|
Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
HAWKARY PHAARMACEUTICAL CO |
|
|
|
|
Registered Office : |
Hawkary Group, 100m Street, Opposite To Bahrka
Avenue ,3rd Floor, Erbil |
|
|
|
|
Country : |
Iraq |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
Legal Form : |
Legal Structure Not Ascertained |
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|
|
|
Line of Business : |
Wholesale of pharmaceutical goods |
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|
|
|
No. of Employees : |
310 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Iraq |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IRAQ - ECONOMIC OVERVIEW
An improving security environment and foreign investment are
helping to spur economic activity, particularly in the energy, construction, and
retail sectors. Broader economic development, long-term fiscal health, and
sustained improvements in the overall standard of living still depend on the
central government passing major policy reforms. Iraq's largely state-run
economy is dominated by the oil sector, which provides more than 90% of
government revenue and 80% of foreign exchange earnings. Iraq in 2012 boosted
oil exports to a 30-year high of 2.6 million barrels per day, a significant
increase from Iraq's average of 2.2 million in 2011. Government revenues
increased as global oil prices remained persistently high for much of 2012.
Iraq's contracts with major oil companies have the potential to further expand
oil exports and revenues, but Iraq will need to make significant upgrades to
its oil processing, pipeline, and export infrastructure to enable these deals
to reach their economic potential. The Iraqi Kurdistan Region's (IKR)
autonomous Kurdistan Regional Government (KRG) passed its own oil law in 2007,
and has directly signed about 50 contracts to develop IKR energy reserves. The
federal government has disputed the legal authority of the KRG to conclude most
of these contracts, some of which are also in areas with unresolved
administrative boundaries in dispute between the federal and regional
government. Iraq is making slow progress enacting laws and developing the
institutions needed to implement economic policy, and political reforms are
still needed to assuage investors' concerns regarding the uncertain business
climate, which may have been harmed by the November 2012 standoff between
Baghdad and Erbil and the removal of the Central Bank Governor in October 2012.
The government of Iraq is eager to attract additional foreign direct
investment, but it faces a number of obstacles including a tenuous political
system and concerns about security and societal stability. Rampant corruption,
outdated infrastructure, insufficient essential services, skilled labor
shortages, and antiquated commercial laws stifle investment and continue to
constrain growth of private, nonoil sectors. Iraq is considering a package of
laws to establish a modern legal framework for the oil sector and a mechanism
to equitably divide oil revenues within the nation, although these reforms are
still under contentious and sporadic negotiation. Under the Iraqi Constitution,
some competencies relevant to the overall investment climate are either shared
by the federal government and the regions or are devolved entirely to the
regions. Investment in the IKR operates within the framework of the Kurdistan
Region Investment Law (Law 4 of 2006) and the Kurdistan Board of Investment,
which is designed to provide incentives to help economic development in areas
under the authority of the KRG. Inflation has remained under control since 2006
as security improved. However, Iraqi leaders remain hard pressed to translate
macroeconomic gains into an improved standard of living for the Iraqi populace.
Unemployment remains a problem throughout the country despite a bloated public
sector. Encouraging private enterprise through deregulation would make it
easier for Iraqi citizens and foreign investors to start new businesses.
Rooting out corruption and implementing reforms - such as restructuring banks
and developing the private sector - would be important steps in this direction.
|
Source
: CIA |
Company Name: HAWKARY PHAARMACEUTICAL CO
Country: IQ
Street Name: HAWKARY
GROUP, 100 METER ST., OPP. BAHARKA
RD,3RDF
City Code: ERBIL
Post Code: EKHLAS
FURNI
Phone Number: +964 0 662519685 / +9647 504459726
Comments: CONTACT
PERSON: MOHAMMAD ESMAIL
Rating Briefing
Payment Record: NO COMPLAINTS
This rating is
based on available data. In the event of additional information a possibility
for a different rating applies.
