Thursday, July 24, 2014
MCN TAILORING FACTORY LTD
Methodist Tailoring Factory is situated at No 9A Morroco Road, Somolu, Lagos.
The Tailoring Factory produces all ecclesiastical wear needs of the Church. Ministerial Cassocks, Tunic, Stoles, Shimea, preaching gowns, Ceremonial gowns for Archbishops, Bishops, and Presbyters, Bishop’s mitres and skull caps are all produced.
The Tailoring Factory had produced Graduation Gowns for Universities, Colleges of Education, and other institutions.
Laboratory Gowns and other industrial wears are also produced by the factory.
Our Services are timely with a high sense of responsibility. We are aware that we exist because you patronize us. Patronize us today and you will be glad you did.
MCN TAILORING FACTORY LIMITED
BRIEF ON COMPANY
1. Brief History
The company started operations in 1980 as a tailoring factory. The initial capital for the take off the company was provided, fully, by Methodist church Nigeria. At the onset, the company was run by a management committee appointed by Conference. In 1993, however, the factory was registered with the Corporate Affairs Commission as a limited liability company and by implication therefore to operate as a fully registered commercial entity.
2. Share Capital/ownership Structure
With the Conference having provide the start up capital, the intention at incorporation of the company was that 60% of its capital be allotted to Conference whilst 40% would be allotted to the Dioceses. These allotments were, however, not effected at incorporation nor the shareholding structure regularized soon after to reflect the proposal.
In 2003, 500,000 ordinary shares of N2.00 each were sold to Methodist member at par. The sale was over-subscribed. In 2008, the share capital was increased from 500,000 to 1,000,000 ordinary share of N2.00 each and another sale of the shares was made to members at N3.00 per share. The total number of shareholders presently is 441 in 31 dioceses.
To comply with the legal requirement of a maximum of 50 member for a private company, these shareholders have been grouped under their respective dioceses which remain the nominal members.
Before the last sale, Conference had just 50,000 shares only allotted to it. The last board of directors therefore allotted 200,00 shares (without payment) to bring the holding of Conference to 250,000. The intention is to continue to allot shares to Conference at every opportunity as the capital increase until about 60% is registered to Conference to reflect the true ownership structure of the company and the stake of Conference.
3. The Board
The current board of directors comprises of the following:
4. Nature of Business
The principal business of the company is the production of
The company also carries on laundry service on a small scale and has, recently, ventured into the monogramming and embroidery business with the acquisition of Q Tech monogramming machine.
The company’s institution and corporate clients in the past few years include:
However, patronage from Methodist Ministers and Church (for choir Robes) is still below expectation as many Diocese are still to implement the Ministers welfare package whilst many of our Ministers still make their robes outside the MCN tailoring Factory.
The company’s principal placaes of business are at Lagos, where the factory and head office aer located and Aba which presently serves as a collection centre.
The company has undergone major overhaul within the last 12 months to position it for better efficiency and increased profitability. The highlight include the following: