A CRITICAL APPAISAL OF CURRENT ASSEST MANAGEMENT IN BUBLIC LIMITED LIABILITY COMPANIES
(A CASE STUDY OF NIGERIAN BREWERIES PLC ENUGU).

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ABSTRACT

This project examined the management of current assets in public

Limited Liability Company. It is obvious that no company can perform

Well without good current asset management. This cares for proper accountability and utilization of these assets for day-to-day transaction of a business concern.
A well co-ordinated current asset management will go a long way to boost productivity, availability of funds, profit and encourage expansion. Investigation ha shown that failure of many business concerns or why some companies perform below expectations lies mostly in the inability of the management to manage their current asset very well.
Current asset is an asset on the balance sheet usually lasting less than one year or any asset that can be converted into cash within 12 months. Current asset as an essential tool of any business organization needs efficient and effective management.
Current asset includes – cash, Government boned, inventors, marketable securities, account receivables, prepaid etc and also other assets that are capable of being converted into cash within relatively short period without intervening with the normal operation of the business.
The relevant data for this study were obtained through the review of related literature and use of questionnaire oral interviews as well as direct observation. This helps us to understand how the various companent of current asset should be managed.
In the aspect of cash management, cash should be reduced to a minimum, which implies that the firms should keep sufficient cash neither more nor less, and this could only be achieved through cash planning, managing cash inflows and out flow of the firm, investing the cash, white the excess should be invested in marketable securities.
In inventory control, form is faced with problem of meeting two conflicting needs to maintain a minimum investment in inventories, to maximize profitability and to minimize a large size of inventory, few efficient and smooth production and sales operation. And care must be taken to ensure that stock is ordered through purchase requisition note by the officer responsible for it.
The presentation of the analysis look the form of chi-square to test the three hypotheses formulated. From the interpretation of data, the following findings were made;
(1) Proper current asset management has increased the growth of a company.
(2) Effective and efficient current asset management enhances the profit of public limited liability companies.
(3) Proper management of current asset leads to high investment and high production.
Equally, Improper management of current asset reduced the growth of company. And losses of cash are caused not only by mismanagement off current asset but also by decrease in the value of cash as a result of socio-economic situation in the country.
The researcher therefore tends to carry out research to investigation and know actually how their current assets are manage in public limited ways for further improvement which includes;
(1) Installation of budgeting and budgetary control for efficiency
(2) Control of overheads so as to minimize payments of cash (cash out flows).
(3) Matching of receipts and payment to avoid financial insolvency.
The conclusion of the study is that since proper current asset management has increased the growth of public limited liability company e.g. The Nigerian breweries plc other companies should apply current asset management principles to ensure effectiveness, as well both non-profit in making organization.

TABLE OF CONTENTS

CHAPTER ONE
1.0 INTRODUCTION 1
1.1 BACKGROUND INFORMATION OF CASE STUDY 4
1.2 STATEMENT OF THE PROBLEM 5
1.3 OBJECTIVES OF THE STUDY 7
1.4 RESEARCH QUESTION 8
1.5 STATEMENT OF HYPOTHESIS 10
1.6 SIGNIFICANCEOF THE STUDY 12
1.7 SCOPE, LIMITATIONS AND DELIMITATIONS
OF THE STUDY 13
1.8 DEFINITIONS OF TERMS 14

CAPTER TWO
2.0 RVIEW OF RELATED LITERATURE 16

2.1 INTRODUCTION 16

2.2 MANAGEMENT OF CASH 18

2.3 THE NEED TO HOLD CASH BALANCES 19

2.4 CASH PLANNING FORECASTING AND BUGETING 24

2.4 INVENTORY MANAGEMENT

2.5 NEED TO HOLD INVENTORY AND OBJECTIVES OF

INVENTORY MANAGEMENT 26
2.6 DETERMINIATION OF THE SIZE OF INVENTORY 33
2.7 INVENTORY DECISION MODELS
2.8 OBJECTIVES OF INVENTORY MANAGEMENT
2.9 ECONOMIC ORDER QUANTITY 36
2.10 MANAGEMENT OF RECEVIABLES 38
2.11 GOLES OF CREDIT MANAGEMENT 40
2.12 CEREDIT ANALYSIS 42
2.13 MANAGEMENT OF MARKABLE SECURITIES 46
2.14 CRITERIA FOR SELECTING MARKETABLE SECURITIES.

