Delivery Date: Jan 16, 2023
Update Date: Oct 28, 2022
Subscriber No: 716000061
Ticket Key: 202301165008250023
Reference: sample reportComprehensive Report

Muebles Arell, S.A.P.I. de C.V.
ACTIVE

Location:
Telephone:
D-U-N-S
Number:Av. Reforma No. 5891, Sector Juárez, Col. Guadalajara Centro, Guadalajara, C.P. 44100, Jalisco,
Mexico+(52) 33 31323300
81-176-1659

IDENTIFICATION & SUMMARY

D-U-N-S Number

Telephone(s)E-Mail81-176-1659+(52) 33 31323300+(52) 33 33323100

arell@arell.com.mx
apedraza@arell.com.mx
jmedina@arell.com.mx

Trading Style
MUEBLERIAS ARELL Y ESPAÑA

Websitewww.arell.com.mx

Country Tax ID
MAR750202J90
SSN
R1414401378

SUMMARY

Type of BusinessPrimary SIC

Employees

Association with Shares
Investment Promotor with
Variable Capital

25199900130 (Here)
530 (Total)

Established
1975
Line of Business

NAICS Code337120Principal

Imports

Alberto Pedraza González
President Council

Yes

Manufacture of home and office Exports
furniture
Yes
Company Size
Medium company

Address
Av. Reforma No. 5891
Sector Juarez
Col. Guadalajara
CentroGuadalajara
C.P. 44100

RISK EVALUATION

Risk Indicator

D&B Rating

3
Low Risk (1)High Risk (4)After analyzing the risk factors, the subject
obtained a risk assessment "3" showing
slightly greater than average risk, so thetransaction can be proceeded with byclosely monitoring its performance.

Former Rating

4A3

4A3

The Dun & Bradstreet Rating of 4A3 indicates:
Financial Strength of $MXN 102,298,000 511,489,999 based on net worth
A Risk Indicator which is slightly greater than
average risk
Muebles Arell, S.A.P.I. de C.V. kept from a
D&B Rating of 4A3 to 4A3. This means thecompany kept its Financial strenght and kept
its Risk Level.
Paydex of This
Business

EMMA Score

100

2
Low Risk (1)D&B Rating

80

High Risk (10)Anticipated

After analyzing the risk factors, the subject
obtained an EMMA assessment of "2" whichshows a low risk, therefore you may
proceed to process the applicant quickly
with minimal or no manual review.

MCR ScoreA
Low Confidence (D)High Confidence (A)The MCR shows a High degree ofConfidence.

0

120 days slow

After evaluating the subject's credit
behavior against the industry´s behavior,a D&B Paydex® of "80" was obtained.

MAXIMUM CREDIT RECOMMENDATION (MCR)
The estimated total commercial credit capacity is based on financial and firmographic data analysis.
$15,814,855

PRINCIPAL INFORMATION
Principal(s)LEGAL EVENTS
7PAYMENT INFORMATION
Payment Record(s)Law Suit(s)3

FINANCIAL SUMMARY
14

Sales

$249,708,240 (2021)

Net Worth$292,288,318 (2021)

CapitalCondition$ 232,000,000
Good

FINANCIAL RATIOS
Liquidity Ratio

2.26

Leverage Ratio

0.42

Currency
All monetary amounts quoted in this report are shown in Mexican Pesos (MXN) unless otherwise
statedRISK ANALYSIS

EMMA SCORE

2
Low Risk (1)EMMA Score Analysis
Subject's EMMA score is mainly impacted by the following risk drivers:
The total liabilities have a negative impact on the rating.
The payment history shows a possible low risk.
Statistics show that the delay risk in this geographical area is generally low.

High Risk (10)The payment history of this company does not have any payment delay greater than 60 days.
By evaluating all risk factors, the company is assigned with EMMA score of "2", indicating
Lower Risk

Industry Norm Grouping
Industry Group SIC

2519

Industry Group Description

Household furniture, nec, nec

Industry Group EMMA Score Quartile Values

Lower
Quartile

3

Median4

Upper
Quartile

9

Company Risk Vs Industry Norm Chart

EMMA Score

Lower Quartile

MedianUpper Quartile

0

1

2

3

4

Muebles Arell, S.A.P.I. De C.V.

Distribution of EMMA Score in D&B Mexico Database

5

6

7

Industry

8

9

30

25

20

15

10

5

0

1

2

3

4

5

6

7

8

9

10

% Distribution Percentage

The percentages on the graph may not always add up to 100 due to rounding.
Note: please refer to the report appendix for the principle and major factors of D&B Mexico EMMA
Score.

TRADE PAYMENTS



D&B PAYDEXThe D&B Paydex is a unique indicator of payment performance weighted by the monetary value of payment
experiences as reported to D&B by trade references. Should you require any further information or haveany questions regarding Paydex, then please refer to the Appendices section for details on contacting yourlocal D&B Customer Service Centre.
Paydex of This
Business

Paydex of This
Industry

100

0

100

0

80
Anticipated66
120 days slow

This business has a higher paydex than its industry.

Anticipated

120 days slow

Industry
Median66

Upper/Low
er Quartile

79/55

Based on234 businesses

D&B PAYDEX YEARLY TREND WITH INDUSTRY COMPARISONIs is based on payments collected over the past 12 months.

100
90
80
70
60

xedyaP

50
40
30
20
10
0
MAY
2022

Paydex

Norma De La Industria

May 2022
Paydex80

Ind Median75th %ile
25th %ile(0-50) High Risk of latepayment (average 30 to 120
days beyond terms)(51-80) Medium Risk of latepayment (average 30 days or lessbeyond terms)(81-100) Low Risk of late payment(average prompt to 30+ days
sooner)TRADE PAYMENT SUMMARY (MXN)
Value
Bands

No of Exp

Total
Value

WithinTerms

1 - 30Days

31 - 60Days

61 - 90Days

91+ Days>=
4,000,000

0

0

0%

0%

0%

0%

0%

400,000 3,999,999

0

0

0%

0%

0%

0%

0%

200,000 399,999

8

2,195,409

100%

0%

0%

0%

0%

40,000 199,999

6574,000

100%

0%

0%

0%

0%

20,000 39,999

0

0

0%

0%

0%

0%

0%

< 20,000

0

0

0%

0%

0%

0%

0%

TOTAL

14

2,769,409

100%

0%

0%

0%

0%

TRADE PAYMENT EXPERIENCES
D&B obtains payment references from local and international suppliers. References listed below may befrom either or both sources. Amounts may be rounded to the nearest figure in prescribed ranges.

