MIRA INFORM REPORT
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Report No. : |
335596 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
RAKON LIMITED |
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Registered Office : |
8 Sylvia Park Road, Mt Wellington, Auckland 1060 |
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Country : |
New
Zealand |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
09.08.1990 |
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Com. Reg. No.: |
480247 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
·
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. |
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No. of Employees : |
2,000 |
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 : |
Slow but correct |
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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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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 |
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.
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Source
: CIA |
IDENTIFICATION
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Subject name: |
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Address: |
Mt Wellington |
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Town: |
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Zip/postal code: |
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Country: |
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Telephone: |
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Fax: |
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Email: |
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Website: |
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EXECUTIVE SUMMARY
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Date registered: |
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Legal form: |
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Main activities: |
Manufactures and develops crystal and oscillator
electronic components. |
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Employees: |
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Satisfactory financial
and operational base, despite recent losses. Small to medium credits can be
considered with some confidence that commitments can be met under normal
circumstances. A cautious credit control policy applies. |
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REGISTRY DATA
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Key Facts |
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Date registered: |
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Legal form: |
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Registration no: |
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Registry auth.: |
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Other reg.: |
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Registry status: |
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LEGAL FILINGS
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Bankruptcy filings: |
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Court judgements: |
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Tax liens: |
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Other: |
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MANAGEMENT & STAFF
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Name: |
Brent John Robinson |
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Job title: |
Chief Executive Officer |
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Name: |
Simon Bosley |
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Job title: |
Chief Financial Officer |
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Name: |
Nick Maire |
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Job title: |
General Manager |
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Name: |
Andrew McCraith |
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Job title: |
General Manager Of Global Marketing |
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Name: |
Malcolm Leuchars |
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Job title: |
Global Human Resources Manager |
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Name: |
Scott Stemper |
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Job title: |
Global Quality Manager |
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Name: |
Darren Paul Robinson |
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Job title: |
Sales and Marketing Director |
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Auditor: |
Private Bag
92162 Auckland 1142 New Zealand |
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No of employees |
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BOARD OF DIRECTORS / OTHER APPOINTMENTS
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Waiheke Island Auckland 1081 New Zealand |
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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. |
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Name: |
Brent John Robinson |
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Board function: |
Director |
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Address: |
C/- Bell Gully 48 Shortland Street Auckland 1010 New Zealand |
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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. |
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Name: |
Bruce Robertson Irvine |
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Board function: |
Director |
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Address: |
167 Heaton Street Christchurch 8052 New Zealand |
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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. |
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Name: |
Charles Peter Maire |
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Board function: |
Director |
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Address: |
17 Brett Avenue Takapuna Auckland 0622 New Zealand |
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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. |
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Name: |
Darren Paul Robinson |
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Board function: |
Director |
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Address: |
C/- Bell Gully 48 Shortland Street Auckland 1010 New Zealand |
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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. |
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Name: |
Herbert Dennis Hunt |
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Board function: |
Director |
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Address: |
523 E Putnam Avenue Greenwich, CT 06830 USA |
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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. |
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Name: |
Warren John Robinson |
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Board function: |
Director |
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Address: |
Apt 801, 10 Middleton Road Remuera Auckland 1050 New Zealand |
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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. |
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SHARE CAPITAL
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Composition |
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Number/type: |
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Shareholders/Owners
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Remuera Auckland 1050 New Zealand |
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Name: |
TAHIA INVESTMENTS LIMITED |
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% of shares: |
5.6% |
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Address: |
New Zealand |
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Name: |
Brent John Robinson |
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% of shares: |
5.19% |
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Address: |
C/- Bell Gully 48 Shortland Street Auckland 1010 New Zealand |
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Name: |
Darren Paul Robinson |
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% of shares: |
5.18% |
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Address: |
C/- Bell Gully 48 Shortland Street Auckland 1010 New Zealand |
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Name: |
JBWERE (NZ) NOMINEES LIMITED (A/C 52093) |
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% of shares: |
4.95% |
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Address: |
New Zealand |
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Name: |
NEW ZEALAND CENTRAL SECURITIES DEPOSITORY
LIMITED |
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% of shares: |
3.87% |
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Address: |
New Zealand |
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Name: |
SUPERLIFE TRUSTEE NOMINEES LIMITED (SL NZ
A/C) |
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% of shares: |
3.07% |
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Address: |
New Zealand |
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Name: |
ETIMES GROUP INTERNATIONAL LTD. |
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% of shares: |
1.94% |
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Address: |
New Zealand |
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The Subject has been listed on the New Zealand
Stock Exchange. |
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CORPORATE AFFILIATIONS
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BANKING & FINANCING
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Bankers
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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 |
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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. |
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FINANCIAL ACCOUNTS
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Required to
file: |
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Source: |
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Presentation: |
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Date of
accounts: |
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Type of
accounts: |
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Currency: |
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Exchange rate: |
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OPERATIONS & HISTORY
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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. |
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PROPERTY & ASSETS
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The Subject
principally operates from premises located at the heading address, consisting
of administrative offices. |
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PAYMENTS
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Local: |
Credits 14-30 days |
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Imports: |
Credits 30 days
net |
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Local: |
Credits 14-30 days |
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Exports: |
Credits 30 days
net |
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As trade references were not supplied, the
Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but
payments are believed to be PROMPT. |
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INVESTIGATIVE
NOTES
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Sources: |
Interviews and material provided by the Subject Other official
and local business sources |
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ATTACHMENTS
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Attachments: |
Financial ratios List of
subsidiaries |
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Financial Ratios
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31-03-2015 |
31-03-2014 |
Trend |
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PROFITABILITY
[%] |
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Gross
Margin |
31.82% |
19.15% |
66.16% |
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Gross Profit / Sales Turnover * 100 |
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Operating
Margin |
-0.26% |
-32.95% |
99.21% |
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Operating Profit / Sales Turnover *
100 |
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Net
Profit Margin |
2.43% |
-55.88% |
104.35% |
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Profit After Tax / Sales
Turnover * 100 |
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Return
On Equity (ROE) |
4.02% |
-106.12% |
103.79% |
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Profit After Tax / Equity * 100 |
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Return
On Assets (ROA) |
2.55% |
-65.27% |
103.91% |
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Profit After Tax / Total Assets *
100 |
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Return
On Investment (ROI) |
1.94% |
-62.59% |
103.1% |
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Profit Before Tax / Equity *
100 |
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EFFICIENCY
[%] |
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Asset
Turnover |
105.26% |
116.8% |
-9.88% |
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Sales Turnover / Total Assets * 100 |
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Inventory
Turnover |
N/A |
N/A |
N/A |
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Sales Turnover / Inventory * 100 |
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LIQUIDITY
[%] |
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Current
Ratio (CR) |
226.5% |
212.74% |
6.47% |
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Current Assets / Current
Liabilities * 100 |
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Quick
Ratio (QR) |
N/A |
N/A |
N/A |
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(Current Assets – Inventory) /
Current Liabilities * 100 |
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DEBT
[%] |
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Debt
Ratio |
36.4% |
38.49% |
-5.43% |
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Total Liabilities / Total Assets *
100 |
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Long-Term
Debt Ratio |
19.22% |
19.15% |
0.37% |
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Long-Term Liabilities / Equity *
100 |
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List
of subsidiaries
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.12 |
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1 |
Rs.101.62 |
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Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Analysis Done by
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RAS |
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Report Prepared
by : |
TPT |
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.