MIRA INFORM
REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DEPA INTERIORS LLC |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.08.2000 |
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Com. Reg. No.: |
54976, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Interior Decoration Contractors |
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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Maximum Credit Limit : |
US$ 25,000,000 |
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Status : |
Good |
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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, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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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 |
SUMMARY
Company Name : DEPA INTERIORS LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 5th August 2000
Commercial Registration Number : 54976,
Trade Licence Number : 520091
Chamber Membership Number : 59800
Issued Capital : UAE Dh 164,710,000
Paid up Capital : UAE Dh 164,710,000
Total Workforce : 750
Activities : Interior decoration contractors
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 25,000,000
Person Interviewed : Omar Salem, Finance Manager
COMPANY NAME
DEPA INTERIORS LLC
company ADDRESS
Registered & Physical Address
Building : Al
Street :
Area : Rigga Al Bateen
PO Box : 56338
Town :
Country :
Telephone : (971-4) 3322215 / 2285850 / 2243800
Facsimile : (971-4) 3311730 / 2243700
Email : ahi@emirates.net.ae / finance@depa.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Position
·
Nadim
Akhrass Managing
Director
·
Omar
Salem Finance
Manager
·
Saad
Kama Budgeting
Manager
·
Amal
Mohamed Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
August 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 54976,
Trade Licence No. : 520091
(Expires 28/07/2011)
Chamber Member No. : 59800
Issued Capital : UAE Dh 164,710,000
Paid up Capital : UAE Dh 164,710,000
Name of Shareholder
(s) Percentage
·
Depa United
Group PJSC 99%
·
The
National Investor 1%
OPERATIONS
Activities: Engaged as interior decoration contractors
specialising in luxury interior fit-out services, which include
installation and finishing of
floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and
frames.
In September 2009, the company secured an AED207 million contract to fit
out all guest rooms, suites and public areas in the Conrad Hotel Dubai, set for
completion in mid 2011.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of approximately 750 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09:
Total Sales UAE
Dh 2,889,921,650
Local sources
consider subject’s financial condition to be Good.
Please note that
figures for 2010 have not yet been released.
The above figure
was provided by Mr Omar Salem, Finance Manager
BANKERS
·
National
Bank of
PO Box: 777
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Depa Interiors LLC
was established in 2000 and specialises in luxury interior fit-out services. It
is 99% owned by the Depa United Group, which is one of the world’s leading
interior contracting companies with an income of AED 2,689 million in 2009.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.15 |
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|
1 |
Rs.72.59 |
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Euro |
1 |
Rs.62.95 |
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 |
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.