Date

PayingRecordCurrency

High
CreditNow
Owes

Past Due Payment
Terms

Last Sale

Oct 28,2022

Prompt

MXN

150,000

150,000

0 45

Aug 17,2022

Oct 28,2022

Prompt

MXN

380,000

380,000

0 60

Aug 17,2022

Oct 28,2022

Prompt/Sl
ow

MXN

87,00087,0000 30

Aug 17,2020

Oct 28,2022

Prompt

MXN

260,000

260,000

0 45

Oct 28,2022

Oct 28,2022

Prompt

MXN

200,000

200,000

0 45

Oct 28,2022

Oct 28,2022

Prompt

MXN

50,00050,0000 30

Oct 28,2022

Oct 28,2022

Prompt

MXN

200,000

200,000

0 30

Oct 28,2022

Apr 29,2022

Prompt

MXN

264,769

00 45

Apr 29,2022

Prompt

MXN

203,669

00 45

Apr 29,2022

Prompt

MXN

50,00000 30

Apr 29,2022

Prompt

MXN

300,000

00 30

Feb 17,2022

Prompt

MXN

150,000

0

0 45

Feb 17,2022

PromptMXN

386,97100 60

Feb 17,2022

Prompt/Sl
ow

MXN

87,0000

0 30

Payment references contained in this report may have been obtained from the same source in different
months and monetary units. In some instances, payment beyond terms can be the result of disputes overmerchandise, lost invoices, etc.

Risk Assessment Matrix
Risk Range
PAYDEX

Low (EMMA 1 - 3)

Medium (EMMA 4 - 7)

High (EMMA 8 - 10)

PAYDEX >= 80

AA(Subject lies in thisgroup)

BACA

80 > PAYDEX >= 60

AB

BB

CB

PAYDEX < 60

AC

BC

CC

Interpretation and Analysis of Risk Assessment Matrix
Classifications

Risk Level

Description

Credit Policy

Stable groupAA -> ABThe business is solid,
and the bills are paid ontime; therefore, it has agood credit reputation.

Credit policies can be
granted with automatic
approval.

Low risk group

BA -> BB -> AC

The business operates
with little risk, although
there are some delays
in its payment history.

A pertinent credit policy
is suggested, with somemanual revisions.

Significant risk groupCA -> BC -> CB

The business operates
with significant risk andthere are someconsiderable delays in
its payment history.

A strict credit policy issuggested, with adetailed manual review.

Monitoring group

CC

The business operates
with a higher risk andthere is the possibility ofpresenting a severe
delay or failure to pay
its bills.

It is suggested to avoid
sales on credit andprefer cash agreements.

*Risk levels are listed in order of risk from low to high.
The results of the Risk Assessment Matrix show that the subject firm is assessed as AA; therefore, it belongs
to the stable group:
The business is solid, that is, its business risk is relatively lower than the average of Mexican companies;
The Paydex® of the subject firm / industry relation shows that most bills are paid on time, rarely late,
and that the credit reputation of the subject firm / industry is good;
The subject firm is considered to be part of the stable group thanks to its solid operation, prompt
payments, low risk level and good credit behavior. Therefore, a credit policy with automatic approval
can be granted.

SPECIAL EVENTSNews and Alerts

Government News and Alerts
On Oct 26, 2022, this firm is not registered in the list issued by the Office of Foreign Assets Control in theU.S.
For further information, visit the site:
https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx

On Oct 26, 2022, we found the following on the Compranet web site:
It has 59 awarded projects that sum up $1,282,340,211.
It has 13 bids that sum up $2,452,983.
It has 38 invitations that sum up $4,289,229.
It has 5 unclassified contracts that sum up $1,327,376.
It has 13 undefined contracts that sum up $2,917,028.

On the web page of sanctions from the Public Administration Ministry, we found the following: not listedAs of Oct 01, 2022, this business is not registered in the list of Not compliant Taxpayers issued by the Tax
Administration Services (SAT). For more information visit the site:
http://omawww.sat.gob.mx/cifras_sat/Paginas/datos/vinculo.html?page=ListCompleta69.html.
As of Oct 01, 2022, this business is not registered in the list of Not located Taxpayers issued by the Tax
Administration Services (SAT). For more information visit the site:
http://omawww.sat.gob.mx/cifras_sat/Paginas/datos/vinculo.html?page=ListCompleta69.html.
As of Sep 30, 2022, this business is not registered in the Taxpayers with Allegedly Non-existent Operations
list issued by the Tax Administration Services (SAT). For more information visit the site:
http://omawww.sat.gob.mx/cifras_sat/Paginas/datos/vinculo.html?page=ListCompleta69B.html.
According to the search made on the REPSE website, the company has the following registration details:
Registration Folio: 10221
Registration Notice Number: QL211492
Registration Notice Date: Oct 28, 2022
For further information, visit the site:
https://repse.stps.gob.mx/app/

PUBLIC RECORD INFORMATIONSuits
The following suit(s) were found in our database.
Petition Date:

Jul 31, 2021

Type:

Commercial Oral Trial

Filling Nbr:

28130/2021

Court:

9

City:

León

State:

Guanajuato

Defendant:

Muebles Arell, S.A.P.I. de C.V.

Other Defendant:

and other

Plaintiff:

Centro Mueblero de Nuevo León, S.A. de C.V.

Instance:

Second Court

Petition Date:

Nov 04, 2019

Type:

Real estate lease trial

Filling Nbr:2348/2018

Court:

4

City:

CuliacánState:

Sinaloa

Defendant:

Muebles Arell, S.A. de C.V.

Plaintiff:

Inmuebles Sinaloenses, S. de R.L. de C.V.

Petition Date:

Dec 30, 2018

Type:

Mercantile Executive

Filling Nbr:8430-2017

Court:

1ro.

