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Report Date : |
06.09..2014 |
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 : |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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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 |
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Source
: CIA |
LUMENIS (HK)
LTD.
Unit 2602, 26/F.,
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$265,356,000 (Year ended
31-12-2013)
Employees: 13.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
LUMENIS (HK) LTD.
Registered Head
Office:-
Unit 2602, 26/F.,
Holding Company:-
Lumenis Ltd.,
Associated Companies:-
Lumenis Group of Companies
Ke Yi Ren Medical
Laser Equipment Trading (
[Also known as Lumenis Medical Laser Equipment Trading (
Lumenis (Asia Pacific) Ltd.,
Lumenis (
Lumenis (France) SARL, France.
Lumenis (
Lumenis (
Lumenis (
Lumenis (
Lumenis (
Lumenis do Brasil Produtos Medicos Ltda.,
Lumenis Holdings (
Lumenis Holdings Inc.,
Lumenis Inc.,
Lumenis India Private Ltd.,
Lumenis Japan Co. Ltd.,
Lumenis Ltd.,
Wuhan Sharplan Chutian Medical Laser
Manufacturing Ltd.,
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 02-03-2014)
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Name |
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No. of shares |
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Lumenis Ltd. |
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3 = |
(As per registry dated 02-03-2014)
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Name (Nationality) |
Address |
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ZHAI Qi Ying |
Room 1004, |
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Ophir YAKOVIAN |
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Zipora OZER ARMON |
6A |
(As per registry dated 02-03-2014)
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Name |
Address |
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Sophie Ltd. |
4/F., VC House, 4-6 On |
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:
Markets:
Group Total Revenues: 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)
US$265,356,000 (Year ended 31-12-2013)
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$3.00
Group Net Income/Loss: US$ 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)
US$17,393,000 (Year ended 31-12-2013)
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.,
Standing:
Having issued 3 ordinary shares of HK$1.00 each, Lumenis (HK) Ltd. is a
wholly owned subsidiary of Lumenis Ltd. [Lumenis together with its subsidiaries
(the “Company”)] 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
For most of the Company’s current products, it utilizes laser technology
to deliver light energy for specific body tissues to achieve the desired clinical
outcomes in variety of medical procedures, including ablation or enucleation,
or removal of, unwanted or diseased tissue such as enlarged prostate and
tumors, cauterizing surgical wounds to prevent bleeding, fixation of important
anatomical like a detached retina or aesthetic treatment such as skin
rejuvenation and the removal of unwanted hair.
The Company’s products use proprietary technology and, accordingly, the
Company holds numerous patents and licenses.
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”.
There has been no quoted market price for its ordinary shares since
26th April, 2006, when its ordinary shares ceased to be quoted on the Pink
Sheets Electronic Quotation Service, or the Pink Sheets. See “Markets” in Item
9.C below for further information and “Risk Factors” in Item 3.D above for
information regarding the lack of liquidity of its ordinary shares.
Its ordinary B shares have been offered and listed for trading on the
NASDAQ Global Select Market under the symbol “LMNS” since 27th February,
2014.
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.
On 4th March, 2014, the Group closed a public offering of its ordinary B
shares, and, concurrently with the offering, listed its ordinary B shares on
the NASDAQ Global Select Market under the symbol “LMNS.
The Group is a leading global, diversified and growing provider of
innovative energy-based, minimally invasive clinical solutions. It has established a strong brand and
leadership position across its three segments: surgical, ophthalmic and
aesthetic. It provides energy-based
solutions for both medically necessary and elective procedures, primarily for
the aging population. For the year ended
31st December, 2013, it generated US$265.4 million in revenues, growing 6.7%,
US$17.4 million in net income, growing 148.6%, and US$26.0 million in adjusted
EBITDA, growing 45.7%, in each case, compared to the prior year.
The total employees of the Group is about 1,061.
The subject is fully supported by Lumenis. History in
On the whole, consider it good for normal business engagements.
Brief personal profile of the directors:-
Mr. ZHAI Qi Ying (Senior Vice President and President of Lumenis China and Asia Pacific), aged 49, 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
Ms. Zipora (Tzipi) OZER-ARMON, (Chief Executive Officer) aged 48, 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
Mr. Ophir YAKOVIAN, (Chief Financial
Officer), aged 39, 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
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.44 |
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1 |
Rs.98.64 |
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Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SHG |
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.