MIRA INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ENATEL LIMITED |
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Registered Office : |
66 Treffers Road,Wigram , Christchurch, Zip/postal code 8042 |
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Country : |
New Zealand |
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Date of Incorporation : |
15.04.2002 |
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Com. Reg. No.: |
1202388 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Design and manufacturer of a range of standby power solutions for the telecom, networking, wireless and industrial market |
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No. of Employees : |
80 |
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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Maximum Credit Limit : |
USD 230,000 |
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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, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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New Zealand |
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 |
Identification details
Verified Address
Subject name : ENATEL LIMITED
Business address : 66 Treffers Road
Town : Wigram
Province : Christchurch
Zip/postal code : 8042
Country : New Zealand
Tel : +64 3 3664550
Fax : +64 3 3660884
Email : info@enatel.net
Website : www.enatel.net
Registered address : 66 Treffers Road
Town : Wigram
Province : Christchurch
Zip/postal code : 8042
Country : New Zealand
Summary details
Executive Summary
Date founded or registered : 15/04/2002
Legal form : Private Limited Company
Chief executive : Gary Robert Foot
Issued & paid up capital : NZD 527,575
Sales turnover : NZD 20,000,000 (Estimated
non-consolidated 12 months, 31/03/2011)
Line of business :
Design and manufacturer of a range of
standby power solutions for the telecom, networking, wireless and industrial
markets.
Staff employed : 80 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 230,000
Credit amount asked : USD 150,000
Statutory details
Registry Data
Registration date : 15/04/2002
Legal form : Private Limited Company
Registration no : 1202388
Registered authority : New Zealand Companies Office
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Management / directors
Key Management
Name : Gary
Robert Foot
Designation : Managing Director
Name : Andrew
Hamish Davidson
Designation : Executive Director
Name : Martin
Abel
Designation : Business Development Manager
Board of directors / other
appointments
Appointments
Name : Dennis
Alan Chapman
Designation : Director
Appointment date : 15/04/02
Address : Chapman
Hall,
Halswell, Rd 2
Biography : Dennis
entered engineering as an apprentice at global wireless solution designer and
manufacturer Tait Electronics, he later designed the FM range of two way radios
that helped position them as a global company.
He then went on
to cofound Swichtec and developed much of the pioneering power technology that
was crucial to that company’s growth. Dennis’ passion is developing power
solutions based on flexible design ideas that utilize leading edge technology
and he brings this expertise and experience to Enatel.
Name : Andrew Hamish Davidson
Designation : Director
Appointment date : 15/04/02
Address : 392 No. 10 Road Rangiora, Christchurch New Zealand
Biography : Like other Enatel directors, Andrew began his career at Tait Electronics. He
gained experience in all areas of operations, including production, service and engineering, before devoting his energy to sales.
Andrew joined
Swichtec in 1986 where he was made responsible for all sales and marketing
activities, including the development of a global distribution network with
representation in more than 40 countries.
Name : Gary Robert Foot
Designation : Director
Appointment date : 15/04/02
Address : 1427 Tram Road
Christchurch 7475
New Zealand
Biography :
Before joining
Enatel, he spent several years consulting to electronics companies around the
world based on his knowledge of world
leading manufacturing practices.
Name : Peter
John Morrissey
Designation : Director
Appointment date : 15/04/02
Address :
Cashmere,
Biography : John
has 15 plus years of experience in establishing and leading a fast growing,
high performance engineering enterprise, he was managing director of Swichtec.
John was lured
from retirement by the attraction of building upon the Swichtec model of a
successful power systems company based on technological leadership and cost
effective solutions that quickly meet customer demands.
