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Sunday, September 16, 2007 - Dubai

Depa Interiors Receives Global Investment Grade Rating from Capital Intelligence

The rating reflects the company's strong revenue growth, robust profit margins and low credit risk

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643 press release picture eyad abdel rahim  managing director finance depa united group and mohannad sweid  ceo of depa united group

Dubai – based Depa Interiors LLC, a division of Depa United Group, the region’s largest interiors contracting company, announced today that it has received a Short-term credit rating of A3 and long-term credit rating of BBB- with a stable outlook on an investment grade basis from Capital Intelligence (CI), a leading credit rating agency for the world’s emerging markets.

The Investment Grade Rating indicates that Depa Interiors enjoys a good credit quality and satisfactory capacity for repayment of interest and principal in the short term,. The company’s stable outlook reflects Depa Interiors’ solid operational and liquidity positions supported by the availability of both short and medium term funding, geographic expansion, strong profit and earning growth and dominant market position in UAE & the region.

CI’s corporate rating report stated that “Depa Interiors’ rating reflects the company’s rapid growth which has been supported by regional and international expansion, vertical integration to safeguard and enhance supply sources by lateral diversification into different market segments where its production resources and skills can be utilized. Revenue and profit growth have been very strong and margins are very sound. Capital has grown considerably in recent years and shareholders base has been enhanced by addition of several long-term strategic investors.”

The report also revealed that Depa Interiors’ financial strength stems from its ability to deliver projects on time, on budget and at high quality standards, thereby enabling the company to obtain a high level of repeat clients.

“We are very pleased with our rating from Capital Intelligence as it reflects a further recognition of our strong market position and profitability,” said Mohannad Sweid, CEO of Depa United Group. “This is an important milestone in Depa Interiors’ development as a global leader in the interior contracting and fit-out market segment. It emphasizes our ability to execute our long-term business strategy and enables us to significantly expand our business regionally as well as into Africa and Asia. Given the company’s ambitions for growth and acquisition, we expect our profits to remain strong relative to risks and exposure. We look forward to maintaining and enhancing our ratings in the future.”

The credit ratings report was based on an evaluation of all qualitative and quantitative factors that may impact Depa (Interiors’) ability to fulfill its financial obligations. The quantitative evaluation consisted of a detailed review of key measures of financial performance and stability. The review included an assessment of capital adequacy, profitability and liquidity. The qualitative evaluation assessed the business environment within which Depa Interiors operates and the quality of its management.

“CI’s ratings report highlighted Depa Interiors’ significant competitive advantages, which include its important project footprint in the UAE and the Middle East, its international business expansion internationally and its high caliber management team,” concluded Eyad Abdel Rahim, Managing Director – Finance of Depa United Group.

Subcontracted to fit-out the 899 serviced and residential apartments for the world’s tallest building Burj Dubai, Depa United Group operates a range of businesses under its umbrella including Mivan Depa, Meroni, Eldiar Furniture Manufacturing and Deco Emirates.


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