|
|
|
|
Muebles Arell, S.A. de C.V.
Preparado
en Febrero de 2009 exclusivamente para uso de:
CLIENTE
Nombre
del Contacto.
|
Av. Plutarco No. 263 Col. Flores Magón C.P.44100 Tel: (33) 33868688 Fax: (33) 36602112 www.arell.com |
|
Rating D&B: |
5A 3 (*) |
|
Financial Condition: |
Limited |
|
Activity: |
Wholesale household furniture |
|
SIC: |
2834 5122 |
|
Foundation: |
February 02, 1975 |
|
Tax ID: |
MAR 750202 J90 |
|
History: |
Clean |
|
Shareholder’s Equity: |
$ 2,301,000,000.00 mxp[1] |
|
Capital: |
$ 2,012,020,000.00 mxp |
|
Sales: |
$ 204,932,000.00 mxp |
|
Employees: |
25 |
|
Audited by: |
Gonzalez
y Gonzalez Cía. S.C. |
Estimated Financial Strength ------------------------------------------- Net Worth Range in Mexican Pesos 5A 511,490,000 and above 4A 102,298,000 511,489,999 3A 15,345,000 102,297,999 2A 7,672,000 15,344,999 1A 3,836,000 7,671,999 A 1,923,000 3,835,999 B 962,000 1,922,999 C 481,000 961,999 D 246,000 480,999 E 123,000 245,999 F 61,000 122,999 G Up to 60,999
O
Financial information not available |
Composite Credit Appraisal --------------------------------------------------- Rating Condition Interpretation 1 Strong Minimal Risk Expected 2 Good Low Risk Expected 3 Limited Slightly Above Average Risk - Monitor 4 Unbalanced Significant Risk - Review Carefully - Undetermined Unknown - Insufficient
S Services
Not Applicable - No Assigned Condition |
|
EXECUTIVE SUMMARY |
|
SECTION |
INDICATOR |
COMMENTS |
|
Background
& Verification |
XXXXX |
The company is legally constituted. There are
future changes projected at this moment in the company’s structure. |
|
Management
Team |
XXXXX |
The Management Team has a recognized experience in
the administration of this kind of business, where they have achieved several
success stories. |
|
Business
Overview, environment & performance |
XXXXX |
There are risks linked to the current economic
situation of the country, their competitors and their market distribution.
However, the business seems to handle these challenges well. This company works within a group owned by the
same people, however, they don’t have an official registry as a group.
Therefore, they don’t consolidate their financial information. |
|
Profitability
and return |
XXXXX |
The profitability of the company had decreased to
a loss during 2008. However, in 2009 they had a recovery and a small growth.
2009 balance is not audited, so this growth could have changed. Because of the figures in the previous years, it
seems their strategy to have a year with a loss and a year with a profit,
supported by other companies of its group. It was not possible to confirm
this is a strategy because they did not provide further data, but they did
mentioned it is the way they distribute their risks. |
|
Balance
sheet strength and leverage |
XXXXX |
Their leverage was high in 2008 and for 2009 it
increased again, because of a re-negotiation of a bank credit. This operation
