MIRA INFORM REPORT

 

 

Report Date :           

21.06.2011

 

IDENTIFICATION DETAILS

 

Name :

GUARDIAN PRESS LIMITED

 

 

Registered Office :

22/24, Abibu Oki Street, Lagos Island, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

24.02.1981

 

 

Com. Reg. No.:

RC: 37751

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Newspaper Production, Publishing and Advertising

 

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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)

Nigeria

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name

 

GUARDIAN PRESS LIMITED

 

 

OPERATIONS

 

The company is engaged Newspaper Production, Publishing and Advertising.

 

 

COMPANY LOCATION

 

The company is located at Rutam House, 103/109, Apapa-Oshodi Expressway, Isolo, Lagos-Nigeria

 

 

CREDIT LINE OPINION

 

Subject appears to be a credit worthy organization

 

 

IDENTIFICATION

 

COMPANY NAME:                                 GUARDIAN PRESS LIMITED

REGISTERED NAME:                            GUARDIAN PRESS LIMITED

REGISTERED ADDRESS:                     22/24, Abibu Oki Street, Lagos Island, Lagos State, Nigeria

HEAD OFFICE ADDRESS:                     Rutam House, 103/109, Apapa-Oshodi Expressway, Isolo,

Lagos State, Nigeria

POSTAL ADDRESS:                             P.M.B. 1217, Oshodi, Lagos State, Nigeria

TELEPHONE:                                        234-1-4931792, 49131799, 4525821, 2798269, 2798270,

7736351, 4489600, 2798269, 2798270, 4524826, 4524080

MOBILE:                                               234-709-814-7951, 709-814-7948

FAX:                                                     234-1-4524080, 4931797

EMAIL:                                                 letters@ngrguardiannews.com

WEBSITE:                                            www.ngrguardiannews.com

 

Currency: All monetary quoted in this report are in Nigerian Naira, the local currency or unless otherwise stated. The exchange rate is N148 to 1 US $.

  

 

SUMMARY

 

NATURE OF PREMISES:                                   Owned office space/press house occupying approximately 5,000 square metres.

 

DATE INCORPORATED:                        24th February, 1981

YEAR BEGAN OPERATION:                              1981

LEGAL FORM:                                                  Limited Liability Company

REGISTRATION NO:                                         RC: 37751

SHARE CAPITAL:                                             50,000,000.00

ALLOTTED SHARE CAPITAL:                           30,000,000.00

PAID-UP CAPITAL                                            30,000,000.00

BOARD SECRETARY:                                       Guardian Services Limited

SOLICITOR:                                                     G.M. IBRU & CO., CHIEF F.R.A WILLIAMS CHAMBERS

JOINT AUDITORS:                                            AKIN AINA & CO., AKANNI DAWODU & CO.

STAFF STRENGHT:                                          Over One thousand (1,000 )

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

Name                                                                                                               % Held

 

1.       Badru Atanda Olaogun                                                                                                           

22/24, Abibu Oki, Lagos Island, Lagos State, Nigeria

 

2.       Adesina Olusegun Demuren                                                               

22/24, Abibu Oki, Lagos Island, Lagos State, Nigeria

 

 

DIRECTORS

 

1.       Badru Atanda Olaogun

2.       Adesina Olusegun Demuren

 

 

BOARD OF DIRECTORS

 

1.       Dr. Alex U. Ibru

2.       Mr. G.M. Ibru, OON

3.       Mr. E.E. Izeze

4.       Mr. Y.O. Awosanya

5.       Mr. H.L. Oladimeji

 

 

MANAGEMENT TEAM

 

S/N

Name

Position

1.

Dr. Alex U. Ibru

Executive Chairman

2.

Mrs. Maiden A. Ibru

Chief Executive Officer

3.

Mr. E.E. Izeze

-------------

4.

Mr. Y.O. Awosanya

-------------

5.

Mr. H.L. Oladimeji

-------------

6.

Mr. K.F. Abereoje

-------------

7.

Dr. J.M. Oluwajuyitan

-------------

8.

Chris W.A. Akiri

Editorial Board Member

9.

Mary Akpos

Marketing Executive

 

 

BACKGROUND

 

Guardian Press Limited was incorporated on 24th February, 1981 with Registration Number (RC. 37751). The corporate head office is located at Rutam House, 103/109, Apapa-Oshodi Expressway, Isolo, Lagos State, Nigeria. It is a multiple building of a two and three storey buildings built and joined together and painted ash and sky blue while the printing press is built separately in same premises well fenced and located along the Apapa-Oshodi Expressway.

 

The company is engaged Newspaper Production, Publishing and Advertising. Guardian Press Limited is one of the widely known, most read and quality newspaper in Nigeria.

 

The Guardian is an independent newspaper, established in 1983 for the purpose of presenting balanced coverage of events, and of promoting the best interests of Nigeria. It owes allegiance to no political party or individuals. It is totally committed to creating contemporary culturally relevant communication and information leveraging key consumer insight to deliver value to the public.  The company maintains high quality standard in all its operations. With high production capacity, the policy thrust is to continue to provide cost-effective, accurate and timely information to the public.

 

During our visit to the company on 17th June, 2010 the security officer at the gate denied us access into the premises on hearing our mission and all efforts to speak with the management and staff of the newspaper company to get vital information proved abortive as the security men threatened to call the police.

 

Conclusion: Based on our visit and available information, we are of the opinion that the newspaper company is well known in operating a legitimate business with good track and  large scale in its sector. As such, any business relationship with the company should be mutually beneficial.

 

 

SUBSIDIARIES

 

 

 

TYPES OF CUSTOMERS

 

·         General Public,

·         Group of Companies

·         Corporate Organisation

·         Government Parastatals etc.

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                     GOOD

* Ownership Structure:               GOOD

 

 

FINANCES

 

The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.

 

RISK RATING ASSESSMENT:

Appears to have a sound financial base with a strong capability to meet trading commitments;   liquidity looks healthy

CREDIT LINE AMOUNT:

Normal

CREDIT LINE OPINION:

Subject appears to be  a credit worthy organization

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

There are many opportunities in this sector of the economy. This could be largely achieved through Foreign Companies joint ventures with Nigerian companies, with adequate Training/Technical Assistance - Provision of training facilities for a large work force indirectly engaged in the Sub-Sector of the economy. This sector of the economy has great potentials for intending investors.

 

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.

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the company, our investigations revealed that Guardian Press Limited is duly registered in Nigeria with a registered address is located at 14-22/24, Abibu Oki, Lagos Island, Lagos State, Nigeria, while its corporate/operational address is located at Rutam House, 103/109, Apapa-Oshodi Expressway, Isolo, Lagos-Nigeria

 

The company is into genuine business transactions.  It is an on-going concern. 

 

Information contained in the report is mostly from secondary sources ONLY.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.72.60

Euro

1

Rs.64.01

 

 

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.