MIRA INFORM REPORT

 

 

Report No. :

490337

Report Date :

06.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

STATE PHARMACEUTICALS MANUFACTURING CORPORATION

 

 

Registered Office :

11, Sir John Kotelawala Mawatha, Kandawala Estate, Ratmalana

 

 

Country :

Sri Lanka

 

 

Financials (as on) :

31.12.2015

 

 

Date of Incorporation :

04.06.1987

 

 

Legal Form :

Corporation (State Owned)

 

 

Line of Business :

Manufacturers of Medical Drugs for Distribution at Affordable Prices (Tablets, Capsules & Syrups)

 

 

No. of Employees :

300+ Approximately

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

2,230,404.370 USD

 

 

Status :

Good

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Sir Lanka

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SRI LANKA - ECONOMIC OVERVIEW

 

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under an IMF program. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is almost 80% of GDP and remains among the highest of the emerging markets.

 

The new government in 2015 drastically increased wages for public sector employees, which boosted demand for consumer goods but hurt the overall balance of payments and reduced foreign exchange reserves.

 

Tourism has experienced strong growth during recent years following the resolution of the government's 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.

 

Source : CIA

 

 

Company profile

 

Name of Subject of Inquiry

STATE PHARMACEUTICALS MANUFACTURING CORPORATION

Legal Form & Status

Corporation (State Owned)

Chairman

Dr Sayuru G Samaradundera

Primary Line of Business

Manufacturers of Medical drugs for distribution at affordable prices (Tablets, Capsules & Syrups)

Principal Place of Business

No 11, Sir John Kothalawala Mawatha, Kandawala Estate Ratmalana

Sri Lanka.

Tel. No:  (00 94 11) 2635353

Fax. No: (00 94 11) 2634771

E-Mail: chairman@spmclanka.lk / chairmanspmc@sltnet.lk

Web Site: www.spmclanka.com

Employees

300+ Approximately

 

 

Company details

 

Registration No

Established in 1987 under the State Industrial Corporations Act No. 49 of 1957 as a state owned business Undertaking.

Date of Registration

04th June 1987

Re-registration No

NA

Registered Office

11, Sir John Kotelawala Mawatha, Kandawala Estate, Ratmalana, Sri Lanka.

Board of Directors As At

31.12.2017

Dr Sayuru G Samaradundera

Chairman

Mr P Suntharalingam

Managing

Director

Dr Susi Perera

Director

Dr D Venkatheswaran

Director

Mrs N Godakanda

Director

Mr Safeec Rajabdeen

Director

Mr Miuru Bhashitha Liyanage

Director

 

Mrs S W Jayasundara

General Manager

Stated Share Capital

 

LKR 690,079,000.00

No. of Shares

NA

Preferential Shares

NA

Nominal Value of Share

NA

Auditors

Auditor General’s Department – Government of Sri Lanka

Company Secretaries

NA

Main Bank/s

Bank of Ceylon, Peoples Bank of Sri Lanka, National Savings Bank

 

 

FINANCIAL DETAILS

 

Most recent available Financial Information

 

 

 

 

 

 

 

 

 

 

Mrs. Asanthi Aturaliya

DGM-Finance

Office Direct : 011 - 2626630

Office : 0112637574 , 2635353 , Ext. 311

E-Mail - aturaliya.agds@spmclanka.lk

 

 

 

Current investigation

 

 

COMPANY LOGO& LISTING

 

History & Operational Details

The SPMC was established in 1987 under the Industrial Corporation Act No. 49 of 1957, based on a grant aid received from the Japanese government through JICA (Japan International Cooperation Agency) with a commitment to manufacture quality, effective and safe medicinal drugs. This far-sighted decision was first proposed in the Bibile - Wickramasinghe Report published in March 1971.

 

The main functions of the SPMC as mandated by the Industrial Corporation Act No 49 are:

 

 

·         Manufacturing, processing, stocking, packing and re-packing of drugs

·         Provision of technical assistance for the manufacture and processing of drugs

·         Pharmacological and pharmaceutical research and the standardization of drugs

·         Marketing of Pharmaceuticals.

