MIRA INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
STATE PHARMACEUTICALS MANUFACTURING
CORPORATION OF SRI LANKA |
|
|
|
|
Registered Office : |
# 11, Sir John Kotalawala Mawatha, Kandawala Estate, Ratmalana |
|
|
|
|
Country : |
Sri Lanka |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
04.06.1987 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Established under the State Industrial Corporation Act. No. 49 of 1957
|
|
|
|
|
Line of Business : |
Manufacturing
and marketing organization for
pharmaceuticals and health care products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Sri Lanka |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GENERAL- Basic information at a
glance
|
Name of Subject of Inquiry |
: |
STATE
PHARMACEUTICALS MANUFACTURING CORPORATION OF SRI LANKA |
|
Legal Form
& Status |
: |
Established under the State Industrial
Corporation Act. No. 49 of 1957 (In
Operation) |
|
Chairman/Managing Director |
: |
Prof. S.D. Jayaratne |
|
Primary Line of Business |
: |
Manufacturing
and marketing organization for pharmaceuticals and health care products |
|
Head Office |
: |
#.75, Sir Baron Jayatillake Mawatha, Colombo-01, Sri
Lanka. Tel
No: (00 94 11) 232 0356-9 Fax
No: (00 94 11) 244 7118 E-mail:
info@spmclanka.com |
|
Stores |
|
# 11, Sir John
Kotalawala Mawatha, Kandawala Estate, Ratmalana. Tel.
No: (00 94 11) 263 2288, 262 4722 Fax No: (00 94 11) 263 2962, 262 4723 |
|
No. of
Employees |
: |
Approx.200 |
COMPANY DETAILS- Registration and Shareholder Details
|
Date of
Incorporation |
: |
04th
June 1987 |
||||
|
Registered
Office |
: |
# 11, Sir John Kotalawala Mawatha,
Kandawala Estate, Ratmalana |
||||
|
Board of
Directors as at 31st December, 2010 |
: |
Prof. S.D. Jayaratne |
Chairman/Managing Director |
|||
|
Rohan Dharmatilleka |
Director |
|||||
|
Mervyn Gunasena |
Director |
|||||
|
Wasantha Ekanayake |
Director |
|||||
|
Dr. P.G. Maheepala |
Director |
|||||
|
Dr. Ranjanee Gamage |
Director |
|||||
|
Lalith Senanayake |
Director |
|||||
|
Auditors |
: |
Auditor
General, Torrington Square, Colombo 07 |
|
|||
|
Bankers |
: |
Bank
of Ceylon, Peoples Bank, National Savings Bank |
|
|||
FINANCIAL DETAILS - Most recent available Financial Information
|
|
Year Ended 31st December 2009 Rs. |
Year Ended 31st December 2008 Rs. |
||
|
A |
Revenue |
: |
1,152,684,373 |
890,244,408 |
|
B |
Cost of Sales |
: |
(932,212,166) |
(765,247,234) |
|
C |
Gross Profit / (Loss) |
: |
220,472,207 |
124,997,173 |
|
D |
Overheads: |
|
- |
- |
|
E |
Administration Expenses |
: |
(60,243,163) |
47,162,105) |
|
F |
Selling &
Distribution Expenses |
: |
(21,422,203) |
(9,872,668) |
|
G |
Other Operating
Expenses |
: |
(21,678,936) |
(10,527,771) |
|
H |
|
|
- |
- |
|
I |
Other
Operational Income |
: |
4,295,689 |
5,968,883 |
|
J |
Profit / (Loss) from operation |
: |
121,423,593 |
63,403,513 |
|
K |
Finance Cost |
: |
(3,074,568) |
(3,735,466) |
|
L |
Non Operational Income |
: |
33,479,027 |
60,904,312 |
|
M |
Net Profit / (Loss) before Income Tax |
: |
151,827,962 |
120,572,358 |
|
N |
Income Tax |
|
(53,139,786) |
(42,200,326) |
|
O |
Net Profit / (Loss) After Income Tax |
|
98,688,176 |
78,372,032 |
|
|
As At 31st December 2009 Rs. |
As At 31st December 2008 Rs. |
||
|
a) |
Non-current Assets |
: |
1,016,872,732 |
674,022,654 |
|
b) |
Investment |
: |
- |
- |
|
c) |
Current Assets |
: |
701,588,556 |
577,004,345 |
|
d) |
Current Liability |
: |
46,951,145 |
67,353,229 |
|
e) |
Non-current liability |
: |
41,745,521 |
44,891,480 |
|
f) |
Total Liabilities |
: |
1,718,461,288 |
1,251,026,999 |
|
g) |
Total Assets |
: |
1,718,461,288 |
1,251,026,999 |
|
h) |
Total Equity
& Liabilities |
: |
1,718,461,288 |
1,251,026,999 |
CURRENT INVESTIGATION
·
History.
The Subject Company STATE PHARMACEUTICALS
MANUFACTURING CORPORATION OF SRI LANKA was established on 04th June 1987 under the under the State Industrial Corporation Act.
No. 49 of 1957, based on a grant aid received
from the Japanese government through JICA (Japan International Corporation
Agency)
STATE PHARMACEUTICALS MANUFACTURING CORPORATION OF SRI LANKA is a fully Sri Lanka government owned organization engaged in the manufacturing of Pharmaceuticals for its own stock and distribution in the private sector, and for use in all government hospitals of the Department of Health. The procurement of pharmaceutical raw materials and laboratory chemicals etc is done by the corporation for the manufacturing of pharmaceuticals.
Factory
·
Location.
The Subject
Company is located at the client given address # 75, Sir Baron Jayatillake
Mawatha, Colombo-01.
·
Operations
Details.
General
The subject
company primary line of business is Manufacturing and Marketing organization for
Main Functions of the STATE
PHARMACEUTICALS MANUFACTURING CORPORATION are,
o
Manufacturing, processing, stocking, packing and re
packing of drugs.
o
Provision of technical know how of the above
operation.
o
Pharmacological and pharmaceutical research and the
standardization of drugs.
o
Marketing of drugs, so produced.
Products
Tablets / Capsules
and Dry Syrups
The SPMC is a 50,000
square feet pharmaceutical manufacturing facility. The SPMC is equipped with modern Japanese and German machines
with an installed capacity of 550 million units of Tablets/capsules and
60,000 litres of dry syrup. The present production exceeds installed capacity by
about 95 percent and they are planning to increase it even further.
The SPMC claims that their products comply with combined United States
Pharmacopoeia (USP) and British Pharmacopoeia (BP) standards, and also Japanese Health Ministry standards for microbial limits for oral preparations. The
atmosphere of the Ultra clean Zone where manufacture takes place is strictly controlled in regard to
temperature, humidity, microbial count and particulate matter. All their
products have high solubility and long shelf-life.
The SPMC quality control department is fully
equipped with a full range of modern instruments for physic chemical and
microbiological testing such as High Pressure Liquid Chrornatograph, Gas Liquid
Chromatograph and Infrared and Ultraviolet spectrophotometers.
SPMC products
are 'branded generics' and tablets and capsules carry the letters SPC and
the labels clearly show their logo with
characteristic two colour bands.
·
No of
Employees
Approx. 200
·
Financial
Data
Received from Subject Company’s Annual Report – 2009
·
Trade
references
The subject company did not provide any trade references
·
Credit
Recommendations
No computerised data bases exist to make checks whether the partners or
the company has any legal action or
lawsuit initiated against any of them but informal (but not in-depth) checks do
not indicate any such cases in the public knowledge.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.