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Report Date : |
05.12.2013 |
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., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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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 : |
developing, manufacturing, marketing, sale and servicing
of laser and light-based systems and accessories for surgical, aesthetic and
ophthalmic applications |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
TATUS |
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 : |
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 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
Hong Kong ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source
: CIA |
LUMENIS (HK) LTD.
Unit 2602, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2174
2800,
2722 5211
FAX: 852-2722 5151
E-MAIL: hc.lee@lumenis.com
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$248,590,000 (Year ended 31-12-2012)
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 (Singapore) Pte. Ltd., Singapore.
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 02-03-2013)
|
Name |
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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 02-03-2013)
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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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Ophir YAKOVIAN |
14 Dov Hoz Street, Ra’anana
43751, Israel. |
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Zipora OZER
ARMON |
6A Frankfurt Street, Tel Aviv
- Yafo 63478, Israel. |
(As per registry
dated 02-03-2013)
|
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
Employees: 13.
Commodities Imported: China, Europe, etc.
Markets: China, other Asian countries, Europe, North America, etc.
Group Total Revenues: 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)
US$248,590,000 (Year ended 31-12-2012)
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$44,216,000) (Year ended 31-12-2008)
US$ 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)
US$ 6,997,000 (Year ended 31-12-2012)
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.
Its legal and commercial name is Lumenis Ltd., and it 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 our ordinary shares in the United States. In 1998, it acquired Laser Industries Ltd. and, in 2001, it purchased Coherent Medical Group, to which it referred as CMG, the medical division of Coherent, Inc. On 13th September, 2001, it changed its name to Lumenis Ltd. It 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 2069204, Israel and our telephone number in Israel is (+972)-4-959-9000. Its World Wide Web address is www.lumenis.com
It 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, to which we refer to as 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. In August 2012, it began distributing an ultrasound solution in the field of body shaping and contouring.
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.
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”.
The customers for the Group’s medical products include doctors, clinics, hospitals and other health care providers whose willingness and ability to purchase its products depends in part upon their ability to obtain reimbursement for medical procedures using its products from third-party payers, including private insurance companies, and, in the United States, from health maintenance organizations, and federal, state and local government programs, including Medicare and Medicaid.
Lumenis’ business was profitable in the past four years.
For the year ended 31st December, 2012, the revenues of the Group amounted to US$248.6 million (2011: US$247.0 million), net income for the year was just US$7.0 million (2011: US$0.7 million).
The net income of the Group in FY2012 was the best in the past five years.
The Group’s revenues are derived primarily from international sales through its international sales subsidiaries and exports to foreign distributors and resellers. In 2012, of its total revenues, approximately 37% were to the Americas (approximately 32% being to the United States), with the remainder divided among the China/Asia Pacific region (approximately 30%); Europe, the Middle East and Africa, which it refers to as ‘EMEA’ (approximately 17%); and Japan (approximately 16%). Less than 1% of its net sales were to Israel. The Group anticipates that international sales will continue to account for the vast majority of its revenues in the foreseeable future.
Each of Viola-LM Partners L.P. and XT Hi-Tech Investments (1992) Ltd. holds a significant portion of the Group’s shares, and their vote may determine the outcome of any matter brought to a shareholders’ vote.
The subject is fully supported by Lumenis. History in Hong Kong is over twelve years.
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 48, 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.
Ms. Zipora (Tzipi)
OZER-ARMON, aged 47, (Chief
Executive Officer) Prior to joining Lumenis, Ma. Ozer-Armon held various
management positions at Teva since October 2009, in her latest position heading
Teva’s Japanese market activities, a business of over $800 million in annual
revenue. Previously, Ms. Ozer-Armon held
various management positions at SanDisk Corporation, following its acquisition
of M-Systems, from 2006 to 2008, including Senior Vice President, Retail Sales
& Marketing. Prior thereto,
Ms. Ozer-Armon served as Corporate Vice President, General Manager of the
DiskOnKey division at M-Systems Ltd., from 2004 to 2006, and as Vice President
of Corporate Development at Comverse Inc., from 1999, to 2004. Ms. Ozdr-Armon served as Vice President at
Shaldor Ltd., a management consulting from based in Israel, from 1991 to
1995. In addition, Ms. Ozer-Armon serves
on the board of the Cargal Group since 2012 and is a member of its audit
committee. Ms Ozer-Armon holds a
bachelor’s degree magna cum laude in economics and an MBA majoring in finance
and marketing from Tel Aviv University.
Mr. Ophir
YAKOVIAN, aged 39, (Chief Financial Officer), Prior to joining Lumenis, Mr
Yakovian served as Vice President - Finance, for verint Systems Inc., a global
leader in Actionable Intelligence solutions & value-added services, from
2006. Prior thereto, he served as
Corporate Controller at Metalink Ltd.
From 2001 to 2006 and as a Senior Auditor at Deloittle Touche Tohmatsu
from 1998 to 2001. Ms. Yakovian holds a
bachelor’s degree in economics and accounting and a master’s degree in business
economics from Bar-Ilan University, Israel, and is a certified public
accountant in Israel.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
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Euro |
1 |
Rs.84.68 |
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 |
|
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 |
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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 |
-- |
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.