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Report No. : |
309321 |
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Report Date : |
24.02.2015 |
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 : |
Importer and Exporter of all kinds of
Medical Laser Equipment. |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hong Kong |
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 |
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 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. 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.
|
Source
: CIA |
LUMENIS (HK) LTD.
ADDRESS: 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$265,356,000 (Year ended
31-12-2013)
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 02-03-2014)
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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 02-03-2014)
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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 02-03-2014)
|
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$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., 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”.
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 Hong Kong is over thirteen years
and six months.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
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|
1 |
Rs.95.71 |
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Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
|
<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.