MIRA INFORM REPORT
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Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SIMBIONIX LTD |
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Registered Office : |
Golan Street (Corner Of Hanegev Street), Golan House, Airport City 70151 |
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Country : |
Israel |
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Date of Incorporation : |
10.08.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, Manufacturers, Exporters and Marketers of medical
stimulators and simulation solutions |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 100,000. |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Israel |
a2 |
a2 |
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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 |
Company name & address
SIMBIONIX LTD.
Telephone 972 3 911 44 44/04
Fax 972
3 911 44 55
Golan Street
(corner of Hanegev Street)
Golan House
AIRPORT CITY-70151 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-251814-3 on
the 10.08.1997.
Until 2000,
subject was part of the RAD-RAMOT Technology Incubator, controlled by the RAD
Group.
SHARE CAPITAL
Authorized share capital NIS 64,300.00, divided into:-
24,501
preference A shares (23,960 shares issued),
2,059,227
preference B shares (issued),
4,346,272
ordinary A shares (1,890,502 shares issued), all of NIS 0.01 each,
of which shares amounting to NIS 39,736.89 were issued.
SHAREHOLDERS
Subject is fully
owned by SIMBIONIX USA CORP, of USA, owned by several venture capital funds and
investors, including Early Stage
Partners FUND, River Cities
Capital Funds and ASTRO MANUFACTURING.
Zisapel Bros. (of
RAD Group) and RAMOT (of the Tel Aviv University) also hold minority shares.
DIRECTORS
1. Ran
Bronstein, General Manager (co-founder),
2. Avshalom
Horan.
Gary Zamler is the CEO of SIMBIONIX USA CORP.
BUSINESS
Developers, manufacturers, exporters and marketers of medical stimulators
and simulation solutions for clinical education and training of medical
professionals, e.g. surgeons working in MIS (minimally Invasive Surgery),
including endoscopy, laparoscopy, etc.
Almost all sales are exports, mainly to hospitals, medical
institutions, medical universities, etc.
Among business collaborators:
Cordis Endovascular, eTrinsic, Cook Urology,
Pentax, Wilson-Cook, MCGRAW-HILL PROFESSIONAL, and many more.
Among medical institutions collaborations:
Cleveland Clinic Foundation, University of Miami School of Medicine,
Medical University of South Carolina, Medical Simulation Center at the Chaim
Sheba Medical Center, Tel Hashomer, and many more, American Association for
Bronchology and Interventional Pulmonology (AABIP), European Association for
Endoscopic Surgery (EAES).
Operating from rented premises, in Golan
Street (corner of Hanegev Street), Golan House, Airport City (an ndustrial and
business zone near Ben Gurion International Airport). Also operating from
parent’s offices in Cleveland, Ohio, USA.
Number of employees not forthcoming, reported to be several tens (over
50).
MEANS
In February 2007 subject raised US$ 3 million, led by Early Stage Partners FUND. Prior to
that subject raised US$ 11 million in 2 earlier rounds.
In October 2008 subject raised US$ 7 million, led by River Cities Capital
Funds
and Early Stage Partners FUND.
As of the end of 2009, reportedly subject raised total of around US$ 20
million and is operating at own resources.
There are 3 charges for unlimited amounts, as well as 1 charge for the sum
of NIS 781,689.00 registered on the
company's assets (financial assets), in favor of Bank Leumi Le'Israel Ltd.
(last charge placed in February 2010)
ANNUAL SALES
Sales figures not forthcoming, estimated at over US$ 10,000,000.
According to reports from end of 2009, considered to be profitable.
OTHER COMPANIES
SIMBIONIX USA
CORP., USA, parent company, marketing.
BANKERS
Bank Leumi Le'Israel Ltd., Rehovot Business Branch (No. 978), Rehovot.
Note: Bank details are from previous updates, we assume it is still
valid.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Despite our
efforts, we were unable to speak with subject's CFO, as he was always unavailable.
We left many messages and sent a fax, which so far remain unanswered.
Early Stage Partners FUND
is
an early stage venture capital firm based in Cleveland, Ohio. The company
invests in promising opportunities in instrumentation and control technology,
life sciences, advanced materials, energy, information technology, and
electronics
River Cities Capital Funds is a venture capital firm based in Cincinnati, Ohio with an office in
Raleigh, North Carolina. It has raised nearly $400MM in four venture
funds since being founded in 1994, and has backed over 80 portfolio companies.
The Zisapel
Brothers are well known. The RAD-BYNET Group,
founded in 1973 and controlled by the brothers Yehuda and Zohar Zisapel, is a
local pioneer in the electronics industry field and among the leading suppliers
of IT solutions in the local market. Main companies in the Group include RAD DATA
COMMUNICATIONS LTD. and BYNET DATA COMMUNICATIONS
LTD. The Group supports in many start-ups financially and
technically, including subject at its earlier stages as part of their RAD
BioMed Accelerator initiative (although according to our checks, holdings in
subject have been diluted, probably to a minor share).
In July 2006 it
was reported that subject signed a development agreement with JOHNASON &
JOHNSON JAPAN.
In November 2007
subject announce collaborative agreement with the Society of American
Gastrointestinal and Endoscopic Surgeons (SAGES), and the Fundamentals of
Endoscopic Surgery (FES) task force.
In June 2009 subject and the European Association for Endoscopic
Surgery (EAES) have signed an agreement to collaborate on the development of
training materials and assessment tools for a new Laparoscopic Skills
Curriculum.
In June 2010
subject received a BIRD (Binational Industrial Research and Development) Grant
to support the development of a Laparoscopic Hysterectomy simulation module.
In November 2010
subject announced it signed a collaboration agreement with the American
Association for Bronchology and Interventional Pulmonology (AABIP), on the
development of a Bronchoscopic Essential Skills module.
Israel is
considered one of the leading countries in the world in terms of investment in
the Life Science and Biotechnology industry. In 2008 Israel was ranked 4th in investments in Biotechnology/GDP, while being
among the leaders in the areas of investments and patents in Medical Device and Bio-Pharma fields.
During 2008 total
of US$ 87 million were given to local Life Science firms by the Chief Scientist
Office.
According to the
Israeli Export Institute, 2008 exports of medical and electronic equipment and
instrumentation (excl. medical software) amounted to US$ 1,500 million, similar
to 2007, which comes after several years of continuing growth. Sales for export
fell in 2009 by some 15% to around US$ 1,300 million as part of the effects of
the global economic crisis, and fell down further by some 0.5% (though still
some recovery overall) in 2010 1st half (comparing to 2009 1st
half).
In the whole Life
Science industry 2009 sales for export by local companies reached US$ 6
billion, 8% decrease from 2008.
Export of
Communication, Medical & Scientific Equipment rose in 2010 by 12.4% from
2009 to US$ 7.57 billion, also reflecting the recovery in global markets.
There are some
160 local companies operating in the medical equipment field. According to the
Ministry of Industry & Trade survey in 2008.
SUMMARY
Notwithstanding
the lack of any updated data from subject, good for trade engagements.
Maximum unsecured
credit for the time being US$ 100,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
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.