MIRA INFORM REPORT

 

 

Report Date :

17.09.2013

 

IDENTIFICATION DETAILS

 

Name :

ASTRON LIMITED

 

 

Registered Office :

#  688, Galle Road, Ratmalana

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

03.11.1993

 

 

Com. Reg. No.:

N (PBS) 439

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacturing, Importing and Marketing of all types of Pharmaceuticals

 

 

No. of Employees :

600

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Sri Lanka

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam (LTTE). The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government's high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government's fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka''s economic vulnerabilities and nearly caused a balance of payments crisis. Growth slowed to 3.5% in 2009. Economic activity rebounded with the end of the war and an IMF agreement, resulting in two straight years of 8% growth in 2010-11. Growth moderated to about 6% in 2012. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern. Strong remittances from Sri Lankan workers abroad have helped to offset the trade deficit

Source : CIA

GENERAL - Basic information at a glance

 

Name of Subject of Inquiry

 :

ASTRON LIMITED

Legal Form  & Status

 :

Public Limited Liability Company.  (In Operation)

Managing Director

 :

 Marise Bernadette Deckker

Primary Line of Business

:

Manufacturers, Importers and Distributors of Pharmaceuticals

Place of Business

&

Factory

:

 

#  688, Galle Road,

Ratmalana,

Sri Lanka

 

Tel. No: (00 94 11) 263 6741 / 556 6741

Fax No: (00 94 11) 263 6173 / 556 6789

 

Email: astron@astron.lk

             sales@astron.lk

   

No of Employees

:

Approximately 600

 

 

COMPANY DETAILS  - Registration and Shareholder Details

 

Registration No

:

N (PBS) 439

Date of Registration

:

03rd November 1993

Re-registration No

 

PB 78

Date of Re-registration

 

06th December 2007

Registered Office

:

# 688, Galle Road, Ratmalana, Sri Lanka.

Board of Directors

As At

11th June 2013

:

Marise Bernadette Deckker

Managing Director

Kangaratnam Manickavasagar

Director

Harrin Dhammika Jayasekera

Director

P.S. Ranjit Fernando

Director

N. Shanthi Goonawardene

Director

M. Farhad Cassim

Director

D.A.S. Warna Athukorala

Director

R. Michael De Zilwa

Director

Issued Share Capital

:

Rs.                     57,145,500.00

Nominal Value of Share

:

Rs.                                   10.00

 

 

Registration and Shareholder Details

 

Major Share Holders

As At

07th June 2012

:

  Share Holders

No. Of

Shares

Marise Bernadette Deckker

2,948,860

K. Manickavasagar

401,045

A. Z. Fazeel

401,045

H. D. Jayasekara

401,045

H. L. De mel

40

Astron Employee Share Trust

1,562,500

Auditors

:

KPMG Ford Rhodes Thornton & Company

Company Secretaries

:

Kumarinio Nadisha Samarasekera

Bankers

:

DFCC Bank

 

 

FINANCIAL DETAILS - Most recent available Financial Information

 

   

30th November 2012

Rs.

30th November 2011

Rs.

A

Revenue

:

1,343,578,720

1,189,412,419

B

 Cost of Sales

:

(738,040,241)

(628,636,943)

C

 Gross Profit

:

605,538,479

560,775,476

D

Other Income

:

11,943,118

16,815,856

E

Administration Expense

:

(104,123,298)

(87,788,038)

F

Distribution Expense

:

(345,768,172)

(303,469,559)

G

Profit from Operations

 

167,590,127

186,333,735

H

Finance Expense

:

(14,427,448)

(11,051,119)

I

Net Profit / (Loss) before Tax

:

153,162,679

175,282,616

J

Taxation

:

(36,287,266)

(42,593,372)

K

Net Profit / (Loss) After Tax:

:

116,875,414

132,689,244

 

 

FINANCIAL DETAILS - Most recent available Financial Information (Cont/d….)

     

 

30th November 2012

Rs.

30th November 2011

Rs.

a)

Non-current Assets

:

504,037,794

443,309,716

b)

Current Assets

:

501,248,883

451,184,270

c)

Current Liability

:

208,051,697

215,265,092

d)

Non-current liability

:

144,463,331

93,361,924

e)

Total Liabilities

:

352,515,028

308,627,016

f)

Total Assets

:

1,005,286,677

894,493,987

g)

 

Net Worth

 

:

652,771,649

585,866,971

                                                                                                                                                              

 

 

 

 

CURRENT INVESTIGATION

 

                                                     

                                                           Company Logo

 

·         History.

 

                  The Subject Company ASTRON LIMITED is a Public Limited Liability Company incorporated on 03rd Nov 1993 under registration number N (PBS) 439 and then company was re-registered on 06th December 2007 under registration number PB 78.

 

                  The subject company was earlier known as ASTRON HOLDINGS LTD and changed to ASTRON LTD on 07th April 1995.

 

·         Location.

 

The Subject Company is located at the client # 688, Galle Road, Ratmalana, Sri Lanka

 

·         Operational Details.

 

General

 

                  The subject company primary line of business is manufacturing, Importing and Marketing of all types of Pharmaceuticals which are distributed islandwide to appointed dealers of the subject company.

                  The subject company has earned certified ISO 22000, HACCP

 

                  The subject company has competition from the state Pharmaceuticals Corporation coming under the Ministry of Health. The subject company has their own marketing team to promote their products through Doctors, Dispensaries, Hospitals and Coordinating supplies to dealers. The subject company outside appearance is very attractive and maintenance, cleanliness, housekeeping and safety procedures are given high priority.

 

Products

                  Antibiotics

                  Cough preparation

                  Anti inflammatory

                  Antibiotic

                  Anthelmintic

                  Vitamins

                  Minerals

                  Antihistamine

                  Anti acne preparation

                  Anti diabetic

                  Analgesic and antipyretic etc…..

 

                                 

 

Astron is a member of the following associations:

  • Sri Lanka Pharmaceutical Manufacturers Association - founder member
  • Sri Lanka Chamber of Pharmaceutical Industries - founder member
  • Sri Lanka Poultry Industry Association
  • Ceylon Chamber of Commerce
  • Employers Federation of Sri Lanka
  • American Chamber of Commerce of Sri Lanka
  • Industrial Association of Sri Lanka
  • Sri Lanka Maldives Bilateral Business Council
  • Sri Lanka China Business Council

Brands

Astron Pharmaceuticals

Astron Consumer

Astron Animal Health

 

Import Countries

India, USA and Netherlands.

 

No of Employees

                  Approximately 600

 

·         Financial Data

Received from subject company annual report

 

·         Trade references

 

                   Sri Lanka Pharmaceutical Manufacturers Association

                   Sri Lanka Chamber of Pharmaceutical Industries

                   Sri Lanka Poultry Industry Association

                   Ceylon Chamber of Commerce

 

·         Credit Recommendations

                  Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

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.62.48

UK Pound

1

Rs.99.66

Euro

1

Rs.83.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.