MIRA INFORM REPORT

Report No. :	505232
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	INTERFACE PERFORMANCE MATERIALS, INC.
Formerly Known As :	ARMSTRONG CORK CO
Registered Office :	Corporation Trust Center 1209 Orange St, Wilmington, New Castle, De, 19801
Country :	United States
Financials (as on) :	2016
Date of Incorporation :	1911
Legal Form :	Corporation
Line of Business :	Subject manufactures and markets sealing (gasket engineered composite materials), thermal management, electrical barrier, and specialty materials
No. of Employees :	400 (500 worldwide)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	--

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

STATUTORY INFORMATION
Legal Name:	INTERFACE PERFORMANCE MATERIALS, INC.
Trade Names:	Interface
ID:	3462695
Date Created:	1911
Date Incorporated:	12/20/2001
Legal Address:	CORPORATION TRUST CENTER 1209 ORANGE ST, WILMINGTON, NEW CASTLE, DE, 19801, USA
Operative Address:	216 Wohlsen Way, Lancaster, PA 17603, USA
Telephone:	800.942.7538
Fax:	717-207-6080
Legal Form:	CORPORATION
Email:	-
Registered in:	DELAWARE
Website:	www.interfacematerials.com
Contact:	Victor Swint – Chief Executive Officer
Staff:	400 (500 worldwide)
Activity:	SIC Code 3053, Gaskets, Packing, and Sealing Devices NAICS Code 339991, Gasket, Packing, and Sealing Device Manufacturing
Banks:	BANK OF AMERICA
History
The company started selling gaskets in 1911 as Armstrong Cork Co. and changed to its current name in 2015. It is based in Lancaster, Pennsylvania with additional offices worldwide.
Parent Company:	The company operates as a subsidiary of: Wind Point Partners 676 North Michigan Avenue Suite 3700 Chicago, IL 60611 United States
PRINCIPAL ACTIVITY
Interface Performance Materials, Inc. manufactures and markets sealing (gasket engineered composite materials), thermal management, electrical barrier, and specialty materials
Products/Services description:	The company provides its products for light, commercial, off highway, and power, sports and recreational vehicle industries; industrial and manufacturing sectors; and consumer and aftermarket product markets. It serves customers through a network of distribution centers in the United States and internationally.
Brands:	INTERFACE
Sales are:	Wholesale
Clients:	Industrial Rubber And Gasket S.A. De C.V. TRIMURTI ENTERPRISES Caterpillar John Deere General Motors
Suppliers:	Qingdao Junfeng Industry Company Interface Performance Materials TEIJIN ARAMID BV
Operations area:	National and international
The company imports from	CHINA, GERMANY, NETHERLANDS
The company exports to	MEXICO, INDIA
The subject employs	400 employees (500 worldwide)
Payments:	Regular
LOCATION
Headquarters :	216 Wohlsen Way, Lancaster, PA 17603
Comments on Address:	-
Branches:	North American Sales Office 22260 Haggerty Road, Suite 200, Northville, MI 48267
Related Companies:	France - Regional Office Lili Pean, Le Bourg, Bonloc 64240 France Germany - Regional Office P.O. Box 12 63 Koblenzer Strasse, Altenkirchen D-57610 Germany China – Regional Office Unit 14F, No. 728 Yan An Road West, Changning District Shanghai 200050 China
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. The following information has been provided by private sources: The company operates as a subsidiary of: Wind Point Partners 676 North Michigan Avenue Suite 3700 Chicago, IL 60611 United States This information was confirmed by the company.
Management:	Victor Swint – Chief Executive Officer Robert Rathsam – Chief Financial Officer Krishna Venkataswamy – Chief Technology Officer
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	164.980.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	Lightweight thermal shield Patent number: 9297596 Abstract: A method of making a lightweight thermal shield that includes obtaining a mold having a shaped support screen with a molding surface configured to allow the passage of air and moisture therethrough, and with the mold being adapted for drawing a vacuum from behind the support screen. The method also includes applying a wet insulation material onto the molding surface of the support screen and drawing a vacuum to withdraw moisture through the support screen and consolidate a layer of insulation material on top the molding surface. The method further includes removing the consolidated layer of insulation material from off the molding surface, installing the consolidated layer of insulation material into an outer shell layer, and drying the consolidated layer of insulation material within the outer shell layer to form a lightweight core insulation layer. Type: Grant Filed: February 21, 2014 Date of Patent: March 29, 2016 Assignee: Interface Performance Materials, Inc. Inventors: Brian C. Lehr, Jeffery L. Barrall, John S. Forry Lightweight thermal shield Patent number: 9784404 Abstract: A method of making a lightweight thermal shield that includes obtaining a mold having a shaped support screen with a molding surface configured to allow the passage of air and moisture therethrough, and with the mold being adapted for drawing a vacuum from behind the support screen. The method also includes applying a wet insulation material onto the molding surface of the support screen and drawing a vacuum to withdraw moisture through the support screen and consolidate a layer of insulation material on top the molding surface. The method further includes removing