MIRA INFORM REPORT
|
Report No. : |
335596 |
|
Report Date : |
14.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAKON LIMITED |
|
|
|
|
Registered Office : |
8 Sylvia Park Road, Mt Wellington, Auckland, 1060 |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
09.08.1990 |
|
|
|
|
Com. Reg. No.: |
480247 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is manufactures and develops crystal and oscillator electronic
components. |
|
|
|
|
No. of Employee : |
2,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
New Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NEW ZEALAND - ECONOMIC OVERVIEW
Over the past 30 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, fueling a large balance of payments deficit that posed a challenge for policymakers. 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. The higher rate attracted international capital inflows, which strengthened the currency and housing market while 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 pulled out of recession in 2009, and achieved 2%-3% growth between 2011 to 2014. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.
|
Source
: CIA |
IDENTIFICATION
|
|
|
Address: |
|
|
Town: |
|
|
Zip/postal code: |
|
|
Country: |
|
|
Telephone: |
|
|
Fax: |
|
|
Email: |
|
|
Website: |
|
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
|
|
|
|
|
Date registered: |
|
|
Legal form: |
|
|
Main activities: |
Manufactures and
develops crystal and oscillator electronic components. |
|
Employees: |
|
|
|
|
|
|
|
REGISTRY DATA
|
|
|
Key Facts |
|
|
Date registered: |
|
|
Legal form: |
|
|
Registration no: |
|
|
Registry auth.: |
|
|
Other reg.: |
|
|
Registry status: |
|
|
|
|
|
|
|
LEGAL FILINGS
|
|
|
|
|
|
Bankruptcy filings: |
|
|
Court judgements: |
|
|
Tax liens: |
|
|
Other: |
|
|
|
|
|
|
|
MANAGEMENT & STAFF
|
|
|
|
|
|
|
|
|
Name: |
Brent John
Robinson |
|
Job title: |
Chief Executive
Officer |
|
|
|
|
Name: |
Simon Bosley |
|
Job title: |
Chief Financial
Officer |
|
|
|
|
Name: |
Nick Maire |
|
Job title: |
General Manager |
|
|
|
|
Name: |
Andrew McCraith |
|
Job title: |
General Manager
Of Global Marketing |
|
|
|
|
Name: |
Malcolm Leuchars |
|
Job title: |
Global Human
Resources Manager |
|
|
|
|
Name: |
Scott Stemper |
|
Job title: |
Global Quality
Manager |
|
|
|
|
Name: |
Darren Paul
Robinson |
|
Job title: |
Sales and
Marketing Director |
|
|
|
|
|
|
|
Auditor: |
Private Bag
92162 Auckland 1142 New Zealand |
|
|
|
|
|
|
|
No of employees |
|
|
|
|
|
|
|
BOARD OF DIRECTORS / OTHER APPOINTMENTS
|
|
|
|
|
|
Waiheke Island Auckland 1081 New Zealand |
|
|
Bryan Mogridge was appointed Chairman in
November 2005. Bryan has been a public company Director since 1984. Formerly
CEO of Corporate Investments and Montana Wines. He has chaired
BUPA Care Services NZ Limited, Yealands Wine Group Limited, Momentum Energy
PTY Limited, Waitakere City Holdings Limited, Enterprise Waitakere, The New
Zealand Food and Beverage Exporters Council, The New Zealand Wine Institute
and The New Zealand Tourism Board, among many other companies. Bryan was also
Vice Chairman of UBS New Zealand and a former Director of Heartland Building
Society Limited. |
|
|
|
|
|
Name: |
Brent John
Robinson |
|
Board function: |
Director |
|
Address: |
C/- Bell Gully 48 Shortland
Street Auckland 1010 New Zealand |
|
Biography: |
Brent Robinson was
first appointed to the Board in 2005. He has spent 36 years at Rakon which
has included establishing a global business. Brent became Managing Director
and Chief Executive Officer (CEO) at Rakon in 1986 and continues in that role
at Rakon today. He also leads the technical engineering team acting as Chief
Technology Officer (CTO), remaining involved in leading the design of new
products and processes. Under Brent’s
leadership Rakon has grown and diversified from a New Zealand company with
revenue of NZ$1 million to a global company with revenue of NZ$131.4 million
in 2015 and a full portfolio of frequency control products. Brent has over
25 years experience in the design and manufacture of crystals and oscillators
and as Rakon’s Chief Technology Officer has been instrumental in Rakon
establishing its position as a technology industry leader. Brent is an
Honorary Fellow of the Institution of Professional Engineers New Zealand. He
was awarded the New Zealand Hi-Tech Trust Flying Kiwi Award in 2011. |
|
|
|
|
Name: |
Bruce Robertson
Irvine |
|
Board function: |
Director |
|
Address: |
167 Heaton
Street Christchurch
