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Report No. : |
336739 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
NORSAT INTERNATIONAL, INC. |
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Registered Office : |
110 – 4020 Viking Way, Richmond, British Columbia V6V 2L4 |
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Country : |
Canada |
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Date of Incorporation : |
15.10.1982 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject provides communication solutions that enable the transmission
of data, audio, and video for various applications and environments |
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No. of Employees : |
168 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Canada |
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 |
CANADA - ECONOMIC OVERVIEW
As a high-tech industrial society in the trillion-dollar
class, Canada resembles the US in its market-oriented economic system, pattern
of production, and high living standards. Since World War II, the impressive
growth of the manufacturing, mining, and service sectors has transformed the
nation from a largely rural economy into one primarily industrial and urban.
The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free
Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase
in trade and economic integration with the US, its principal trading partner.
Canada enjoys a substantial trade surplus with the US, which absorbs about
three-fourths of Canadian merchandise exports each year. Canada is the US's
largest foreign supplier of energy, including oil, gas, and electric power, and
a top source of US uranium imports. Given its abundant natural resources,
highly skilled labor force, and modern capital plant, Canada enjoyed solid
economic growth from 1993 through 2007. Buffeted by the global economic crisis,
the economy dropped into a sharp recession in the final months of 2008, and
Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus.
Canada's major banks, however, emerged from the financial crisis of 2008-09
among the strongest in the world, owing to the early intervention by the Bank
of Canada and the financial sector's tradition of conservative lending
practices and strong capitalization. Canada achieved marginal growth in 2010-14
and plans to balance the budget by 2015 despite the recent drop in oil prices.
In addition, the country's petroleum sector is rapidly expanding, because
Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada
now ranks third in the world in proved oil reserves behind Saudi Arabia and
Venezuela and is the world’s fifth-largest oil producer.
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Source
: CIA |
Company name: NORSAT INTERNATIONAL, INC.
Address: 110 – 4020 Viking Way,
Richmond, British Columbia V6V 2L4 Canada
Telephone: +1
604-821-2800
Fax: +1 604-821-2801
Website: www.norsat.com
Corporate ID#: BC-0000255727
State: British Columbia
Judicial form: Public Company (TSX=NII and
NYSE:NSAT)
Date incorporated: 10-15-1982
Stock: 5,831,658
shares issued and outstanding
Value: -
Name of manager: Amiee CHAN
Business:
Norsat International Inc. provides communication solutions that enable
the transmission of data, audio, and video for various applications and
environments in Canada, the United States, Europe, and other countries.
It operates through three segments: Sinclair Technologies, Satellite
Solutions, and Microwave Products. The Sinclair Technologies segment offers
radio frequency (RF) antennas, including base station antennas, mobile/transit
antennas, and covert antennas; and RF filter products, such as cavity filters,
transmitter combiners, duplexers, isolators, circulators, and receiver
multi-couplers. This segment serves public safety operators, including police
forces, coast guards and navies, and a set of ambulance and fire dispatch
services; private sector networks comprising rail, ground, and air
transportation networks; original equipment manufacturers; and mobile radio,
public safety, aviation, and heavy transport industries.
The Satellite Solutions segment provides GLOBETrekker, Norsat Rover, and
SigmaLink fly-away satellite terminals, as well as RANGER, an assisted-acquire
micro-sat terminal; and SATCOM baseband kits for worldwide satellite system
field deployments. The Microwave Products segment designs, develops, and
markets microwave components comprising satellite receivers, transmitters,
transceivers, solid-state power amplifiers, and other microwave components that
enable the transmission, reception, and amplification of signals to and from
satellites. This segment serves resellers, system integrators, antenna
manufacturers, and service providers.
The company was formerly known as NII Norsat International, Inc. and
changed its name to Norsat International Inc. in July 1999.
Norsat International Inc. was founded in 1977 and is headquartered in
Richmond, Canada.
