AN ANALYSIS OF THE TECHNIQUES OF DETERMINING SOLVENCY IN THE NIGERIAN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIAN BREWERIES PLC ENUGU

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ABSTRACT

          In the contemporary and ever dynamic business world, there has been an increasing shift in management concepts a shift in emphasis from production management to marketing management and now to management of resources at the firms disposal.  Management now strive to achieve sound and stable financial standing by concentrating efforts on financial planning and control.  The firm has to allocate its limited resources among alternative uses.  If resources were unlimited, there would be no need for decisions, because all possible activities could be achieved.  Scarce resources necessitate a choice, and the selection of one alternation implies the exclusion of others.

On this background therefore, the author intends to undertake a performance analysis of the Nigeria breweries Plc through the investigation of the success of the brewing industry.  This would require the determination of solvency.

The major sources of data for this study will be the financial statement of the Nigeria Breweries Plc.  This will be supplemented with questionnaire distributed to the senior and Junior staffs of the company.

The secondary source of data will be from different financial texts on solvency and liquidity related matters.  Financial ratios (both short and long term) will constitute part of the analysis.

Further illustrations will be projected using tables, graphs and charts.

It is hoped that things  the result of the finding will among other  things serve the purpose of useful information source for the management of the Nigeria Breweries Plc indecision making.  For students in your research work, and also for any other person undertaking a work on the techniques of determing solvency both as problem solving tool as well as an academic exercise.

CHAPTER ONE:-

• Introduction 1
  • Background of the study 1
  • Statement of the problem 3
  • Objective of the study 3
  • Research Question 5
  • Research Hypothesis 6
  • Significance of the study 6
  • Scope, Limitation and Delimitation 7
  • Definition of Terms 9

CHAPTER TWO:

• Review of related literature 11
  • The concept of solvency 11
  • The legal concept of solvency 16
  • The concept of solvency as it relates to corporate failure                                                   18
  • Test of solvency 20
  • Communication of financial information 27
  • The Balance sheet 29
  • Income statement 31
  • Objectives of the company 31

 

CHAPTER THREE

• Research design and methodology 41
  • Research Design 41
  • Area of study 42
  • Determination of sample size 42
  • Population 43
  • Location of data 44
  • Method of data collection 45
  • Method of data presentation 47
  • Method of data Analysis 47

 

CHAPTER FOUR

• Data presentation and analysis 49

 

CHAPTER FIVE

• Findings, Recommendation and Conclusion 87

 

OTHER SEGMENTS

1. Bibliography 95
2. Appendix                                                             98

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

BACKGROUND OF STUDY

The Nigerian Breweries Plc was incorporated first, as Nigerian Breweries Limited on 16^th November, 1946 and later as Nigerian Breweries Limited on the commencement of operations in a second breweries at Aba in 1957.  In accordance with the companies and allowed maters Act of 1990, the name was again changed to Nigerian Breweries Plc, since the formal incorporation in 1946, 51 years have rolled by, 51momentous years that  saw the company grow from its modest beginnings into the ground company that it is today.  The company now has five Breweries from which their highly refreshing high quality brands are distributed to all the nooks and corners of this great country.

The company has kept pace with key international development, thus ensuring that their systems, processes and operational procedures are always in conformity with proven best practices in most parts of the world.  This has been evident in the vision and professionalism demonstrated in the way the business ha been managed in the past 51 years.  The company now has a portfolio of eight high quality brands, star and Gulder lagers Maltina Amstel Malt drinks and legend extra stout, Schweppes Bitter Lemon, Schweppes Tonic Water and Schweppers Soda Water, all the above improvements in the company would not have been possible with out the company being solvent.

The old business adage “you have got to have money to make money” is simply a recognition that most companies needs funds in order to operate profitably.  The need for funds in a manufacturing company which Nigerian Breweries Plc is no exception affected by everything that happens to the company.  While the amounts needed in this company is inluenced by many factors and fluctuate over a period of time, this company have substantial investment in the current asset of stock, customers (debtors) and cash also in fixed assets such as building plants and equipment.

As a result of scare resources which is visible in almost all manufacturing companies, the assets disclosed on the balance sheet at any point in time are reflection of the cumulative investment decisions of management.

A weak liquidity position poses a threat to the solvency of the comparing and makes it unsafe and unsound.  This company does not consider the use of the techniques for determining solvency very important and as such the only technique they use are as follows:-

• Total capital to total profit Assets and
• Dividends to profit after tax

 

What the company does most of the time is forecasting and assumption.  The company is always interested in cash and upheld it as the best technique for measuring the companies solvency.  As a giant, this company always meet up with their cash requirement.  Their ratios for  measuring solvency will be included in the study.

(David E.L 1981)

1.2     STAEMENT OF THE PROBLEMS

1. One of the important factor that has contributed much in drilling the activities of this company is liquidity problems and its attend and insolvency. At times the company find it difficult to meet up with their maturing financial obligations due to late arrival of funds.
2. The economic recession in the country and the political uncertainty have also aggravated this problem of liquidity and this has become a great concern to the company. A common issue in the board  meeting of this company is how to survive through

With the i