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Report No. : |
317230 |
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Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUMENIS (HK) 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 : |
Subject is Importer and Exporter of all kinds of medical
laser equipment. |
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No. of Employee : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
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.
Issued Share Capital: HK$3.00
Business Category: Medical Laser Equipment Trader.
Group Total Revenues: US$289,719,000 (Year ended 31-12-2014)
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 Korea Corporation, Korea.
Wuhan Sharplan Chutian Medical Laser Manufacturing Ltd., China.
etc.
31727196
0748894
Managing
Director: Mr. Zhai Qi Ying
HK$3.00
(As
per registry dated 02-03-2015)
|
Name |
|
No.
of shares |
|
Lumenis Ltd. P.O.Box 240,
Yokneam 20692, Israel. |
|
3 = |
(As
per registry dated 02-03-2015)
|
Name (Nationality) |
Address |
|
ZHAI Qi Ying |
Room 1004, Wuke Garden, Heping District,
Tianjin, China. |
|
Ophir YAKOVIAN |
14 Dov Hoz Street, Ra’anana 43751, Israel. |
|
Zipora OZER
ARMON |
6A Frankfurt Street, Tel Aviv - Yafo
63478, Israel. |
(As
per registry dated 02-03-2015)
|
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$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)
US$289,719,000 (Year ended 31-12-2014)
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$3.00
Group Net Income/Loss: US$ 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)
US$12,725,000 (Year ended 31-12-2014)
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 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 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.
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”.
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.
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.
Now,
its products are sold in more than 90 countries around the world. Specifically, it believes it is
well-positioned in a number of key markets within APAC, including China and
India, where it has made significant investments over the past decade. APAC region revenues have doubled over the
past five years and represented over one-third of its revenues for the year
ended December 31, 2014. Notably, China
represents its second largest individual market globally with its revenues
growing, on average, over 20 % per annum since 2009.
The
Group sells its products directly through its wholly owned subsidiaries
primarily in six countries: the United States, China, Japan, India, Germany and
Australia. It also sells to the
remainder of its geographies through its global distributor network, consisting
of over 170 independent distributors in over 70 countries worldwide.
The
Group manufactures its products in two principal locations: Yokneam, Israel,
where surgical and aesthetic products are manufactured, and Salt Lake City,
Utah, where ophthalmic products are manufactured. It has also established a small refurbishing
centre in China for key components for its ophthalmic products. In addition, it has outsourced the manufacture
of some of its products to third parties.
In
particular, it uses a contract manufacturer in Israel to manufacture and
assemble products that accounted for approximately 24% of its revenues in the
year ended December 31, 2014.
For the year ended 31st December, 2014, it
generated US$289.7 million in revenues, growing 9.2% as compared with US$265.4
million in FY 2013. Its net income in
the year was US$12.7 million, decreased by27.0% as compared with previous which
was US$17.4 million.
The
total employees of the Group is about 1,137 as at end of 2014.
The
subject is fully supported by Lumenis.
History in Hong Kong is over fourteen years.
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 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, (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 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,
(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 Bar-Ilan University, Israel, and is a certified public accountant in
Israel.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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|
Report Prepared
by : |
ASH |
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.