CHAPTER THREE
3.0 RESEARCH DESIGN
3.0 INTRUDUCTION
3.1 POPULATION OF STUDY
3.2 SAMPLING TECHNIQUE
3.3 INSTRUMENT OF DATA COLLECTION
3.4 METHOD OF DATA COLLECTION
3.5 METHOD OF DATA ANALYSIS
3.6 DECISION RULE

CHAPTER FOUR
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA.
4.0 INTRUDECTION
4.1 PRESENTATION OF AND ANALYSIS OF DATA.

CHAPTER FIVE
5.0 SUMMARY OF FINDINGS – – – – – – – – – –
5.1 RECOMMENDATIONS – – – – – – – – – – –
5.2 COMCLUSION – – – – – – – – – – – –
5.3 LIMITATION OF THE STUDY
REFERENCES – – – – – – – – – –
BIBLOGRAPHY – — – – – – – – – – – –
APPENDIX – – – – – – – – – – – – – – – – –
QUESTIONNAIRE – – – – – – – – – –

CHAPTER ONE
1.0 INTRUDUCTION:
Current assets as one of the management tolls of business organization are very important in the proper function of business and achievement of organizational goal. Current assets are those assets that are readily without loss in value and interference in the normal process of the business. Management on the other hand involves getting things done through other people by planning, organizing and cordinating. It is also a social and technical proves that utilizes resources and changes human behaviors in the desired direction in order to elicit contribution that will accomplish the objectives of the organization.

Current asset management includes – managerial decisions on how the various component of current asset are to be financial as well as planned policies on the composition level to be maintained and control to be exercised. Current assets comprises of cash, inventories, governments bonds, account reachable (debitos) mark able securities, prepaid expenses and also other assets that are capable of being converted into cash within a relatively short period without interfering with the normal operations of the business. For an organizational goal to be achieved these components of current assets should be efficiently managed.
But sundry debtors and cash tie-up investment funds can also have other costly disadvantages, for this reason, organizations should always seek to minimize or keep optimum stock and cash level of these assets and ideally reduce them to zero. However, reducing them to zero is rarely practical since to do so will result in cash greater of other adverse costs increased. The determination of the optional level for such assets is therefore the result of balancing process between the cost of holding such assets and role associated with not holding than or of holding only small amount.
It is obvious that any mismanagement of these current assets will result to loss of cash, which will eventually have an advice effects in the entire management of the company.

Therefore, any step which can be taken to minimize levels of current assets probably yield large savings in cost. Investigations has shown that many business concerns fail or perform below expectations as a result of the inability to manage their current assets adequately. The importance of a well coordinated current assets, management cannot be over-exaggerated, it goes a long way to boast productivity, availability of funds, profitability and encourages growth and expansion of the company. The researcher therefore tend to investigate and be able to come out with a profitable result on effective and efficient management of current assets in public limited liability companies and suggest possible ways for further improvement.
1.2 BACKGROWND INFORMATION OF THE CASE
STUDY NIGERIAN BAREWERIES PLC

SCOPE OF OPERATION:
Nigerian breweries plc is the pioneer and largest brewing company in Nigeria, was incorporated in 1946, and recorded a landmark when the first bottle of star large beer rolled off the bottling lines in its Lagos brewery in June 1949. This was followed by Aba brewery, which was commissioned in 1957.
Kaduna brewery in 1963 and Ibadan Brewery in 1982. In September 1993, the company acquired its gift brewery in Enugu.
On April 9,2001, it recently christened the Ama green field brewery in Enugu, the largest in Africa. The brewery will be commissioned in October 2003. Thus from its humble beginning in 1946, the company now has five operational breweries from which its high quality products are distributed to all part of this great country.
EXPORT
Nigerian Breweries (NB) plc has an increasing export business that dates back to 1986 currently, they export to the U.K, U.S.A, Italy, Neither lands, Germany and Kenya.

RESEARCH/DEVELOPMENT
NB Plc keeps pace with key international developments, thus ensuring that its systems, processes and operational procedures are always in conformity with world-class standards. It is inline with this policy that the company established a research and development center in 1987 to enhance its research activities on all aspects of brewing operations.

ANCILLARY OPERATIONS/SERVICES.
As a major brewing concern, the company encourages the establishment of ancillary business. Many of these organizations and individuals depend largely on the company for their means of live hood. These include manufacturers of bottles croon corks, labels, certons, plastic crates, and such services as hotel