MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECTRUM BOOKS LIMITED |
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Registered Office : |
Spectrum House, Ring Road, Ibadan, Oyo State |
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Country : |
Nigeria |
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Date of Incorporation : |
12th June 1988 |
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Com. Reg. No.: |
RC: 25069 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Printing & publishing services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: SPECTRUM BOOKS LIMITED
REGISTERED NAME: SPECTRUM BOOKS LIMITED
REGISTERED ADDRESS: 21, New Court Road, Ibadan, Oyo State
HEAD OFFICE ADDRESS: Spectrum House, Ring Road, Ibadan, Oyo State-Nigeria.
TELEPHONE(S): 234-2-2310145, 2311215, 2310058
FAX: 234-2-2312705, 2318502
MOBILE: 234-702-808-3308, 802-380-1506
E-MAIL: info@spectrumbooksonline.com
WEBSITE: www.spectrumbooksonline.com
POSTAL ADDRESS: P. M. B. 5612, Ibadan, Oyo State-Nigeria
Subject is into printing & publishing services
In Nigeria subject is considered to be a medium scale concern in this sector.
Currency: All monetary
values in this report are in Nigerian Naira, the local currency, except
otherwise stated. The exchange rate is N128 to 1 US $.
SUMMARY
NATURE OF PREMISES: Owned, office space at head office occupying approximately 2800 square
metres.
DATE INCORPORATED: 12th June 1988
YEAR BEGAN OPERATION: 1988
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 25069
SHARE CAPITAL: N250, 000.00
ALLOTTED SHARE CAPITAL: N250, 000.00
PAID-UP CAPITAL N250, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: about 30
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
Olu Akinkugbe
21, New Court Road,
Ibadan, Oyo State
Janet Akinkugbe
21, New Court Road,
Ibadan, Oyo State
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Olu Akinkugbe
Janet Akinkugbe
MANAGEMENT PROFILE
Chief Joop Berthout Executive Chairman / OON
Olu Akinkugbe Director
Janet Akinkugbe Director
PARENT COMPANY
Nil
BRANCHES
* Abuja * Benin City, Edo State* Owerri, Imo State* Zaria, Kaduna State and Lagos State.
BANKER
Name: Diamond Bank Plc.
Address: P.O.Box 70381, Victoria Island
Account No: 0222010000060
TRADE REFERENCES
Subject has Trade Reference both in Nigeria and Abroad.
PAYMENT REFERENCES
Subject has Payment Reference both in Nigeria and Abroad.
PRODUCT DESCRIPTION
Books
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into printing & publishing services
Subject is located in a central business area at Spectrum House, Ring Road, Ibadan, Oyo State
TYPES OF CUSTOMERS
*General Public, Corporate Bodies and Government Agencies
BACKGROUND
“Spectrum House” is the large two storey building office/warehouse edifice that serves as the headquarters of Spectrum Books Limited. The building is situated along Ring road, off Mokola-Dugbe, along Challenge bye-pass. List of all their branches in Nigeria was seen on their annual calendar, namely, Abuja, Benin City, Owerri, Zaria. Their Lagos branch is located at 13, Osho Street, Opebi-Oregun Link road, Ikeja, Lagos.
There were few books published by them on display at the reception along side books published by some of their foreign partners. According to the receptionist, Spectrum Books limited is into publishing, wholesaling, and retailing. Though a tour round the office complex was denied due to their unwillingness of divulging relevant information, observation made on the building however suggest that it can contain large printing machine for press. There was no brochure or any form of printed material containing the company’s information available for assessment.
As at the time of our visit, the Managing Director was said to be in a meeting and was not willing to attend to our team of investigators. However, after meeting with the secretary, she received our standard Questionnaire and acknowledged on behalf of the Managing Director.
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
Nil
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS
COMMISSION.
FINANCES
Subject Audited Account was not available as at the time of compiling this report.
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ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal commitments. |
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CREDIT LINE AMOUNT: |
FAIR |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade
risk |
DIRECT INTERVIEW
NAME: Asaolu Y. A.
POSITION: Secretary
She declined further information
Subject has qualified and dedicated personnel’s
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
The Publication and sales of books industry in Nigeria has grown in size and complexity since the commencement of the present administration. The industry has become more sophisticated technically, financially and in terms of the required skills and expertise.
The government policy in using indigenous contractors to execute her projects has gone a long way in increasing the capital base, greater utilization of Nigerian human and material resources in this sector.
Printing sector in Nigeria has also witnessed a very tremendous improvement over the decade. The advent of democracy gave an extra boost to the courage of printing industries. In Nigeria, this sector is dominated mostly by private investors. Apart from the newspaper publishing companies, other forms of publishing firms exists within the sector, all trying to carve a niche for herself either by her brand name, type of books, special effects etc. However the fact remains that the sector is highly competitive. Examples of the major players in publishing in Nigeria are Universal Press Plc, Evans Brothers (Nigeria Publishers) Limited, Heinemann Educational Books (Nigeria) Limited, Longman Nigeria Publishers Plc, Macmillan Nigeria Publishers Limited and others.
The printing technology is evolving rapidly. Virtually, all prepress works are technically handled through the art of computer application. Digital printing is expensive and is used mainly for special types of work. Presently, most publishing companies are in the rush to move into an all-digital printing environment to tally up with the global challenges facing the sector. In this line, most publishing companies in Nigeria will not decline foreign partnership as this will position them for competitive advantage over other industries in the sector, if this is combined with unique marketing strategies. Thus, the sector worth several billons of naira and is a promising venture for any likely investor.
Subject is operating in an industry with very great potentials.
CMT REPORT (Corruption, Money
Laundering & Terrorism)
Public Notice from various sources including but not limited to: The Courts, Nigerian Prison Service, Economic & Financial Crimes Commission (EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food & Drugs administration and Control (NAFDAC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) Etc.
No negative information on subject from the above agencies as at the time of compiling this report.
COMPANY LOCATION
The company is located at Spectrum House, Ring Road, Ibadan, Oyo State-Nigeria. The building is situated along Ring road, off Mokola-Dugbe, along Challenge bye-pass, Ibadan, Oyo State-Nigeria.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Spectrum Books Limited is duly registered in Nigeria, with a registered address, 21, New Court Road, Ibadan, Oyo State. The operational office address is at Spectrum House, Ring Road, Ibadan, Oyo State. All information contained in this reports are from both primary and secondary sources.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)