MIRA INFORM REPORT

Report Date :

05.05.2011

IDENTIFICATION DETAILS

Name :	CORNING INC

Formerly Known As :	Corning Glass Works

Registered Office :	One Riverfront Plaza Corning, NY 14831

Financials (as on) :	31.12.2010

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 :

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 :	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

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
Economic Risk	Nil	Branch Situation	Stable

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
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:
	There are various branches at 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:
	AxygenBioScience, 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

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

Income Statement

View: Annual Data

All numbers in thousands

Period Ending		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Total Revenue		6,632,000	5,395,000	5,948,000
Cost of Revenue		3,583,000	3,302,000	3,210,000

Gross Profit		3,049,000	2,093,000	2,738,000

	Operating Expenses
	Research Development	603,000	563,000	627,000
	Selling General and Administrative	1,015,000	881,000	901,000
	Non Recurring	(378,000)	248,000	(321,000)
	Others	8,000	10,000	11,000

	Total Operating Expenses	1,248,000	1,702,000	1,218,000


Operating Income or Loss		1,801,000	391,000	1,520,000

	Income from Continuing Operations
	Total Other Income/Expenses Net	195,000	190,000	62,000
	Earnings Before Interest And Taxes	3,954,000	2,016,000	1,582,000
	Interest Expense	109,000	82,000	59,000
	Income Before Tax	3,845,000	1,934,000	1,523,000
	Income Tax Expense	287,000	(74,000)	(2,405,000)
	Minority Interest	-	-	1,000

	Net Income From Continuing Ops	5,516,000	3,443,000	5,257,000

	Non-recurring Events
	Discontinued Operations	-	-	-
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-


Net Income		3,558,000	2,008,000	5,257,000
Preferred Stock And Other Adjustments		-	-	-

Net Income Applicable To Common Shares		3,558,000	2,008,000	5,257,000

Balance Sheet

View: Annual Data

All numbers in thousands

Period Ending		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008

Assets
Current Assets
	Cash And Cash Equivalents	4,598,000	2,541,000	1,873,000
	Short Term Investments	1,752,000	1,042,000	943,000
	Net Receivables	1,404,000	988,000	670,000
	Inventory	738,000	579,000	798,000
	Other Current Assets	367,000	371,000	335,000

Total Current Assets		8,859,000	5,521,000	4,619,000
Long Term Investments		4,372,000	3,992,000	3,096,000
Property Plant and Equipment		8,943,000	7,995,000	8,199,000
Goodwill		-	-	277,000
Intangible Assets		716,000	676,000	28,000
Accumulated Amortization		-	-	-
Other Assets		153,000	129,000	105,000
Deferred Long Term Asset Charges		2,790,000	2,982,000	2,932,000

Total Assets		25,833,000	21,295,000	19,256,000

Liabilities
Current Liabilities
	Accounts Payable	1,929,000	1,465,000	1,334,000
	Short/Current Long Term Debt	57,000	74,000	78,000
	Other Current Liabilities	-	-	640,000

Total Current Liabilities		1,986,000	1,539,000	2,052,000
Long Term Debt		2,262,000	1,930,000	1,527,000
Other Liabilities		2,159,000	2,231,000	2,186,000
Deferred Long Term Liability Charges		-	-	-
Minority Interest		51,000	52,000	48,000
Negative Goodwill		-	-	-

Total Liabilities		6,458,000	5,752,000	5,813,000

Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		813,000	808,000	804,000
Retained Earnings		6,881,000	3,636,000	1,940,000
Treasury Stock		(1,227,000)	(1,207,000)	(1,160,000)
Capital Surplus		12,865,000	12,707,000	12,502,000
Other Stockholder Equity		43,000	(401,000)	(643,000)

Total Stockholder Equity		19,375,000	15,543,000	13,443,000

Net Tangible Assets		18,659,000	14,867,000	13,138,000

Income Statement

View: Quarterly Data

All numbers in thousands

Period Ending		Dec 31, 2010	Sep 30, 2010	Jun 30, 2010	Mar 31, 2010
Total Revenue		1,765,000	1,602,000	1,712,000	1,553,000
Cost of Revenue		998,000	878,000	885,000	822,000

