Name and Address and description of the person entitled to the charge.

Canara Bank

Overseas Branch, Nariman Point, Mumbai – 400021

6) Date and brief description of instrument modifying the charge

23.09.2003

Supplemental Common Hypothecation Agreement dated 23^rd September, 2003.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By the present modification, the ILC/FLC limit has been reduced from Ra.50.000 Millions to Rs.30.000 Millions as given below:

Rs. In Millions

Facility	Existing Limit	Revised Limit
ILC/FLC (DA/DP)	50.000	30.000
Sub limit
Bank Guarantee	-	(10.000)
Total	50.000	30.000

Further the above limit of Rs.30.000 Millions shall be secured by :-

Hypothecation by way of first charge as primary security, on all present and future:

· Stocks of goods meant for export such as Raw Materials, semi finished goods, Finished goods, and packing materials of pharmaceuticals and other iteams of stocks in trade stores sparea, components and all other movable goods and property of very described wherever situated whether at the company’s factories, places of business, godown or in transit or wherever else the same may be lying or being or in the course of delivery.

· Documents of title to goods and /or goods received under DALC and/or book debts arising there from and all the current assets of the company.

Hypothecation by way of first charge as collateral security:-

· All Book debts reveivables, outstanding monies, claims, bills, contracts, engagements, rights, and all other monies due and owing to the company from time to time by any person, company, Government or public body or authority.

· Air Conditionsers and Electrical Installations, Computers, Dies, Equipments and tools for R and D and for QCD and other Furniturer and Fixtures, Machinery Office equipments and Vehicles, more particularly descibed in part C of annexure II to the supplementaly common Hypothecation Agreement dated 23^rd September, 2003,

All other terms and conditions remain unchanged.

Website Details Attached:

Subject research based, technologically driven Pharmaceutical Company was established in March, 1994. Rusan is engaged in the manufacturing and exporting of Pharmaceutical formulations, Bulk Drugs and Intermediates world-wide with a special thrust in export to Russian Federation, CIS Countries.

Rusan's team of committed professionals with over three decades of cumulative techno-expertise behind them have helped the company achieve its objectives of ..

Improving Healthcare By Providing the Needs of Today.....And Tomorrow.

· Rusan's goals include:

· Customer Targeted Research and Development

· Process Upgradation and Optimization

· To Manufacture formulations using advanced technology to meet International Regulatory Standards

· To meet appropriate standards of Quality, Efficacy and Safety for all medicines.

· Technology Transfer

Products:

Detailed Information Of The Product Will Be Available On Request To :

Rusan Pharma Limited

58 - D, Government Industrial Estate,

Charkop, Kandivali(W)

Mumbai - 400 067.

Tel No. - ( 91 - 22 ) 868 25 12 / 868 25 15.

