Peacock Paints is reviewed herein, and we hope you find the information provided in this article helpful for your research.
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The company was incorporated as a private limited liability company disallowed by law to issue prospectus. The company is controlled by the Directors and has limited liabilities for the shareholders. Powers are exercised through the Memorandum of Association and Articles of Association.
On the 16th of February, 1979 the company’s name was changed from “Cross River Paints Limited” to ‘Peacock Paint’ which is its present name and it took effect from 2nd August, 1988.
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Documentations reveal that the authorized share capital of the company was 40 million and N 32 million was fully paid up.
This was factual because as a private limited company, the company could easily raise capital as a result of many shareholders that form the business.
The main business of the company is the manufacture of paint in accordance with formulations supplied under the company’s agreement with the technical partners such as Messrs S. Dyrup and Co A/S of Denmark.
The product mix includes standard emulsion paints, standard gloss paints, superior emulsion paints. textured wall paints, carlux car paints, and wood which varnishes for shoes.
The company has not produced beyond 30 percent of its installed capacity. Peacock Paints Limited produces one of the best quality paints in the Nigerian market.
This is the only paint company East of the Niger Delta and has consistently won the Nigerian Industrial Standard Award for quality for six years since 1993.
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It was proof that the chance of continuity of existence is very high such that even the death or withdrawal of a shareholder can not affect the existence of the company. These extravagant achievements made distinguished the company and added value to Nigeria’s GDP.
In 1994, the company won the National Merit Award of the Federal Republic of Nigeria for its efforts in local raw materials sourcing.
The company has established depots for its products in Lagos, Abuja, Kano, Onitsha, Port Haroun, and Uyo. The company has remained afloat on a steady growth path for the past fifteen years and has been paying dividends to its shareholders.
Peacock Paint should be encouraged to save provided there is an improvement in their income. When the company is encouraged to invest in the economy, capital of funds, tax holiday, provision of some infrastructural facilities, can encourage investment.
The level of technological development or the level of technology should be developed in order to increase economic development.
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Conclusively, the existence of Peacock Paint has taken its relevance since 1979 and is still in existence despite the economic storms.
When the profits made by the company can be set aside or re-invested, it makes the business easily accountable. This is one of the companies that Nigeria can boost because of the impact and expansion in the production capacity so far in both domestic and international markets.