MIRA INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CORNING INC |
|
|
|
|
|
|
Formerly Known As : |
Corning Glass Works |
|
|
|
|
|
|
Registered Office : |
One Riverfront Plaza Corning, NY 14831 |
|
|
|
|
|
|
Country : |
United States |
|
|
|
|
|
|
Date of Incorporation : |
24.12.1936 |
|
|
|
|
|
|
Legal Form : |
Corporation for Profit |
|
|
|
|
|
|
Line of Business : |
manufactures and processes specialty glass and ceramics products |
|
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 : |
USD 1.500.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United States |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GEOPOLITICS - UNITED STATES
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Federal
|
Currency: USD |
IDENTIFICATION
|
Ordered as: |
Corning Inc |
||
|
Address in the order: |
OTC Accounts Receivable CP-AP-02, corning, New York-14831 |
||
|
|
|
||
|
Legal Name: |
Corning Inc |
||
|
|
|
||
|
Legal Address |
One Riverfront Plaza Corning, NY 14831 United States |
||
|
Operative Address |
One Riverfront Plaza Corning, NY 14831 United States |
||
|
Telephone: |
+1 607-974-9000 |
ID : |
49779 |
|
Fax: |
+1 607-974-8091 |
Legal Form: |
Corporation for Profit |
|
Email: |
info@corning.com |
Registered in: |
New York |
|
Website: |
http://www.corning.com |
Date Created: |
1851 |
|
Manager: |
Wendell P. Weeks CEO |
Date Incorporated: |
DEC 24, 1936 |
|
Staff: |
26,200 |
Stock: |
1,565,707,084 |
|
|
|
Value: |
par value $0.05 |
|
Activity: |
manufactures and processes specialty glass and
ceramics products |
||
BANKS
|
Name of the Bank |
Citibank |
|
Name of the Bank |
J.P. Morgan Chase Bank |
|
Name of the Bank |
Bank of America |
|
Name of the Bank |
Bank of Tokyo-Mitsubishi |
|
Name of the Bank |
Wachovia Bank |
BUSINESS
|
HISTORY |
|
|
|
The company was formerly known as Corning Glass Works and changed its
name to Corning Incorporated in April 1989. Corning Incorporated was founded
in 1851. Corning Optical Fiber is a non incorporated business unit of the
company Corning Inc. |
|
PRINCIPAL ACTIVITY |
|
|
|
The company engages as a manufacturer and processer of specialty glass
and ceramics products |
|
Products/Services description: |
|
|
|
It operates in five segments: Display Technologies, Telecommunications,
Environmental Technologies, Specialty Materials, and Life Sciences. The Display Technologies segment manufactures glass substrates for
active matrix liquid crystal displays (LCDs) that are used primarily in
notebook computers, flat panel desktop monitors, and LCD televisions. The Telecommunications segment produces optical fiber and cable, and
hardware and equipment products, such as cable assemblies, fiber optic
hardware, fiber optic connectors, optical components and couplers, closures
and pedestals, splice and test equipment, and other accessories for optical
connectivity to the telecommunications industry. |
|
Sales are: |
|
|
|
Wholesale |
|
Clients: |
|
|
|
display optics and components, semiconductor optics components, aerospace
and defense, astronomy, ophthalmic products, telecommunications components
and a protective cover glass Industries |
|
Operations area: |
|
|
|
National, Local |
|
The company imports from Asia |
|
|
The company export to Worldwide |
|
|
PAYMENTS |
|
|
|
made on a 55 days basis - monitored over the last 12 months |
|
LOCATION |
|
|
Headquarters |
|
|
|
The company is headquartered at One Riverfront Plaza Corning, NY 14831
United States |
|
The property is: |
|
|
|
Owned |
|
Branches: |
|
|
|
The company has a branch located at : Corning Optical Fiber MP-HQ-W2 Corning NY 14831 (USA) The structure also has various branches in Maine, New York, New
Jersey, California, Utah. |
Shareholders - Manager - Related Companies
|
Listed at the stock exchange: |
|
|
|
YES |
|
Capital: |
|
|
|
% of Shares Held by All Insider and 5% Owners: 0% % of Shares Held by Institutional & Mutual Fund Owners: 81% % of Float Held by Institutional & Mutual Fund Owners: 81% Number of Institutions Holding Shares: 789 |
|
Shareholders Parent Company(ies): |
|
|
|