8052 New Zealand |
|
Biography: |
Bruce Irvine was
appointed as a Director of Rakon in November 2005. He was Managing Partner of
Deloitte Christchurch from 1995 to 2007. Bruce has
chaired Canterbury Business Recovery Group Limited, House of Travel Limited
and Pyne Gould Corporation Limited among many other companies. He was formerly
involved in a voluntary capacity as a trustee of Canterbury Business Recovery Trust. |
|
|
|
|
Name: |
Charles Peter
Maire |
|
Board function: |
Director |
|
Address: |
17 Brett Avenue Takapuna Auckland 0622 New Zealand |
|
Biography: |
Sir Peter Maire was
appointed to the Board in 2005. Peter is the Co-Founder and former President
of Navman NZ Limited. He is an
Honorary Fellow of the Institution of Professional Engineers New Zealand. Peter was made a
Knight Companion of the New Zealand Order of Merit (KNZM) in 2008. He is formerly a
Director of Orion Health Limited, Fusion Electronics Limited and a board
member of New Zealand Trade and Enterprise. |
|
|
|
|
Name: |
Darren Paul
Robinson |
|
Board function: |
Director |
|
Address: |
C/- Bell Gully 48 Shortland
Street Auckland 1010 New Zealand |
|
Biography: |
Darren Robinson
was appointed to the Board in 2005. Darren has spent 25 years at Rakon as
Sales and Marketing Director. Darren has driven
sales for Rakon through exploring new markets, applications and establishing
business with many Fortune 500 companies. Under Darren's
sales and marketing leadership, Rakon now has sales revenue of NZ$131.4
million and a full portfolio of frequency control solutions. |
|
|
|
|
Name: |
Herbert Dennis
Hunt |
|
Board function: |
Director |
|
Address: |
523 E Putnam
Avenue Greenwich, CT
06830 USA |
|
Biography: |
Herb Hunt was
appointed to the Board in November 2012. He has over 40 years experience in senior
global operational and strategic roles in the technology industry with
leading companies including IBM, Siebel Systems and Symphony Group. Herb had a 32
year career with IBM including 12 years at IBM New Zealand, culminating as
Chairman and CEO before rising to more senior roles in Australia, Asia,
Europe and the United States of America. Currently Herb
heads his own company, Transformation Services, in the United States which
focuses on improving performance in sales, services and product development
for international technology companies. Formerly a
Director of Wynyard Group Limited. |
|
|
|
|
Name: |
Warren John
Robinson |
|
Board function: |
Director |
|
Address: |
Apt 801, 10
Middleton Road Remuera Auckland 1050 New Zealand |
|
Biography: |
Warren Robinson
founded the Rakon business in the basement of his Howick home in 1967. He successfully
grew and operated the business until 1986 when Brent Robinson became the
Managing Director. In subsequent years, Warren has continued to maintain an
active role within Rakon and was Chairman until November 2005. Warren is a
member of the Institute of Electrical and Electronics Engineers, a senior
member of the New Zealand Electronics Institute and is a member of The Royal
Society of New Zealand. He has a First
Class Certificate in Radio Technology. |
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
Composition |
|
|
Number/type: |
|
|
|
|
|
|
|
Shareholders/Owners
|
|
|
|
|
|
|
|
|
|
|
|
Remuera Auckland 1050 New Zealand |
|
|
|
|
|
Name: |
TAHIA
INVESTMENTS LIMITED |
|
% of shares: |
5.6% |
|
Address: |
New Zealand |
|
|
|
|
Name: |
Brent John
Robinson |
|
% of shares: |
5.19% |
|
Address: |
C/- Bell Gully 48 Shortland
Street Auckland 1010 New Zealand |
|
|
|
|
Name: |
Darren Paul
Robinson |
|
% of shares: |
5.18% |
|
Address: |
C/- Bell Gully 48 Shortland
Street Auckland 1010 New Zealand |
|
|
|
|
Name: |
JBWERE (NZ)
NOMINEES LIMITED (A/C 52093) |
|
% of shares: |
4.95% |
|
Address: |
New Zealand |
|
|
|
|
Name: |
NEW ZEALAND
CENTRAL SECURITIES DEPOSITORY LIMITED |
|
% of shares: |
3.87% |
|
Address: |
New Zealand |
|
|
|
|
Name: |
SUPERLIFE
TRUSTEE NOMINEES LIMITED (SL NZ A/C) |
|
% of shares: |
3.07% |
|
Address: |
New Zealand |
|
|
|
|
Name: |
ETIMES GROUP
INTERNATIONAL LTD. |
|
% of shares: |
1.94% |
|
Address: |
New Zealand |
|
|
|
|
The Subject has been listed on the New Zealand
Stock Exchange. |
|
|
|
|
|
|
|||
CORPORATE AFFILIATIONS
|
|||
|
|
|
||
|
|
|||
|
|
|||
BANKING & FINANCING
|
|||
Bankers
|
|
||
|
|
|
||
|
Time of Registration: 20-Jan-2015 23:58 Financing
Statement Registration No: FV7236248YR97GW0 Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
Goods - Motor Vehicles Time of
