|
Report Date : |
14.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ENATEL
LIMITED |
|
|
|
|
Registered Office : |
66 Treffers Road Wigram Christchurch 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 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Design and
manufacturer of a range of standby power solutions for the telecom,
networking, wireless and industrial markets. |
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|
|
|
No. of Employees : |
150 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
newzealand - ECONOMIC OVERVIEW
Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy posted a 2% decline in 2009, but pulled out of recession late in the year, and achieved 1.7% growth in 2010 and 2% in 2011. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.
|
Source : CIA |
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
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 30,000,000 (Estimated Non-consolidated 12 months, 31/03/2012)
Line
of business :
Design and manufacturer of a range of standby power solutions for the telecom,networking, wireless and industrial
markets.
Staff employed :
150 employees
Company
Analysis
Country risk :
Country risk is minimal
Operation trend :
Operational trend is progressing
Management experience :
Management is adequately experienced
Financial performance :
Financial performance is good
Organization structure :
Organizational structure is stable
Detrimental :
No detrimental found
Payment history :
No payment delays noted
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.
Key
Management
Name :
Gary Robert Foot
Designation :
Managing Director
Name :
Andrew Hamish Davidson
Designation :
Sales & Marketing Director
Name :
Christine French
Designation :
Financial Manager
Appointments
Name :
Dennis Alan Chapman
Designation :
Director
Appointment date :
15/04/02
Address :
Chapman Hall, State Highway 75
Halswell, Rd 2
Christchurch 8025
New Zealand
Name :
Andrew Hamish Davidson
Designation :
Director
Appointment date :
15/04/02
Address :
392 No. 10 Road
Rangiora, Christchurch
New Zealand
Name :
Gary Robert Foot
Designation :
Director
Appointment date :
15/04/02
Address :
1427 Tram Road
Christchurch 7475
New Zealand
Name :
Peter John Morrissey
Designation :
Director
Appointment date :
15/04/02
Address :
89 Dyers Pass Road
Cashmere, Christchurch 8022
New Zealand
Staff employed :
150 employees
Composition
Authorized Capital :
NZD 527,575
No of shares :
527,575 Shares
Share par value : NZD
1
Issued capital :
NZD 527,575
Paid up capital :
NZD 527,575
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 Shares
Shareholder name :
Gary Robert Foot
Address :
1427 Tram Road
Christchurch 7475
New Zealand
No. of shares :
91,667 Shares
Shareholder name :
Andrew Hamish Davidson
Address :
392 No. 10 Road
Rangiora, Christchurch
New Zealand
No. of shares :
79,167 Shares
Shareholder name :
Peter John Morrissey
Address :
89 Dyers Pass Road
Cashmere, Christchurch 8022
New Zealand
No. of shares :
79,166 Shares
Shareholder name :
Michael James Clifford
Address :
143 Bridge Road, Rd 5
Rangiora 7475
New Zealand
No. of shares :
15,000 Shares
Shareholder name :
Arthur Johannes Hein De Beun
Address :
54 Berry Street
St Albans, Christchurch 8014
New Zealand
No. of shares
: 15,000 Shares
Shareholder name :
Murray Raymond Wyma
Address :
35 Bourne Crescent
Papanui, Christchurch 8053
New Zealand
No. of shares :
12,500 Shares
Shareholder name :
Peter John May
Address :
14 Edward Avenue
Edgeware, Christchurch 8014
New Zealand
No. of shares :
10,000 Shares
Shareholder name :
Rodney Anthony Bolton
Address :
151 West Belt
Rangiora 7400
New Zealand
No. of shares :
10,000 Shares
Shareholder name :
Colin Stewart Donaldson
Address :
107 Harris Crescent
Papanui, Christchurch 8053
New Zealand
No. of shares : 2,575 Shares
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 Details
Name of bank : ANZ Bank New Zealand Limited
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.
Description
Source of
financial statement : External Sources
Financial
statement date : 31/03/12
Type of accounts :
Estimated key figures
Currency : New Zealand,
Dollar (NZD)
Exchange rate : 1 USD = NZD 1.19 as of
10-01-2013
Summarized Financial Information
Consolidation type
: Non Consolidated
Currency : New Zealand,
Dollar(NZD)
Denomination : (x1) One
Date of financial
year end : 31/03/12
Length of accounts
: 12 months
Sale turnover /
Income : 30,000,000
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
- 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.
The Subject does
not meet the criteria of being a large Private Company.
Main activities : The Subject is engaged in design, manufacturing
& distribution of standby
power products for
the telecommunication, networking, wireless, and
industrial
markets.