was guaranteed by their affiliate Muebles Arell, S.A. de C.V. Specific reasons for this performance were
not given. We estimated this may be their fiscal strategy. One year, the
company has profits, and other company in the group has losses, and vice
versa. Their leverage is high, almost 73% during 2008, which is not healthy. |
|
Cash
flow |
XXXXX |
The company has a sufficient cash flow. Even when
it is leveraged by credits, it made the necessary re-structures for their
liabilities to have a soft impact in their cash flow. |
|
Liquidity
and access to funding |
XXXXX |
Despite their high short term banking credits,
they had the precaution to re-negotiate their credits so they don’t close the
opportunity for accessing to further financing lines. As guarantee it has the
same companies within the group. Without them, probably their credit
opportunity could be seriously impacted. |
|
Payment
/ Utilization history |
XXXXX |
Overall the credit experiences obtained were
satisfactory, as they report minor delays, not significant versus the
purchasing volumes. They have no pending payments or claims for this
situation. |
|
Other
external information (if available) |
N/A |
No relevant information was found for this company
in available information sources. |
|
FINANCIAL
INFORMATION |
|
MUEBLES
ARELL, S.A. DE C.V. |
||||
|
Profit
and Loss Statement |
||||
|
(Thousand
MXP) |
||||
|
|
|
|
|
|
|
|
|
December 31 |
||
|
|
|
2007 |
2008 |
2009 |
|
Net Sales |
$ 7,181,688.00 |
$
9,133,578.00 |
$
12,389,441.00 |
|
|
|
Sales
Cost |
5,694,546.00 |
6,743,810.00 |
7,811,071.00 |
|
Gross Result |
$ 486,842.00 |
$ 390,096.00 |
$ 372,370.00 |
|
|
|
Operational
Expenses |
673,831.00 |
525,571.00 |
634,635.00 |
|
Operational Result |
-$ 186,989.00 |
-$ 135,475.00 |
-$ 262,265.00 |
|
|
Result after the integral financing cost |
-$ 186,989.00 |
-$ 135,475.00 |
-$ 262,265.00 |
|
|
|
Other
(expenses) and products |
73,472.00 |
143,127.00 |
225,026.00 |
|
Result before taxes and Profit Sharing |
-$ 113,517.00 |
$ 7,652.00 |
-$ 37,239.00 |
|
|
|
Tax
on Assets |
8,251.00 |
10,103.00 |
29,632.00 |
|
|
Income
Tax |
-44,836.00 |
- 6,716.00 |
- 56,662.00 |
|
Net Result |
-$ 76,932.00 |
$ 4,265.00 |
-$ 10,209.00 |
|
|
|
|
Vertical Analysis |
|
Horizontal Analysis |
|||
|
|
|
2007 |
2008 |
2009 |
|
2007-2008 |
2007-2008 |
|
Net Sales |
100.0% |
100.0% |
100.0% |
|
15.41% |
14.71% |
|
|
|
Sales
Cost |
92.1% |
94.5% |
95.4% |
|
18.43% |
15.83% |
|
Gross Result |
7.9% |
5.5% |
4.6% |
|
-19.87% |
-4.54% |
|
|
|
Operational
Expenses |
10.9% |
7.4% |
7.8% |
|
-22.00% |
20.75% |
|
Operational Result |
-3.0% |
-1.9% |
-3.2% |
|
27.55% |
-93.59% |
|
|
Result after the integral financing cost |
-3.0% |
-1.9% |
-3.2% |
|
27.55% |
-93.59% |
|
|
|
Other
(expenses) and products |
1.2% |
2.0% |
2.7% |
|
94.80% |
57.22% |
|
Result before taxes and Profit Sharing |
-1.8% |
