MIRA INFORM REPORT

 

 

Report Date :           

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HIKMA PHARMA SAE

 

 

Registered Office :

2nd Industrial Zone, Plot No.1, P O Box 1913, 6th of October City 11511

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1985

 

 

Com. Reg. No.:

87081

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of pharmaceuticals

 

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

 

Maximum Credit Limit :

US$ 1,500,000

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : HIKMA PHARMA SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1985

Commercial Registration Number            : 87081

Issued Capital                                        : £E 216,000,000

Paid up Capital                                      : £E 216,000,000

Total Workforce                                     : 500

Activities                                               : Manufacture and export of pharmaceuticals

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

 

 

 

COMPANY NAME

 

HIKMA PHARMA SAE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial Zone, Plot No.1

PO Box             : 1913

Town                 : 6th of October City 11511

Country             : Egypt

Telephone         : (20-2) 38331643 / 38331691 / 38331995 / 38331996 / 38331998 / 38331447

Facsimile          : (20-2) 38331791

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of the 6th of October City.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       2 El Messaha Square                                                                        Rented office premises

Dokki, Giza

       Cairo

       Tel: (20-2) 37490140 / 37490141 / 37490142 / 37490143

       Fax: (20-2) 37499253 / 37490144

 

·       12 El Esraa Street                                                                             Rented office premises

Mohandessin, Giza

Cairo

Tel: (20-2) 33448861 / 3448864

Fax: (20-2) 33050739

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mazen Darwazah                                                                              Chairman

 

·       Dr Hassan Shafik                                                                              Managing Director

 

·       Dr Mamoun Airida                                                                             Sales Manager

 

·       Mohamed Ebeid                                                                                Finance Manager

 

·       Mohamed El Sawaf                                                                           Factory Manager

 

·       Mohamed Abd El Daim                                                                      Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 87081

 

Authorised Capital       : £E 300,000,000

 

Issued Capital              : £E 216,000,000

 

Paid up Capital            : £E 216,000,000

 

Name of Shareholder (s)                                Percentage

 

·       Hikma Pharmaceuticals                                             99%

Amman

Jordan

 

·       Local businessmen and private investors                       1%

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of pharmaceuticals, including vitamins, antacids, anaesthetics, disinfectants and pharmaceutical preparations for urology, dermatology, gynaecology, obstetrics,

metabolism, nutrition, gastric ulcers, bile and anti-diarrhoea.

 

Import Countries: United Kingdom, Germany, Ital, France, Japan, Jordan and India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 116,000,000                         £E 102,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Export Development Bank of Egypt

     4th Industrial Region, Plot 3/1

Giza

6th of October City

Tel: (20-2) 38330577 / 38330599

Fax: (20-2) 38330570 / 38330551

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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%)

 

 

 

 

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.