Registration
Briefing
Registration
Number: N/A
Registration Date: 12/7/2006
Legal Form: LEGAL STRUCTURE
NOT ASCERTAINED
Latest Financials: N/A
Financial Briefing
Nominal Capital: N/A
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth: N/A
Company Name: HAWKARY PHAARMACEUTICAL CO
Country: HAWKARY
GROUP, 100 METER ST., OPP. BAHARKA
RD,3RDF
City Code: ERBIL
Post Code: EKHLAS
FURNI
Phone Number: +964 0 662519685 / +9647 504459726
Comments: CONTACT
PERSON: MOHAMMAD ESMAIL
Company Name: Hawkary
Also trades as: Hawkary Pharmaceutical Co
Headquarter
Address: HAWKARY GROUP,
100m street,
opposite to Bahrka Avenue ,3rd Floor,
Erbil,
Iraq
Telephone: +9646
62229531
+9646 62519685
+9647 504010248
+9647 504459726
E‑Mail: info@hawkary.net
Web Site: www.hawkary.net
Company was
originally started on 1992
Current Legal Form: LEGAL STRUCTURE NOT ASCERTAINED
Registration Address: Doctors Street,
Erbil
Registration Date: 12/7/2006
Year/Date Company Established: 1992
Registration Town: Erbil
Chamber of Commerce Number: 25668
Capital is NOT disclosed.
Parent Company: HAWKARY GROUP,
Erbil,
Iraq
Name/Other Information Shares Held %
of Voting/Non‑Voting capital
Muhamed Ismail
Muhamed Seyan,
Iraq
Khaled Taha
Hussain,
Iraq
Ahmed Ismail
Seyan,
Iraq
Name: Mr
Muhamed Ismail Seyan
Position within the company: Chairman
Additional Information: Authorized Manager
Nationality: Iraqi
Can fluently speak: English & Arabic
Education: Graduate
Degree in B.S. degree in Business and Administration
Work Experience and History: Chairman of the Board of Directors of
Hawkary since the company foundation in
1992, has over 20 years of experience in Pharmaceutical sector.
He is the
executive chairman also for “Team Mart” a huge hypermarket chain which consists
of over 30 branches distributed in all over Iraq.
And he is a member
of the Board of Directors of Investors Union of Kurdistan / Iraq since 2011,
and president of the Turkish‑Iraqi Association of Businessmen and
investors since 2012.
Name: Mr
Ahmed Ismail Seyan
Position within the company: Vice Chairman
Nationality: Iraqi
Can fluently speak: English & Arabic
Work Experience and History: Vice‑
chairman of the Board of Directors of Hawkary since the company foundation in
1992, has over 20 years of experience in Pharmaceutical sector. He is the head
of branding and promotion department in all Hawkary Group.
He is the
executive chairman also for “Smile Land” a huge Entertainment city chain in
Iraq, and practiced in multiple activities in real estate and commercial
sectors inside Iraq.
Name: Mr
Rida AL‑Ghoul
Position within the company: Chief executive & Officer
Can fluently speak: English & Arabic
Education: Degree
in B.S. degree in Economics
Other qualifications include: B.S. degree in Economics
Work Experience
and History: Chief Executive Officer
(CEO) Joined the board of directors of Hawkary in June 2012, has 10 years of
experience in banking and over 10 years of experience inpharmaceutical
industry.
He was the
"General Manager"for many pharmaceutical companies in Jordan, and he
was the "vice president" for one of the biggest multinational
Pharmaceutical Company in MENA and LEVANT regions; He was also a board member
in many pharmaceutical companies in Algeria, Morocco, Lebanon, Egypt, Sudan and
Jordan.
Name: Mr
Abed Alraheem M
Additional Information: Demand Planning Manger
Education: Graduate
from Hashemite University
Name: Mr
Mohammad AlKhawaja
Position within the company: Production Manager
Can fluently speak: English & Arabic
Education: Graduate
Degree in B.Sc, Pharmacy from University of Jordan
Name: Mr
Qanih Sulaiman
Position within the company: Human resources Manager
Can fluently speak: English & Arabic
Name: Mr
Fadi Al_Taamreh
Additional Information: Financial Analyst
Can fluently speak: English & Arabic
Education: Graduate
University
Name: Mr
Kak Mahmoud
Position within the company: Administration Manager
Address: Mobile:
964 750 4991316
Nationality: Iraqi
Can fluently speak: English & Arabic
Education: Graduate
University
NACE Codes: 4646 Wholesale of pharmaceutical goods
From
subject's website:
Hawkary is one of the top five fast growing
Local Pharmaceutical Distribution Companies in Iraq and has occupied a
significant share in Iraqi market. It engages in the distribution and marketing
of pharmaceutical products and has supported this growth by proactively adding
right products to its portfolio based on the growing Pharmaceutical market
needs.
