MIRA INFORM REPORT
|
Report Date : |
18.10.2014 |
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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|
|
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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:
Import, purchase, sales & distribution of Pharmaceuticals and Health Care Items in the open market
Import & supply pharmaceuticals and health care items to the department of health services
Manufacturing and marketing “Jeewani”, Glucose & Benzyl Bensovate Cream
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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
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.