Fax - 91 - 22 - 868 90 56

E - mail - rusan@bom2.vsnl.net.in

Product Name	Generic Name	Pack Size	Size
ANALGESIC (OPIOID)
Sangesic Injection 1 ml.	Buprenorphine (As hydrochloride) 0.3mg./ml.	N.10	10 X 1 ML
Sangesic Injection 2 ml.	Buprenorphine (As hydrochloride) 0.3mg./ml.	N.10	10 X2ML
Sangesic Tablet	Buprenorphine (As hydrochloride) 0.2mg.	N.100	5X20T
Tradol Capsule	Tramadol Hydrochloride 50 mg.	N.20	1 X 20C
Tradol Injection 1 ml.	Tramadol Hydrochloride 50 mg./ml.	N.10	10X1 ML
Tradol Injection 2 ml.	Tramadol Hydrochloride 50 mg./ml.	N.5	5 X2ML
ANALGESIC ANTIINFLAMATORY
Bioran Gel 15 gm.	Diclofenac Gel 1% w/w	N.1	1 x 15GM
Bioran Gel 30 gm.	Diclofenac Gel 1% w/w	N.1	1 X30GM
Bioran Injection 3 ml.	Diclofenac Sodium 25 mg./ml.	N.5	5 X 3ML
Bioran Rapid Tablets	Diclofenac Free acid eq to Diclofenac Sodium 50mg.	N.20	2 x10T
Bioran Tablet	Diclofenac Sodium 50 mg.	N.100	10X10T
ANTI ANEMIC, IRON AND VITAMIN SUPPLEMENT
Fenotec Capsules	Ferrous Sulphate 150 mg. (in Sastained release form) Ascorbic Acid 150 mg. Vitamin B Complex	N.200	10X2X10C
ANTI CANCER
Doxorubicin For Injection (Freeze dried)	Doxorubicin Hydrochloride 10 mg. per vial	N.1	1 X 10 MG
Frugyl Tablet	Flutamide 250 mg.	N.100	5 X2X10T
Methotrexate Injection 2 ml.	Methotrexate 25 mg./ml.	N.10	10 X2ML
Methotrexate Injection 5 ml.	Methotrexate 10 mg./ml.	N.1	1 X 5 ML
Methotrexate Tablet	Methotrexate 2.5 mg.	N.100	10X10T
Tamoxifen Citrate Tablet USP	Tamoxifen (As Citrate) 10 mg.	N.60	6 X10T
ANTI EMETIC, VOMMITING
Serulan Injection 2 ml.	Metaclopramide Hydrochloride 5 mg./ml.	N.50	5X10X2ML
Serulan Tablet	Metaclopramide Hydrochloride 10 mg.	N.100	5X20T
ANTI FLU, ANTIHISTAMINIC, DECONGESTANT
Ephact plus Syrup	Phenylpropanolamine HCl BP 12.5 mg+ Chlorpheniramine Maleate BP 2 mg. Paracetamol BP 125mg. per 5 ml.	N.1	1 x 100ML
Ephact plus Tablets	Phenylpropanolamine HCl BP 25 mg+ Chlorpheniramine Maleate BP 2 mg. Paracetamol BP 500mg.	N.200	10X2X10T
ANTI GLAUCOMA
Ocuryl 0.25% Eye Drops 5ml.	Timolol ( As Maleate) 0.25% w/v	N.1	1 X 5 ML
Ocuryl 0.5% Eye Drops 5 ml.	Timolol ( As Maleate) 0.50% w/v	N.1	1 X 5 ML
ANTI INFLAMMATORY
Prednisolone Injection	Prednisolone Sodium Phosphate equivalent to prednisolone 30mg/ml	N.3	3X 1 ML
Prednisolone Tablet	Prednisolone 5 mg.	N.100	100T
ANTI MOTION SICKNESS, VERTIGO
Cinazin Tablet	Cinnarizine 25 mg.	N.50	5X10T
ANTI TUBERCULOSIS
Ethionamide Tablet 250mg	Ethionamide BP 250mg	N.50	5 X 10 T
Prothionamide Tablet	Prothionamide 250mg	N.50	5X10T
Prothionamide Tablet	Prothionamide 250mg	N.5	1000 T
Pyrazinamide Tablet	Pyrazinamide 500 mg.	N.100	10X10T
Pyrazinamide Tablet	Pyrazinamide 500 mg.	N.1	1000 T
R-Butin Capsule	Rifabutin USP 150mg	N.30	2x15 C
Rucox-4 Tablets	Rifampicin BP 150mg, Pyrazinamide BP 400mg, Isoniazid BP 75mg. Ethambutol HCI BP 275mg.	N.100	10X10T
ANTIDIABETIC
Antibet 2.5 Tablet	Glibenclamide 2.5 mg.	N.100	5X20T
Antibet 5 Tablet	Glibenclamide 5 mg.	N.100	5X20T
ANTIFUNGAL
Funginal Cream 15 gm.	Clotrimazole Cream USP 1% w/w	N.1	1 x 15GM
Funginal Cream 30 gm.	Clotrimazole Cream USP 1% w/w	N.1	1 X30GM
Funginal V Cream 15 gm.	Clotrimazole Vaginal Cream USP 2% w/w	N.1	1 x 15GM
Funginal V Cream 30 gm	Clotrimazole Vaginal Cream USP 2% w/w	N.1	1 X30GM
