|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORNING CABLE SYSTEMS LLC |
|
|
|
|
Registered Office : |
800 17th Street NW, Hickory, NC 28603 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
25.11.1997 |
|
|
|
|
Legal Form : |
LLC |
|
|
|
|
Line of Business : |
Develops and manufactures fiber optic cable, and fiber optic and copper cable hardware and equipment for telecommunications networks |
|
|
|
|
No. of Employees : |
8,300 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
Source
: CIA
Company name: CORNING CABLE SYSTEMS LLC
Address: 800 17th
Street NW, Hickory, NC 28603 - USA
Telephone: +1
828-901-5000
Fax: +1 828-325-5060
Website: www.corning.com/cablesystems
Corporate ID#: 00443538
State: North Carolina
Judicial form: LLC
Date incorporated: 11-25-1997
Stock: -
Value: -
Name of manager: Clark
S. KINLIN
Business:
Corning Cable Systems LLC develops and manufactures fiber optic cable,
and fiber optic and copper cable hardware and equipment for telecommunications networks.
The company offers frames, cabinets, terminals, network interface devices,
splice and test equipment, cable assemblies, and fiber optic and copper
connectors, as well as provides network services internationally.
The company’s products include FlexNAP terminal distribution system;
central office solutions; ClearCurve solutions for multidwelling units (MDUs);
and LANScape solutions bill of materials tools. The company customer-focused
solutions include cables, connectors, and related hardware; and network
services, such as network design, project management, installation and
maintenance, equipment rental, and training programs.
The company offers its products for carrier networks and enterprise
networks.
The company was founded in 1977 and is headquartered in Hickory, North
Carolina.
It has locations in Australia, China, Denmark, Germany, Italy, Japan,
Mexico, Poland, Singapore, Spain, Turkey, the United Kingdom, the United Arab
Emirates, and the United States.
As of December 8, 1999, Corning Cable Systems LLC operates as a
subsidiary of Corning Inc.
Suppliers include:
CORNING CABLE SYSTEMS PTY LTD
74-84 Main Road, Clayton Australia
EIN: -
Staff: 8,300
Operations & branches:
At the headquarters, we
find the corporate office.
The Company maintains
several factories in the U.S. including the one located:
3180 Centre Park Blvd, Winston Salem, NC 27107
Ph: +1 336-771-8000
Fx: +1 336-771-8062
Shareholders:
CORNING INC.
1 Riverfront Plz, Corning,
NY 14831
Corning Incorporated produces and sells specialty glasses, ceramics, and
related materials worldwide.
The Company is listed with the NYSE under symbol GLW.
Management:
Clark S. KINLIN is the Manager.
Clark S. KINLIN has been an Executive Vice President of Corning
Telecommunications Business Group of Corning Inc. since August 1, 2012.
Mr. Kinlin has been the Chief Executive Officer and President of Corning
Cable Systems LLC, a subsidiary of Corning Inc. since April 1, 2008 and as its
Chief Operating Officer since May 6, 2007. He serves as Executive Vice
President of Corning Telecommunications Business Group for Corning Cable
Systems LLC.
He has been a Vice President of Corning Optical Fiber Gmbh & Co. Kg
since August 2012. From 2003 to 2007, Dr. Kinlin served as General Manager of
Corning China. Since joining Corning in 1981, he has served leadership roles in
several global organizations, including telecommunications products, consumer
products and Corning International.
He has led the growth of its businesses in China.
He served as Senior Vice President of Sales and Marketing at WKI Holding
Co. Inc. since April 1, 1998. He served as Vice President of Sales and
Marketing of WKI Holding Co. Inc. since September 1997, and as its Vice
President of Marketing from 1995 to 1997. From 1993 to 1995, he served as
Director of Retail Development at WKI Holding Co. Inc., and as Manager of Sales
and Marketing of Corning's Telecommunications Products Division from 1990 to
1993. He serves as a Director of the National Bureau of Asian Research and as a
Trustee of Elmira College.
Dr. Kinlin received his undergraduate degree from Kenyon College in Ohio
and his Masters degree in Business Administration from Harvard University.
R. Tony TRIPENY is the Accounting Manager.
As far as we know, they are involved in several other corporations of
the group.
In United States and
Canada, privately held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent company which reported the
following:
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
TOTAL REVENUES |
5,395.0 |
6,632.0 |
7,890.0 |
8,012.0 |
|
|
NET INCOME |
2,008.0 |
3,558.0 |
2,805.0 |
1,728.0 |
|
Banks: JPMorgan Chase Bank
Bank of America
Legal filings & complaints:
State: North Carolina
Case number: 5:12-cv-00115-RLV-DCK
Plaintiff: Tawanda Sailem
Defendant: Corning Cable Systems, LLC et al
Richard Voorhees, presiding
David Keesler, referral
Date filed: 08/13/2012
Date of last filing: 11/08/2012
Cause: Job discrimination
Secured debts summary (UCC):
Several