0.1% |
-0.5% |
|
106.74% |
-586.66% |
|
|
|
Tax
on Assets |
0.1% |
0.1% |
0.4% |
|
22.45% |
193.30% |
|
|
Income
Tax |
-0.7% |
-0.1% |
-0.7% |
|
85.02% |
-743.69% |
|
Net Result |
-1.2% |
0.1% |
-0.1% |
|
105.54% |
-339.37% |
|
|
GENERAL
BALANCE |
|||||
|
(Thousand
MXP) |
|||||
|
|
|
December 31 |
|||
|
|
|
2007 |
2008 |
2009 |
|
|
Assets |
|
|
|
||
|
Current Assets: |
|
|
|
||
|
|
Cash
and temporary investments |
81,013.00 |
98,100.00 |
109,806.00 |
|
|
|
Receivables |
678,678.00 |
961,231.00 |
1,124,550.00 |
|
|
|
Inventory,
net |
963,245.00 |
1,406,552.00 |
1,212,737.00 |
|
|
|
Other
assets |
55,798.00 |
124,740.00 |
99,007.00 |
|
|
Total Current Assets |
$
1,778,734.00 |
$
2,590,623.00 |
$
2,546,100.00 |
||
|
|
Investments
in subsid. & associates' shares unconsolidat. |
14,231.00 |
1,443.00 |
1,982.00 |
|
|
Total long term assets |
$ 14,231.00 |
$ 1,443.00 |
$ 1,982.00 |
||
|
Fix Assets |
|
|
|
||
|
|
Net
Fix Assets |
62,186.00 |
78,795.00 |
96,087.00 |
|
|
Total Fix Assets |
$ 62,186.00 |
$ 78,795.00 |
$ 96,087.00 |
||
|
|
Deferred Assets |
6,656.00 |
6,942.00 |
7,016.00 |
|
|
Total Assets |
$
1,861,807.00 |
$
2,677,803.00 |
$
2,651,185.00 |
||
|
Liabilities
and Capital |
|
|
|
||
|
Current Liabilities: |
|
|
|
||
|
|
Suppliers |
728,688.00 |
1,125,210.00 |
1,189,416.00 |
|
|
|
Bank
credits |
190,000.00 |
375,900.00 |
249,990.00 |
|
|
|
Diverse
creditors |
350,383.00 |
358,575.00 |
342,358.00 |
|
|
|
Tax
to pay |
3,498.00 |
59.00 |
2,639.00 |
|
|
|
Intercompany |
- |
47,501.00 |
134,201.00 |
|
|
|
Other
current liabilities |
- |
- |
- |
|
|
Total current liabilities |
$
1,272,569.00 |
$
1,907,245.00 |
$
1,918,604.00 |
||
|
Long Term Liabilities: |
|
|
|
||
|
|
Net
Long Term Liabilities |
70,301.00 |
63,585.00 |
9,307.00 |
|
|
Total Long term liabilities |
$ 70,301.00 |
$ 63,585.00 |
$ 9,307.00 |
||
|
Total Liabilities |
$
1,342,870.00 |
$
1,970,830.00 |
$
1,927,911.00 |
||
|
Capital |
|
|
|
||
|
|
Social
paid capital |
239,486.00 |
411,939.00 |
427,387.00 |
|
|
Contributed Capital |
$
239,486.00 |
$
411,939.00 |
$ 427,387.00 |
||
|
|
Accumulated
Results and Reserves |
388,521.00 |
323,740.00 |
340,304.00 |
|
|
|
Other
Capital Accounts |
- 31,688.00 |
- 32,971.00 |
- 34,208.00 |
|
|
|
Net
Result for the Exercise |
- 76,932.00 |
4,265.00 |
- 10,209.00 |
|
|
Earned (Lost) Capital |
$
279,901.00 |
$
295,034.00 |
$ 295,887.00 |
||
|
Capital |
$
519,387.00 |
$
706,973.00 |
$ 723,274.00 |
||
|
Liabilities plus Capital |
$
1,862,257.00 |
$
2,677,803.00 |
$
2,651,185.00 |
||
|
|
|
VERTICAL ANALYSIS |
|
HORIZONTAL ANALYSIS |
|||||
|
|
|
2007 |
2008 |
2009 |
|
2007-2008 |
2008-2009 |
||
|
|
|
|
|
|
|
|
|||
|
Current Assets: |
|
|
|
|
|
|
|||
|
|
Cash
and temporary investments |
4.4% |
3.7% |
4.1% |
|
21.09% |
11.93% |
||
|
|
Receivables |
36.5% |
35.9% |
42.4% |
|
41.63% |
16.99% |
||
|
|
Inventory,
net |
51.7% |
52.5% |
45.7% |
|
46.02% |
-13.78% |
||
|
|
