MIRA INFORM REPORT

 

 

 

Report Date :           

30.07.2011

 

IDENTIFICATION DETAILS

 

Name :

THE HARRIS PRODUCTS GROUP

 

 

Registered Office :

4501 Quality Pl, Mason  Oh  45040

 

 

Country :

United States 

 

 

Date of Incorporation :

12.04.2006

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Welding and Cutting Apparatus and Accessories

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 


Comments on the rating:

A Credit line maybe considered

                                                                                                                                      

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Medium

 

 

IDENTIFICATION

 

Ordered as:

The Harris Products Group

Address in the order:

4501 Quality Place Mason OH 45040-1971

Comments on data supplied:

The address given by the client is for the legal and operative address.

Legal Name:

The Harris Products Group

 

 

Legal Address

4501 QUALITY PL 

MASON  OH  45040

 

 

Telephone:

(513) 754  2000     

1615674 :

1615674

Fax:

(513) 754  8778

Legal Form:

Corporation for Profit

Email:

NA

Registered in:

Ohio

Website:

www.harrisproductsgroup.com

Date Created:

2006

Manager:

David Nangle, Ceo

Date Incorporated:

April ,12, 2006

Staff:

250 - 499

Stock:

NA

 

 

Value:

NA

Activity:

Welding and Cutting Apparatus and Accessories

 

 

BANKS

 

Name of the Bank

Bank of America

 

BUSINESS

 

HISTORY

 

The Harris Products Group is a world leader in metal working products used in the brazing, soldering, welding, cutting and gas distribution industries. The company was formed in 2006 with the merger of Harris Calorific, Inc., a manufacturer of gas welding and cutting equipment and gas regulation and distribution systems, and the J.W. Harris Co., a manufacturer of brazing and soldering alloys and welding consumables.

 

Recognizing the complementary product offerings that both Harris Calorific and J.W. Harris had to offer, Lincoln Electric acquired both companies. In 1990, Lincoln Electric purchased Harris Calorific from Emerson Electric. And in 2005, the global company purchased the privately-held J.W. Harris. With headquarters in Cleveland, Ohio, Lincoln Electric has manufacturing operations, joint ventures and alliances in 18 countries and a worldwide network of distributors and sales offices covering more than 160 countries.

 

PRINCIPAL ACTIVITY

 

Designs, develops, and manufactures gas apparatus equipment, soldering, brazing, and welding consumables.

 

 

Products/Services description:

 

Products include brazing, welding, cutting, and consumables (wire, flux, solder), medical regulators, tips, and torches.

Brands:

 

Dynaflow®

Blockade®,

Brastak

Stay-Silv®

Among others

 

 

 

Operations area:

 

National, International

Trade References:

 

Despite our efforts we were unable to confirm any trade reference.

The subject employs 250-499 employee(s)

PAYMENTS

 

regular

Comments on location:

 

It is based in Ohio, and have facilities in  Mexico, Germany, Italy, and Poland, and a distribution center in Spain.



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The Harris Products Group is a wholly-owned subsidiary of :

 

The Lincoln Electric Company,

22801 St. Clair Ave.

Cleveland, OH

 

44117

Management:

 

President and CEO David Nangle

 

Director Finance

and Operations    Monte Schaefer

 

VP Sales          Gregory Langston

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

 

Currency

DATE

USD

2010

Turnover

$50 to 100 million


Comments on the financial data
The company’s 2007 financials were not confirmed at this time.

 

Legal Fillings

 There are no UCC** files listed with the Secretary of State of Ohio.

 

There are no legal filings listed with the District Court.

 

The last annual report was filed on 2010.

 

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  medium  credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This is a medium company, with 5 years of operations.

 

The company is a subsidiary of The Lincoln Electric Company, which is as established group.

 

The turnover is correct for its size.

 

Therefore a credit line may be granted for USD 500,000.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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.