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MIRA INFORM REPORT
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Report No. : |
502567 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CORNING PHARMACEUTICAL GLASS, LLC |
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Registered Office : |
251 Little Falls Drive, Wilmington, New Castle, De, 19808, USA |
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Country : |
United States |
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Date of Incorporation : |
10.03.2015 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject supplies glass tubing and glassware to the pharmaceutical
packaging industry. |
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No. of Employees : |
185 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with
a per capita GDP of $59,500. US firms are at or near the forefront in technological
advances, especially in computers, pharmaceuticals, and medical, aerospace, and
military equipment; however, their advantage has narrowed since the end of
World War II. Based on a comparison of GDP measured at purchasing power parity
conversion rates, the US economy in 2014, having stood as the largest in the
world for more than a century, slipped into second place behind China, which
has more than tripled the US growth rate for each year of the past four
decades.
In the US, 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, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US 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.
The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially
the rise of low-wage producers such as China, has put additional downward
pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a
major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices
since 2013 have alleviated many of the problems the earlier increases had
created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, the US Congress established a $700 billion Troubled Asset
Relief Program (TARP) in October 2008. 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, Congress passed
and former 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. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will
have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient
Protection and Affordable Care Act (ACA), a health insurance reform that was
designed to extend coverage to an additional 32 million Americans by 2016,
through private health insurance for the general population and Medicaid for
the impoverished. Total spending on healthcare - public plus private - rose
from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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 dropped below 6.5% or inflation rose above 2.5%. The
Fed ended its purchases during the summer of 2014, after the unemployment rate
dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of
GDP. In December 2015, the Fed raised its target for the benchmark federal
funds rate by 0.25%, the first increase since the recession began. With
continued low growth, the Fed opted to raise rates several times since then,
and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the
Tax Cuts and Jobs Act, which, among its various provisions, reduces the
corporate tax rate from 35% to 21%; lowers the individual tax rate for those
with the highest incomes from 39.6% to 37%, and by lesser percentages for those
at lower income levels; changes many deductions and credits used to calculate
taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do
not obtain the minimum amount of health insurance required under the ACA. The
new taxes took effect on 1 January 2018; the tax cut for corporations are
permanent, but those for individuals are scheduled to expire after 2025. The
Joint Committee on Taxation (JCT) under the Congressional Budget Office
estimates that the new law will reduce tax revenues and increase the federal
deficit by about $1.45 trillion over the 2018-2027 period. This amount would
decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
CORNING PHARMACEUTICAL GLASS, LLC |
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Trade Names: |
CORNING PHARMACEUTICAL GLASS, LLC |
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ID: |
5706876 |
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Date Created: |
2015 |
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Date Incorporated: |
3/10/2015 |
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Legal Address: |
251 Little Falls Drive, Wilmington, New Castle, De, 19808, USA |
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Operative Address: |
563 Crystal Avenue Vineland, NJ 08360, U.S.A. |
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Telephone: |
+1-856-794-7100 |
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Fax: |
- |
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Legal Form: |
Limited Liability Company |
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Email: |
cpginfousa@corning.com |
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Registered in: |
DELAWARE |
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Website: |
www.corning.com/worldwide/en/products/pharmaceutical-technologies.html |
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Contact: |
Brad Boersen - Board Chairman |
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Staff: |
185 |
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Activity: |
SIC Code 3229, Glassware NAICS Code 327212, Other Pressed and Blown Glass and Glassware
Manufacturing |
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Banks: |
BANK OF AMERICA |
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History: |
The company was founded in 2015. The company operates as a division of
Corning Incorporated. |