Hawkary Pharmaceuticals was established in
1992 as the first distributor for private market which at that time the
pharmaceutical marketwas controlled by Iraqi
ministry of health commercially.
Hawkary considered number one inside Iraq in
infrastructure size in pharmaceutical distribution business. Our total storage
capacity of warehouses in all parts of Iraq is about 20.000 ballets.
The largest arm that distributes products in
the market by sub‑distributers who owned by Hawkary group
Hawkary is adopting an Enterprise Resource
Planning system (ERP system) to make the functional units perform better by
integrating all the functions of the businesses into a single database.
ERP facilitates information flow between all
business functions inside the organization, and manages to integrate it
regional offices with its branches,in order to serve its customers with good
quality products, good services, on time delivery and to keep track of all
delivery points.
Subject is working to become the first
company in Iraq working under GDP (Good Distribution Practices) match the European
standards and US‑FDA regulations in pharmaceutical industry, high quality
of products and services are provided and an excellent customer relationship is
maintained.
Some of Subject's Clients:
Al‑ Anhar drug store – Al Falojah
Ibn Sina drug store ‑ Karbala
Al‑Madar drug store ‑ Mousel
Ibn Al‑Haitham drug store ‑
Basra
Al‑Ya’asob – Baghdad
Employees Group employs: 305
staff
Comments: General & Administrative: 70 employees
Sales and Marketing: 50 employees
Commercial department : 60 employees
Inventory and logistic: 70
employees
Finance and Information Technology: 40 employees
Regulatory Affairs & Quality Assurance: 15 employees
HQ Premises Operates from: Office
Location: Central
Business Area
Branches Erbil,
Erbil,
Iraq
Description of branch: Warehouse
These premises operate as: 9 warehouses
Other Branches
Subject has numerous other branches
nationally.
Number of Branches: 7
Additional Information: 5 warehouses: 1 in north region, 1 in
Mosul, 1 in Kirkuk, 1 in Baghdad, 2 in
Karbala, 1 in Basra
Imports Finished Goods
Imports From: Europe, Middle East, Far East, USA
Agencies:
Ajanta India pharmaceuticals
MICRO LABS LIMITED India pharmaceuticals
Ranbaxy Laboratories Limited India pharmaceuticals
Mylan Laboratories Inc. USA pharmaceuticals
Mera Pharma pharmaceuticals
MEC pharmaceuticals
Desma Pharma Switzerland pharmaceuticals
Philadelphia Jordan pharmaceuticals
Export % and type of product: Subject does not export
Territory: 100%
Nationally
Type of Customer: Local Authorities, wholesalers, drug stores and pharmacies
Subsidiaries
Affiliates
Information on Related Companies is not
available/applicable
Information on Bankers is not
available/applicable
Subject's payments reported to be: NO COMPLAINTS
Name/Title: Mr.
Kak Mahmoud Administration Manager
Comment: We
have sent a fax/e‑mail/questionnaire however no reply has been received
as of yet.
Reporter Comment: Subject was
found registered with Erbil Chamber of Commerce, which is publicly available.
Information
obtained was Registered name, Chamber Registration No. & Date, shareholders
name, registered address.
In the interview
conducted with Mr. Kak Mahmoud, Admin Manager, he confirmed subject's name,
address, and activity and asked us to send them a written request for the
information in order to show it to the management team and then come back to us
with their reply.
Other information
shown in report was obtained from subject’s website, internet business
directories and
contact with the company.
In case any additional information is obtained, we shall send it to you
at once.
Local Reputation: The
company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
General Conclusion: Local informants consider granting of
credit to be a fair trade risk.
Owner/Shareholders Comments: Some
of the owners / shareholders have an active participation in the running of the
business.
Age of Business: The company is long established in
the local market.
Date: 14/1/2014
Source: http://www.hawkary.net/news.aspxid=1753&group_key=news&lang=en
On Saturday Dec. 14,
2013, annual management meeting took place in Erbil Rotana Hotel, Erbil. The
meeting was initiated by words from the Board of Directors, our Chairman Mr.
Mohammed Ismail, the Vice Chairman Mr. Ahmed Ismail, and the CEO Mr. Rida
Alghol.
During the meeting,
Mr. Alghol reviewed 2013 achievements and projects statuses. After that, he
announced the official kick‑off of the 2014 budget. Then, there was a session about Strategic
Thinking.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.70 |
|
|
1 |
Rs.100.10 |
|
Euro |
1 |
Rs.83.81 |
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.