EFFECTIVE WORKING CAPITAL MANAGEMENT IN PAINT INDUSTRIES (A CASE STUDY OF MARSHAL PAINT AND CHEMICAL LIMITED ENUGU – ENUGU STATE)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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CHAPTER ONE

• Introduction 1
• Statement of problem 3
• Objective of the study 5
• Research hypothesis 7
• Assumption of the study 8
• Scope of the study 9
• Significance of the study 9
• Limitations of the study 11
• Historical background of Marshal paints & Chemical company13
• Organisation of the study 15
• Definition of operational terms                                         16

 

CHAPTER TWO

• Review of related literature                                               21

2.1     Meaning of working capital                                               21

2.2     Composition of working capital                                         23

2.3     Factors of affecting the composition of working capital    24

2.4     Current assets                                                                    26

2.5     Current liabilities                                                               28

2.6     Management of working capital                                         29

2.7     Types of working capital                                                             30

2.8     Characteristics of working capital                                      30

2.9     Sources of  working capital                                               31

2.10   Uses of working capital                                                     33

CHAPTER THREE

• Research methodology and procedures 37

3.1     Selection of data                                                                38

3.2     Collection of data                                                               38

3.3     Nature of data analysis                                                       41

 

CHAPTER FOUR

• Data presentation and analysis 45
• Presentation of data 46
• Analysis 47

 

CHAPTER FIVE

5.0     Summary and recommendation                                                   69

5.1     Summary and findings                                                      69

5.2     Recommendations                                                             71

Bibliography                                                                      74

Questionnaire                                                                    77

 

CHAPTER ONE

INTRODUCTION

One of the major objectives of most business organisation is profitability. However, in financial management, it is generally believed that liquidity is more important than profitability. One of the reasons for this is that most organisations make profits, but do not possess enough or adequate liquid asset to off-set current obligations. Inability to make payment as t when due may definitely have serious consequences on the organisation. This situation may give rise to a loss of goodwill and furthermore any result to technical insolvency which may lead the organisation to unintended liquidation.

A second reason is that uncertain inherent in this present days economic/business environment threatens the survival of every business, thus making sound liquidity and cash management a necessity points in corporate planning. This claim is substantiated in the recent times by the fact that the importance of management  of liquid asset has been gradually and systematically gaining prominence and growth in most manufacturing companies or firms. This incidental prominence and growth of liquidity management makes it very apparent that no firm can survive without an effective and efficient management of its liquid resources which is the working capital.

The working capital by all standards is been and regarded as the life –wire of any business organisation it is particularly important in the daily maintenance and running expenses involving cash. For the purpose of this project, the working capital of a firm comprises of the cash balance, marketable short-term securities, inventories and accounts receivables. On the other hand, net working capital is the excess of current assets over current liabilities. Therefore, working capital management refers to the efficient administration of both the current assets and current liabilities.

The rationale of working capital management is on the realization that current asset holding should be increased to the point where marginal returns on increases in such assets are equal to cost of capital required to finance such additions while current liabilities should as much as possible be used instead of long term debt whenever this reduces the average cost of capital. Current assets characteristically constitute more than half the assets of most businesses and the size and relative volatility of these assets make it necessary for such assets to be closely monitored. Thus disproportionate amount of time of the financial controller is devoted to the management of working capital.

Finally, efficient management of working capital is important to both large and small firms, especially during this austere period because if the efficiency of managing working capital is not available, no amount of finance provided will transform a financially weak organisation performance into a strong and dynamic organisation with a remarkable reputation.

 

• STATEMENT OF THE PROBLEM

It has been recognized that one of the greatest problems of this present day firms is the lack of effective and efficient management of the resources at their disposal. This problem is worsened considering the present fiscal policy of banning the importation of some essential raw materials, leaving the manufacturing firms with meager source of locally few produced raw materials.

Decisions effecting liquid assets are influenced by an obvious fact and subjective judgment of most companies. The financial controller of a company my have some of the facts of the cost of borrowing from a bank but these facts are only part of the information that he requires