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Report No. : |
307484 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
QUICKSILVER INC. |
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Registered Office : |
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Country : |
United State |
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Date of Incorporation : |
24.10.1986 |
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Legal Form : |
Public Company (Nasdaq = ZQK) |
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Line of Business : |
Designs, develops, and distributes branded apparel, footwear,
accessories, and related products primarily for men, women, and children |
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No. of Employee : |
6,100 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United State |
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 |
UNITED STATE ECONOMIC
OVERVIEW
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed, however, would keep short-term rates near zero so long as unemployment and inflation had not crossed the previously stated thresholds. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
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Source
: CIA |
QUICKSILVER INC.
Address: 15202 Graham Street,
Huntington Beach, CA 92649 - USA
Telephone: +1 714-889-2200
Fax: +1
714-889-3700
Website: www.quicksilver.com
Corporate ID#: 2105452
State: Delaware
Judicial form: Public Company (Nasdaq = ZQK)
Date incorporated: 10-2a4-1986
Date founded: 1969
Stock: As of
December 3, 2014, there were 174,057,410 shares of
the Registrant’s Common Stock issued and
outstanding.
Value: No
par value
Name of manager: Andrew
P. MOONEY
Business:
Quiksilver, Inc. designs, develops, and distributes branded apparel,
footwear, accessories, and related products primarily for men, women, and
children.
The company provides its products for various activities, including
casual and outdoor lifestyle associated with surfing, skateboarding,
snowboarding, BMX and motocross, rally car, and other activities.
It offers its products primarily under the Quiksilver, DC, and Roxy
brands through a range of distribution channels, including wholesale accounts,
such as surf shops, skate shops, snow shops, sporting goods stores, discount
centers, specialty stores, online retailers, and select department stores;
935 owned or licensed company retail stores; and e-commerce Websites.
The company primarily operates in the United States, Canada, Brazil,
Mexico, Europe, the Middle East, Africa, the United Kingdom, Russia, South
Africa, Australia, Japan, New Zealand, South Korea, Taiwan, China, and
Indonesia, as well as North, South, and Central America.
Quiksilver, Inc. was founded in 1969 and is headquartered in Huntington
Beach, California
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
No name of foreign suppliers available.
EIN: 33-0199426
Staff: 6,100
Operations & branches:
At the headquarters, we
find the corporate office.
Shareholders:
The Company is listed with
the Nasdaq under symbol ZQK.
As of 12-31-2014, 81% of the
stock was held by institutional and mutual fund owners, including:
|
Invesco Ltd. |
15.59% |
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Invesco Small Cap Value Fd |
15.54% |
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Price (T.Rowe) Associates Inc |
14.40% |
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Price (T.Rowe) New Horizons Fund |
5.11% |
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Price (T.Rowe) Small Cap Stock Fund |
5.00% |
Management:
Andrew P. MOONEY has been the Chief Executive Officer of Quiksilver Inc.
since January 10, 2013 and as its Chairman of the Board since November 1, 2014.
Mr. Mooney serves as an Advisor of Outfit 7, Ltd. He served as President
of Quiksilver Inc. since January 10, 2013.
Mr. Mooney served as President of Walt Disney Company since January
2000.
Mr. Mooney oversaw the worldwide day-to-day operations of Disney
Consumer Products, which extends the rich ... Disney entertainment experience
to a broad selection of merchandise ranging from toys, apparel, home décor and
books to interactive games, food and beverages, electronics and fine art.
Mr. Mooney worked for 20-years with Nike, Inc., and served as its Vice
President of Global Brand and founded Nike's equipment division. Mr. Mooney
served as Chief Marketing Officer and Head of Nike where he was responsible for
worldwide marketing strategies for the Nike and Jordan brands. He served as
Chairman of Disney Consumer Products, Inc. at Disney Publishing Worldwide,
Inc., a subsidiary of Walt Disney Co. While at Disney, he and his team
revolutionized Disney's licensing business, re-invented the Disney Stores and
opened Disney English Language Learning Centers in China, creating an exciting
new growth opportunity for the company. He has been a Director of Quiksilver
Inc. since January 10, 2013. He served as a Director at shopkick, Inc.
He serves as Member of International Advisory Board at Scottish
Development International. He served as Director of Disney Consumer Products,
Inc.
He led the reorganization of Nike's brand marketing activities and
introduced new advertising strategies.
Mr. Mooney holds an Accounting Certificate in the United Kingdom.
Mr. Mooney was awarded an Honorary Doctorate of Business Administration
in 2008 by Queen Margaret University, Edinburgh.
Pierre AGNES has been the President of Quiksilver Inc. since November 1,
2014. Mr. Agnes served as President of Quiksilve Europe at Quiksilver Inc.
since June 2005 and as its Global Head of Apparel since March 1, 2013.
Mr. Agnes is responsible for overseeing all aspects of Quiksilver's
operations, finance, sales and marketing organizations in their respective
territories.
Mr. Agnes served as President, Europe of Quiksilver Inc. since July 7,
2005.
Richard J. SHILEDS is the CFO.
Subsidiaries
And partnership: Several
in the U.S. and worldwide.
10K 2013-2014 on attachment
(fiscal year ending October 2014)
For the full year, the company reported revenue, net of $1,570,399,000
compared to $1,810,570,000 a year ago. Operating loss was $253,471,000 compared
to operating income of $2,547,000 a year ago.
Loss before provision/(benefit) for income taxes was $332,120,000
compared to $73,191,000 year ago. Loss from continuing operations was
$327,795,000 compared to $239,411,000 a year ago. Net loss attributable to the
company was $309,377,000 compared to $232,565,000 a year ago. Loss per diluted
share from continuing operations attributable to the company was $1.92 compared
to $1.43 a year ago. Loss from continuing operations attributable to the
company was $327,434,000 compared to $238,766,000 a year ago. Adjusted EBITDA
was $2,561,000 compared to $82,344,000 a year ago. Pro-forma adjusted EBITDA
was $38,679,000 compared to $117,993,000 a year ago.
For the fiscal year 2015, the company’s net revenues are expected in the
range of $1.48 billion to $1.55 billion, an increase of 1% to 5% on a constant
currency continuing category basis versus the prior period. Gross margins are
expected in the range of 49.5% to 51%. Pro-forma Adjusted EBITDA is expected in
the range of $80 million to $90 million. Capital expenditures are expected to
be below $25 million.
For the first quarter of fiscal 2015, the company’s net revenues are
expected to be approximately $340 million, which is a reduction of
approximately 7% on a constant currency continuing category basis versus the
prior period.
Gross margins are expected to be approximately 51.3%. Pro-forma Adjusted
EBITDA is expected to be approximately $6 million. The company reported
impairment charges for the fourth quarter ended October 31, 2014.
For the period, the company reported asset impairments was $5,287,000
compared to $1,675,000 a year ago.
Banks: Bank of America
…
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
Several