Funginal V Tablet	Clotrimazole Vaginal Tablet USP 100 mg.	N.6	1 X 6T
ANTIHISTAMINIC, DECONGESTANT
Ephact Capsules	Phenylpropanolamine HCI BP 50 mg.(in sustained release form) Chloropheniramine Maleate BP 8 mg.(in sustained release form)	N.200	10X2X10C
ANTIHYPERTENSIVE
Relsidrex-H Tablet	Reserpine 0.1 mg. Dihydralazine Sulphate 10 mg. Hydrochlorothiazide 10 mg.	N.500	25X20T
ANTIMICROBIAL/ANTIBACTERIAL
Cefobac-500 Tablet	Ciprofloxacin (As hydrochloride) 500 mg.	N.10	1X10T
Cefobac Eye Drops 5 ml	Ciprofloxacin (As hydrochloride) 0.3% w/v	N.1	1 X 5 ML
Cefobac Infusion 100 ml	Ciprofloxacin 200 mg./100 ml	N.1	1X100 ML
Cefobac-250 Tablet	Ciprofloxacin (As hydrochloride) 250 mg.	N.10	1X10T
ANTIPROTOZOAL
Tinisan-300 Tablet	Tinidazole 300 mg.	N.100	10X10T
Tinisan-500 Tablet	Tinidazole 500 mg.	N.100	10X10T
Trichazol Infusion 100 ml.	Metronidazole 500 mg./100 ml.	N.1	1X100 ML
Trichazol-250 Tablet	Metronidazole 250 mg.	N.100	10X10T
Trichazol-500 Tablet	Metronidazole 500 mg.	N.100	10X10T
ANTIULCER
Gastropin Injection 2 ml.	Pirenzepine (As Dihydrochloride) 10 mg./2 ml.	N.5	5 X 2 ML
Gastropin Tablet	Pirenzepine (As Dihydrochloride) 25 mg	N.50	5X10T
Yazitin Injection 2 ml.	Ranitidine (As Hydrochloride) 25 mg./ml.	N.5	5 X2ML
Yazitin-150 Tablet	Ranitidine (As Hydrochloride) 150 mg.	N.100	10X10T
Yazitin-300 Tablet	Ranitidine (As Hydrochloride) 300 mg.	N.100	10X10T
ANXIOLYTIC
Diazepam Injection 2 ml.	Diazepam 5 mg./ml.	N.10	10 X 2ML
Diazepam Tablet	Diazepam 5 mg.	N.100	5X20T
CEREBRAL VASODILATOR
Nicergoline For Injection(Freeze dried)	Nicergoline 4mg. per vial + Solvent for Nicergoline 4 ml.	N.4	4 vials+4amps
DERMATOLOGICAL, ANTIBACTERIAL
Valoderm Cream 15 gm.	Betamethasone (As valerate) 0.1% w/w	N.1	1 x 15GM
Valoderm Cream 30 gm.	Betamethasone (As valerate) 0.1% w/w	N.1	1 X30GM
Valoderm G Cream 15 gm.	Betamethasone (As valerate) 0.1% w/w with Gentamycine (As Sulphate) 0.1% w/w	N.1	1 x 15GM
Valoderm G Cream 30 gm.	Betamethasone (As valerate) 0.1% w/w with Gentamycine (As Sulphate) 0.1% w/w	N.1	1 X 30GM
DERMATOLOGICAL, ANTIINFLAMATORY PSORIASIS ECZEMAS
Cinacort Cream 15 gm.	Triamcinolone Acetonide cream USP 0.1%w/w	N.1	1 x 15GM
Cinacort Cream 30 gm.	Triamcinolone Acetonide cream USP 0.1%w/w	N.1	1 X30GM
Fluvet Cream 15 gm.	Flumethasone Pivalate Cream USP 0.02% w/w	N.1	1 x 15GM
Fluvet Cream 30 gm.	Flumethasone Pivalate Cream USP 0.02% w/w	N.1	1 X30GM
DERMATOLOGICAL, ANTISEPTIC, ANTIMICROBIAL
Silvacin Cream 15 gm.	Silversulphadiazine 1% w/w Chlorhexidine Gluconate 0.2% w/w	N.1	1 x 15GM
Silvacin Cream 30 gm.	Silversulphadiazine 1% w/w Chlorhexidine Gluconate 0.2% w/w	N.1	1 X30GM
DIGESTIVE AID
Forte Enzyme Tablet	Pancreatin 192 mg Hemicellulase 50mg Ox bile extract 25 mg	N.100	10X10T
DIURETIC
Florix Injection 2 ml.	Frusemide 10 mg./ml.	N.50	5 X10X2ML
Florix Tablet	Frusemide 40 mg.	N.100	10X10T
EXPECTORANT MUCOLYTICS
Bromhexine Elixir 100 ml.	Bromhexine Hydrochloride 4mg./5 ml.	N.1	1X100 ML
Bromhexine Tablet with CC	Bromhexine Hydrochloride 8mg.	N.100	10X10T
IMMUNOSUPRESSANT
R-Immun Capsule 100mg	Cyclosporine USP 100mg	N.50	10X5C
R-Immun Capsule 25mg	Cyclosporine USP 25mg	N.50	10X5C
R-Immun Capsule 50mg	Cyclosporine USP 50mg	N.50	10X5C