City:

Guadalajara

State:

JaliscoDefendant:

Muebles Arell, S.A. de C.V.

Other Defendant:

and other

Plaintiff:

Servicios Profesionales High Performance, S.C.

Instance:

Third Court

The reported suit(s) may have been paid or resolved subsequent to the preparation of this report.
The suits mentioned above, have been gathered from the Mexican Legal Bulletin (Boletín Judicial de México,
Ciudad de México), Oficial Federation Journal, from the public registry, additional specialized sources,
and/or other sources. Therefore, we hold no responsibility for any error that could have been compiled
from the original source.

BANKS



Muebles Arell, S.A.P.I. de C.V. currently has accounts in the following bank(s):Bank Name:BBVA MEXICO, S.A.

Location:

Guadalajara, Jalisco, Mexico

Bank Name:BANAMEX, S.A.

Location:

Guadalajara, Jalisco, Mexico

Bank Name:BANORTE, S.A.

Location:

Guadalajara, Jalisco, Mexico

Bank Name:

CITIBANK, N.A.

Location:

New York, United States

CURRENT INVESTIGATION

Investigation Information

On Oct 28, 2022 during the current investigation P.A.Adriana Martínez Rodríguez, General Accountant ,submitted Financial Statement (signed) al Dec 31, 2021, Cifras en MXN. Mexican Pesos
The sales from Jan 01, 2022 to Sep 30, 2022 for 9 months reach a total of $204,136,486

The forecast of sales for Dec 31, 2022 is $272,181,981.
Financial information was obtained from the same source as of September 30, 2022.

HISTORY

BackgroundEstablished as a Association with Shares Investment Promotor with Variable Capital on Aug 02, 2016 deed
65782 registered by Notarys office 14 Bachelor Carlos Guillermo Hernández González, registered in the
Mercantile Registry in Guadalajara, Jalisco Mercantile Folio 127580
Duration of 99 years.
It was established in 1975.
This is a well established business.
Under taxation system since 2016.
Under present firm name since 1990.
Status active.
ObjectObject: Manufacture, purchase, sale, distribution, representation, design and trade of all types of furnitureand home appliances. Control, acquisition, distribution of shares and securities, as well as any act of traderelated to the field. Provision of all kinds of interior design and decoration services.
Tax regime
The reported is registered under the: General Regime of Legal Persons Law.
Merger

On Mar 05, 2005, under deed 18823, granted before Notary 1, MR. Roberto Núñez Y Bandera, from México,
Ciudad de México, a merger agreement is registered between Muebles Arell, S.A. de C.V. (merger firm) y
Mueblería La Fortuna, S.A. de C.V. (merged firm)., with DUNS 811111111, the information was obtained
through: Local sources
On Jun 25, 2020, under deed 12345, granted before Notary 14, MR. Juan Pérez, from Toluca, Estado deMéxico, a merger agreement is registered between Muebles Arell, S.A. de C.V. (merger firm) y Muebles Arell
2, S.A. de C.V. (merged firm)., with DUNS 812345678, the information was obtained through: Official sources
Changes
Former name: Muebles O Carvalliño, S.A. registered in Mercantile Folio No. 127580 , deed 6514 , founded on
Feb 02, 1975
On May 07, 1983 by charter amendment, the legal structure was changed to Muebles O Carvalliño, S.A. de
C.V., registered under Public Deed., Escritura 89102, Notarys office No. 14, registered under Constancio
Hernández Allende.
Even though the reported changed its name and / or legal structure, its RFC was not modified.

On Aug 20, 1990 by charter amendment, the name was changed to Muebles Arell, S.A. de C.V. , Escritura
53871, Notarys office No. 14, registered under Constancio Hernández Allende.
Even though the reported changed its name and / or legal structure, its RFC was not modified.
On Aug 02, 2016 by charter amendment, the legal structure was changed to Muebles Arell, S.A.P.I. de C.V. ,Escritura 65782, Notarys office No. 14, registered under Carlos Guillermo Hernández González.
Even though the reported changed its name and / or legal structure, its RFC was not modified.

CapitalCapital Stock:$232,000,000
Capital composition is divided into 232,000 shares of $1,000 .

Initial Capital Stock:$7,500Capital Distribution:
Capital distribution is as follows:
Shareholders

Stock Qty

% Capital

OPERADORA CIAL D&B, S.A. DE
C.V.

18600080.1724 %Alberto Pedraza González

23000

9.9137 %Pablo Andrés Jara Fernández

23000

9.9137 %Legal Representative
Power of Attorney assigned to :The President Council who represent(s) the firm in all business transactions .
The Director Administration & Finance who represent(s) the firm in all business transactions .
Associations
The subject is affiliated with:Name:

CANACO

Number:

12345

Name:

CANACINTRA

CORPORATE STRUCTURE

ParentThe subject is a subsidiary of:
Name:

Operadora CIAL D&B, S.A. de C.V.

D-U-N-S:

82-207-5198

Location:

Av. del Recreo No. 584
Real del Valle
Pachuca de Soto
HidalgoMexicoLegal Status:

activeDetails:

Ownership: 80 %The parent is a subsidiary of:
Name:

Adriana, Inc

Location:

Dallas, Texas, United States

Subsidiaries
The principals are:
Name:

Arell Comercial, S.A. de C.V.

D-U-N-S:

81-279-9054

Location:

Av. Universidad No. 235
MéxicoCiudad de México
MexicoLine of Business:

Office furniture wholesale

SIC:

5021

Year Started:

2002

Legal Status:

activeDetails:

Ownership: 99 %Legal Status: active

Name:Arell Manufactura, S. de R.L. de C.V.

D-U-N-S:

95-157-9674

Location:

Av. Chapultepec No. 23
Cuernavaca
Morelos
Mexico

SIC:

2392

Year Started:

2018

Legal Status:

activeDetails:

Ownership: 60 %Legal Status:

Name:

Arell Logísitica, S.A. de C.V.

Location:Monterrey, Nuevo León, Mexico

Details:

Ownership: 90 %Legal Status: active

Name:

Real Estate Arell, S. de R.L. de C.V.

Location:

León, Guanajuato, Mexico

Details:

Ownership: %Legal Status: active

Name:Arell de Jalisco, S.A. de C.V.