Other
assets |
3.0% |
4.7% |
3.7% |
|
123.56% |
-20.63% |
||
|
Total Current Assets |
95.5% |
96.7% |
96.0% |
|
45.64% |
-1.72% |
|||
|
|
Investments
in subsidiaries and associates' shares not consolidated |
0.8% |
0.1% |
0.1% |
|
-89.86% |
37.35% |
||
|
Total long term assets |
0.8% |
0.1% |
0.1% |
|
-89.86% |
37.35% |
|||
|
Fix Assets |
0.0% |
0.0% |
0.0% |
|
#¡DIV/0! |
#¡DIV/0! |
|||
|
|
Net
Fix Assets |
3.3% |
2.9% |
3.6% |
|
26.71% |
21.95% |
||
|
Total Fix Assets |
3.3% |
2.9% |
3.6% |
|
26.71% |
21.95% |
|||
|
|
Deferred Assets |
0.4% |
0.3% |
0.3% |
|
4.30% |
1.07% |
||
|
Total Assets |
100.0% |
100.0% |
100.0% |
|
43.83% |
-0.99% |
|||
|
Liabilities
and Capital |
|
|
|
|
#¡DIV/0! |
#¡DIV/0! |
|||
|
Current Liabilities: |
|
|
|
|
#¡DIV/0! |
#¡DIV/0! |
|||
|
|
Suppliers |
39.1% |
42.0% |
44.9% |
|
54.42% |
5.71% |
||
|
|
Bank
credits |
10.2% |
14.0% |
9.4% |
|
97.84% |
-33.50% |
||
|
|
Diverse
creditors |
18.8% |
13.4% |
12.9% |
|
2.34% |
-4.52% |
||
|
|
Tax
to pay |
0.2% |
0.0% |
0.1% |
|
-98.31% |
4372.88% |
||
|
|
Intercompany |
0.0% |
1.8% |
5.1% |
|
#¡DIV/0! |
182.52% |
||
|
|
Other
current liabilities |
0.0% |
0.0% |
0.0% |
|
#¡DIV/0! |
#¡DIV/0! |
||
|
Total current liabilities |
68.3% |
71.2% |
72.4% |
|
49.87% |
0.60% |
|||
|
Long Term Liabilities: |
0.0% |
0.0% |
0.0% |
|
#¡DIV/0! |
#¡DIV/0! |
|||
|
|
Net
Long Term Liabilities |
3.8% |
2.4% |
0.4% |
|
-9.55% |
-85.36% |
||
|
Total Long term liabilities |
3.8% |
2.4% |
0.4% |
|
-9.55% |
-85.36% |
|||
|
Total Liabilities |
72.1% |
73.6% |
72.7% |
|
46.76% |
-2.18% |
|||
|
Capital |
0.0% |
0.0% |
0.0% |
|
#¡DIV/0! |
#¡DIV/0! |
|||
|
|
Social
paid capital |
12.9% |
15.4% |
16.1% |
|
72.01% |
3.75% |
||
|
Contributed Capital |
12.9% |
15.4% |
16.1% |
|
72.01% |
3.75% |
|||
|
|
Accumulated
Results and Reserves |
20.9% |
12.1% |
12.8% |
|
-16.67% |
5.12% |
||
|
|
Other
Capital Accounts |
-1.7% |
-1.2% |
-1.3% |
|
-4.05% |
-3.75% |
||
|
|
Net
Result for the Exercise |
-4.1% |
0.2% |
-0.4% |
|
105.54% |
-339.37% |
||
|
Earned (Lost) Capital |
15.0% |
11.0% |
11.2% |
|
5.41% |
0.29% |
|||
|
Capital |
27.9% |
26.4% |
27.3% |
|
36.12% |
2.31% |
|||
|
Liabilities plus Capital |
100.0% |
100.0% |
100.0% |
|
43.79% |
-0.99% |
|||
|
Cash Flow |
|||
|
(Thousand
MXP) |
|||
|
|
|
December 31 |
|
|
|
|
2007 |
2008 |
|
INCOME |
|
|
|
|
Net Result |
-$ 76,932.00 |
$
4,265.00 |
-$ 10,209.00 |
|
+Depreciation
and Amortization |
|
26,395.00 |
26,575.00 |
|
Operative flow cash |
-$ 76,932.00 |
$
30,660.00 |
$
16,366.00 |
|
Flow
derivate from changes in the capital work |
|
-331,032.00 |
-107,431.00 |
|
Operative flow |
-$ 76,932.00 |
-$ 300,372.00 |
-$ 91,065.00 |
|
Credits |
|
-353,744.00 |
-140,006.00 |
|
Resources generated(used) by financing |
-$ 76,932.00 |
$
53,372.00 |
$
48,941.00 |
|
CAPEX |
|
39,209.00 |
40,913.00 |
|
Cash flow |
-$ 76,932.00 |
$
14,163.00 |
$
8,028.00 |
|
Share’s
Price as December 2007 |
