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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
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Name : |
LUMENIS
(HK) LTD. |
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Formerly Known As : |
Highground Ltd |
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Registered Office : |
Unit 2602, 26/F., |
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Country : |
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Date of Incorporation : |
02.03.2001 |
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Com. Reg. No.: |
31727196 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of medical laser equipment, etc. |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
-- |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Hong Kong |
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 |
LUMENIS (HK) LTD.
Unit 2602, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2174
2800,
2722 5211
FAX: 2722 5151
Managing Director: Mr. Zhai Qi Ying
Incorporated on: 2nd March, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000.00
Issued: HK$3.00
Business Category: Medical Laser Equipment Trader.
Group Total Revenues: US$246,982,000 (Year ended 31-12-2011)
Employees: 13.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 2602, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Lumenis Ltd., Israel.
Associated Companies:-
Lumenis Group of Companies
Ke Yi Ren Medical Laser Equipment Trading (Beijing) Co. Ltd., China.
[Also known as Lumenis Medical
Laser Equipment Trading (Beijing) Co. Ltd.]
Lumenis (Asia Pacific) Ltd., Hong Kong.
Lumenis (Australia) Pty. Ltd., Australia.
Lumenis (France) SARL, France.
Lumenis (Germany) GmbH, Germany.
Lumenis (Italy) SRL, Italy.
Lumenis (Mexico) SA de CV, Mexico.
Lumenis (UK) Ltd., UK.
Lumenis do Brasil Produtos Medicos Ltda., Brazil.
Lumenis Holdings (Holland) BV, Netherlands.
Lumenis Holdings Inc., USA.
Lumenis Inc., USA.
Lumenis India Private Ltd., India.
Lumenis Japan Co. Ltd., Japan.
Lumenis Ltd., China.
Wuhan Sharplan Chutian Medical Laser Manufacturing Ltd., China.
etc.
31727196
0748894
Managing Director: Mr. Zhai Qi Ying
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$3.00
(As per registry
dated 02-03-2012)
|
Name |
|
No. of shares |
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Lumenis Ltd. P.O.Box 240, Yokneam 20692, Israel. |
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3 = |
(As per registry
dated 02-03-2012)
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Name (Nationality) |
Address |
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ZHAI Qi Ying |
Room 1004, Wuke Garden, Heping District, Tianjin, China. |
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Dov OFER |
Kehilat Kiyov 14, Tel Aviv, Israel. |
(As per registry
dated 02-03-2012)
|
Name |
Address |
Co.
No. |
|
Sophie Ltd. |
4/F., VC House, 4-6 On Lan Street, Central, Hong Kong. |
1230352 |
The subject was incorporated on 2nd March, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Highground Ltd., name changed to the present style on 18th April, 2001.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of medical laser equipment, etc.
Employees: 13.
Commodities Imported: China, Europe, etc.
Markets: China, other Asian countries, Europe, North America, etc.
Group Total Revenues: US$267,829,000 (Year ended 31-12-2007)
US$256,465,000 (Year ended
31-12-2008)
US$226,096,000 (Year ended 31-12-2009)
US$237,730,000 (Year ended 31-12-2010)
US$246,982,000 (Year ended 31-12-2011)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$3.00
Group Net Income/Loss: (US$28,118,000) (Year ended 31-12-2007)
(US$44,216,000) (Year ended 31-12-2008)
US$ 2,689,000 (Year
ended 31-12-2009)
US$ 5,745,000 (Year ended 31-12-2010)
US$ 690,000 (Year ended 31-12-2011)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 3 ordinary shares of HK$1.00 each, Lumenis (HK) Ltd. is a wholly owned subsidiary of Lumenis Ltd. [Lumenis] which is an Israel-based firm. The subject is the sales and marketing office of Lumenis.
Lumenis is the global leader in medical and aesthetic lasers and light-based technology. Lumenis is dedicated to improving people’s lives with advanced technological solutions for treating their medical and cosmetic conditions. The name Lumenis means “Light of Life” in Latin.
Lumenis
has had the following characteristics:-
· Global market leader in development and marketing of medical laser equipment to the Surgical, Ophthalmology and Aesthetic markets
· Active installed base of more than 75,000 systems and presence in over 100 countries
· Global reach with >50% of revenues generated outside of North America
· Recurring revenues (approximately 34%) from disposables and service
Other
characteristics:-
· 45-years of innovation in medical lasers
· >250 patents; >100 FDA clearances
· Significant key opinion leader support
· Multiple new applications and new technologies on the horizon
Lumenis
was incorporated in Israel on 21st
December, 1991 initially under the name E.S.C. – Energy Systems Corporation
Ltd. and subsequently, from 1995, under the name ESC Medical Systems Ltd. In January 1996, it completed an initial
public offering of its ordinary shares in the United States. In 1998, it acquired Laser Industries Ltd., and in 2001, it purchased Coherent
Medical Group [CMG], the
medical division of Coherent Inc. On 13th September, 2001, it changed
its name to Lumenis Ltd.