D-U-N-S:

81-291-2312

Location:

Av. Patria No. 135
ZapopanJaliscoMexicoLine of Business:

Manufacture of office furniture

SIC:

2522

Year Started:

1990

Legal Status:

activeDetails:

Ownership: 99 %Legal Status: active

Affiliates
The principals are:
Name:

Industrias Test México, S.A. de C.V.

D-U-N-S:

81-276-1721

Location:

Calle 1 No. 223
El Marqués
Querétaro
MexicoLine of Business:

Building construction and maintenance

SIC:

5013

Legal Status:

activeYear Started:

2002

PRINCIPALS



Name:

Alberto Pedraza González

Position:

Council President
Director

Name:

Pablo Andrés Jara Fernández

Position:

Secretary

Name:

José Angel Díaz García

Position:

TreasurerName:

Javier Medina Mondragón

Position:

Administration & Finance Director

Name:

Isabel Ventura Gutiérrez

Position:

Sales Manager

Name:

Mariana Vallejo Franco

Position:

Human Resources Manager

Name:

Adriana Martínez Rodríguez

Position:

Accountant

OPERATIONSLine of Business
Manufacture of home and office furniture.
SIC: 2519 - 9900 - Manufactures - Household furniture, nec, nec
NAICS: 337120 - Manufactures - Household furniture, nec, nec
SIC: 2522 - 0000 - Manufactures - Office furniture, except wood
NAICS: 337210 - Manufactures - Office furniture, except wood
SIC: 6719 - 9900 - Operates as - Holding companies, nec, nec
NAICS: 551112 - Operates as - Holding companies, nec, nec
The company operates as a holding company for a group engaged in companies dedicated to personnel
services and real estate
Quality Certificate
ISO 9001:2018 with number, 121385, for Design and manufacturing of furniture for 2024.
ISO 14000:2018, for Non-hazardous waste management for 2023.
Company Size
The company is considered a Medium company
Vehicles & Equipment
The subject owns the vehicles used by the business .
Vehicles including:
Quantity

Type

Make/Model

Manufactured

3

truck(s)CHEVROLET
KODIAK

2018

Cargo Capacity

2

automobile(s)NISSAN ALTIMA

2019

2

automobile(s)CHEVROLET AVEO

2018

1

truck(s)

ISUZU

2020

The subject uses vehicles owned by the other companies in the group .
Quantity

Type

Make/Model

Manufactured

Cargo Capacity

7

truck(s)CHEVROLET
KODIAC2018

5

The company utilizes own equipment :Quantity

Kind of Equipment
industrial machinery
office equipment and fixtures
computer equipment
forklifts

The company utilizes leased equipment :Quantity

Kind of Equipment
communications equipment
specialized equipment

TrademarkManufactures under the following trademark(s):Brand:MARELLMARELL PREMIUMMARELL JUNIORMARELL VINTAGE
MARELL ECOLOGIC
Sales
Sells mainly in national and international
Mexico (80%)
EcuadorColombia
Chile
Argentina
Central America (20%)
Selling terms:
30 days, 60 days
90 daysHas 350 client(s).
Sells private enterprises, 90%.
Sells government.

Sells subsidiaries.
Sales are steady throughout the year.

Major Customers
Sells mainly to:
Name%

FABRICANTES REGIOS DE MUEBLES, S.A. DE C.V.

3

MUEBLES FINOS PARA EL HOGAR, S.A. DE C.V.

2

COMERCIALIZADORA ARELL, S.A. DE C.V.

2

GOBIERNO DE LA CIUDAD DE MEXICO

1

GOBIERNO DEL ESTADO DE NUEVO LEON

1

CIA. COMERCIAL DON TOÑO, S. DE R.L. DE C.V.

2

Purchases
Purchases from 250 suppliers.
80% of purchases from national suppliers.
Payment terms from 30, 45 to 60 days.
20% of purchases from foreign suppliers; payment terms from 30, 60 a 90 days.
Imports from :China 70%
United States 10%
Canada 10%
South America 10%
Purchases mainly from:
MADERAS Y TRIPLAY DEL NORTE, S.A. DE C.V.
TORNILLOS Y DERIVADOS METALICOS, S.A. DE C.V.
HERRAJES NACIONALES DE MEXICO, S. DE R.L. DE C.V.
LAMINADOS DE ALTA CALIDAD, S. DE R.L. DE C.V.
MADERAS Y LAMINADOS DE MONTERREY, S. DE R.L. DE C.V.
TRIPLAY MUEBLERO NACIONAL, S.A. DE C.V.
MADERAS NACIONALES DE ALTA CALIDAD, S.A. DE C.V.
FORESTAL DEL NUEVO MILENIO, S.A. DE C.V.
MADERAS FINAS DEL SUR, S.A.C.
FORESTAL DO BRASIL, S.A.
LAMINADOS SUDAMERICANOS, LTD
MADERAS DEL RIO DE LA PLATA, S.A.
Employees
Total 530.
Employees at present location: 130.
Employees peak to 600.
It uses 200 people employed by Servicios Corporativos La Comercial, S.C..
It uses 5 people employed by honorarios (fees).
Employees including:
85 office worker(s)350 blue collar worker(s)50 salesperson(s)45 other(s)According to the documentation provided, the subject has 520 employees registered before the IMSS.
This information corresponds to the payment of bimester 4 of 2022, dated Oct 28, 2022.
Insurance
Insurance Company

Location

Risk

BBVA SEGUROS MEXICO, S.A. DE
C.V.

Guadalajara, Jalisco, Mexico

Covering transportationequipment

GRUPO NACIONAL PROVINCIAL,
S.A.B.

Guadalajara, Jalisco, Mexico

Covering building

LOCATION



Branches
The subject maintains 4 branch(es)These are some of them:
Name:

Muebles Arell, S.A.P.I. de C.V.

D-U-N-S:817593321

Location:

Madero No. 100, Col. Moderna, Monterrey, Nuevo León, Mexico

Type of installation:

Maintains plant.

Details:

There are 120 employees in this location

Name:

Muebles Arell, S.A.P.I. de C.V.