Registration: 15-Dec-2014 16:04 Financing
Statement Registration No: F573996ZF22UT27S
Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
All Present And After Acquired Personal Property; Goods - Other Time of
Registration: 07-Nov-2013 12:06 Financing
Statement Registration No: F28F45R567460JR2
Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
All Present And After Acquired Personal Property; Goods - Other Time of
Registration: 29-Apr-2013 09:10 Financing
Statement Registration No: FB72T7J09X4M9194
Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
All Present And After Acquired Personal Property; Goods - Other Time of
Registration: 04-Jul-2012 17:30 Financing
Statement Registration No: FP7U27G1258US661 Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
Goods - Other Time of
Registration: 25-Jul-2011 15:25 Financing
Statement Registration No: FM777847AT20EK81/C0001 Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
All Present And After Acquired Personal Property; Goods - Other Time of
Registration: 27-Apr-2011 14:03 Financing
Statement Registration No: FE55V5G0563WU215 Incorporation
No: 480247 City/Town:
Auckland Collateral Type:
All Present And After Acquired Personal Property; Goods - Other |
|||
|
|
|
||
|
It is generally not the policy of local banks to
provide credit status information to non-bona fide applications, and interested
parties would be advised to consult first with the Subject if banker's
references are required. |
|||
|
|
|
||
|
|
|
||
FINANCIAL ACCOUNTS
|
|||
|
|
|||
|
Required to
file: |
|||
|
Source: |
|||
|
Presentation: |
|||
|
Date of
accounts: |
|||
|
Type of
accounts: |
|||
|
Currency: |
|||
|
Exchange rate: |
|||
|
|
|
||
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|
||
|
|
|
||
OPERATIONS & HISTORY
|
|||
|
|
|||
|
Full
description: |
The Subject is engaged in manufactures and
develops crystal and oscillator electronic components used for timing
reference and frequency control in demanding applications, such as global
positioning systems and wireless communications. Its products
range from low stability XO, VCXO and crystal products, through to high
volume precision TCXOs, OCXOs and rubidium equivalent, frequency standards.
The company's products are found in mobile phones and GPS systems. |
||
|
|
|
||
|
|
|||
PROPERTY & ASSETS
|
|||
|
|
|
||
|
The Subject principally operates from premises
located at the heading address, consisting of administrative offices. |
|||
|
|
|
||
|
|
|||
PAYMENTS
|
|||
|
|
|||
|
Local: |
Credits 14-30 days |
||
|
Imports: |
Credits 30 days net |
||
|
|
|
||
|
|
|||
|
Local: |
Credits 14-30 days |
||
|
Exports: |
Credits 30 days net |
||
|
|
|
||
|
|
|
||
|
|
|||
|
As trade references were not supplied, the
Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments
are believed to be PROMPT. |
|||
|
|
|||
|
|
|||
INVESTIGATIVE
NOTES
|
|||
|
|
|
||
|
Sources: |
Interviews and material provided by the
Subject Other official and local business sources |
||
|
|
|
||
|
|
|
||
ATTACHMENTS
|
|||
|
|
|
||
|
Attachments: |
Financial ratios List of subsidiaries |
||
Financial Ratios
|
|||
|
|
31-03-2015 |
31-03-2014 |
Trend |
|
PROFITABILITY [%] |
|
|
|
|
Gross Margin |
31.82% |
19.15% |
66.16% |
|
Gross
Profit / Sales Turnover * 100 |
|
|
|
|
Operating Margin |
-0.26% |
-32.95% |
99.21% |
|
Operating Profit / Sales Turnover * 100 |
|
|
|
|
Net Profit Margin |
2.43% |
-55.88% |
104.35% |
|
Profit
After Tax / Sales Turnover * 100 |
|
|
|
|
Return On Equity (ROE) |
4.02% |
-106.12% |
103.79% |
|
Profit After Tax / Equity * 100
|
|
|
|
|
Return On Assets (ROA) |
2.55% |
-65.27% |
103.91% |
|
Profit
After Tax / Total Assets * 100 |
|
|
|
|
Return On Investment
(ROI) |
1.94% |
-62.59% |
103.1% |
|
Profit Before Tax / Equity * 100 |
|
|
|
|
EFFICIENCY [%] |
|
|
|
|
Asset Turnover |
105.26% |
116.8% |
-9.88% |
|
Sales Turnover / Total Assets * 100 |
|
|
|
|
Inventory Turnover |
N/A |
N/A |
N/A |
|
Sales Turnover / Inventory * 100 |
|
|
|
|
LIQUIDITY [%] |
|
|
|
|
Current Ratio (CR) |
226.5% |
212.74% |
6.47% |
|
Current
Assets / Current Liabilities * 100 |
|
|
|
|
Quick Ratio (QR) |
N/A |
N/A |
N/A |
|
(Current Assets – Inventory) / Current Liabilities * 100 |
|
|
|
|
DEBT [%] |
|
|
|
|
Debt Ratio |
36.4% |
38.49% |
-5.43% |
|
Total
Liabilities / Total Assets * 100 |
|
|
|
|
Long-Term Debt Ratio |
19.22% |
19.15% |
0.37% |
|
Long-Term Liabilities / Equity * 100 |
|
|
|
List of subsidiaries
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.