MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GOODRICH CORPORATION

 

 

Formerly known as :

B.F. GOODRICH COMPANY

 

 

Registered Office :

2730 West Tyvola Road, Four Coliseum Centre,  Charlotte, NC 28217

 

 

Country :

United State

 

 

Date of Incorporation :

02.05.1912

 

 

Legal Form :

Corporation – Profit

 

 

Line of Business :

Supplies aerospace components, systems, and services for the commercial and general aviation airplane, and defense and space markets.

 

 

No. of Employee :

28,000

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United State

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

UNITED STATE 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 was designed to 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 (Fed) 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 below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed, however, would keep short-term rates near zero so long as unemployment and inflation had not crossed the previously stated thresholds. 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.

 

Source : CIA

 

 

Company name and address

 

GOODRICH CORPORATION

 

 

Address:                                   2730 West Tyvola Road, Four Coliseum Centre,

                                    Charlotte, NC 28217 - USA

 

Telephone:                    +1 704-423-7000

 

Fax:                              +1 704-423-7002

 

Website:                                   www.utcaerospacesystems.com

 

Corporate ID#:              30599

 

State:                           New York State

 

Judicial form:                Corporation – Profit

 

Date incorporated:        May 2, 1912

 

Date founded:              1870

 

Stock:                           1,000 shares common

 

Value:                           USD 5= par value

 

Name of manager:         Cynthia E. EGNOTOVICH

 

 

ACTIVITIES & OPERATIONS

 

History:

 

On June 1, 2001, name changed from THE B.F. GOODRICH COMPANY.

 

IST

 

Business:

 

Goodrich Corporation supplies aerospace components, systems, and services for the commercial and general aviation airplane, and defense and space markets primarily in the United States, Europe, Canada, and the Asia Pacific.

 

 

 

 

The company provides a range of actuators, including primary and secondary flight controls, helicopter main and tail rotor actuation, engine and nacelle actuation, utility actuation, precision weapon actuation, and land vehicle actuation products; landing gear systems; and aircraft wheels and brakes.

 

It also offers nacelle components comprising thrust reversers, inlet and fan cowls, nozzle assemblies, exhaust systems, and other structural components; and interior products, such as slides, seating, cargo systems, lighting systems, cabin interior furnishings, and cabin management systems, as well as provides maintenance, repair, and overhaul services. In addition, the company offers engine control systems consisting of fuel metering controls, fuel pumping systems, electronic controls, variable geometry actuation controls, and engine health monitoring systems; and intelligence surveillance and reconnaissance systems that include custom engineered electronics, optics, shortwave infrared cameras and arrays, and electro-optical products and services. Further, it provides aircraft and engine sensors that provide critical measurements for flight control, cockpit information, and engine control systems; and power systems. The company sells its products directly to its customers through internal marketing and sales force.

 

Goodrich Corporation was founded in 1870 and is headquartered in Charlotte, North Carolina.

 

As of July 26, 2012, Goodrich Corp. operates as a subsidiary of United Technologies Corp.

 

Office of the Foreign Assets Control (OFAC):

 

The company is not listed on the OFAC list.

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.

 

Foreign suppliers include:

 

NIKKISO CO., LTD.

20-3, EBISU 4-CHOME, SHIBUYA-KU, TOKYO 150-6022 JAPAN

 

EIN:                  34-0252680

 

Staff:                28,000

 

 

Operations & branches:

 

At the headquarters, we find the corporate office.

 

The Company maintains several branches in the U.S. including the one located:

 

101 Waco Street

Troy, OH 45373

 

 

 

 

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

 

United Technologies Corp.

One Financial Plaza

Hartford, CT 06101 - USA

 

The Company is listed with the NYSE under symbol UTX.

 

Management:

 

Cynthia M. EGNOTOVICH is the CEO.

 

She served as the President of Customer Service of UTC Aerospace Systems of United Technologies Corporation.

 

Ms. Egnotovich has been the President of Customer Service of Goodrich Corp. since July 2012. Ms. Egnotovich served as Segment President of Nacelles and Interior Systems at Goodrich Lighting Systems GmbH since January 2007. Ms. Egnotovich had been Segment President of Nacelles and Interior Systems of Goodrich Corp. since 2007. She served as Vice President and Segment President of Electronic Systems of Goodrich Corp., since 2003 and served as its Segment President of Engine Systems since 2005. Ms. Egnotovich joined Goodrich Corp., in 1986 and served in various positions with the Ice Protection Systems Division, including Controller from 1993 to 1996, Director of Operations from 1996 to 1998 and Vice President and General Manager from 1998 to 2000.

 

She served as Vice President and General Manager of Commercial Wheels and Brakes since 2000. She served as a Vice President of Goodrich Corp. from 2003 to July 2012 and Group President, Engine and Safety Systems since 2002.

 

She has been a Director of The Manitowoc Company, Inc., since July 25, 2008. Ms. Egnotovich holds a Bachelor of Business Administration in Accounting from Kent State University and a Bachelor of Science in Biology from Immaculata College.

 

William DRIES is the CFO.

 

As far as we know, they are involved in several other corporations of the group.

 

 

FINANCIALS

 

The Company was delisted from the NYSE on August 6, 2012.

 

In United States, privately held corporations are not required to publish any financials.

 

On a direct call, a financial assistant controlled the present report.

 

Sales declared for year 2013 is in the range of USD 4 billion.

The business is profitable.

 

The Company won several Federal contracts in 2014.

 

 

Banks:  JPMorgan Chase Bank

 

 

LEGAL FILINGS

 

Legal filings & complaints:

 

As of today date, there are several legal filing pending with various Courts involving the Company as plaintiff or defendant.

 

Secured debts summary (UCC):   Several

 

 

COMPANY CREDIT HISTORY

 

Trade references:

 

Date reported:               December 2014

High credit:                   USD 100,000+

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Office supply

Paying status:               On terms

 

Date reported:               December 2014

High credit:                   USD 35,000,000+

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Payroll

Paying status:               As agreed

 

Date reported:               December 2014

High credit:                   USD 8,000

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Telecommunications

Paying status:   On terms

 

 

Domestic credit history:

 

National Credit Bureaus gave a satisfying credit rating.

 

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

 

 

International credit history:

 

Payments of imports are currently made on terms.

 

 

Other comments:

 

The Company is developing a strong business.

 

The bank confirmed a regular account.

 

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

 

The risk is low.

 

 

Our opinion:

 

A business connection may be conducted.


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.63

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

ANK

 


 

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%)

 

 

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