Location:

Manantiales No. 50, Col. Juan Escutia, México, Ciudad de México, Mexico

Type of installation:

Maintains plant.

Details:

There are 100 employees in this location

Name:

Muebles Arell, S.A.P.I. de C.V.

D-U-N-S:817593322

Location:

Salamanca No. 30, Col. Los Balcones, León, Guanajuato, Mexico

Type of installation:

Maintains plant.

Details:

There are 110 employees in this location

Name:

Muebles Arell, S.A.P.I. de C.V.

D-U-N-S:817593327

Location:Av. 16 de Septiembre No. 14, Cd. Industrial, Morelia, Michoacán, Mexico

Type of installation:

Maintains plant.

Details:

There are 70 employees in this location

Previous Address
Av. Antonio Díaz Soto y Gama No. 143
C.P. 44240, Guadalajara, Jalisco
MexicoFiscal Address
Durango No. 263 Piso 5
Col. Roma Norte, Cuauhtémoc
C.P. 06700, México, Ciudad de México
MexicoLocation
At this address the subject maintains the administrative offices, a factory, a warehouse
Subject company occupies a space.

FINANCIAL INFORMATIONCOMPARATIVES (MXN)
AuditedDec 31, 2019
Units
MXN

AuditedDec 31, 2020
Units
MXN

FiscalDec 31, 2021
Units
MXN

Current Assets

133,944,060

144,005,912

167,915,885

Current Liabilities

72,889,791

64,104,440

74,259,237

Working Capital

61,054,269

79,901,472

93,656,648

Fixed Assets

244,716,501

236,900,853

247,272,489

Net Worth or Total
Equity273,932,474

274,337,997

292,288,318

Net Sales

235937130

236107624

249708240

Net Income

11,920,164

8,420,792

10,941,321

5.05%

3.57%

4.38%

AuditedDec 31, 2016
Units
MXN

AuditedDec 31, 2017
Units
MXN

AuditedDec 31, 2018
Units
MXN

Current Assets

114,866,065

122,054,148

119,246,904

Current Liabilities

63,173,185

58,896,341

57,541,723

Working Capital

51,692,880

63,157,807

61,705,181

Fixed Assets

254,859,776

250,624,196

244,859,840

Profit Margin: Net
Income / Sales

Net Worth or Total
Equity265,554,959

278,885,832

272,471,461

Net Sales

231,342,575

231,445,941

237,742,685

Net Income

12,375,302

13,142,681

12,161,401

5.35%

5.68%

5.12%

Profit Margin: Net
Income / SalesHISTORICAL PERFORMANCE: BALANCE SHEET

250,000,000

200,000,000

NXM

150,000,000

100,000,000

50,000,000

0

Dec 31, 2019

Dec 31, 2020

Net Worth Or Total Equity

Dec 31, 2021

Fixed Assets

Long Term Liabilities

BALANCE SHEET (MXN)
AssetsAuditedDec 31, 2019
Units
MXN

Biological assets

AuditedDec 31, 2020
Units
MXN

FiscalDec 31, 2021
Units
MXN

3,632

Cash & Banks

70,694,405

73,179,151

77,155,981

Intercompany

18,933

11,296

4,951,296

26,822,242

32,040,788

39,407,881

Prepayments to
Suppliers

984,159

1,110,000

2,413,610

Receivable Account35,281,152

37,581,445

40,876,093

143,169

79,6003,111,024

CURRENT ASSETS

133,944,060

144,005,912

167,915,885

Deferred Assets

9,977,589

9,539,450

13,174,187

Fixed Assets

234,738,912

227,361,403

234,098,302

TOTAL ASSETS

378,660,561

380,906,765

415,188,374

Inventory

Surplus TaxesLiabilities

AuditedDec 31, 2019
Units
MXN

AuditedDec 31, 2020
Units
MXN

FiscalDec 31, 2021
Units
MXN

Accounts Payable

32,662,878

32,596,000

36,961,009

Bank Loans

6,719,222

5,827,133

8,270,348

Client Advances

10,369,663

10,413,909

11,013,909

Misc. Creditors

9,666,958

3,658,801

5,100,780

Others5,828,906

6,082,233

7,180,900

Provisions & Reserves

4,340,545

1,892,657

1,923,579

Taxes Payable

3,301,619

3,633,707

3,808,712

CURRENT LIABILITIES

72,889,791

64,104,440

74,259,237

Fixed Liabilities

31,838,296

42,464,328

48,640,819

TOTAL LIABILITIES

104,728,087

106,568,768

122,900,056

Capital Stock

225,000,000

225,000,000

232,000,000

Period Result

11,920,164

8,420,792

10,941,321

Previous Period Result

37,012,310

40,917,205

49,346,997

TOTAL LIABILITIES AND
CAPITAL

378,660,561

380,906,765

415,188,374

AssetsAuditedDec 31, 2016
Units
MXN

AuditedDec 31, 2017
Units
MXN

AuditedDec 31, 2018
Units
MXN

Cash & Banks

44,678,047

65,820,003

64,306,144

Intercompany

3,160

12,786

12,492

27,577,111

25,186,164

24,606,883

Prepayments to
Suppliers

883,363

1,920,818

1,876,639

Receivable Account41,500,906

28,862,202

28,198,371

223,478

252,175

246,375

CURRENT ASSETS

114,866,065

122,054,148

119,246,904

Deferred Assets

8,945,713

8,155,997

7,968,409

Fixed Assets

245,914,063

242,468,199

236,891,431

TOTAL ASSETS

369,725,841

372,678,344

364,106,744

Fiscal Consolidated
Dec 31, 2016
Units
MXN

Fiscal Consolidated
Dec 31, 2017
Units
MXN

Fiscal Consolidated
Dec 31, 2018
Units
MXN

Accounts Payable

27,753,119

31,063,091

30,348,639

Bank Loans

9,608,890

7,828,296

7,648,245

Client Advances

2,486,850

6,057,378

5,918,058

Misc. Creditors

