MIRA INFORM REPORT

Report No. :	345092
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	QUIKSILVER MEXICO S DE RL DE CV
Registered Office :	Amores 1120, Piso 2, Del Valle, México, Distrito Federal, 3100
Country :	Mexico
Date of Incorporation :	2006
Legal Form :	Limited Liability Company with Variable Capital
Line of Business :	Clothing Stores Industry
No. of Employees :	300

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 :	Slow but correct
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Mexico	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

STATUTORY INFORMATION

Legal Name:	QUIKSILVER MEXICO S DE RL DE CV
Trade Name:	QUIKSILVER
RFC:	QME061031JB
Date Created:	2006
Date Incorporated:	2006
Legal Address:	Amores 1120, Piso 2, Del Valle, México, Distrito Federal, 3100, México
Operative Address:	Amores 1120, Piso 2, Del Valle, México, Distrito Federal, 3100, México
Telephone:	55 5147 4800 / 55-9149-9215
Fax:	55 9149 9222
Legal Form:	Sociedad de Responsabilidad Limitada de Capital Variable
Email:	francisco.garces@quuiksilver.com
Registered in:	Mexico
Website:	NA
Contact:	Eduardo Araiza, Gerente General
Staff:	300
Activity:	Clothing Stores Industry
BANKS	BANAMEX
	The company does not disclose its banking information
History
	The company was established in 2006
PRINCIPAL ACTIVITY
	It is an Mexican company specialized in the production of material and clothing surfing, skateboarding and snowboarding.
Products/Services description:	The company’s brands target the action sports lifestyle and broader outdoor market. Quiksilver: Quiksilver brand includes a range of apparel and accessories for men and boys inspired by surfing and boardriding sports. Roxy: Roxy brand includes a range of apparel, footwear and accessories for young women and girls inspired by surfing, beach and boardriding sports. DC: DC brand includes a range of apparel, footwear and accessories for men, women and children inspired by skateboarding, motocross, BMX, rally car and snowboarding.
Brands:	QUICKSILVER
Sales are:	Retail and wholesale
Clients:	General clients
Suppliers:	SAMIL TONGSANG VINA CO., LTD. Vietnam Dc Shoes Inc USA JH COS VIETNAM CO., LTD. Vietnam M R FABRICS PVT LTD Pakistan BLUE DESIGN SA Paraguay GENERAL PVT LTD India
Operations area:	National
The company imports from	India, Pakistan, USA, Vietnam, Paraguay
The company exports to	No exports
The subject employs	300 employees
Payments:	Regular-payment terms of 60 days
LOCATION
Headquarters :	Amores 1120, Piso 2, Del Valle, México, Distrito Federal, 3100, México
Branches:	Quiksilver Antara Quiksilver Interlomas Quiksilver Mundo E Quiksilver La Isla Cancún Quiksilver La Isla Acapulco Quiksilver Andares Guadalajara Quiksilver Mérida Altabrisa Quiksilver Playa del Carmen Quiksilver Galerías Vallarta Quiksilver Puerto Vallarta Quiksilver Cancún Américas Quiksilver Santa Fe Quiksilver Factory Punta Norte Quiksilver Factory Cancún Quiksilver Factory Tepic Quiksilver Factory Lerma Quiksilver Factory Guadalajara Quiksilver Factory León
Related Companies:	Quiksilver Mexico Service, S. de R.L. de C.V.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NA
Shareholders:	This is a private company. It is a subsidiary of: Organization Quiksilver Inc. Huntington Beach California, USA Sales Volume (Estimated) $1.57 Billion
Management:	Eduardo Araiza, Gerente General Luz MaríA Flores, Controller Orlando Martínez
FINANCIAL INFORMATION
	This is a private company which does not make its financials public.
The following information corresponds to its parent company:
Revenue	$1,570.399
Gross Profit	$ 762.841
Operating Income	$ -253.471
Net Income	$ -309.377
Diluted EPS	$ -1.81
Cash	$ 46.664
Net Receivables	$ 360.687
Inventories	$278.78
Other Income Assets	$ 32.767
Total Current Assets	$ 744.089
Net Fixed Assets	$ 213.768
Other Noncurrent Assets	$63.6
Total Assets	$1,256.6639
Total Liabilities	$1,200.634
LEGAL FILINGS
	There are no legal for the subject
SUMMARY
	It is an Mexican company specialized in the production of material and clothing surfing, skateboarding and snowboarding. The company has 9 years of experience in the market with a large szed structure. It is a subsidiary of a well known company headquartered in the USA with locations worldwide. There are no negative connected to the subject.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Slow but correct
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Daniel Mendez
POSITION	Coordinador
COMMENTS	He confirmed current address, manager, ownership, staff, suppliers and activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

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%)

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