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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIKMA PHARMA SAE |
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|
|
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Registered Office : |
12 El Esraa Street, Mohandessin, Giza, PO Box : 1913, Cairo |
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|
|
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Country : |
Egypt |
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|
Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
1985 |
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|
|
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Com. Reg. No.: |
87081 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of pharmaceuticals. |
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No. of Employees : |
700 |
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 |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
egypt - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent,
Egypt is bisected by the highly fertile Nile valley, where most economic
activity takes place. Egypt's economy was highly centralized during the rule of
former President Gamal Abdel NASSER but opened up considerably under former
Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008
aggressively pursued economic reforms to attract foreign investment and
facilitate GDP growth. Despite the relatively high levels of economic growth in
recent years, living conditions for the average Egyptian remained poor and
contributed to public discontent. After unrest erupted in January 2011, the
Egyptian Government backtracked on economic reforms, drastically increasing
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
HIKMA PHARMA SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1985
Commercial Registration Number :
87081, Cairo
Tax Card Number :
101-329-100
Journal Issue Number :
1220
Issued Capital :
£E 216,000,000
Paid up Capital :
£E 216,000,000
Total Workforce :
700
Activities :
Manufacture and export of pharmaceuticals.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
HIKMA PHARMA SAE
Registered &
Physical Address
Street : 12 El Esraa
Street
Area : Mohandessin,
Giza
PO Box : 1913
Town : Cairo
Country : Egypt
Telephone : (20-2) 33448861
/ 3448864
Facsimile : (20-2)
33050739
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of the Cairo.
Branch Office (s)
Location Description
2nd Industrial Zone, Plot No.1 Factory
premises
6th of October City 11511
Tel: (20-2) 38331643 / 38331691 / 38331995
Fax: (20-2) 38331791
2 El Messaha Square Rented
office premises
Dokki, Giza
Cairo
Tel: (20-2) 37490140 / 37490141 / 37490142 / 37490143
Fax: (20-2) 37499253 / 37490144
Name Position
Mazen Darwazah Chairman
Dr Hassan Shafik Managing
Director
Dr Mamoun Airida Sales
Manager
Mohamed Ebeid Mewafy Finance
Manager
Mona Sherif Ahmed Factory
Manager
Mohamed Abd El Daim Human
Resources Manager
Mohamed Mouwafi Accounts
Manager
Date of Establishment : 1985
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 87081, Cairo
Tax Card No. : 101-329-100
Journal Issue No. : 1220
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%
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, Italy, France, Japan, Jordan, Saudi Arabia and India.
Export Countries: Yemen, Jordan, Algeria and Lebanon.
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
110,000,000 £E
125,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
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
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.