 

SPMC's current product range consist of 46 items of Tablets and Capsules. SPMC is the only state sector corporation engaged in manufacturing pharmaceuticals in Sri Lanka. All products released to the market meet with the British Pharmacopeia (BP) / United State Pharmacopeia (USP) requirements. Implementation of cGMP (current Good Manufacturing Practices) regulations and procedures are regularly monitored through internal quality auditing and factory inspection. The pharmaceuticals manufacturing facility of the SPMC is equipped with modern Japanese, German & Korean machines. The manufacturing facility has an ultra-clean atmosphere and adheres to the requirement of cGMP as laid down by the World Health Organization (WHO).

 

Products

 

·         Paracetamol Tablets BP 500mg (Blister)

·         Paracetamol Tablets BP 500mg

·         Indometacin Capsules BP 25mg

·         Diclofenac Sodium Tablets USP 50mg

·         Aluminium Hydroxide Tablets BP 500mg

·         Cimetidine Tablets BP 200 mg (Film Coated)

·         Famotidine Tablets USP 20mg (Blister)

·         Salbutamol Tablets BP 2mg

·         Salbutamol Tablets BP 4mg

·         Theophylline (Extended Release) Tablets SPMC 125mg

·         Rifampicin Capsules BP 150mg

·         Amoxiciilin Capsules BP 250mg

·         Amoxiciilin Capsules BP 250mg ( Blister )

·         Amoxiciilin Capsules BP 500mg

·         Amoxiciilin Capsules BP 500mg ( Blister )

·         Amoxiciilin TabletsUSP 125mg

·         Cloxacillin Capsules BP 250mg

·         Cloxacillin Capsules BP 500mg

·         Phenoxymethyl penicillin Tablets BP 125mg

·         Phenoxymethyl penicillin Tablets BP 250mg

·         Chloramphenicol Capsuls BP 250mg

·         Erythromycin Stearate Tablets BP 250mg(Film Coated)

·         Co-Trimoxazole Tablets BP 480mg ( Adult )

·         Co-Trimoxazole Tablets BP 120mg (Paediatric)

·         Carbamazepine Tablets BP 200mg

·         Gliclazide Tablets BP 80mg

·         Metformin Tablets BP 500mg (Film Coated)

·         Diethylcarbamazin Tablets BP 50mg

·         Enalapril Maleate Tablets USP 5mg

·         Verapamil Tablets BP 40mg ( Film Coated )

·         Diltiazim Hydrochloride Tablets 60mg USP

·         Propranolol Tablets BP 10mg

·         Propranolol Tablets BP 40mg

·         Atenolol Tablets BP 50mg (Film Coated)

·         Atenolol Tablets BP 50mg (Blister)

·         Chloroquine Phosphate Tablets BP 250mg

·         Primaquine Phosphate Tablets 7.5mg ( Film Coated )

·         Benzhexol Tablets BP 2mg

·         Trifluoperazine Tablets BP 5mg ( Film Coated )

·         Mebendazole Tablets USP 500mg

·         Mebendazole Tablets USP 500mg( Sachet )

·         Mebendazole Tablets USP 100mg

·         Prednisolone Tablets BP 5mg

·         Furosemide Tablets BP 40mg( Frusemide Tablets BP 40mg)

·         Bisacodyl Tablets BP 5mg ( Enteric Film Coated )

·         Ascorbic Acid Tablets BP 100mg

·         Folic Acid Tablets BP 1mg

·         Vitamin B Complex Tablets ( Vitamin B1 , B2 & Nicotinamide)

·         Vitamin B Compound Strong Tablets BPC( Vitamin B1 , B2 , B6 & Nicotinamide)

 

Employees

300+ Approximately

 

Export Countries

Egypt, Myanmar, Philippines, FIJI Islands, Bangladesh & Papua New Guinea and other

international markets through the WHO & JICA recommendation

 

Associate Organizations

State Pharmaceutical Corporation

Ministry of Health

 

 

INFORMATION DENIED

 

Management non-co-operative (0094-11-2635353)

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

LKR

1

INR 0.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPA

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.