$100.00 |
|
|
|
|
Share’s Value |
Annual Result |
|
$100.00 |
-$
10,209,000.00 |
|
|
|
|
EBITA |
Amount |
|
Net Result |
-$
10,209,000.00 |
|
Depreciation and Amortization |
$26,575,000.00 |
|
Interest |
-$
19,403,000.00 |
|
Tax |
$
135,462,000.00 |
|
EBITA |
$
132,425,000.00 |
|
BALANCE GENERAL |
December 31 |
|
PROFIT & LOST STAT |
December 31 |
|
Thousand mxp |
2009 |
|
Thousand mxp |
2009 |
|
Assets |
|
|
|
|
|
Current Assets: |
|
|
Net Sales |
$
9,135,623.00 |
|
Cash
and temporary investments |
119,290.00 |
|
Sales
Cost |
8,377,354.00 |
|
Receivables |
1,329,653.00 |
|
Gross Result |
$ 758,269.00 |
|
Other
accounts and receivables |
36,332.00 |
|
Operational
Expenses |
721,735.00 |
|
Inventory,
net |
1,219,499.00 |
|
Operational Result |
$ 36,534.00 |
|
Other
assets |
182,953.00 |
|
Other
(expenses) and products |
- 18,016.00 |
|
Total Current Assets |
$
2,887,727.00 |
|
Result before taxes and Profit Sharing |
$ 18,518.00 |
|
Fix Assets |
|
|
Income
Tax |
12,996.00 |
|
Net
Fix Assets |
90,128.00 |
|
Net Result |
$ 5,522.00 |
|
Total Fix Assets |
$ 90,128.00 |
|
|
|
|
Total Assets |
$
2,977,855.00 |
|
|
|
|
Liabilities
and Capital |
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
Suppliers |
1,757,384.00 |
|
|
|
|
Bank
credits |
354,724.00 |
|
|
|
|
Diverse
creditors |
97,840.00 |
|
|
|
|
Tax
to pay |
29,804.00 |
|
|
|
|
Total current liabilities |
$
2,239,752.00 |
|
|
|
|
Other liabilities |
9,307.00 |
|
|
|
|
Total Liabilities |
$
2,249,059.00 |
|
|
|
|
Capital |
|
|
|
|
|
Social
paid capital |
427,387.00 |
|
|
|
|
Contributed Capital |
$ 427,387.00 |
|
|
|
|
Accumulated
Results and Reserves |
330,095.00 |
|
|
|
|
Other
Capital Accounts |
- 34,208.00 |
|
|
|
|
Net
Result for the Exercise |
5,522.00 |
|
|
|
|
Earned (Lost) Capital |
$ 301,409.00 |
|
|
|
|
Capital |
$ 728,796.00 |
|
|
|
|
Liabilities plus Capital |
$
2,977,855.00 |
|
|
|
|
FINANCIAL RATIOS |
L I Q U I D I T Y The ability to meet its
obligations in a short term
|
|
2007 |
2008 |
2009 |
|
Working
capital |
506,165.00 |
683,378.00 |
627,496.00 |
|
CURRENT
(Reliability Index) |
1.40 |
1.36 |
1.33 |
|
ACID
TEST |
0.64 |
0.62 |
0.69 |
L E V E R A G E Money from third parties
that is used to generate profits
|
|
2007 |
2008 |
2009 |
|
TOTAL
LIABILITIES TO CAPITAL |
258.55% |
278.77% |
266.55% |
|
TOTAL
LIABILITIES TO TOTAL ASSETS |
72.13% |
73.60% |
72.72% |
A C T I V I T Y Speed to convert accounts
in cash
|
|
2007 |
2008 |
2009 |
|
INVENTORY
TURNOVER (TIMES) |
5.91 |
4.79 |
6.44 |
|
RECEIVABLES
TURNOVER (TIMES) |
#¡DIV/0! |
#¡DIV/0! |
#¡DIV/0! |
|
FIX
ASSETS TURNOVER (TIMES) |
99.40 |
90.54 |
85.17 |
|
TOTAL
ASSETS TURNOVER (TIMES) |
3.32 |
2.66 |
3.09 |
|
|
2007 |
2008 |
2009 |
|
AVERAGE
CASH PERIOD (DAYS) |
0.00 |
0.00 |
0.00 |
|
AVERAGE
PAYMENT PERIOD (DAYS) |
73.91 |
93.85 |
78.38 |
P R O F I T A B I L I T Y Relates the return of the company with diverse
accounts
