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(b) It is important to appreciate that the finance request should cover not only the cost of the construction of the new facility, but
also costs in order to get the business unit up and running, and enough cash to meet initial working capital requirements.
Mulligan Co may have sufficient cash to cover such additional expenses, but the bank will want comfort that this is the case.
Enquiries would include the following:
Who has prepared the forecast? It is important to evaluate the experience and competence of the preparer. If management
has previously prepared forecasts and capital expenditure budgets that were reliable and accurate, this adds a measure of
confidence in the preparation of the new forecast and the underlying assumptions used.
To what extent is internal finance available to cover any shortfall in the finance requirement? If there is surplus cash within
the organisation then the bank need not provide the full amount of finance necessary to start up the new business operation.
Has the cost of finance been included in the forecast? It appears that this cost is missing. Finance costs should be calculated
based on the anticipated interest rate to be applied to the loan advanced, and included in the total finance requirement.
What is the forecast operating cycle of the new business unit? In particular how long is the work in progress period, and how
much credit will be extended to customers? i.e. when will cash inflows specific to the new business unit be received? More
finance might be required to fund initial working capital shortfalls during the period when work in progress is occurring, and
before cash receipts from customers are received.
Will further raw materials be required? A request has been made for $250,000 for raw materials of timber. Other materials
may need to be purchased, for example, non-timber raw materials, and inventory of other consumables such as nuts and
bolts.
How long will the ‘initial’ inventory of raw material last? What is the planned work in progress time for the new product? More
finance may be needed to avoid a stock out of raw materials.
Construction of the new factory – is there any documentation to support the capital expenditure? For example, architect’s
plans, surveyor’s reports. This will support the accuracy of the finance requested and is an important source of evidence given
the materiality of the premises to the total amount of finance requested.
How likely is it that costs may be subject to inflation before actually being incurred? This could increase the amount of finance
required by several percentage points.
Have quotes been obtained for the new machinery to be purchased?
Purchase of new machinery – will any specific installation costs be incurred? These costs can be significant for large pieces
of capital equipment. Also, enquiries should be made regarding any delivery costs.
The budget does not appear to contain any finance request for overheads such as use of electricity during the construction
period, and hire of installation equipment. Have these overheads been included in the construction cost estimate?
Will staff need to be trained in using the new machinery? If so, any incremental costs should be included in the finance
request.
Advertising and marketing of new product – enquire of Patrick Tiler the methods that will be used to market the new product.
Some types of advertising are more of a cash drain due to their high expense e.g. television advertising is expensive and ‘up
front’ compared to magazine advertising, which is cheap and spread out. As Patrick Tiler is new to Mulligan Co, his forecast
is not based on past experience of this particular business.
LCT Bank will also consider the recoverability of the amount advanced by looking at the cash generating potential of the new
business unit. Enquiries should therefore be made regarding the likely success of the new products, for example:
– Has any market research been carried out to support the commercial viability of the new products?
– Have any contracts with retailers to carry the new products been negotiated?
– How quickly have past products generated a cash inflow?
– Is there a contingency plan in place in case the new products fail to be successful?

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(ii) Environmental and sustainability implications of the Giant Dam Project
In our preparation for the bid to act as principal contractor for the Giant Dam Project, we established that there were
two prominent negative implications of the project but these are, in our view, more than offset by two major
environmental positives.
The environmental arguments against the Giant Dam Project both concern the flooding of the valley behind the dam.
Regrettably, it seems that there will be some loss of important habitats. This, in turn, may mean the removal of balanced
environmental conditions for certain animal and plant species. In addition, the flooding of the valley will result in the
loss of productive farmland. This will mean reduced capacity for the host country to grow food and thus support citizens
such as the members of First Nation. From our point of view, as the board of R&M, however, we would remind
shareholders and other observers that the decisions involving the size and positioning of the Giant Dam were taken by
the client, the government. It is R&M’s job, having won the contract as principal contractor, to now carry out the plans,
regardless of our own views.
Happily, however, there are two very powerful environmental arguments in favour of the Giant Dam Project. It will create
a large source of clean energy for economic development that will be sustainable, as it will create no carbon emissions
nor will it consume any non-renewable resources as it does so (compared to, for example, fossil fuels).
At a time when people are becoming very concerned about greenhouse gases produced from conventional power
generation, the Giant Dam Project will contribute to the East Asian country’s internationally agreed carbon reduction
targets. This, in turn, will contribute to the reduction of greenhouse gases in the environment.
It is clear that the construction of the Giant Dam Project is an environmental conundrum with strong arguments on both
sides. The deciding factor may be the opinion that we each have of the desirability of economic growth in the East Asian
country (which the energy from the dam is intended to support). It seems that Stop-the-dam values the preservation of
the original environment more than the economic growth that the energy from the dam would support. The client does
not agree with this assessment and we are happy to be involved with a project that will create such a useful source of
renewable and non-polluting energy.