MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
STATE PHARMACEUTICALS
CORPORATION OF SRI LANKA
|
|
|
|
|
Registered Office : |
# 75, Sir Baron Jayatillake Mawatha, Colombo
01 |
|
|
|
|
Country : |
Sri Lanka |
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|
|
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Date of Incorporation : |
21.09.1971 |
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|
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Legal Form : |
State Owned
Corporation (In Operation) |
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|
|
|
Line of Business : |
Importers, Distributors & Suppliers of
Pharmaceutical products. |
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|
|
|
No of Employees : |
1000 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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. 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, but strong remittances from Sri Lankan workers
abroad help offset the trade deficit. Government debt of about 80% of GDP
remains among the highest in emerging markets.
|
Source
: CIA |
GENERAL
Basic information at a glance
|
a. |
Name of Subject of Inquiry |
: |
STATE PHARMACEUTICALS
CORPORATION OF SRI LANKA
|
|
b. |
Legal Form & Status |
: |
State Owned Corporation (In Operation) |
|
c. |
Chairman |
: |
Prof. S.D.
Jayaratne |
|
d. |
Primary Line of Business |
: |
Importers, Distributors & Suppliers of Pharmaceutical products. |
|
e. |
Head Office & Place of
Business |
: |
# 75, Sir Baron Jayatillake Mawatha, Colombo-01, Sri Lanka. Tel. No: (00 94 11) 232 0356 – 9, 232 0500 Fax No: (00 94 11) 244 7118 (General) (00 94 11) 244 6204 (Chairman) (00 94 11) 254 2787 (MD) (00 94 11) 243 2109 (GM) E mail: info@spc.lk Whole Sales Unit & Stores: 109, Kandawala Estate, Ratmalana,
Sri Lanka. |
|
f. |
No. of Employees |
: |
Approximately
1000 |
COMPANY
DETAILS
Registration and Shareholder Details
|
a. |
Date of
Registration |
: |
Established on
September 21,1971 under the State Industrial Corporations Act No. 49 of 1957 as a state owned
business Undertaking. |
||
|
b. |
Registered
Office |
: |
# 75, Sir Baron Jayatillake Mawatha, Colombo 01 |
||
|
c. |
The Top
Management of the Corporation |
: |
Hon. Maitripala
Sirisena |
Minister of
Health Care & Nutrition |
|
|
Hon. Lalith Dissanayake |
Deputy Minister
of Health Care & Nutrition |
||||
|
Dr. Y.D. Nihal Jayathilaka |
Secretary |
||||
|
Dr. P.G. Mahipala |
Director General
Of Health Services |
||||
|
Prof. S.D.
Jayaratne |
Chairman |
||||
|
R.L.
Dharmatilleka |
Managing Director |
||||
|
K.M.D.R. Dassanayake |
General Manager |
||||
|
e. |
Auditors |
: |
Auditor
General’s Department – Government of Sri Lanka |
||
|
f. |
Bankers |
: |
Bank of Ceylon, People’s Bank, Commercial Bank, Standard Chartered
Grindlays Bank
|
||
FINANCIAL
DETAILS
Most recent available Financial Information
The subject is a Government owned business venture,
and financial are not published/ available.
CURRENT
INVESTIGATION
Company Logo
·
History.
The Subject
Company, STATE PHARMACEUTICALS
CORPORATION OF SRI LANKA, was established on September 21, 1971 under the
State Industrial Corporations Act No. 49 of 1957 as a state owned business
undertaking. The subject company is under the perview of the Ministry of
Health Services of Government of Sri Lanka
This far-sighted decision was the result of
the Bibile - Wickramasinghe Report (March 1971) on an assignment given to them by
the then Prime Minister, Hon Sirimavo Bandaranaike with a view to supply
quality pharmaceutical & connected items to peoples at a reasonable price
and also to effect quality control.
·
Location.
The Head Office of
the Subject Govt. Corporation is located at the client # 75, Sir Baron
Jayatillake Mawatha, Colombo 01.
·
Operational
Details.
General
The subject company primary
line of business is to act as Importers,
Distributors & Dealers in pharmaceutical products.
State Pharmaceuticals Corporation (SPC)
is the MAJOR importer of healthcare items to the Medical Supplies Division
of the Ministry of Health, which in turn supply these items to all government
hospitals.
Main Activities of the STATE PHARMACEUTICALS CORPORATION OF SRI LANKA is:
o
Import, purchase, sales & distribution of
Pharmaceuticals and Health Care Items in the open market
o
Import & supply pharmaceuticals and health care
items to the department of health services
o
Manufacturing and marketing “Jeewani”, Glucose
& Benzyl Bensovate Cream
o
Providing medical tests and laboratory services
Laboratory facilities:
- Tender Samples: All Tender samples
submitted are tested for quality.
- Pre-Marketing Quality Assurance: All batches
of bulk consignments are tested by
Random sampling
before release to the market. Further, manufacturers' analytical
Certificates for each and every batch
are checked at the Technical Department for
Compliance with BP/USP standards.
- Post- Marketing Quality Assurance: This is
performed by drawing random
Samples from the stocks
already issued to the market.
SPC is the sole supplier of pharmaceuticals, surgical
consumable items, laboratory chemicals amounting to about 2000 varieties to all
institutions under the Ministry of Health. The general public are served
through well established island wide network. The subject company is having
about company-owned 20 OSU Salas (Sales Centres) and over 100 franchise
dealers and distributors island wide. SPC items are available at every Pharmacy
shops.
Products
Pharmaceuticals, surgical consumable items,
laboratory chemicals and equipment
Brands
“SPC”
The STATE PHARMACEUTICALS
CORPORATION OF SRI LANKA procures through an open competitive tender
procedure and supplies drugs and other health care products to all the
government hospitals in the country through the Ministry of Health. It also supplies the private sector and the
general through their island wide network of Rajya Osu Salas, Franchise Osu
Salas and distributors.
Importing Countries:
India, Bangladesh,
Pakistan, Malaysia, Indonesia
Further, the drugs which are
manufactured in Sri Lanka by the State
Pharmaceutical
` Manufacturing Corporation, the sister
organisation under the Ministry of Health are also
Distributed and sold through
the State Pharmaceutical Corporation
outlets.
No of Employees
Approximately 1000
·
Financial Data
Subject is a Govt.
owned business undertaking. Information on its finances not yet published.
·
Trade
Reference
Department of Health Services of Government
of Sri Lanka
·
Credit
Recommendations
The Subject company/Corporation is a fully government owned
organisation.
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.
INFORMATION PARTED (General
Details)
|
Name : |
Mr. Mahinda Gamage |
|
Designation : |
Deputy General Manager – Finance |
|
Contact No.: |
(00 94 11) 232 0500 |
|
Date : |
16.10.2014 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
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|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SMN |
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.