MIRA INFORM REPORT

 

 

Report Date :

16.02.2008

 

IDENTIFICATION DETAILS

 

Name :

DASSAULT AVIATION S A

 

 

Registered Office :

9 RPT Champs Elysees M Dassault 75008 Paris 08 

 

 

Country :

France

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

01.01.1971

 

 

Com. Reg. No.:

56B11983, PARIS

 

 

Legal Form :

Public Limited Company - Board of Administration

 

 

Line of Business :

Manufacture of Aircraft and Spacecraft

 

 

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

 

Maximum Credit Limit :

EUR 150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

DASSAULT AVIATION S A

 9 RPT CHAMPS ELYSEES M DASSAULT

 75008 PARIS 08 FR

Tel. Number +33-1-53769300

Fax number +33-1-53769320

 

 

 

Business founded

01 January 1971

Registration number,

56B11983, PARIS,

party identification,

712042456,

Legal form

Public limited company - board of administration

Activities

Manufacture of aircraft and spacecraft

Payment experience

Payment regular

Credit opinion

High creditworthiness

 

Maximum credit limit 150000 EUR is advised

 

The export volume in percentage of total sales for the company.  0,00

 

Financial structure (balance sheet analysis) : Good 

 

Cash situation (balance sheet analysis) : Good 

 

Profitability (balance sheet analysis) : Outstanding 

 

Commitments (regarding contractual obligations) : Fulfilled („respectés“) 

 

Payment defaults : None 

Employees (Business)

 8614

Total number of shareholders

 2

Total share capital08 April 2007

EUR 81007176

Branch office(s)

77550 REAU   

 

AVENUE CHARLES DE GAULLE,91220 BRETIGNY SUR ORGE   

 

42 ALLEE DE SAINT CUCUFA,92420 VAUCRESSON   

 

27 RUE PROFESSEUR V PAUCHET,92420 VAUCRESSON   

 

78 QUAI MARCEL DASSAULT,92210 ST CLOUD   

 

   Others

Bank

BNP 75 PARIS   

Board members

EDELSTENNE CHARLES   Chairman of the board

 

HUSTACHE PHILIPPE   Board member

 

GALLOIS LOUIS   Board member

 

ANDRIES OLIVIER   Board member

Management

EDELSTENNE CHARLES   Managing director

(Part-) Owner

341535094   EUROPEAN AERONAUTIC DEFENCE AND SPACE COMPANY EADS FRANCE   46,00 %   

Parent company :

400628079   GROUPE INDUSTRIEL MARCEL DASSAULT   50,54 %   

Subsidiary company.

DASSAULT PROCUREMENT SERVICES INC USA   100,00 %   

 

303995658   DASSAULT AERO SERVICE   100,00 %   

 

DASSAULT INTERNATIONAL USA   100,00 %   

 

679801886   DASSAULT FALCON SERVICE   99,99 %   

 

640801742   DASSAULT REASSURANCE   99,99 %   

 

712029651   DASSAULT ASSURANCES COURTAGE   99,78 %   

 

652011867   SOGITEC INDUSTRIES   99,65 %   

 

689802700   DASSAULT INTERNATIONAL   99,63 %   

 

DASSAULT FALCON JET USA   87,47 %   

 

TETERBORO NJ 07608 USA   69,88 %   

Associate company.

649804234   STE EURO CONSTRUC AVION BREGUET ATLANTIC   35,85 %   

 

325396471   CORSE COMPOSITES AERONAUTIQUES   24,81 %   

Affiliate. A company which is affiliated with the Business.

682039896   EUROTRADIA INTERNATIONAL   16,20 %   

 

562074476   SOFEMA   6,66 %   

 

EMPRESA BRASILEIRA DE AERONAUTICA SA BRESIL   5,66 %   

 

 

 

 

 

 

The business owns or partly owns one or more pieces of land and buildings?  No (Property) 

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 3.428.069.000,00

 Consolidated group profit and loss turnover: 

 

Consolidated balance sheet for the year: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

7.832.296.000,-

Total fixed assets

2.655.610.000,-

Total intangible fixed assets

47.775.000,-

Concessions and industrial rights, goodwill

7.313.000,-

Total tangible fixed assets

393.784.000,-

Land and buildings

198.881.000,-

Plant, machinery and equipment

99.171.000,-

Total financial fixed assets

2.194.724.000,-

Investments (long-term)

29.324.000,-

Total Current assets

5.176.686.000,-

Inventories and work in progress (incl. prepayments)

2.483.860.000,-

Accounts receivable (trade)

495.096.000,-

Investments (short-term)

1.874.656.000,-

Cash in hand and at bank

73.048.000,-

Total accrued income and prepaid expenses

13.585.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

7.832.296.000,-

Total equity (Shareholders' funds)

3.202.936.000,-

Issued (subscribed) capital

81.007.000,-

Revaluation reserves

739.072.000,-

Total provisions

647.368.000,-

Total liabilities

3.981.901.000,-

Total long-term liabilities

237.928.000,-

Long-term Loans, Mortgage debts

237.656.000,-

Long-term liabilities to credit institutions

272.000,-

Total current liabilities

3.743.973.000,-

Current accounts payable (trade)

805.530.000,-

Income and social tax liabilities

256.094.000,-

Borrowing ratio

109,69 %

Current ratio

138,27 %

Debt gearing

6,55 %

Profit margin.

12,01 %

Quick ratio

71,92 %

Return on assets

5,26 %

Return on equity.

