MIRA
INFORM REPORT
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Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
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Name : |
HIKMA PHARMACEUTICALS CO PLC |
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Formerly Known As : |
HIKMA PHARMACEUTICALS INDUSTRIES |
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Registered Office : |
8th Floor, Airport Road, Bayader Wadi El Seer, Industrial
Area PO Box 182400 Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.05.1977 |
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Com. Reg. No.: |
475, Amman |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture and marketing of pharmaceutical products. |
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No. of Employees : |
5,400 |
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$ 4,250,000 |
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Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Jordan |
B1 |
B1 |
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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 |
SUMMARY
Company Name : HIKMA PHARMACEUTICALS CO PLC
Also Known As : HIKMA PHARMACEUTICALS INDUSTRIES
HIKMA PHARMACEUTICALS
Country of Origin : Jordan
Legal Form : Public Limited Company
Registration Date : 15th May 1977
Commercial Registration Number : 475, Amman
Issued Capital : US$ 34,525,000
Paid up Capital : US$ 34,525,000
Total Workforce : 5,400
Activities : Manufacture and marketing of pharmaceutical products.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
Recommended Credit Limit : US$ 4,250,000
COMPANY NAME
HIKMA PHARMACEUTICALS CO PLC
ALSO KNOWN AS: HIKMA
PHARMACEUTICALS INDUSTRIES
HIKMA PHARMACEUTICALS
ADDRESS
Registered & Physical Address
Location : 8th
Floor, Airport Road, Bayader Wadi El Seer, Industrial Area
PO Box : 182400
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 5811692
/ 5824222 / 5824223 / 5824224 / 5802900
Facsimile : (962-6)
5817102
Email : mrkt@hikma.com
/ samoh@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
· Ali Al Husry Director
· Sir David Rowe Ham Non-Executive
Director
· Michael Ashton Non-Executive
Director
· Dr Ronald Goode
Non-Executive Director
· Breffni Byrne Non-Executive
Director
· Bassam Kanaan Chief
Operating Officer
· Mohamed Saffouri Commercial
Manager
· Gabriel Kalisse Finance
Manager
· Majida Labadi Human
Resources Manager
· Dr Ibrahim Jalal Technical
Manager
· Abdul Latif Omar Engineering
Manager
· Nedal El Bedawi Import
& Export Manager
LEGAL FORM & OWNERS
Date of
Establishment : 15th
May 1977, Production began in 1978.
Legal Form : Public Limited
Company
Commercial Reg.
No. : 475, Amman
Issued Capital : US$ 34,525,000
Paid up Capital : US$ 34,525,000
Name of Shareholder (s) Percentage
· Darhold Limited 29.549%
· Sectoral Asset Management 3.216%
· Samih T Darwazah ]
]
· Said Samih T
Darwazah ]
] 67.235%
· Mazen Samih T
Darwazah ]
]
· Ali Al Husry ]
]
· Michael Ashton ]
]
· Breffni Byrne ]
]
· Dr Ronald Goode ]
]
· Sir David Rowe Ham ]
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
Amman 11512
Tel: (962-6)
4022816
Fax: (962-6)
4022302
· Hikma Bulk Sterile
Pharmaceuticals 100 %
PO Box: 182400
Amman 11118
Tel: (962-6)
5811692 / 5826412
Fax: (962-6)
5817102
· Hikma Chemicals 100 %
Amman
Jordan
· Arab Medical
Containers 100 %
Amman
Jordan
· Hikma Farmaceutica 100 %
Portugal
· West-Ward
Pharmaceuticals 100 %
United States of
America
· Hikma Pharma
Algeria Sarl 100 %
Algeria
· Hikma Pharma SAE 100 %
Egypt
· Thymoorgan
Pharmazie GmbH 100 %
Germany
· Hikma Pharma GmbH 100 %
Germany
· Hikma Italia SpA 100 %
Italy
· Al Jazeera
Pharmaceutical Industries 100 %
Saudi Arabia
· Hikma Ibn Al
Baytar 100 %
Tunisia
· SPA Societe Al Dar
Al Arabia 100 %
Algeria
· Pharma Ixir 51 %
Sudan
· Hikma Olive Oil 34 %
Tunisia
· Export &
Finance Bank 10 %
Jordan
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 Plc holds licensing
agreements with several major pharmaceutical companies such as Fujisawa, Dainippon, Rhodia, Edmond
Pharma and Cheil-Jedany.