Customers include
Chevron, PetroChina, BC Hydro, Motorola, Tessco,
General Dynamics, First Nations Communities of British Columbia,
US Department of Defense, NATO…
Staff: 168
Operations & branches:
At the headquarters, we find
the corporate office.
The Company maintains
several branches in Canada including the one located:
85 Mary Street
Aurora, Ontario L4G 6X5
Shareholders:
The Company is listed with the TSX under symbol NII and the NYSE under
symbol
NSAT.
Management:
The Board of Directors includes:
Fabio DONINELLI, Chairman
Joseph CAPRIO
James TOPHAM
Peter CICERI
Amiee CHAN
Amiee CHAN, President and CEO
He has been the Chief Executive Officer and President of Norsat
International Inc. since September 8, 2006.
Dr. Chan served as Vice President of Operations at Norsat International
from June 2004 to September 8, 2006 and also served as its Chief Operating
Officer.
She has 10 years of experience in management including strategic
planning, product development, technology commercialization and go-to-market
planning. She was previously with Norsat from 1998 to 2002, where she directed
the Engineering Department. Prior to rejoining Norsat, she oversaw the product
marketing, commercialization and launch of a product line for CREO Inc. She has
extensive design and production experience with RF and microwave circuits and
antennas and was instrumental in developing the first Norsat portable terminal
products. She has been a Director of Norsat International Inc. since August 5,
2009. She serves as a Trustee of Canada Science & Technology Museum
Corporation. She is an innovator and leading authority in her field with a
number of credited publications and patents.
Dr. Chan holds a Bachelor of Applied Science in 1992 and PhD in
Electrical Engineering from the University of British Columbia in 2000 and an
MBA from Simon Fraser University in 2003.
Arthur CHIN, CFO
Ken BROOM, General Manager, Sinclair Division
Subsidiaries
and partnership:
Norsat International (UK) Limited, Lincoln,
U.K.
Norsat International (America) Inc., Richmond, VA
Norsat SA, Laussane, Switzerland
Sinclair Technologies Limited, Somersham, U.K.
On attachment:
- 10K 2014
- 2nd 10Q 2015
On August 6, 2015, Norsat International Inc. reported unaudited
consolidated earnings results for the second quarter and six months ended June
30, 2015.
For the quarter, total sales were $8,950,091 compared to $9,583,906 a
year ago. Earnings before income taxes were $806,819 compared to $716,942 a
year ago. Net earnings were $674,109 or $0.12 per basic and diluted share
compared to $999,897 or $0.17 per basic and diluted share a year ago. Adjusted
EBITDA was $1.2 compared to $1.3 million in the second quarter of 2014. EBITDA
was $1.144 million compared to $1.052 million a year ago. Net cash used in
operating activities were $1,135,126 against net cash flows from operating
activities of $988,717 a year ago. Purchase of intangible assets, property and
equipment was $43,454 against $99,994 a year ago.
For the six months, total sales were $17,360,416 compared to $18,701,611
for the same period last year. Earnings
before income taxes increased to $1,232,313 compared to $2,823,896 a year ago.
Net earnings were $1,233,796 or $0.21 per basic and diluted share compared to
$3,176,643 or $0.55 per basic and diluted share a year ago. Adjusted EBITDA was
$2.103 million compared to $2.926 million a year ago.
EBITDA was $1.913 million compared to $3.512 million a year ago. Net
cash used in operating activities were
$1,358,935 against net cash flows from operating activities of $613,231 a year
ago. Purchase of intangible assets, property and equipment was $99,549 against
$210,424 a year ago.
As the company look forward to the second half of 2015, the company
expects its revenues to be higher compared to the same period in 2014. Looking
into overall 2015 annual revenue growth compared to 2014, the company expects
modest improvement as strength in the second half offsets the weakness from the
first half of the year.
In contrast the company's Land Mobile Radio division's revenue is
expected to be lower than 2014, due to ongoing softness in its Canadian markets
and the adverse effect of converting Canadian dollar denominated sales to US
dollars.
Banks: HSBC Bank
Royal Bank of Canada
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary:
None