Staff employed : 80 employees
Share capital
Composition
Authorized Capital : NZD 527,575
No of shares : 527,575 Ordinary Shares
Share par value : NZD 1
Issued capital : NZD 527,575
Paid up capital : NZD 527,575
ownership / shareholders
How listed : Full List
Composition
Shareholder name Dennis Alan Chapman
Address Chapman Hall, State Highway 75
Halswell, Rd 2
Christchurch 8025
New Zealand
No. of shares 212,500 Ordinary Shares
Shareholder name Gary Robert Foot
Address 1427 Tram Road
Christchurch 7475
New Zealand
No. of shares 91,667 Ordinary Shares
Shareholder name Andrew Hamish Davidson
Address 392 No. 10 Road
Rangiora, Christchurch
New Zealand
No. of shares 79,167 Ordinary Shares
Shareholder name ACCIPIO INVESTMENTS LIMITED
Address 35 Riccarton Road
Riccarton, Christchurch, 8011
New Zealand
No. of shares 79,166 Ordinary Shares
Shareholder name Michael James Clifford
Address 143 Bridge Road, Rd 5
Rangiora 7475
New Zealand
No. of shares 15,000 Ordinary Shares
Shareholder name Arthur Johannes Hein de Beun
Address 54 Berry Street
St Albans, Christchurch 8014
New Zealand
No. of shares 15,000 Ordinary Shares
Shareholder name Murray Raymond Wyma
Address 35 Bourne Crescent
Papanui, Christchurch 8053
New Zealand
No. of shares 12,500 Ordinary Shares
Shareholder name Peter John May
Address 14 Edward Avenue
Edgeware, Christchurch 8014
New Zealand
No. of shares 10,000 Ordinary Shares
Shareholder name Rodney Anthony Bolton
Address 151 West Belt
Rangiora 7400
New Zealand
No. of shares 10,000 Ordinary Shares
Shareholder name Colin Stewart Donaldson
Address 107 Harris Crescent
Papanui, Christchurch 8053
New Zealand
No. of shares 2,575 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name ENASOLAR LIMITED
Affiliation type Associate
Address 66 Treffers Road
Wigram, Christchurch 8042
New Zealand
Comments Design & manufacturing of solar inverters.
Name ENATEL MOTIVE POWER LIMITED
Affiliation type Associate
Address 66 Treffers Road
Wigram, Christchurch 8042
New Zealand
Comments Design & manufacturing of motive power chargers.
Bank & mortgages
Bank Details
Name of bank : ASB Bank Limited
Address : New Zealand
Account details : Current Account
Name of bank : Bank of New Zealand
Address : New Zealand
Account details : Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if
banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financial data
Description
Source of financial statement : External Sources
Financial statement date : 31/03/11
Type of accounts : Estimated key figures
Currency : New Zealand, Dollar (NZD)
Exchange rate : 1 USD = NZD 1.27 as of 09-01-2012
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : New Zealand, Dollar
(NZD) Denomination : (x1) One Date of financial year end : 31/03/11
Length of accounts : 12 months
Sale turnover / Income : 20,000,000
Comments : Private Companies in New Zealand are
not required to file accounts unless
classified as "Large", which at the moment means that two out
of the following three conditions are met:
- The company has a sales turnover of over NZD 20,000,000;
- The company has total assets of over NZD 10,000,000;
- The company employs 50 people or more.
Operation details
Main activities The Subject is engaged in design and manufacturer of a range of standby power solutions for the telecom, networking, wireless and industrial markets.
Product & services - AC and DC power systems,
intelligent modular rectifiers,
DC-DC
converters
- Contract manufacturing services
Brand : Enatel
Purchases
International : Mainly from Asia, Europe
Sales
Local : Yes
International : United Kingdom, Australia
Key events : October 2011 - Award leads to orders
for inverter firm.
EnaSolar, a subsidiary
of well-known Christchurch electronics and telecommunications specialist Dennis
Chapman's company Enatel, won the award on Thursday evening for Innovation in
Manufacturing at the Bayer sponsored New Zealand innovation awards.
The evaluation
team "was impressed by EnaSolar's adaptive innovation of existing
technologies and its customer-led product design".
EnaSolar
business development manager Alan Booth said the company had two calls
yesterday from people who had heard about the award. One was from a distributor
in
"Brand
equity is hard to come by nowadays unless you have something to hang your hat
on so [winning an award] does make a difference," Booth said.
