MIRA INFORM REPORT

 

 

Report Date :

31.03.2011

 

IDENTIFICATION DETAILS

 

Name :

CORNING GILBERT INC. (CORNING)

 

 

Registered Office :

2711 Centerville Road Suite 400 Wilmington New Castle De 19808

 

 

Country :

United States

 

 

Date of Incorporation :

05.01.1989

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

RF coaxial-connectivity manufacturer

 

 

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 1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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


Economic Risk: Nil

Currency: USD

Branch Situation:Stable

 

 

IDENTIFICATION

 

Address in the order:

5310 W Camelback Road Glendale AZ85301 7597

Comments on data supplied:

Please note that the correct headquarters` address of the company is listed below.

Legal Name:

CORNING GILBERT INC. (CORNING)

Trade Name:

CORNING

Legal Address

2711 CENTERVILLE ROAD SUITE 400 WILMINGTON NEW CASTLE DE 19808, USA (incorporators)

Operative Address

5310 West Camelback Rd. Glendale, AZ 85301, USA (headquarters)

Telephone:

(623) 245-1050

ID :

2183549

Fax:

(623) 939-3538

Legal Form:

Corporation for Profit

Email:

info-gilbert@corning.com

Registered in:

Delaware

Website:

www.corning.com/corninggilbert

Date Created:

1957

Manager:

Steve Karaffa, PRESIDENT

Date Incorporated:

January 5th, 1989

Staff:

400 (At group Level)

Stock:

37,500

 

 

Value:

0.01 USD

Activity:

RF coaxial-connectivity manufacturer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKS

 

Name of the Bank

Citibank

 

Name of the Bank

JP Morgan Chase

 

Name of the Bank

Bank of America

 

 

BUSINESS

 

HISTORY

 

The company was founded in 1957.

PRINCIPAL ACTIVITY

 

The company operates as a coaxial connectivity company which manufactures connectors for cable television, broadband communication systems, microwave interconnects, original equipment manufacturers products, and wireless applications.

Products/Services description:

 

The company offers adapters, theft proof terminators, cable assemblies, compression connectors, coring tools, center conductor cleaning tools, drop installation tools, test and lab connectors, heat shrink tubing, hard-line and drop connectors, and microwave frequency connectors, as well as coaxial, trunk, and distribution connectors.

Sales are:

 

Wholesale

Brands:

 

SGMS

GPO

GPPO

G3PO

Clients:

 

It serves various markets, such as communications, transportation, and navigation markets, including cellular telephone, data communication, and information processing systems; aerospace and military electronics; and automotive, satellite, and industrial applications.

Operations area:

 

National, Local

The company does not export

The subject employs 400 employee(s)

Comments on staff:

 

Number of employees at group level

PAYMENTS

 

made on a 50 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The legal address of the company is that of the registered officer: 2711 Centerville Road Suite 400 Wilmington New Castle, DE 19808, USA.

 

However, the company is headquartered at: 5310 West Camelback Road Glendale, AZ 85301, USA

Comments on location:

 

The company is incorporated in Delaware for tax purposes. However, it is headquartered in Arizona.



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is privately held by Corning Inc. a publicly traded company at NYSE under the symbol "GLW".

 

Corning Inc.

One Riverfront Plaza

Corning, NY 14831

United States - Map

Phone: 607-974-9000

Fax: 607-974-8091

Website: http://www.corning.com

 

 

 

Management:

 

Steve Karaffa, President

Bill Morris, Administrator

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted Ms. Garbes, Accounting Department, who refused to provide us any financial data without knowing the name of the inquiring party.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency

DATE

 

USD

2010 (Consolidated from Mother Company)

 

Turnover

6,632,000,000

 

Operating Income

1,801,000,000

 

Net Income

3,558,000,000

 

Current Assets

8,859,000,000

 

Fixed Assets

16,974,000,000

 

Net worth

19,375,000,000

 

Liabilities

2,319,000,000

 

The cash flow is

normal

 

Currency

DATE

USD

2009 (Consolidated from Mother Company)

Turnover

5,395,000,000

Operating Income

391,000,000

Net Income

2,008,000,000

Current Assets

5,521,000,000

Fixed Assets

15,774,000,000

Net worth

15,595,000,000

Liabilities

2,004,000,000

The cash flow is

Normal



 



 

 

 

 

 

 

 



Legal Fillings

 There are 5 UCC files listed with the Secretary of State of Arizona.

 

There are no legal filings listed with the District Court.

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

For information:

 

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 is a medium sized American company. It has been in business for 53 years and has a staff of 400 employees at group level.

 

A credit line may be considered for USD 1,000,000

 



 

 



SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public Records

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Ms. Garbes

Position

 

Accounting Department

Comments

 

The person contacted provided the following information:

 

Address

President`s name

Creation date

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.71.69

Euro

1

Rs.63.02

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.