Financials:

Rusan's turnover in 1995-1996 was Rs. 86.500 Millions. It was mainly due to Rusan's strength in formulation like EPHACT and FENOTEC CAPSULES that Rusan has been able to achieve a turnover of Rs. 203.200 Millions in the financial year 1997-1998

Rusan entered the new millennium with a good performance in it's sixth year of operation made a total sales of 63.70 crores out which export sales are of 603.400 Millions and local sales of 33.500 Millions.

Rusan has executed tow major export contracts during this year with the ministry of health, Russian Federation under rupee debit scheme for the supply of anti-tubercular drugs, which contributes 96% of total Rusan's turnover during 2000-2001

Infrastructure:

With the establishment of Rusan Research Centre in Mumbai, the company is rapidly emerging as a research driven enterprise with a sharply focused vision and well defined goals.

Formulation Development

The modern formulation centre has been designed for the creation of high-tech, life saving and technologically challenging pharmaceuticals 

The main activities of the centre include:

· Formulation development and scale up.  

· Process Upgradation and Optimization

· Development of new drug delivery systems with a special thrust on sustained release Systems.At the same time , The Research

· Centre works in close cooperation with various research Institutes in Russia.

Chemical Research 

· This centre is well equipped for:

· The synthesis of new products.

· process Upgradation and Optimization

Manufacturing Facilities:

Rusan's manufacturing facility has been established in Kandla, Gujarat at a distance 792 kms to the north of Mumbai. The plant with an  area of 28, 000 sq.m is located in the Kandla SPecial Economic Zone (previously Kandla Free Trade Zone)

This unit will cater to the diverse need of formulations like tablets, injections and capsules with a piloting plant facility. With an experienced manpower of 15 technical and 35 skilled workers, the plant is due to be fully operational by March' 2001.

The installed capacity of the plant is given below: 

Goods Manufactured	Units	Basis	Installed Capacity   / Year
Tablets (coated /uncoated)	Million	Single Shift	370 million
Capsules	Million	Single Shift	75 million
Ampoules	Million	Single Shift	10 million
Multidose vials	Kilo ltrs.	Single Shift	10 million

The plant will be equipped to manufacture various general and specialized formulations which will comply with WHO.UK-MCA norms and ISO 9000 norms.

Bulk Drugs:

Subject has established a sophisticated bulk drug manufacturing facility plant at 6406, GIDC Ankaleshwar for bulk drugs and intermediates with facilities for lab scale and scale up. This multipurpose plant with an area 2000 sq. metres has been designed to meet US FDA requirements. At present the manpower Ankaleshwar includes 5 technical personnel and 10 skilled labour.

Subject has a very specialized range of High Cost low VolumeBulk drugs and Intermediates.

· Tramadol Hydrochloride

· Buprenorphine Hydrochloride

· Flutamide USP

· Bisoprolol Hemifumarate

· Oxyprenolol Hydrochloride

· 3-Aminobenzamidine 2 Hydrochloride

· 4-Nitro-3-trifluro methyl aniline 

Reaction Capabilities 

· Condensation

· Epoxidation

· Hydrogenation 

· Cyclization

· Esterification

· Nitration

· Reduction

· Friedel Craft

· Alkylation Oxidation 

· Skraup Synthesis

Chairman’s Profile:

Dr. N. Saxena did his Ph.D in Organic Chemistry from the Moscow Friendship University. 

It was during his tenure as Head of the Unichem Research Centre (1981-1991) that the technologies for life-saving drugs like Buprenorphine, Nifedipine, Sucralfate were developed for the 1st time in India on a commercial scale. Thus import of these druge in India was stopped saving valuable foreign exchange. Dr. Saxena was also responsible for the introduction of Buprenorphine as a substitute for Morphine/Promedol/Procedol in Russia and CIS. Incidently Dr. Saxena holds the process patent in India for Buprenorphine. 

He started Rusan Pharma Ltd. in 1994 and in 1996 he set up a Research Centre in the subarbs of Mumbai. This Centre is involved in development and technology upgradation of both bulk drugs and formulations.

Awards:

In June, 1997 in recognition of his contribution to Medical Healthcare in Russia the International Academy of Sciences,  one of the premier Research Institutes of Europe conferred on Dr. N. Saxena the title of “ACADEMICIAN” and presented him with the  Honourable Cross of the Academy. 

Dr.Saxena is not only the youngest recipient of this award, but he is also the first Indian to be so honoured.

On 29th July 1997, Dr. Navin Saxena, Chairman, Subject was honoured with the  “THE INTERNATIONAL EXCELLENCE AWARD” by the Council for Small and Medium Exporters. Dr. Saxena was also awarded the  “UDYOG RATTAN”  by the Institute for Economic Studies for his contribution in the field of Industrial Development of India.  

In addition, Subject an exporter of high quality medicines was honoured with the EXCELLENCE AWARD for excellence in Productivity, Quality, Innovation and Management.  

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.86
UK Pound	1	Rs.83.58
Euro	1	Rs.66.17

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	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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