Lumenis is a public limited liability company and operate under the provisions of Israel’s Companies Law 5759-1999. Its registered office and principal place of business is located at 6 Hakidma Street, Yokneam Northern Industrial Park, Upper Yokneam 20692, Israel and its telephone number in Israel is (972)-4-959-9000.
Lumenis is engaged in the development, manufacture, marketing, sale and servicing of laser and light-based systems and accessories for surgical, aesthetic and ophthalmic applications. It offers a broad range of laser and intense pulsed light [IPL] products, for use in ear, nose and throat [ENT] (also known as otolaryngology) treatment, benign prostatic hyperplasia, urinary lithotripsy, gynecology, gastroenterology, general surgery, dermatology, plastic surgery, photo rejuvenation, hair removal, non-invasive treatment of vascular lesions and pigmented lesions, acne, treatment of burns and scars, secondary cataracts, open angle glaucoma, angle-closure glaucoma and various retinal pathologies.
The
principal target markets for its products are hospitals, outpatient clinics,
ambulatory surgery centres, physicians’ offices and private clinics. It markets, sells and services its products
primarily through its direct sales force and customer service employees in the
following five countries: the United States, Germany, Japan, China (including
Hong Kong) and India, with sales of certain product lines in Italy also being
effected directly. It sells the
remainder of its products through its global distributor networks, consisting
of over 135 independent global distributors.
These distributors sell their
products in over 80 countries worldwide.
Since
2009, Lumenis has seen growth
in its annual gross revenues. From a geographic perspective, while the
Americas remains its most
important region, accounting for approximately 40% of its total revenues in each of the past three years, Lumenis has experienced growth in its sales and services provided in
the China / Far East region, which, in 2011, surpassed the Europe, the Middle East and Africa region [EMEA] as the second-largest region in which its revenues are generated.
The ordinary shares of Lumenis (then known as ESC Medical Systems Ltd.) were first listed and began trading on the NASDAQ National Market (now known as the NASDAQ Global Market) on 24th January, 1996 under the ticker symbol “ESCMF”, which was changed to the ticker symbol “ESCM” as of 17th September, 1999. On 24th September, 2001, its shares began trading under the ticker symbol “LUME”. On 6th February, 2004, its ordinary shares were delisted from the NASDAQ National Market and transferred to the Pink Sheets, trading under the ticker symbol “LUME.PK”. On 26th April, 2006, the SEC revoked the registration of its shares under Section 12 of the Exchange Act. On 1st May, 2007, it filed a registration statement for the re‑registration of its shares, which resulted in its ordinary shares once again becoming eligible for quotation or trading in the United States. Nevertheless, its shares have not been listed on any national securities exchange or quoted on any exchange or interdealer system since 26th April, 2006.
Lumenis’
business was profitable in the past years.
For
the year ended 31st December,
2011, the revenues of the Group amounted to US$247.0 million (2010: US$237.7
million), net income for the year was just US$0.7 million (2010: US$5.7
million).
During the first quarter of 2012, Lumenis relocated the operations of its Surgical and Aesthetic business units from Santa Clara, California, to Yokneam Israel.
In March 2012, Lumenis announced that Mr. Dov Ofer, its current Chief Executive Officer, will be leaving Lumenis during the second quarter of 2012, and that Ms. Tzipi Ozer-Armon will be appointed as its new Chief Executive Officer effective as of the date of Mr. Ofer’s departure. Ms. Ozer-Armon currently serves as Vice President Japan of Teva Pharmaceutical Industries Ltd., and is responsible for Teva’s activities in the Japanese market. Prior to joining Teva, Ms. Ozer-Armon held leadership positions at SanDisk Corporation and at A.T. Kearney Inc., the global management consulting company, in London.
The subject is fully supported by Lumenis. History in Hong Kong is about eleven years and two months.
On the
whole, consider the subject good for normal business engagements.
REMARKS:
Brief personal
profile of the directors:-
Mr.
ZHAI Qi Ying (Senior Vice President and President
of Lumenis China and Asia Pacific),
aged 47, was appointed a Senior Vice President in November 2011, he has served
as President of Lumenis China and Asia Pacific since joining Lumenis in April
2001 as part of the acquisition of CMG.
In 1992, Mr. Zhai started the Coherent operations in China and managed
them until the acquisition of CMG. He
holds a Bachelor’s degree in Physics from University of Tianjin, China.
Mr. Dov OFER (Chief Executive Officer), aged 58, has served as the Chief Executive
Officer since joining Lumenis in April 2007, is stepping down as the Chief
Executive Officer and leaving Lumenis in the second quarter of 2012. Prior to joining Lumenis, Mr. Ofer served as
the Corporate Vice President and General Manager of HP-Scitex from the
acquisition of Scitex Vision by Hewlett Packard in November 2005. Prior to such acquisition, Mr. Ofer served as
President and Chief Executive Officer of Scitex Vision Ltd. from February
2002. Prior to joining Scitex, he
managed Matan Digital Printing, one of the pioneering companies in the
super-wide format printing industry. Mr.
Ofer holds a Bachelor’s degree in Economics from the Hebrew University of
Jerusalem, Israel, and an MBA degree from the University of California
Berkeley.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.