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Parent Company: |
The major holder of this company is: Corning Incorporated One Riverfront Plaza Corning, NY 14831 United States |
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Key Developments: |
Gerresheimer
Will Sell Tubing Operations to Corning - Both Will Form a Joint Venture to
Accelerate Innovations for Pharmaceutical Glass Packaging Market Jun 30, 2015,
02:06 ET from Gerresheimer AG In line with its strategy to focus on packaging solutions for its
pharmaceutical customers, Gerresheimer today announced that it will sell its
glass tubing business to Corning Incorporated. Glass tubing is an
intermediate product which Gerresheimer manufactures mainly for its own
plants, where those tubes are used to manufacture ampoules, vials, cartridges
and glass syringes. To a lesser extent Gerresheimer sells tubing to external
customers. Gerresheimer and Corning enter into a 10-year-supply agreement for
borosilicate glass tubes that secures Gerresheimer's high demand for glass
tubing. Corning, with its strong expertise in glass, materials sciences and
material innovation, is well-positioned to manufacture and further develop
highest-quality glass tubing for the pharmaceutical packaging industry. In
addition both companies will establish a joint venture to accelerate
innovations for the pharmaceutical glass packaging market. New Jersey EDA
Awards Corning Pharmaceutical Glass $8.3M June 28, 2016 The New Jersey Economic Development Authority (EDA) recently voted to
approve a 10-year, $8.3 million Grow NJ award for Corning Pharmaceutical
Glass LLC located in Vineland, NJ. The EDA administers the
legislatively-created Grow NJ program, the primary program for job creation
under the Economic Opportunity Act (EOA) of 2013. “Corning would like to thank the New Jersey EDA for the Grow NJ award
and the Vineland Economic Development Department for their strong leadership
and support,” said Brad Boersen, board chairman, Corning Pharmaceutical
Glass, LLC. “We see this as a tremendous opportunity to expand our portfolio
by leveraging our corporation’s core technologies, which would not be
possible without our skilled workforce in the Vineland community.” |
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PRINCIPAL
ACTIVITY
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Corning Pharmaceutical Glass supplies glass tubing and glassware to
the pharmaceutical packaging industry. |
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Products/Services description: |
The Company provides gorilla glasses, display glasses, and related optical
products |
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Brands: |
CORNING |
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Sales are: |
Wholesale |
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Clients: |
Gerresheimer Queretaro S.A. Rosa Imp. & Exp. |
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Suppliers: |
Corning Pharmaceutical Glass Spa |
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Operations area: |
National and International |
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The company imports from |
ITALY |
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The company exports to |
MEXICO INDIA |
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The subject employs |
185 employees |
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Payments: |
Slow but correct |
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LOCATION
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Headquarters : |
563 Crystal Avenue Vineland, NJ 08360, U.S.A |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
Corning Pharmaceutical Glass S.p.A. Via Montelungo, 4 56122 Pisa, Italy |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The major holder of this company is: Corning Incorporated One Riverfront Plaza Corning, NY 14831 United States |
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Management: |
Brad Boersen - Board Chairman David Watson – Vice President Jason Dean - Plant Controller William Lamanteer - Manager of Sales and Marketing Matthew Simon - Logistics Manager William McBride - Purchasing Agent Jason Parker - Engineering Project Manager David Neal - Sr Controls Engineer Susan Britton - Commercial Business Director John Heery - Process Engineering Supervisor Bing Q. Hu - Finance Plant Controller Robert LaMastro - Senior Engineer |
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FINANCIAL
INFORMATION
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The company is a division of Corning
Incorporated. Thus, we attach last financial statements of the parent
company. |
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LEGAL
FILINGS
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CASES |
No found. |
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RENEWAL HISTORY |
No records found. |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 2015, Corning Pharmaceutical Glass LLC is an organization
in the Other Pressed and Blown Glass and Glassware Manufacturing Industry
headquartered in Vineyard, New Jersey. The company has 185 regular employees. It operates nationally and internationally, mainly importing from
Italy. It is ACTIVE in business with high credit risk and negative income in
its parent company’s financial statements. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but correct |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
- |
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POSITION |
- |
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COMMENTS |
We called number +1-856-794-7100 several times and received no answer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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US Dollar |
1 |
INR 65.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.