MIRA INFORM REPORT
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Report No. : |
333540 |
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Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
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Name : |
STATE PHARMACEUTICALS CORPORATION OF SRI LANKA |
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Registered Office : |
# 75, Sir Baron Jayatillake Mawatha, Colombo-01 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
21.09.1971 |
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Legal Form : |
State Owned Corporation |
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Line of Business : |
Subject is importers, distributors & suppliers of pharmaceutical products |
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No. of Employee : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
GENERAL
Basic information at a glance
|
a. |
Name of Subject of Inquiry |
: |
STATE PHARMACEUTICALS
CORPORATION OF SRI LANKA
|
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b. |
Legal Form & Status |
: |
State Owned Corporation (In Operation) |
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c. |
Chairman |
: |
Sarath Liyanage |
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d. |
Primary Line of Business |
: |
Importers, Distributors & Suppliers of Pharmaceutical products. |
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e. |
Head Office & Place of
Business |
: |
# 75, Sir Baron Jayatillake Mawatha, Colombo-01, Sri Lanka. Tel. No: (00 94 11) 232 0356 – 9 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: |
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f. |
No. of Employees |
: |
Approximately
600 |
COMPANY
DETAILS
Registration and Shareholder Details
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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. |
||
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b. |
Registered
Office |
: |
# 75, Sir Baron Jayatillake
Mawatha, Colombo 01 |
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c. |
The Top
Management of the Corporation |
: |
Hon.
Rajitha Senaratne |
Minister
of Health Care & Nutrition |
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Hon. Hassan Ali |
State
Minister of Health Care & Nutrition |
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Dr. D.M.R.B.
Dissanayake |
Secretary |
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Dr. P.G.
Mahipala |
Director
General Of Health Services |
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Sarath Liyanage |
Chairman |
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Dr.
M.H.M. Rumie |
Managing Director |
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K.M.D.R.
Dassanayake |
General
Manager |
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e. |
Auditors |
: |
Auditor
General’s Department – Government of Sri Lanka |
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f. |
Bankers |
: |
Bank of Ceylon, People’s Bank,
Commercial Bank, Standard Chartered Grindlays Bank
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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:
World wide
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.
Services:
General Public:
distribute drugs to the general public through our islandwide network of
Rajya
Osu
Salas, Franchise Osu Salas and distributors.
Programmes for General Public
Radio and TV
Programmes
Newspaper
Articles
Leaflets/Brochures/Handbills
School Science
Day Programmes for Rural Students
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For Professionals |
"The Sri Lanka
Prescriber" Quarterly Journal
Service of SPC
Representatives
No of Employees
Approximately 600
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
DENIED BY
Management non co-operative (Tel. No.:
00094112320359)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
UK Pound |
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
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Information
Gathered by : |
NYN |
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.