2,998,947

4,039,869

3,946,952

Others

15,728,356

5,582,032

5,453,645

Provisions & Reserves

1,649,918

1,385,649

1,353,779

Inventory

Surplus Taxes

Liabilities

Taxes Payable

2,947,105

2,940,026

2,872,405

CURRENT LIABILITIES

63,173,185

58,896,341

57,541,723

Fixed Liabilities

40,997,697

34,896,171

34,093,560

TOTAL LIABILITIES

104,170,882

93,792,512

91,635,283

Capital Stock

225,000,000

225,000,000

225,000,000

Period Result

12,375,302

13,142,681

12,161,401

Previous Period Result

28,179,657

40,743,151

35,310,060

TOTAL LIABILITIES AND
CAPITAL

369,725,841

372,678,344

364,106,744

HISTORICAL PERFORMANCE: PROFIT & LOSS

240,000,000
220,000,000
200,000,000
180,000,000
160,000,000

NXM

140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0

Dec 31, 2019

Net Sales

Dec 31, 2020

Gross Income

Dec 31, 2021

NET INCOME

PROFIT & LOSS (MXN)
AuditedDec 31, 2019
Units
MXN

AuditedDec 31, 2020
Units
MXN

FiscalDec 31, 2021
Units
MXN

Net Sales

235,937,130

236,107,624

249,708,240

Net Sales

235,937,130

236,107,624

249,708,240

Sales Costs

201,086,144

203,976,492

210,492,101

Gross Income

34,850,986

32,131,132

39,216,139

Sales Operations

20,044,712

20,301,931

23,193,498

Total Operating
Expenses

20,044,712

20,301,931

23,193,498

Net Operating Income

14,806,274

11,829,201

16,022,641

Other Expenses-3,776,375-3,497,279-4,092,176

Other Income

4,189,144

3,617,832

3,178,281

Non Operating Income

412,769

120,553-913,895

Pre-Tax Income

15,219,043

11,949,754

15,108,746

Taxes-3,298,879-3,528,962-4,167,425

TOTAL TAXES-3,298,879-3,528,962-4,167,425

NET INCOME

11,920,164

8,420,792

10,941,321

AuditedDec 31, 2016
Units
MXN

AuditedDec 31, 2017
Units
MXN

AuditedDec 31, 2018
Units
MXN

Net Sales

231,342,575

231,445,941

237,742,685

Net Sales

231,342,575

231,445,941

237,742,685

Sales Costs

197,635,843

199,317,635

202,010,329

Gross Income

33,706,732

32,128,306

35,732,356

Sales Operations

17,550,245

18,220,594

21,432,520

Total Operating
Expenses

17,550,245

18,220,594

21,432,520

Net Operating Income

16,156,487

13,907,712

14,299,836

Other Expenses-3,787,025-1,615,456-3,773,301

Other Income

3,362,324

2,050,369

2,807,211

Non Operating Income-424,701

434,913-966,090

Pre-Tax Income

15,731,786

14,342,625

13,333,746

Taxes-3,356,484-1,199,944-1,172,345

TOTAL TAXES-3,356,484-1,199,944-1,172,345

NET INCOME

12,375,302

13,142,681

12,161,401

LIQUIDITY RATIOS

3.5
3.0
2.5

semit

2.0
1.5
1.0
0.5
0.0

Dec 31, 2019

Liquidity Ratio

Dec 31, 2020

Liquidity Ratio

Dec 31, 2021

Quick Ratios

RATIOS (MXN)
AuditedDec 31, 2019
Units
MXN

AuditedDec 31, 2020
Units
MXN

FiscalDec 31, 2021
Units
MXN

27.66%

27.98%

29.60%

Leverage Ratio

0.38 times

0.39 times

0.42 times

Financial Structure

2.62 times

2.57 times

2.38 times

Liquidity Ratio

1.84 times

2.25 times

2.26 times

Liquidity (Quick Ratio)

1.47 times

1.75 times

1.73 times

Solvency Ratio

3.62 times

3.57 times

3.38 times

Asset Turnover

0.62 times

0.62 times

0.60 times

Long Term Asset
Turnover0.96 times

1.00 times

1.01 times

Average Days
Receivable Outstanding

53.83 Days

57.30 Days

58.93 Days

Profit Margin

5.05%

3.57%

4.38%

Return on Assets

3.15%

2.21%

2.64%

Profitability of Capital

4.35%

3.07%

3.74%

AuditedDec 31, 2016
Units
MXN

AuditedDec 31, 2017
Units
MXN

AuditedDec 31, 2018
Units
MXN

28.18%

25.17%

25.17%

Leverage Ratio

0.39 times

0.34 times

0.34 times

Financial Structure

2.55 times

2.97 times

2.97 times

Liquidity Ratio

1.82 times

2.07 times

2.07 times

Liquidity (Quick Ratio)

1.38 times

1.64 times

1.64 times

Solvency Ratio

2.55 times

2.97 times

2.97 times

Asset Turnover

0.63 times

0.62 times

0.65 times

Long Term Asset
Turnover0.91 times

0.92 times

0.97 times

Average Days
Receivable Outstanding

64.58 Days

44.89 Days

42.70 Days

5.35%

5.68%

5.12%

LEVERAGE
Debt Over Total Assets

LIQUIDITY / SOLVENCYOPERATION

RETURN

LEVERAGE
Debt Over Total Assets

LIQUIDITY / SOLVENCYOPERATION

RETURN
Profit Margin

Return on Assets

3.35%

3.53%

3.34%

Profitability of Capital

4.66%

4.71%

4.46%

COMMENTS ON THE FINANCIAL STATEMENTS
The financial statements as of Dec 31, 2019, has been audited by Mancera, S.C..
The financial statements as of Dec 31, 2020, has been audited by Mancera, S.C..
The financial statements as of Dec 31, 2016, has been audited by PricewaterhouseCoopers, S.C..
The financial statements as of Dec 31, 2017, has been audited by PricewaterhouseCoopers, S.C..
The financial statements as of Dec 31, 2018, has been audited by Mancera, S.C..