the consolidated layer of insulation material from off the molding surface, installing the consolidated layer of insulation material into an outer shell layer, and drying the consolidated layer of insulation material within the outer shell layer to form a lightweight core insulation layer. Type: Grant Filed: January 7, 2016 Date of Patent: October 10, 2017 Assignee: Interface Performance Materials, Inc. Inventors: Brian C. Lehr, Jeffery L. Barrall, John S. Forry Gasket with high temperature coating Patent number: 9486833 Abstract: A method of making a gasket having a high temperature coating that includes obtaining a substrate formed from a metallic material and having the shape of a gasket, applying a nanoparticle suspension over the outer surfaces of the substrate, and heating the substrate to a first elevated temperature to form an undercoat layer of a self-protective oxide coating. The method also includes applying a liquid comprising boron nitride over the undercoat layer and drying the boron nitride liquid at a second elevated temperature to form an overcoat layer. Type: Grant Filed: February 7, 2014 Date of Patent: November 8, 2016 Assignee: Interface Performance Materials, Inc. Inventors: Jeffery L. Barrall, Brian C. Lehr Thermal interface materials and methods for making thereof Patent number: 8404768 Abstract: A thermal interface material is constructed from a base matrix comprising a polymer and 5 to 90 wt. % of boron nitride filler having a platelet structure, wherein the platelet structure of the boron nitride particles are substantially aligned for the thermal interface material to have a bulk thermal conductivity of at least 1 W/mK. Type: Grant Filed: January 9, 2008 Date of Patent: March 26, 2013 Assignee: Momentive Performance Materials Inc. Inventors: Ramamoorthy Ramasamy, Gregory W. Shaffer, Paulo Meneghetti Press-in place gaskets and fabrication methods Patent number: 9568102 Abstract: Gasket stock is disclosed having a rectangular metal core that is readily bendable in one direction and a deformable rubberized jacket coextruded with and encasing the metal core. A method of fabricating the gasket stock through a coextrusion process is disclosed. A method also is disclosed for forming a press-in-place gasket with the method including obtaining bendable gasket stock, incrementally advancing the gasket stock to predetermined positions in a bender, and bending the gasket stock at the predetermined positions along its length to form a desired shape of the press-in-place gasket. The bender is controlled by a computer to form the shape of the gasket according to a CAD or other electronic file. Finally, a method of supplying press-in-place gaskets and accommodating design changes of such gaskets is disclosed. Type: Grant Filed: November 19, 2013 Date of Patent: February 14, 2017 Assignee: Interface Performance Materials, Inc. Inventor: Jeffery Barrall
GOVERNMENT CONTRACTS	No found.
CASES	THE CHARTER OAK FIRE INSURANCE COMPANY et al v. INTERFACE PERFORMANCE MATERIALS, INC. et al Plaintiff: THE CHARTER OAK FIRE INSURANCE COMPANY and ST. PAUL FIRE AND MARINE INSURANCE COMPANY Defendant: INTERFACE PERFORMANCE MATERIALS, INC., INTERFACE SOLUTIONS, INC., NEW ISI, INC., JAMES DIETZ, JOHN K. LALLO, JR., MELISSA LALLO-JOHNSON, ERICA HOAR and SAMANTHA LALLO Case Number: 5:2017cv04685 Filed: October 19, 2017 Court: Pennsylvania Eastern District Court Office: Allentown Office County: Outside the State of PA. Presiding Judge: JEFFREY L. SCHMEHL Nature of Suit: Insurance Cause of Action: 28:2201 Jury Demanded By: None DIETZ et al v. AVCO CORPORATION et al Plaintiff: JAMES DIETZ, JOHN K. LALLO, JR., MELISSA LALLO-JOHNSON, ERICA HOAR and SAMANTHA LALLO Defendant: AVCO CORPORATION, LYCOMING ENGINES, AVCO LYCOMING-TEXTRON WILLIAMSPORT, CONTINENTAL MOTORS, INC., TELEDYNE CONTINENTAL MOTORS, INC., BENDIX CORPORATION, UNISON INDUSTRIES, LLC, UNISON INDUSTRIES, INC., ALLIED-SIGNAL, INC., HONEYWELL INTERNATIONAL, INC., INTERFACE PERFORMANCE MATERIALS, INC., INTERFACE SOLUTIONS, INC., NEW ISI, INC. and QUALITY AIRCRAFT ACCESSORIES, INC. Case Number: 5:2015cv04324 Filed: August 5, 2015 Court: Pennsylvania Eastern District Court Office: Allentown Office County: Lycoming Presiding Judge: LAWRENCE F. STENGEL Nature of Suit: Airplane Product Liability Cause of Action: 28:1442 Jury Demanded By: None
TRADEMARKS	PUREGUARD Heat and acoustical composite insulating material for automobiles and machinery Owned by: Interface Performance Materials, Inc. Serial Number: 87379161
RENEWAL HISTORY	No records found.
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
Founded in 1911 Interface Performance Materials Inc. is an organization in the Gasket and Packing Industry headquartered in Lancaster, PA. The company has 400 regular employees and generates an estimated $164.9 million USD in annual revenue. The company operates nationally and internationally, mainly exporting to Mexico and India. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	John
POSITION	Sales
COMMENTS	He confirmed the name of the parent company, the address of the headquarters and location, the date of creation of the company, the number of employees and the name of the Chief Executive Officer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05
USD	1	INR 66.94

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

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.