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Report No. : |
336979 |
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Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
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Name : |
J.W. HARRIS CO., INC. |
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Registered Office : |
4501 Quality Place, Mason, OH 45040 |
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Country : |
United States |
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Year of Establishment : |
1914 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Designs, Develops, and Manufactures of Brazing, Soldering, Welding,
Cutting, and Gas Distribution Equipment and Consumables. |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC
OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $54,800. 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, they 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 nearly 55% 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.
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, 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 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 2014, the direct costs of the wars totaled more than $1.5 trillion, 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 dropped below 6.5% or inflation rose 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 ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began in 2008; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increase.
|
Source
: CIA |
Your order on: THE HARRIS PRODUCTS GROUP
This is a registered fictitious name used by:
Company name: J.W. HARRIS CO., INC.
Address: 4501 Quality Place, Mason,
OH 45040 - USA
Telephone: +1
513-754-2000
Fax: +1 513-754-8700
Website: www.harrisproductsgroup.com
Corporate ID#: 341589
State: Ohio
Judicial form: Corporation – Profit
Date incorporated: 06-29-1965
Date founded: 1914
Stock: 3,000
shares common
Value: No
par value
Name of manager: David
J. NANGLE
Business:
J.W. Harris Co., Inc., doing business as The Harris Products Group,
designs, develops, and manufactures brazing, soldering, welding, cutting, and
gas distribution equipment and consumables.
It specializes in gas welding and cutting equipment, industrial and
specialty gas regulation equipment, gas distribution systems, brazing and
soldering alloys, and welding alloys; and pre-formed bends, rings, and return
bends.
The company offers lead-free and lead-bearing solders; spooled wire and coil
welding products; preforms and rings for manufacturing applications; and filler
metals for copper, brass, aluminum, and steel.
It also provides machines for cutting applications; pressure regulation,
flow control, and accessories for medical applications; accessories for
welding, cutting, brazing, and allied processes; gas pressure and flow control
for welding, cutting, and allied processes; tips, mixers, tubes, and torches
for cutting, welding, brazing, and heating; specialty gas pressure and flow control
for laboratory, laser, and high purity gas applications; and training services.
The company serves HVAC/R and plumbing, gas distribution, OEM, and metal
fabrication industries. It sells its products through distributors in the
United States, Canada, and internationally.
The company was founded in 1914 and is headquartered in Mason, Ohio.
It operates manufacturing facilities in Mason, Ohio; Gainesville,
Georgia; Dzierzonow, Poland; and Sao Paulo, Brazil.
As of April 29, 2005, J.W. Harris Co., Inc. operates as a subsidiary of
Lincoln Electric Holdings Inc.
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:
SHANGHAI CIMIC WELDING CONSUMABLES CO., LTD.
3757 SHANGNAN ROAD SHANGHAI 200124 CHINA
EIN: 31-0713399
Staff: 350
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains
branches located in Gainesville, Georgia;
Dzierzonow, Poland; and Sao Paulo, Brazil.
Shareholders:
LINCOLN ELECTRIC HOLDINGS,
INC.
22801 Saint Clair Avenue,
Cleveland, OH 44117
(Listed with the Nasdaq
under symbol LECO)
Management:
David J. NANGLE is the President, Director and CEO.
Mr. Nangle has been Senior Vice President and President of Harris Products
Group at Lincoln Electric Holdings Inc since February 19.2014.
He served as Vice President and Group President of Brazing, Cutting and
Retail Subsidiaries for Lincoln Electric Company at Lincoln Electric Holdings
Inc. since January 12, 2006. Mr. Nangle began his Lincoln career in 1979,
working in Lincoln Electric Company's Cleveland manufacturing plant. He joined
Lincoln's Sales Training Program in 1981 and served several sales and sales
management positions of increasing responsibility within Lincoln's U.S. sales
organization, including District Sales Manager in Denver and San Francisco and
Distributor Sales Manager in 1995. He served as President of Harris Calorific,
Inc. since 1999 and Welding, Cutting, Tools and Accessories (WCTA), Inc. since
2003, a Lincoln's retail subsidiary. He served as President of J.W. Harris Co.,
Inc. since May 2005, which Lincoln acquired in April 2005.
Mr. Nangle earned a degree in Business Administration from Roanoke
College and an MBA from California State University, Fresno.
Robert NELSON is the Controller.
Subsidiaries and partnership:
None
On July 27, 2015, the Company announced unaudited earnings results for
the second quarter and six months ended June 30, 2015.
For the quarter, the company reported net sales of $71,812,000 against
$77,419,000 a year ago. EBIT was $8,250,000 against $7,178,000 a year ago.
EBIT, as adjusted was $8,250,000 against $7,178,000 a year ago.
For the six months, the company reported net sales of $141,628,000
against $149,890,000 a year ago.
EBIT was $15,799,000 against $13,236,000 a year ago.
EBIT, as adjusted was $15,799,000 against $13,236,000 a year ago.
Banks: US Bank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: OH00168826455
Date filed: 07-16-2013
Lapse date: 07-16-2018
Secured Party: US Bank Equipment Finance
File number: OH00168371622
Date filed: 06-27-2013
Lapse date: 06-27-2018
Secured Party: US Bank Equipment Finance
File number: OH00117204618
Date filed: 07-13-2007
Lapse date: 07-13-2017
Secured Party: Irwin Commercial Finance Corp.
File number: AM28008
Date filed: 11-08-1995
Lapse date: 11-08-2020
Secured Party: Haraeus Precious Metals Management Inc.