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Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIKMA PHARMACEUTICALS CO PLC |
|
|
|
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Registered Office : |
8th Floor,
Airport Road, Bayader Wadi El Seer, Industrial Area, P O Box 182400, Amman
11118 |
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|
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Country : |
Jordan |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
15.05.1977 |
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Com. Reg. No.: |
475, Amman |
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|
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Legal Form : |
Public Limited Company |
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|
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Line of Business : |
Subject is engaged in the manufacturing 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. |
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|
No. of Employees : |
5,400 |
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 : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Jordan ECONOMIC OVERVIEW
Jordan's economy is among the smallest in the Middle East, with
insufficient supplies of water, oil, and other natural resources, underlying
the government's heavy reliance on foreign assistance. Other economic
challenges for the government include chronic high rates of poverty,
unemployment, inflation, and a large budget deficit. Since assuming the throne
in 1999, King ABDALLAH has implemented significant economic reforms, such as
opening the trade regime, privatizing state-owned companies, and eliminating
some fuel subsidies, which in the last decade spurred economic growth by
attracting foreign investment and creating some jobs. The global economic
slowdown and regional turmoil, however, have depressed Jordan''s GDP growth,
impacting export-oriented sectors, construction, and tourism. In 2011 and 2012,
the government approved two economic relief packages and a budgetary
supplement, meant to improve the living conditions for the middle and poor
classes. Jordan''s finances have also been strained by a series of natural gas
pipeline attacks in Egypt, causing Jordan to substitute more expensive diesel
imports, primarily from Saudi Arabia, to generate electricity. Jordan is
currently exploring nuclear power generation in addition to the exploitation of
abundant oil shale reserves and renewable technologies to forestall energy
shortfalls. In 2012, to correct budgetary and balance of payments imbalances,
Jordan entered into a $2.1 billion, multiple year International Monetary Fund
Stand-By Arrangement. Jordan''s financial sector has been relatively isolated
from the international financial crisis because of its limited exposure to
overseas capital markets. Jordan will continue to depend heavily on foreign
assistance to finance the deficit in 2013.
|
Source : CIA |
Company Name : HIKMA PHARMACEUTICALS CO PLC
Also Known As : HIKMA PHARMACEUTICALS INDUSTRIES
HIKMA PHARMACEUTICALS
Country of Origin : Jordan
Legal Form : Public Limited Company
Registration Date : 15th May 1977
Commercial Registration Number : 475, Amman
Issued Capital : US$ 35,091,000
Paid up Capital : US$ 35,091,000
Total Workforce : 5,400
Activities : Manufacture and marketing of pharmaceutical products.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
HIKMA
PHARMACEUTICALS CO PLC
· HIKMA PHARMACEUTICALS INDUSTRIES
·
HIKMA PHARMACEUTICALS
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.
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
Date of Establishment : 15th
May 1977, Production began in 1978.
Legal Form :
Public Limited Company
Commercial Reg. No. : 475, Amman
Issued Capital : US$ 35,091,000
Paid up Capital : US$ 35,091,000
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 ]
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
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
highlights provided by local sources are given below:
Currency: United
States Dollars (US$ 000’s)
Consolidated
Balance Sheet 31/12/12 31/12/11
Non-current
assets
Intangible assets
433,049
408,804
Property, plant
and equipment 419,943
421,357
Interest in joint
venture 38,337 37,445
Deferred tax
assets 45,772 36,072
Financial and
other non-current assets 11,044
12,079
948,145 915,757
Current assets
Inventories 272,231
239,260
Trade and other
receivables 328,147 315,856
Income tax asset 1,016 1,486
Collateralised
cash 1,756
2,595
Cash and cash
equivalents 176,510 94,715
Other current
assets 2,307 5,973
781,967 659,885
Total assets 1,730,112 1,575,642
Current
liabilities
Bank overdrafts
and loans 192,879 152,853
Obligations under
finance leases 3,480 3,300
Trade and other
payables 194,805 169,212
Income tax
provision 23,029 14,561
Other provisions 10,664 9,398
Other current
liabilities 42,097 39,622
466,954 388,946
Net current
assets 315,013 270,939
Non-current
liabilities
Long-term
financial debts 372,488 344,895
Obligations under
finance leases 15,891 18,134
Deferred tax
liabilities 22,921 23,147
Derivative
financial instruments 4,008 1,886
415,308 388,062
Total liabilities
882,262 777,008
Net assets 847,850 798,634
Equity
Share capital 35,091
34,904
Share premium 279,116
278,094
Own shares (86) (2,222)
Other reserves 518,532 465,799
Equity
attributable to equity holders of the Parent 832,653 776,575
Non-controlling
interests 15,197 22,059
Total equity 847,850 798,634
Consolidated
Statement of Income
Revenue 1,108,721
918,025
Cost of sales (607,603)
(522,676)
Gross profit 501,118
395,349
Sales and
marketing costs (152,763)
(125,295)
General and
administrative expenses (124,560)
(107,540)
Research and
development costs (34,019)
(31,218)
Other operating
expenses (net) (23,002)
(12,608)
Total operating
expenses (334,344)
(276,661)
Adjusted
operating profit 193,835
145,824
Exceptional
items:
Acquisition
related expenses (3,131)
(16,368)
Severance
expenses
(4,469) -
Plant remediation
costs (6,787) -
Inventory related
adjustment - (1,770)
Intangible
amortisation (12,674)
(8,998)
Operating profit 166,774
118,688
Share of results
of associated companies 892 (1,164)
Finance income 1,266
468
Finance expense (35,717)
(23,368)
Other expense
(net) (1,174) (732)
Profit before tax
132,041
93,892
Tax (24,826) (10,423)
Profit for the year 107,215
83,469
Local sources
consider subject’s financial condition to be Good.
·
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
Subject’s payment
record is reported to be met in a generally prompt manner.
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”.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.89 |
|
UK Pound |
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.