PARTIAL FINANCESBALANCE SHEET (MXN)
AssetsInterimSep 30, 2022
Units
MXN

Cash & Banks

79,470,660

Intercompany

5,297,887

Inventory

41,378,275

Prepayments to Suppliers

2,486,018

Receivable Account42,102,376

Surplus Taxes

3,204,355

CURRENT ASSETS

173,939,571

Deferred Assets

13,437,671

Fixed Assets

241,121,251

TOTAL ASSETS

428,498,493

Liabilities

InterimSep 30, 2022
Units
MXN

Accounts Payable

37,572,998

Bank Loans

9,014,680

Client Advances

11,454,465

Misc. Creditors

5,559,850

Others7,554,307

Provisions & Reserves

2,077,465

Taxes Payable

3,846,799

CURRENT LIABILITIES

77,080,564

Fixed Liabilities

49,856,840

TOTAL LIABILITIES

126,937,404

Capital Stock232,000,000Period Result

9,272,770

Previous Period Result

60,288,319

TOTAL LIABILITIES AND CAPITAL

428,498,493

PROFIT & LOSS (MXN)InterimSep 30, 2022
Units
MXN
Net Sales

204,136,486

Net Sales

204,136,486

Sales Costs

173,655,983

Gross Income

30,480,503

Sales Operations

17,047,221

Total Operating Expenses

17,047,221

Net Operating Income

13,433,282

Other Expenses-3,369,907

Other Income

2,741,288

Non Operating Income-628,619

Pre-Tax Income

12,804,663

NET INCOME

9,272,770

RATIOS (MXN)
Sep 30, 2022
LEVERAGE
Debt Over Total Assets
Leverage Ratio

29.62%
0.42 times

LIQUIDITY / SOLVENCY
Solvency Ratio

2.26 times

OPERATION
Asset Turnover

0.48 times

Long Term Asset Turnover

0.80 times

RETURN
Profit Margin

4.54%

Return on Assets

2.16%

CONCLUSIONThe subject firm has 32 years of commercial experience in the market; it carries out its sales with a portfolioof 350 clients and its main activity is the manufacture of home and office furniture.

The solvency analysis shows that the company has the capacity to face its responsibilities, without falling
into the complete liquidation of its assets. For its part, the liquidity index satisfactory for the favorable
obtaining of cash in the short term.
According to the consulted suppliers, it has a record of prompt to slow payments.
To date it has lawsuits recorded.

APPENDICESCustomer Services
Should you require any further information or have any questions, please contact your local Customer
Service Centre. Mexican subscribers please contact:
Dun & Bradstreet de Mexico, S.A. de C.V.
Durango 263, 5° PisoCol. Roma
06700 México, Ciudad de México
Tel: +52 (55) 4166-3000
Tel: +52 (55) 5229-6900
Customer Service Portal: https://www.cialdnb.com/customer-support/
Website: https://www.cialdnb.com
Enquiries should always contain the below minimum details please:
Full Company Name
Full Headquarters Address
Telephone Number
Business Identification Number
Contact Name
Reference
Order Date

D&B MEXICO EMMA Score
D&B EMMA Score (Emerging Market Mediation Alert Score) is a risk assessment model developed for
emerging market countries. It is a score developed by data profiling approach and statistical modeling,which predicts the possibility of a business in perilous status of instability or unreliability, such as poor
financials, delay payment, stale inventory, abnormal operational status, etc. The EMMA Score provides you
with a quick assessment of a business' risk standing, and when used together with other information, allows
you to make better risk decisions.
The EMMA Score is based on a scale of 1 to 10, where 1 represents a lower risk and 10 a higher risk.
EMMA Score for Mexico is initially rolled out in 2012, derived from the sample analysis of thousands ofcompany records. When using the Score to make individual applicant decisions, a customized version of thistable based on an analysis of the Score against your customer account portfolio is recommended. It does
not necessarily mean doing business with a company, which is assigned with higher Risk Score, will result inincreased risk. EMMA Score for Mexico is calibrated on regular basis following D&B Global Modeling
Methodology that captures business environmental change in Mexico caused by macro economy shift andparticular systematic events.

MEXICO EMMA SCORE COMMENTARY
Risk Range

EMMA Score% of report in Mexican
Universe

Commentary

Low Risk Scores

1-3

28.27 %

Lower Risk Range

Medium Risk Scores

4-7

29.58 %

Average Risk Range

High Risk Scoress

8-10

42.15 %

Higher Risk Range

The Key Drivers of the EMMA Score include the following:
Business Information
Legal Form
Location
Number of Employees
Whether the Company has a parent
Industry

Public Record
Legal events - suits
Financial Information
Total Liabilities
Financial Ratios
Payment Information
Delinquent Payment Data

EMMA SCORE APPLICATION
Low EMMA Score -May proceed to process the applicant quickly with minimal or no manual review
depending on the extent of score validation analysis.
Medium EMMA Score -Medium Risk Scores - Recommend a manual review of the applicant based on theapplicant's capacity, your internal policy and risk tolerance.
High EMMA Score -High Risk Scores - Requires thorough manual review of potential decline, or approval
depending on the applicant's capacity, your internal policy and risk tolerance.

D&B PAYDEXThe D&B Paydex is the payment performance indicator, weighted by the monetary value of the payment
experiences as reported by D&B through credit references, which results in a numerical value. It isdeveloped as a current performance measure based on the payment experiences in the D&B database. Its
performance depends on the individual combination of payment experiences of a company, weighted
according to their amounts in pesos or dollars.
The D&B Paydex identifies the internal factors that cause risks based on the company's payment records.
The D&B Paydex is based on a scale from 20 to 100.

LA CLAVE DEL D&B PAYDEX
Paydex

Payments

100

Advance payment

90

Discount

80

Prompt70

15 days after term

60

22 Days after term

50

30 Days after term

40

60 Days after term

30

90 Days after term

20

120 Days after term

UN

Unavailable

INTERPRETATION AND ANALYSIS OF RISK ASSESSMENT MATRIXClassifications

Risk Level

Description

Credit Policy

Quality group

AA->ABThe business is solid,
and the bills are paid ontime; therefore, it has agood credit reputation.

Credit policies can be
granted with automatic
approval.

Low risk group

BA->BB->ACThe business operates
with little risk, although
there are some delays
in its payment history.

A pertinent credit policy
is suggested, with somemanual revisions.

High risk group

CA->BC->CB

The business operates
with significant risk andthere are someconsiderable delays in
its payment history.

A strict credit policy issuggested, with adetailed manual review.