Product &
services : -Telecom power products: AC-DC rectifiers, DC-AC inverters, DC-DC
converters, hybrid power products, standby DC power products
- Contract manufacturing services
Brand : Enatel
Purchases
International :
Mainly from Asia, Europe
Sales
Local : Yes
International : Worldwide: The Subject export to around 65
countries worldwide which
includes Australia, Malaysia, Thailand, Vietnam, Russia, United States,
China, Croatia, South Africa, United Kingdom
Key events : 5 June 2012
Hi-tech firm tips 40pc sales growth
Christchurch-based Enatel says its revenue growth this year will match
last
year's at 40 per cent, after winning significant contracts in overseas
markets such as Russia.
The hi-tech manufacturer produces standby power supplies for the
telecoms industry, solar inverters (which convert electricity from solar
panels into electricity suitable for everyday use) and subsidiary Enatel
Motive Power produces charger systems for batteries used to power
electric vehicles such as forklifts.
Enatel Motive Power just picked up an award at the New Zealand Hi-Tech
Awards for its charger systems, which use about 20 per cent less energy
than traditional chargers, making them cheaper to use, and they are
smaller - about the size of a computer hard drive - than traditional
tumble
dryer-sized chargers.
Enatel managing director Gary Foot said Enatel Motive Power was growing
rapidly. It is currently shipping 180 motive power battery chargers to
just
one of its United States-based customers - Crown Forklifts - each month,
and about 500 a month to Australian customers.
The company's chargers were being used or trialled by six of the top 10
forklift companies in the world, Foot said.
Meanwhile, its standby DC power supplies for telecom and data networks
was still the largest earner for Enatel.
Russia was a big market for the company's standby DC power products.
This year Enatel secured a supply contract with Russia's second- largest
telecoms company.
Enatel has also signed a two-year supply agreement with South Africa's
largest fixed-line telecoms company, Telkom, and its joint venture in
China
has supply agreements with China Mobile and China Telecom.
Southeast Asia is a major market for Enatel's DC power business, with
sales in Malaysia, Thailand and Vietnam.
Growth in Enatel's solar inverter business was expected to come both
from
sales in Europe where it is already exporting to Britain, as well as
from
sales in Canterbury.
Its solar inverters will be part of the solar installations available
for each
new home built by Maxim Projects at its 2200 section Highfield
subdivision
in northwest Christchurch. Foot said he expected more demand for its
solar
inverters from other developers to follow.
Ninety per cent of Enatel's business is export-based, with customers in
65
countries.
Succeeding in foreign markets had always been in the company's DNA,
Foot said.
The company was established by the team that founded Swichtec Power
Systems in 1985, which was sold in 1998 as a $100 million company
employing more than 400 people.
An Enatel representative was "dropped into" a new market
knowing he had
to come out with a purchase order, Foot said.
He has ambitious growth plans for Enatel.
"It needs to be about three times this size."
He would not reveal the company's annual revenue, but said it had
achieved 40 per cent annual growth last year and would repeat that rate
of
growth this year.
There was no need for technology-based product manufacturers to move
everything to China, he said.
With technology-based products, as long as you could keep the labour
content low, it was commercially viable to continue to manufacture in
New
Zealand.
After the February 2011 earthquake Enatel had to move from its Tuam St
premises in the central city to a new site in Wigram.
Within nine weeks the hi- tech manufacturer was operating at its new
site,
having spent $1m on a new fitout.
But despite being based in New Zealand, it was easier to do business in
Russia and China than with New Zealand's state-owned enterprises, Foot
said.
"The message myself and my colleagues get is they would rather
spend
money on an offshore product than buy locally."
Enatel employs about 200 people in Christchurch, has a joint venture in
China with a similar number of staff and about 10 technical staff in
Croatia.
Source: www.stuff.co.nz
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of a production facilities, administrative office and
warehouse.
Branches : None
reported.
Intellectual
property : ISO 9001 certified
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of New Zealand
Reserve of foreign
exchange & gold : US$ 20.562
billion
Gross domestic
product - GDP : US$ 180.548
billion
GPP (Purchasing power
parity) : 126.628 billion of
International dollars
GDP per capita -
current prices : US$ 40,454
GDP - composition
by sector : agriculture:
4.7%
industry: 24%
services: 71.3%
Inflation : 2009:
2.1%
2010: 2.3%
2011: 4%
Unemployment rate
: 2009: 6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General
Government gross debt as
a % GDP): 2009:
26.1%
2010: 32.3%
2011: 37%
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 : Westpac Limited, Transpower, Fletcher Building Limited,
National Bank of
New Zealand,
Fonterra Co-Operative Group Ltd, Air New Zealand Limited,
The Warehouse
Group Limited, Progressive Enterprises Ltd
Trade & Competitiveness Overview
Total exports : US$33.24 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 dollars (NZD)
Internet users as
% of total
population: 83%
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
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.