|
|
2007 |
2008 |
2009 |
|
PROFIT
GROSS MARGIN |
7.88% |
5.47% |
4.55% |
|
OPERATION
PROFIT MARGIN |
-3.03% |
-1.90% |
-3.20% |
|
PROFIT
NET MARGIN |
-1.24% |
0.06% |
-0.12% |
|
ABILITY
TO GENERATE PROFITS |
-6.10% |
0.29% |
-1.40% |
|
PROFITABILITY
ON TOTAL ASSETS |
-4.13% |
0.16% |
-0.39% |
|
CAPITAL
PROFITABILITY |
-14.81% |
0.60% |
-1.41% |
G R O W T H Shows the overall
tendency in the last three years
|
|
2007-2008 |
2007-2008 |
|
SALES |
15.41% |
14.71% |
|
NET
PROFIT |
105.54% |
-339.37% |
|
BACKGROUND AND
VERIFICATION |
General
Muebles Arell is a
company founded in 1975. It occupies the third place at a national level in products
furniture distribution. It is recognized by its financial strength and its
operative efficiency, as well as for being trustable in the fulfillment of its
commitments and the responsibility it assumes for the society, suppliers,
collaborators and shareholders.
It has more than 5 branches
with enough space and delivery units that cover an important part of the
national territory.
History
Muebles Arell
was constituted originally as an anonymous society with variable capital with
the name “Muebles Arell, S.A.
de C.V.”, through public deed number 67990 on February 02, 1975, before the
Public Notary Number 10, Mr. Eloisa Fernandez. It was registered in the
Commerce and Ownership Public Registry in the Distrito Federal.
Duration: The duration of Muebles Arell is 99 years.
Social Object: Purchase and sale, manufacture, distribution,
import, export, consignation and commercialization overall for all kind of furniture,
perfume items and others materials.
Paid Shareholder’s Equity (Current)
: $
2,301,997.00
|
SHAREHOLDER’S EQUITY |
NUMBER OF SHARES |
SHARE’S VALUE |
|
$2,301,000.00 |
2,301 |
100 |
Shares Structure
|
SHAREHOLDERS |
PARTICIPATION % |
|
Operadora Carpenter |
25.00 |
|
Humberto Vale Ramirez |
25.00 |
|
Daniel Reyes |
25.00 |
|
Luisa Dominguez |
25.00 |
|
TOTAL |
100.00 |
Affiliates
and Subsidiaries
Affiliates
The following companies are considered affiliates, as they depend from
the same Head Quarters, or because their main executives own majority interests
in them.
|
NOMBRE |
RAMO |
|
Comercializadora
Arell, S.A. de C.V. |
Intercompany
relations |
|
Arell |
Intercompany
relations |
|
Arell
Inmobiliaria, S.A. de C.V. |
Intercompany
relations |
|
Administración
Arell, S.A. de C.V. |
Intercompany
relations |
|
MANAGEMENT TEAM |
|
Administration Board |
Directors /Managers |
|
|
|
|
President |
General
Director |
|
Bachelor Eduardo Navarro Díaz |
Humberto Vale Cortina |
|
Secretary |
Operations
and Logistic VP |
|
Francisco Javier |
Alfonso Montemayor Cortés |
|
Treasurer |
Commercialization
VP |
|
Jose Luis |
Tania Mendizabal Ríos |
|
Vocal |
Finance
and Administration VP |
|
Diana Mendoza Ruiz |
Almicar Mendoza Paz |
|
Vocal |
Finance
Director |
|
Monserrat Méndez |
Emmanuel Cortaza Linares |
|
BUSINESS OVERVIEW |