Monitoring group

CC

The business operates
with a higher risk andthere is the possibility ofpresenting a severe
delay or failure to pay
its bills.

It is suggested to avoid
sales on credit andprefer cash agreements.

*Risk levels are listed in order of risk from low to high.
The Risk Assessment Matrix is a tool to investigate the insight of a subject and combined with EMMA Score
and PAYDEX® EMMA Score can indicate the risk level of subject. With the help of PAYDEX® one can also
further analyze subject’s risk and find out the internal factors causing risks based on the payment records ofsubject. In summary, the assessment matrix can make further insightful analysis towards the enterprises
with similar EMMA Scores.
When using EMMA Score and Risk Assessment Matrix, the combination of other information, such as
internal assessment policy of enterprise, commercial information provided by D&B, and feedback from thepeople who directly contacts with subject, etc., is recommended. This information will allow you to makesuitable risk decisions.

DETERMINING THE SIZE OF THE COMPANY
The size of the company presented is determined by the Ministry of Economy, which takes as factors thenumber of employees and the income generated by the company.
STRATIFICATION
Size

SectorNumber of Workers
Range

Annual Sales Amount
Range

Micro

All

Up to 10

Up to $4,000,000

Small

Commerce

From 11 to 30

From $4,000,001 to$100,000,000

Industry

From 11 to 30

From $4,000,001 to$100,000,000MediumBig

Services

From 11 to 30

From $4,000,001 to$100,000,000

Commerce

From 31 to 100

From $100,000,001 to$250,000,000

Industry

From 51 to 100

From $100,000,001 to$250,000,000

Services

From 51 to 250

From $100,000,001 to$250,000,000

Commerce

From 101

From $250,000,001

Industry

From 101

From $250,000,001

Services

From 251

From $250,000,001

MAXIMUM CREDIT RECOMMENDATION (MCR)
The Maximum Credit Recommendation is the maximum amount of debt that an individual or company canassume without putting their financial integrity at risk.
The key drivers of the Maximum Credit Recommendation include the following:
Firmographic information

Financial Information

TenureNumber of Employees
Capital Stock
Corporate Structure
Credit Behavior

Financial Ratios
Sales Amount

CONFIDENCE SCORE: MAXIMUM CREDIT RECOMMENDATION (MCR)
Score Indicator

Confidence Score
Interpretation

Description

A

High

The Maximum Credit
Recommendation is based on
financial information less than 18
months old.

B

Medium HighThe Maximum Credit
Recommendation is based on
financial information older than
18 months.

C

Medium Low

The Maximum Credit
Recommendation is based on theamount of official sales of thecompany.

D

Low

The Maximum Credit
Recommendation is based on thecompany's estimated sales
amount.

D&B RATING GLOSSARY
The following ratings are available for businesses in Mexico:
D&B Rating- The D&B® Rating in Mexico consists of 2 parts, the Financial Strength Indicator and the Risk
Indicator. The Financial Strength Indicator is based on Net Worth of a current fiscal balance sheet. The tablebelow contains the values for the D&B Rating in Mexico.
Financial Strength Indicator

Range MXN

Composition of Risk Indicator

Net Worth

From

To

Strong

Good

Fair

Poor

5A

511,490,000

And above

1

2

3

4

4A

102,298,000

511,489,999

1

2

3

4

3A

15,345,000

102,297,999

1

2

3

4

2A

7,672,000

15,344,9999

1

2

3

4

1A

3,836,000

7,671,999

1

2

3

4

A

1,923,000

3,835,999

1

2

3

4

B

962,000

1,922,999

2

3

4

C

481,000

961,999

2

3

4

D

246,000

480,999

2

3

4

E

123,000

245,999

2

3

4

F

61,000122,999

2

3

4

G

Up to

60,9992

3

4

O

Balance
Sheet notavailable.

Risk Indicator

Condition

Level Risk

Interpretation

1

StrongMinimum Risk

Grant Credit - offer
more enlarged terms ifnecessary

2

Good

Risk Low

Grant Credit

3

Fair

Slightly bigger than the
average Risk

Grant Credit, butmonitor

4

Poor

Meaningful Risk

Examine each casebefore granting credit,
get more market
information, andanalyze other suppliers.
Ask for assurance ifnecessary due to thehigh risk.

S

Service Companies

By the business nature,
do not sign risk level

Companies that do not
request credit in theirnormal activities (Banks,
Brokerages, InsuranceCo., Schools,
Associations,
Government, etc...)-Undetermined

Unknown Risk

Insufficient Information

An 'S' Risk Indicator is only assigned in conjunction with a Financial Strenght Indicator (e.g. 5A-S, 4A-S, F-S, OS)
Risk Indicator- Used in conjunction with the Financial Strength Indicator. The Risk Indicator reflects D&B's
opinion of the risk associated with trading with a specific business, notably the likelihood of business
continuance or failure over the next 12 months.

ALTERNATE RATINGS USED--No information available

NB

New Business: Less than 30 months

BR

Local Branch

FB

Foreign Branch

NQ

Out of Business: Business has ceased to trade

N4

Negative Net WorthCONFIDENTIALITY
CONFIDENTIAL THIS INFORMATION IS PROVIDED BY DUN & BRADSTREET SUBJECT TO THE TERMS AND
CONDITIONS OF YOUR SUBSCRIPTION CONTRACT AND IS NOT TO BE DISCLOSED.
© Rights Reserved 2018 Dun & Bradstreet. All Rights Reserved. This report, which isauthorized for the exclusive use of D&B Customers, through a contract, and to be
used as an instrument of business decision, contains information compiled fromdifferent sources on which D&B no control and have not been verified unlessotherwise specified in this report. Dun & Bradstreet does not assume any of theuser's business risks; does not guarantee the accuracy, integrity and timeliness of theinformation and shall not be liable in tort, contract or otherwise for any loss, damage
or injury resulting from the use of this information, even if caused by Dun &Bradstreet's negligence.
COPYRIGHT © 2023 DUN & BRADSTREET. THIS REPORT MAY NOT BE REPRODUCED IN WHOLE OR IN PARTIN ANY FORM OR MANNER WHATSOEVER.

END OF REPORT