The company was awarded the
ISO 9001 certificate in early 2000.
Import Countries: Japan, the United Kingdom, France and the United
States of America.
Clients : Biopharm Algeria
Maskati Pharmacy Bahrain
State Co. for Drugs & Medical Appliances
Marketing Iraq
A.M. Gharabally & Co. Kuwait
Union Pharmaceutique D'Orient SAL Lebanon
National Co for Pharmaceutical Industries Libya
Al Anwar Pharmacy Oman
Doha Drug Store Qatar
Iris Servimpex Co. Romania
A.R. Gosaibi Saudi Arabia
Megacom Ltd Ukraine
Ard Al Ganatain for Drugs & Medical
Appliances Co Yemen
Export Countries : Lebanon, Syria, Egypt, Kuwait, Qatar, Bahrain,
United Arab Emirates, Oman, Yemen,
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 5,400 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$ 000’s)
Consolidated Balance Sheet 31/12/10 31/12/09
Non-current assets
Intangible assets 269,120
255,696
Property, plant and equipment 317,463
283,371
Interest in joint venture –
5,451
Deferred tax assets 23,288
18,793
Available for sale investments 477
542
Financial and other non-current assets 11,357
2,270
621,705 566,123
Current assets
Inventories 182,192
160,509
Trade and other receivables 228,703
226,841
Collateralised cash 3,573
2,334
Cash and cash equivalents 62,718
65,663
Other current assets 929
1,251
478,115 456,598
Total assets 1,099,820
1,022,721
Current liabilities
Bank overdrafts and loans 81,015 60,317
Obligations under finance leases 2,251
1,826
Trade and other payables 127,555
107,618
Income tax provision 12,621
14,857
Other provisions 8,641
6,153
Other current liabilities 20,540
13,671
252,623 204,442
Net current assets 225,492
252,156
Non-current liabilities
Long-term financial debts 78,040
116,119
Deferred income 335
494
Obligations under finance leases 6,118 6,675
Deferred tax liabilities 12,404
11,734
96,897 135,022
Total liabilities 349,520
339,464
Net assets 750,300
683,257
Equity
Share capital 34,525
34,236
Share premium 275,968
272,785
Own shares (2,220)
(2,203)
Other reserves 435,649
371,067
Equity attributable to equity holders of the Parent 743,922 675,885
Non-controlling interests 6,378
7,372
Total equity 750,300
683,257
Consolidated Statement of Income
Sales 730,936
636,884
Cost of sales (373,592)
(332,459)
Gross profit 357,344
304,425
Sales and marketing costs (106,673)
(98,083)
General and administrative expenses (84,755)
(66,677)
Research and development costs (23,608)
(16,843)
Other operating expenses (net) (7,213)
(15,529)
Total operating expenses (222,249)
(197,132)
Adjusted operating profit 143,025
114,742
Exceptional items:
– Acquisition related expenses (7,705) –
– Gains on revaluation of previously held equity interests 7,176 –
Intangible amortisation (7,401)
(7,449)
Operating profit 135,095
107,293
Finance income 346
514
Finance expense (13,856)
(12,827)
Other expense (net) (603) (193)
Profit before tax 120,982
94,787
Tax (21,455) (15,469)
Profit for the year 99,527
79,318
Local sources consider subject’s financial condition to be Good.
BANKERS
·
Jordan Kuwait Bank
Abdali Branch
PO Box: 9776
Amman
Tel: (962-6)
5688814
·
ANZ Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6)
4660201
Fax: (962-6)
4679115
·
Cairo Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6)
5639321 / 5623100 / 5623109
Fax: (962-6) 5639328
·
HSBC Bank Middle East
Khalid Bin Walid
Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6)
5660471 / 5607471
Fax: (962-6)
5692964
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6) 5606793
/ 5606830
PAYMENT HISTORY
Subject’s payment record is reported to be met in a generally prompt
manner.
GENERAL COMMENTS
Over the years, Hikma Pharmaceuticals Co Plc 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.
Mr Nedal El Bedawi, the Import & Export Manager confirmed that the
correct registered name of the company is “Hikma Pharmaceuticals Co Plc”, and
he provided the headed paper of the company. He also said that the company is
also known as “Hikma Pharmaceuticals Industries” and “Hikma Pharmaceuticals”
but that it is only registered under the one name of “Hikma Pharmaceuticals Co
Plc”.
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
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|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.