MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
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) : |
31.12.2007 |
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Date of Incorporation : |
15.05.1977 |
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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
Activities : Manufacture and marketing of pharmaceutical products.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
Recommended Credit Limit : US$ 850,000
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
Name Position
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
Ms Majida Labadi Business Development Manager
Dr. Ibrahim Jalal Technical Manager
Abdul Latif Omar Engineering Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th May 1977, Production began in 1978.
Legal Form : 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
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
Hikma Bulk Sterile Pharmaceuticals 100 %
PO Box : 182400
Tel : (962-6) 5811692 / 5826412
Fax : (962-6) 5817102
Hikma Chemicals 100 %
Arab Medical Containers 100 %
Hikma Farmaceutica 100 %
West-Ward Pharmaceuticals 100 %
Pharma Ixir 51 %
Hikma Ibn Al Baytar 49 %
Al Jazeera Pharmaceutical Industries 47.5 %
Hikma Olive Oil 34 %
Ibn Al Baytar 32 %
Export & Finance Bank 10 %
OPERATIONS
Activities: 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 DATA
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year Ending 31/12/06: Year Ending 31/12/07:
Total Sales JD 40,720,000 JD 42,300,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local sources.
BANKERS
Jordan Kuwait Bank
Abdali Branch
PO Box : 9776
Tel : (962-6) 5688814
ANZ Grindlays Bank
Shmeisani Branch
PO Box : 9997
Tel : (962-6) 4660201
Fax : (962-6) 4679115
Cairo Amman Bank
PO Box : 715
Tel : (962-6) 5639321 / 5623100 / 5623109
Fax : (962-6) 5639328
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
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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%)