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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIKMA PHARMA SAE |
|
|
|
|
Registered Office : |
12 El Esraa
Street, Mohandessin, Giza, PO Box: 1913, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2013 |
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|
|
|
Date of Incorporation : |
1985 |
|
|
|
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Com. Reg. No.: |
87081,
Cairo |
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|
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|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
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. |
|
|
|
|
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 : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
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 growth. Poor living conditions
combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels,
and economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
|
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
20,000,000
Paid up Capital : £E
20,000,000
Total Workforce : 700
Activities :
Manufacture and export of pharmaceuticals.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed
Mouwafi, Accounts Manager
HIKMA PHARMA SAE
Street : 12 El Esraa Street
Area : Mohandessin,
Giza
PO Box : 1913
Town : Cairo
Country : Egypt
Telephone : (20-2) 38292693 / 33448861 / 3448864
Facsimile : (20-2) 33050739
Email : mmouwafy@hikmaegyp.com / mobaid@hikmaegypt.com
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 12541
Tel: (20-2) 38331643 / 38202643
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 100,000,000
Issued Capital : £E
20,000,000
Paid up Capital : £E 20,000,000
·
Hikma
Pharmaceuticals 99.98%
United Kingdom
·
Hikma Holding 0.01%
United Kingdom
·
Hikma
Investment 0.01%
United Kingdom
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 31/12/12: Year Ending
31/12/13:
Total Sales £E 398,000,000 £E 415,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Mouwafi, Accounts Manager
·
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.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.