Solar inverters
convert the energy collected by solar panels into alternating current to run
appliance in homes.
EnaSolar,
started about 2˝ years ago, sold its products through distributors and
installers and predominantly sold the solar inverters overseas – in
EnaSolar was
the only manufacturer of solar inverters in New Zealand, Australia had 2 and
there were only about 50 serious manufacturers worldwide, Booth said.
"Its
innovative because of the way we have applied the technology. Our aim is to
become the default inverter supplier in
Typically a high
cost, high technology product like that would have been made in
The company had
used Chapman's design knowledge and also had a strong design team. Booth
declined to reveal annual sales figures.
EnaSolar's
parent Enatel started out providing contracting manufacturing to the
electronics industry in
It now produces
a wide range of products and has become one of the key providers of standby DC
power solutions to the global market.
December 2010 - $2.46m Grant a boost in research and
development for
Enatel.
New
$2.46m Grant for research and
development over the next three years.
The Technology
Development Grant was announced in
In 2010/11, $92
million will be invested into 26 businesses in the high value manufacturing
sector. This is the largest Government R&D investment into businesses ever.
It was announced in the May Budget as a new initiative to increase business
investment in R&D, with $189.5 million available over four years.
Enatel designs
and manufactures a range of standby power solutions used in telecommunications,
networking, wireless and industrial industries globally as well as Grid Tied
Solar Inverters for the renewable energy sector and Motive Power Chargers for
the industrial battery sector.
“Research and
Development is at the core of any Hi Tech company and as an industry we need to
continue to deliver innovative leading edge technology that provides
performance, efficiency and value for customers. This Grant will enable Enatel
to expand further its significant R&D investment and introduce products to
market sooner than would have otherwise been the case.” Gary Foot - Managing
Director, Enatel Limited.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of production facilities,
administrative office and warehouse.
Branches : None reported.
Summarized country risk
Gross Domestic
Products (GDP) & Economic Overview
Central bank Reserve Bank of New Zealand
Reserve of foreign exchange & gold US$ 20.562 billion
Gross domestic product - GDP US$ 153.252 billion
GPP (Purchasing power parity) 120.2 billion of International dollars
GDP per capita - current prices US$ 34,701
GDP - composition by sector agriculture: 4.6% industry: 23.7% services: 71.7%
Inflation 2008: 4%
2009: 2.1%
2010: 2.5%
Unemployment
rate 2008:4.2%
2009: 6.2%
2010: 6.2%
Public debt
(General Government gross
debt as a % GDP) 2008: 20.4 %
2009: 26.1%
2010: 31.6 %
Government bond
ratings Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 67.061 Billion
Largest companies in the country : Telecom of New Zealand, Trans power, Fletcher Building, Infratil
Trade & Competitiveness Overview
Total exports US$29.53 billion
Exports commodities dairy products, meat, wood and wood products, fish, machinery
Total imports US$31.11 billion
Imports commodities machinery and equipment, vehicles and aircraft, petroleum,
electronics, textiles, plastics
Export - major partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows 2008: US$4,598 million
2009: US$-1,293 million
2010: US$561 million
FDI Outflows 2008: US$462 million
2009: US$ -308 million
2010: US$589 million
Best countries for doing
business 3 out of 183 countries
Global competitiveness ranking 25 (ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
4.37 million
Total area :
270,467 km2
Capital : Wellington
Currency : New Zealand Dollar (NZD)
Internet
users as % of total population
:
83%
Payment history
Purchase Term
Local : Prepayment, Bank transfer, Credit up to
90 days
International : L/C, Telegraphic transfer, Prepayment,
Credit up to 90 days
Sales Term
Local : Prepayment, Bank transfer, Credit up to
90 days
International : L/C, Telegraphic transfer, Prepayment,
Credit up to 90 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.80.84 |
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Euro |
1 |
Rs.66.79 |
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.