MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
HIKMA
PHARMACEUTICALS CO LTD |
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Registered Office : |
Bayader Wadi El
Seer Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th May 1977 |
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Com. Reg. No.: |
475, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and marketing of pharmaceutical products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 850,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HIKMA PHARMACEUTICALS CO LTD
Country of Origin :
Legal Form : Limited Liability Company
Registration Date : 15th May 1977
Commercial Registration Number :
475,
Issued Capital : JD 2,300,000
Paid up Capital : JD 2,300,000
Total Workforce : 250
Line of Business : Manufacture and marketing of pharmaceutical products.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
COMPANY NAME
HIKMA PHARMACEUTICALS
CO LTD
ADDRESS
Registered & Physical Address
Location : Bayader Wadi El Seer Industrial
Area
PO Box : 182400
Town :
Country :
Telephone : (962-6) 5811692 / 5824222 / 5824223 /
5824224 / 5802900
Facsimile : (962-6) 5817102
Email : mrkt@hikma.com
Premises
Subject operates
from a large suite of offices, a warehouse and a factory that are owned and
located in the Industrial Area of Amman.
KEY PRINCIPALS
·
Samih
T. Darwazah Managing Director
·
Said
Samih T. Darwazah Director
·
Mazen
Samih T. Darwazah Director
·
Nadim
Al Hudhud Director
·
Mohamed
Saffouri Commercial
Manager
·
Gabriel
Kalisse Finance
Manager
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Ms
Majida Labadi Business
Development Manager
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Dr.
Ibrahim Jalal Technical
Manager
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Abdul
Latif Omar Engineering
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 15th
May 1977, Production began in 1978.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability
Company)
Commercial Reg. No. : 475,
Issued Capital : JD 2,300,000
Paid up Capital : JD 2,300,000
Name of Shareholder
(s)
·
Samih
T. Darwazah
·
Said
Samih T. Darwazah
·
Mazen
Samih T. Darwazah
·
Nadim
Al Hudhud
Note to the Legal Form
A Limited Liability Company is defined in the Company Law as a company incorporated with a minimum of two and maximum of fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
AFFILIATED
COMPANIES
Subject is a member of the Hikma Group of companies, which consists of
the following concerns :
Name of Company Stake
Held
·
Hikma
Pharmaceutical Supplies Co 100 %
Sahab Industrial Estate
PO Box : 80
Tel : (962-6) 4022816
Fax : (962-6) 4022302
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Hikma
Bulk Sterile Pharmaceuticals 100 %
PO Box : 182400
Tel : (962-6) 5811692 / 5826412
Fax : (962-6) 5817102
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Hikma
Chemicals 100 %
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Arab
Medical Containers 100 %
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Hikma
Farmaceutica 100 %
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West-Ward
Pharmaceuticals 100 %
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Pharma
Ixir 51 %
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Hikma
Ibn Al Baytar 49 %
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Al Jazeera
Pharmaceutical Industries 47.5 %
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Hikma
Olive Oil 34 %
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Ibn Al
Baytar 32 %
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Export
& Finance Bank 10 %
LINE OF BUSINESS
Operations : Subject is engaged in the manufacture and marketing of pharmaceutical products, including antibiotics, cardiovascular drugs, anti-rheumatics, tranquillisers, analgesics, anti-diabetics, anti-ulcer preparations, and a range of cough and cold preparations.
The factory was expanded in 1984 to include a sterile area for
the production of injectables, namely powder and liquid vials and ampoules.
Hikma Pharmaceuticals Co Ltd holds licensing agreements with
several major pharmaceutical companies such as
The company was awarded the ISO 9001 certificate in early 2000.
Import Countries
:
Clients : Biopharm
Maskati Pharmacy
State Co. for Drugs & Medical Appliances
Marketing
A.M. Gharabally & Co.
Union
Pharmaceutique D'Orient SAL
National Co for Pharmaceutical Industries
Al Anwar Pharmacy
Iris Servimpex Co.
A.R. Gosaibi
Megacom Ltd
Ard Al Ganatain for Drugs & Medical
Appliances Co
Export Countries
:
Iraq, Sudan, Libya, Algeria, Morocco, Vietnam, Germany, Sweden,
the United Kingdom, the Czech Republic, Romania, Slovakia, Russia, the Ukraine
and China.
Brand Name : HIKMA
Operating Trend
: Steady
Subject has a workforce
of approximately 250 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Jordanian Dinars (JD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue JD 39,850,000 JD 40,720,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Jordan
Kuwait Bank
Abdali Branch
PO Box : 9776
Tel : (962-6) 5688814
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ANZ
Grindlays Bank
Shmeisani Branch
PO Box : 9997
Tel : (962-6) 4660201
Fax : (962-6) 4679115
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Cairo
Amman Bank
PO Box : 715
Tel : (962-6) 5639321 / 5623100 / 5623109
Fax : (962-6) 5639328
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HSBC
Bank
Jebel Hussein
PO Box : 925286
Tel : (962-6) 5660471 / 5607471
Fax : (962-6) 5692964
PAYMENT HISTORY
Subject’s payment
record is reported to be met in a generally prompt manner.
Date of transaction September 1997 September 1998
Credit amount 200,000 200,000
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record Prompt Prompt
Currency US
Dollars US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Over the years,
Hikma Pharmaceuticals Co Ltd has managed to emerge as a leader in the
pharmaceutical industry and now occupies a strong, well-respected position in
the local and neighbouring market.
The company is
engaged in the manufacture and marketing of a wide range of pharmaceutical
products and holds licensing agreements with many leading international
pharmaceutical companies.
According to local
sources, subject’s financial position is good, with payments generally made in
a prompt manner. The company is considered to be a sound trade risk and the
above credit figure is within subject’s financial means.
Maximum suggested
credit figure: US$ 850,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)