MIRA INFORM REPORT
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Report Date : |
23.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
DEPA LIMITED |
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|
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Registered Office : |
Al Reem Tower, 18th
Floor, Al Maktoum Street, P O Box 56338, Dubai |
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|
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Providers of turnkey fit-out and furnishing services |
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|
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No. of Employees
: |
3500 |
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 |
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Maximum Credit Limit : |
US$ 500,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Arab Emirates |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 LIMITED
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1996
Issued Capital : UAE Dh 903,434,799
Paid up Capital : UAE Dh 903,434,799
Total Workforce : 3,500
Activities : Providers of turnkey fit-out and furnishing services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
DEPA LIMITED
company ADDRESS
Registered &
Physical Address
Building : Al Reem Tower, 18th
Floor
Street : Al Maktoum Street
PO Box : 56338
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2243800
Facsimile : (971-4) 2243700
Email : info.depa.dxb@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
·
Abdullah
Al Mazrui Chairman
·
Riad
Burhan Taher Kamal Director
·
Orhan
Osmansoy Director
·
Marwan
Shehadeh Director
·
Hilal
Al Marri Director
·
Faisal
Al Matrook Director
·
Maha K
Al Ghunaim Director
·
Mohammed
Ali Al Hashimi Director
·
Mohannad
Sweid Chief
Executive Officer
·
Eyad
Abdelrahim Finance
Manager
·
Ayman
Khaireddin Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1996
Legal Form :
Limited Liability Company
Issued Capital : UAE Dh 903,434,799
Paid up Capital : UAE Dh 903,434,799
Name of Shareholder
(s) Percentage
·
Al Mal
Defined Opportunity Fund 27.500%
·
Mazrui
Holdings LLC 8.800%
·
Edge
Investment LLC 5.400%
·
Morgan
Stanley & Co International Plc 5.060%
·
Al Mal
Capital PJSC 2.700%
·
Mohannad
Sweid 1.600%
·
Mohammed
Ali Al Hashimi 0.300%
·
Hisham
El Sharkawy 0.009%
·
Christopher
Holmes 0.008%
·
Nadim
Akhras 0.008%
·
Hatem
Badr 0.006%
·
Ayman
Khaireddin 0.002%
·
Members
of the general public & private investors 48.607%
AFFILIATED COMPANIES
·
Depa
United Group PJSC
·
Depa
Interiors LLC
·
Depa
Decoration, Contracting & General Maintenance LLC
·
Pino
Meroni Yacht Interiors LLC
·
Eldiar
Furniture Manufacturing and Decoration LLC
·
Deco
Emirates LLC
·
Depa
for Hotels
·
Pino Meroni
Wood & Metal Industries
·
Mivan
Depa Contracting LLC
·
Dragoni
International LLC
·
Depa Al
Barakah LLC
·
Depamar
Sarl
·
Depa
Mauritius
·
Depa
Saudi Contracting and Interior Design LLC
·
Depa
Hungary
·
Depa
Manufacturing Investment Company
·
Paragon
Creative Middle East LLC
·
Lindner
Depa Interiors LLC
·
DDS
Asia Holdings Pte Ltd
·
The
Parker ME FZ LLC
·
Depa
Germany GmbH & Co KG
·
Depa
Germany Verwaltungs GmbH & Co KG
·
Depa
Jordan Investment WLL
·
Depa
Syria
·
Depa
Industrial Group Morocco
·
Depa Industrial
Group Dubai
·
Carrara
Mideast Industrial Co LLC
·
Design
Studio Furniture Manufacturer Limited
OPERATIONS
Activities: Engaged in the provision of turnkey fit-out
and furnishing services for hotels, yachts, apartments and other private and
public facilities.
Import
Countries: Europe, the Far
East and the United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 3,500 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Consolidated
Balance Sheet 31/12/10 31/12/09
ASSETS
Non-current
assets
Property, plant
and equipment 368,701,210
326,205,120
Intangible assets
173,882,412
110,147,012
Goodwill 388,165,695 292,179,299
Investment in
associates 112,700,551
179,944,760
Available for
sale investments 27,646,703
27,646,703
Contract
retentions 164,631,694
133,180,648
Long term
receivables -
2,326,403
Deferred taxable
assets 1,157,994
27,745,899
Other non-current
assets 345,570
155,037
Total non-current
assets 1,237,231,829
1,099,530,881
Current assets
Trade receivables
and other current assets 801,178,242
790,644,478
Amount due from
customers on construction contracts 473,552,699
909,521,319
Held for trading
investments 2,131,855
-
Inventories 74,071,839
29,138,386
Cash and bank
balances 449,669,335
542,997,784
Total current
assets 1,800,603,970
2,272,301,967
Total assets 3,037,835,799
3,371,832,848
EQUITY AND
LIABILITIES
Equity
Share capital 903,434,799
903,434,799
Share premium 700,367,674
700,367,674
Share issuance
costs (64,840,298)
(64,840,298)
Treasury shares (16,493,664)
(17,384,086)
Employee stock
options plan share (6,765,988)
(6,765,988)
Statutory reserve
42,309,326
42,309,326
Retained earnings
35,885,086
313,898,836
Translation
reserve 5,991,981
(2,473,333)
Equity
attributable to equity holders of the parent 1,599,888,916
1,868,546,930
Non-controlling
interest 110,585,057
105,750,808
Total equity 1,710,473,973
1,974,297,738
Non-current
liabilities
Bank borrowings 157,484,891
49,255,740
Provision for employees’
end of service benefit 43,268,369
32,005,182
Subcontractors’
retention 32,132,101
54,011,305
Deferred tax
liability 336,819
56,060
Long term
payables 2,614,736
282,139
Due to a related
party 470,468
641,449
Total non-current
liabilities 236,307,384
136,251,875
Current
liabilities
Trade payables
and other current liabilities 917,843,975
1,090,064,901
Bank borrowings 173,210,467
171,218,334
Total current
liabilities 1,091,054,442
1,261,283,235
Total liabilities
1,327,361,826
1,397,535,110
Total equity and liabilities 3,037,835,799
3,371,832,848
Consolidated
Statement of Income
Revenue 1,814,393,070
2,688,992,165
Direct costs (1,700,814,299)
(2,259,412,709)
Contract profit 113,578,771
429,579,456
General and
administrative expenses (279,160,600)
(192,180,586)
Amortisation of
intangible assets (25,911,446)
(25,906,667)
Share of profits
from associates 36,432,097
23,152,195
Gain on
acquisition of investment 18,619,844
-
Other income 24,570,726
20,497,509
Impairment loss
on goodwill (40,915,503)
(1,916,680)
Impairment loss
on investment in associate - (3,876,553)
Finance
(costs)/income, net (4,157,028)
18,962,426
(Loss)/profit for
the year before tax (156,943,139)
268,311,100
Income tax
(expense)/benefit (48,738,364)
15,553,714
(Loss)/profit for the year (205,681,503)
283,864,814
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
UK Pound |
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.07 |
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 |
|
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NB |
New Business |
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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.