Top Institutional Holders Holder Shares % Out Value* Reported Capital World Investors 122,830,800 7.84 2,373,091,056 Dec 31, 2010 Capital Research Global Investors 119,953,620 7.66 2,317,503,938 Dec 31, 2010 FMR LLC 56,545,397 3.61 1,092,457,070 Dec 31, 2010 VANGUARD GROUP, INC. (THE) 55,711,150 3.56 1,076,339,418 Dec 31, 2010 STATE STREET CORPORATION 55,349,953 3.53 1,069,361,091 Dec 31, 2010 PRICE (T.ROWE) ASSOCIATES INC 52,626,633 3.36 1,016,746,549 Dec 31, 2010 WELLINGTON MANAGEMENT COMPANY, LLP 43,863,847 2.80 847,449,524 Dec 31, 2010 BlackRock Institutional Trust Company,
N.A. 40,172,874 2.57 776,139,925 Dec 31, 2010 AllianceBernstein, L.P. 32,683,108 2.09 631,437,646 Dec 31, 2010 PRIMECAP MANAGEMENT COMPANY 30,815,002 1.97 595,345,838 Dec 31, 2010 Top Mutual Fund Holders Holder Shares % Out Value* Reported GROWTH FUND OF AMERICA INC 91,530,000 5.85 1,768,359,600 Dec 31, 2010 FIDELITY MAGELLAN FUND INC 32,043,522 2.05 738,923,617 Feb 28, 2011 INVESTMENT COMPANY OF AMERICA 26,669,820 1.70 515,260,922 Dec 31, 2010 FUNDAMENTAL INVESTORS INC 23,995,000 1.53 463,583,400 Dec 31, 2010 AMCAP FUND 21,100,000 1.35 407,652,000 Dec 31, 2010 PRICE (T.ROWE) GROWTH STOCK FUND INC. 18,292,800 1.17 377,380,464 Mar 31, 2011 VANGUARD TOTAL STOCK MARKET INDEX FUND 16,479,532 1.05 318,384,558 Dec 31, 2010 VANGUARD/PRIMECAP FUND 14,885,900 0.95 287,595,588 Dec 31, 2010 AMERICAN FDS INSURANCE SER-GROWTH/INCOME
FD 14,500,000 0.93 280,140,000 Dec 31, 2010 VANGUARD 500 INDEX FUND |
|
Management: |
|
|
|
Mr. Wendell P. Weeks Chairman, Chief Exec. Officer, Pres and Chairman
of Exec. Committee Mr. James B. Flaws , Vice Chairman, Chief Financial Officer, Member of
Fin. Committee and Member of Exec. Committee Mr. Kirk P. Gregg , Chief Admin. Officer and Exec. VP Dr. Joseph A. Miller Jr., Chief Technology Officer and Exec. VP Mr. Peter F. Volanakis , Strategic Advisor to Chief Exec. Officer |
|
Related Companies: |
|
|
|
Axygen BioScience, Inc. Axygen Holding Corporation Axygen, Inc. CCS Holdings, Inc. Corning B.V. Corning Cable Systems International Corp. Corning Cable Systems LLC Corning Display Technologies (China) Co., Ltd. |
Financials - COMMERCIAL TRENDS AND FORECAST
|
The subject is a public company traded at
the stock exchange NYSE under ticker symbol "GLW". Please find
enclosed the financial statements. |
|
Legal Fillings |
|
There are various UCC** files listed with
the Secretary of State of New York. There are various claims, lawsuits, and
pending actions against the Company and its subsidiaries incident to the
operations of its businesses. It is the opinion of management, after
consultation with counsel, that the ultimate resolution of such claims,
lawsuits and pending actions will not have a material adverse effect on the
Company's consolidated financial position, results of operations or liquidity
The last annual report was filed on Feb
10, 2011. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other creditors
about a debtor’s assets used as collateral for a secured transaction by
filing a public notice (financing statement) with a particular filing office.
The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
|
Local credit bureau gave a Correct credit
rate. The company is in Good Standing. This means
that all local and federal taxes were paid on due date. |
|
|
Final Opinion |
|
|
|
This company has been in business for 160
years, it has a staff of 26,200 employees which makes it a large sized
company. There were various litigations found against
and for the company, which do not affect the company's income. The year 2010 has left a overall positive
income for the company, showing that the set back which was produced in the
second half of the year 2008 affecting the production of the year 2009
therefore creating an negative impact on the income for the same year, has
been surpassed. A credit line may be considered for USD
1.500.000 |
SUMMARY
|
|
|
||
|
Profitability |
CORRECT |
Public Records |
NO |
|
Indebtedness |
CONTROLLED |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
|
---- |
NB |
New Business |
---- |
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.