Gross Profit		767,000	724,000	827,000	731,000

	Operating Expenses
	Research Development	166,000	148,000	144,000	145,000
	Selling General and Administrative	284,000	250,000	246,000	235,000
	Non Recurring	(334,000)	5,000	5,000	(54,000)
	Others	2,000	2,000	2,000	2,000

	Total Operating Expenses	118,000	405,000	397,000	328,000


Operating Income or Loss		649,000	319,000	430,000	403,000

	Income from Continuing Operations
	Total Other Income/Expenses Net	57,000	5,000	66,000	67,000
	Earnings Before Interest And Taxes	1,217,000	828,000	970,000	939,000
	Interest Expense	28,000	29,000	26,000	26,000
	Income Before Tax	1,189,000	799,000	944,000	913,000
	Income Tax Expense	145,000	14,000	31,000	97,000
	Minority Interest	-	-	-	-

	Net Income From Continuing Ops	1,555,000	1,289,000	1,387,000	1,285,000

	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-


Net Income		1,044,000	785,000	913,000	816,000
Preferred Stock And Other Adjustments		-	-	-	-

Net Income Applicable To Common Shares		1,044,000	785,000	913,000	816,000

Balance Sheet

View: Quarterly Data

All numbers in thousands

Period Ending		Dec 31, 2010	Sep 30, 2010	Jun 30, 2010	Mar 31, 2010

Assets
Current Assets
	Cash And Cash Equivalents	4,598,000	3,302,000	3,214,000	3,075,000
	Short Term Investments	1,752,000	1,727,000	1,045,000	798,000
	Net Receivables	1,404,000	1,309,000	1,304,000	1,252,000
	Inventory	738,000	712,000	607,000	604,000
	Other Current Assets	367,000	313,000	290,000	323,000

Total Current Assets		8,859,000	7,363,000	6,460,000	6,052,000
Long Term Investments		4,372,000	5,194,000	4,434,000	4,296,000
Property Plant and Equipment		8,943,000	8,526,000	8,047,000	7,847,000
Goodwill		-	-	-	-
Intangible Assets		716,000	668,000	669,000	674,000
Accumulated Amortization		-	-	-	-
Other Assets		153,000	127,000	120,000	125,000
Deferred Long Term Asset Charges		2,790,000	2,792,000	2,811,000	2,733,000

Total Assets		25,833,000	24,670,000	22,541,000	21,727,000

Liabilities
Current Liabilities
	Accounts Payable	1,929,000	1,669,000	1,433,000	1,255,000
	Short/Current Long Term Debt	57,000	25,000	24,000	23,000
	Other Current Liabilities	-	-	-	-

Total Current Liabilities		1,986,000	1,694,000	1,457,000	1,278,000
Long Term Debt		2,262,000	2,390,000	1,927,000	1,919,000
Other Liabilities		2,159,000	2,119,000	2,115,000	2,177,000
Deferred Long Term Liability Charges		-	-	-	-
Minority Interest		51,000	51,000	50,000	51,000
Negative Goodwill		-	-	-	-

Total Liabilities		6,458,000	6,254,000	5,549,000	5,425,000

Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		813,000	812,000	812,000	811,000
Retained Earnings		6,881,000	5,916,000	5,208,000	4,374,000
Treasury Stock		(1,227,000)	(1,226,000)	(1,224,000)	(1,223,000)
Capital Surplus		12,865,000	12,833,000	12,802,000	12,759,000
Other Stockholder Equity		43,000	81,000	(606,000)	(419,000)

Total Stockholder Equity		19,375,000	18,416,000	16,992,000	16,302,000

Net Tangible Assets		18,659,000	17,748,000	16,323,000	15,628,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.42
Euro	1	Rs.66.04

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.