8,39 %

Solidity or equity ratio

46,35 %

 

Consolidated profit and loss account for the year: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

3.694.070.000,-

Main revenue (sales/turnover)

3.428.069.000,-

Total operating expenses

3.282.468.000,-

Cost of materials (type of expenditure format)

1.769.634.000,-

Depreciation

58.977.000,-

Operating profit or loss

411.602.000,-

Financial income

40.420.000,-

Financial expenses

9.796.000,-

Result of ordinary operations

442.226.000,-

Pre-tax and pre-appropriation profit or loss

442.226.000,-

Taxes

135.898.000,-

Net profit or loss

304.728.000,-

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 3.459.106.000,00

 Consolidated group profit and loss turnover: 

 

Consolidated balance sheet for the year: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

6.403.766.000,-

Total fixed assets

486.521.000,-

Total intangible fixed assets

6.408.000,-

Concessions and industrial rights, goodwill

6.408.000,-

Total tangible fixed assets

311.659.000,-

Land and buildings

148.927.000,-

Plant, machinery and equipment

73.576.000,-

Total financial fixed assets

152.766.000,-

Loans, shares and participations

124.932.000,-

Investments (long-term)

4.094.000,-

Total Current assets

5.917.245.000,-

Inventories and work in progress (incl. prepayments)

2.675.954.000,-

Accounts receivable (trade)

382.779.000,-

Investments (short-term)

2.125.669.000,-

Cash in hand and at bank

137.900.000,-

Total accrued income and prepaid expenses

297.162.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

6.403.766.000,-

Total equity (Shareholders' funds)

2.104.714.000,-

Issued (subscribed) capital

81.007.000,-

Share premium account (capital reserve)

19.579.000,-

Total provisions

487.537.000,-

Total liabilities

3.811.435.000,-

Total long-term liabilities

227.636.000,-

Long-term Loans, Mortgage debts

227.243.000,-

Long-term liabilities to credit institutions

393.000,-

Total current liabilities

3.571.105.000,-

Current accounts payable (trade)

487.664.000,-

Income and social tax liabilities

238.142.000,-

Total accrued expenses and deferred income

12.694.000,-

Borrowing ratio

157,08 %

Current ratio

165,11 %

Debt gearing

9,38 %

Profit margin.

13,42 %

Quick ratio

90,44 %

Return on assets

7,25 %

Return on equity.

12,71 %

Solidity or equity ratio

37,89 %

 

Consolidated profit and loss account for the year: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

3.586.946.000,-

Main revenue (sales/turnover)

3.459.106.000,-

Total operating expenses

3.122.843.000,-

Cost of materials (type of expenditure format)

1.646.062.000,-

Personnel costs

862.787.000,-

Depreciation

60.305.000,-

Operating profit or loss

464.103.000,-

Financial income

20.156.000,-

Financial expenses

18.299.000,-

Result of ordinary operations

465.960.000,-

Extraordinary income

44.322.000,-

Extraordinary expenses

43.597.000,-

Extraordinary result

725.000,-

Pre-tax and pre-appropriation profit or loss

465.960.000,-

Taxes

126.146.000,-

Net profit or loss

308.439.000,-

 

Turnover for the period: 00 0000 - 31 December 2003  in  EUR 3.298.480.000,00

 Consolidated group profit and loss turnover: 

 

Consolidated balance sheet for the year: 00 0000 - 31 December 2003  in  EUR 

Total assets incl. prepaid expenses and accrued income

6.287.852.000,-

Total fixed assets

504.821.000,-

Total intangible fixed assets

3.532.000,-

Concessions and industrial rights, goodwill

3.532.000,-

Total tangible fixed assets

340.207.000,-

Land and buildings

137.120.000,-

Plant, machinery and equipment

107.798.000,-

Total financial fixed assets

142.252.000,-

Loans, shares and participations

110.976.000,-

Investments (long-term)

4.383.000,-

Total Current assets

5.783.031.000,-

Inventories and work in progress (incl. prepayments)

3.082.963.000,-

Accounts receivable (trade)

285.880.000,-

Investments (short-term)

1.734.308.000,-

Cash in hand and at bank

80.590.000,-

Total accrued income and prepaid expenses

266.518.000,-

Total equity, provisions, liabilities, accrued expenses and deferred income

6.287.852.000,-

Total equity (Shareholders' funds)

1.902.930.000,-

Issued (subscribed) capital

81.007.000,-

Share premium account (capital reserve)

19.579.000,-

Total provisions

509.027.000,-

Total liabilities

3.875.749.000,-

Total long-term liabilities

234.335.000,-

Long-term Loans, Mortgage debts

233.779.000,-

Long-term liabilities to credit institutions

556.000,-

Total current liabilities

3.621.926.000,-

Current accounts payable (trade)

523.698.000,-

Income and social tax liabilities

188.754.000,-

Total accrued expenses and deferred income

19.488.000,-

Borrowing ratio

173,11 %

Current ratio

158,81 %

Debt gearing

10,47 %

Profit margin.

12,28 %

Quick ratio

74,15 %

Return on assets

6,44 %

Return on equity.

13,16 %

Solidity or equity ratio

35,61 %

 

Consolidated profit and loss account for the year: 00 0000 - 31 December 2003  in  EUR 

Total operating income/revenue

3.722.604.000,-

Main revenue (sales/turnover)

3.298.480.000,-

Total operating expenses

3.317.512.000,-

Cost of materials (type of expenditure format)

1.833.473.000,-

Personnel costs

854.184.000,-

Depreciation

66.309.000,-

Operating profit or loss

405.092.000,-

Financial income

47.993.000,-

Financial expenses

13.922.000,-

Result of ordinary operations

439.163.000,-

Extraordinary income

26.831.000,-

Extraordinary expenses

28.801.000,-

Extraordinary result

-1.970.000,-

Pre-tax and pre-appropriation profit or loss

439.163.000,-

Taxes

94.730.000,-

Net profit or loss

294.726.000,-

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions