Leather Product Company

1
2
Table of Contents
Preface. A
Acknowledgement. B
Chapter 1: Introduction.. 4
1.1 Background and Significance of the project. 5
1.2 Project objective 8
1.3 Benefits of project. 8
1.4 Activities and Gantt Chart................ 9
Chapter 2: Industry profile. 10
2.1 Nature of industry........, 11
2.1.1 An overview of the global leather industry.. 13
Table 1: Trade value leather and leather products in the world in the year 2007 2011........ 14
2.1.2 Overview of leather industry in the Republic of China................ 15
Figure 1: The amount of cattle production in China during 2001-2011.... 16
Table 2: Value of export leather and leather product in China in the year 2007-2011..17
Table 3: Export raw hides of the Republic of China during the year 2007-2011. 18
Table 4: Market of export leather of the Republic of China during the year 2007-201........ 18
Table 5: Value of import of leather and leather product in China during 2007-2011.. 19
2.1.3 An overview of the leather industry of Thailand. 20
2.1.4 Thailands leather industry... 21
Table 6: The value of Export Leather product in first quarter (January-March)
2011 When prepare with Fourth Quarter in 2010 22
Table 7: The value of Export Leather product in second quarter (April-June) 2011
When prepare with First Quarter in 2011. 23
Table 8: The value of Export Leather product in third quarter (July-September)
When prepare with Second Quarter in 2011. 24
2.1.5 Trend of export leather products of Thailand to America25
Table 9: Structure of export product to America.. 25
3
2.1.6 Trend of export leather products of Thailand to Asia.......... 25
Table 10: Structure of export product to Asia... 26
2.1.7 Trend of export leather products of Thailand to EU........27
Table 11: Structure of export product to EU..... 27
2.1.8 Regular customer. 28
2.2 Situation of industry. 29
2.2.1 The current situation30
2.3 Product.. 31
2.3.1 Bag... 31
2.3.2 Wallet... 32
2.3.3 Shoes.... 33
2.3.4 Belt... 34
2.4 Vision.... 35
2.5 Mission..... 35
2.6 Corporate Level Strategy..... 35
2.7 Business Strategy...... 35
2.8 Product differentiation...... 36
2.9 Functional Strategy...... 37
2.9.1 Product Strategy.. 37
2.9.2 Price Strategy.... 37
2.9.3 Promotion Strategy.. 37
2.9.4 Place Strategy... 37
2.9.5 Human resource plan.... 38
2.9.6 Human resource Strategy.. 39
Chapter 3: Marketing Feasibility Study. 40
3.1 Market Analysis............ 41
3.1.1 Political..... 41
3.1.2 Economics.... 42
4
3.1.3 Social cultural.... 43
3.1.4 Technology... 44
3.2 Competition Analysis ( 3C Analysis)...........45
3.2.1 Competitor Analysis..... 45
3.2.2 Direct competitor...... 49
3.2.3 Indirect competitor... 51
3.3 Customer Analysis............ 53
Table 12: Number of population in Bangkok age 25-30 years old.... 53
Table 13: Statistics of foreign tourists traveling to Thailand....54
Table 14: Top 20 foreign tourists.. 54
3.4 Competitive Advantage56
3.5 STP Analysis 57
3.5.1 Market Segmentation 57
3.5.2 Target Market57
3.5.3 Positioning Analysis.57
3.6 Market Mix Strategy.....58
3.6.1 Product Strategy58
3.6.2 Price Strategy59
3.6.3 Place Strategy64
3.6.4 Promotion Strategy64
3.7 Sale Forecast..65
3.7.1 Sale Forecast year165
3.7.4 Sale Forecast year4... 68
3.7.5 Sale Forecast year5.. 69
3.7.6 Number of product on sale forecast.. 70
3.8 Marketing Expense... 73
5
3.9 Conclusion74
Chaper4 Technical Feasibility Study.. 75
4.1 Production and operation analysis 76
4.1.1 Product Characteristics. 76
4.1.1.1 Handbags Style.. 76
4.1.1.2 Woman Handbags.. 76
4.1.1.3 Men Handbags... 77
4.1.1.4 Wallet Styles.. 78
4.1.1.5 Shoes.. 79
4.1.1.6 Woman Shoes 80
4.1.1.7 Belt Styles.. 81
4.2 Service Process. 82
4.2.1 Steps of process service 82
4.3 Location: factory.. 83
4.3.1 Shop at Srilom Bangkok.. 84
4.4 Facility Layout. 85
4.4.1 Parking. 85
4.4.2 Pattern of external structure of factory. 86
4.4.3 Pattern of internal structure of factory. 87
4.4.4 The back of factory in part of produce the product.. 90
4.4.5 Pattern inside of store92
4.4.5.1 First floor... 92
4.4.5.2 Second floor... 93
4.4.5.3 Shop... 94
4.5 Machines/tools/equipments: In Office .95
4.5.1 In Factory.. 104
4.5.2 In Shop.. 108
4.6 Logistics Management.. 110
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4.7 Cost of investment 111
4.8 Investment cost. 112
4.8.1 Equipment & tools: In shop.. 112
4.8.2 Equipment & tools: In factory.. 114
4.8.3 Bathroom equipment: office. 115
4.8.4 Bathroom equipment: factory... 115
4.8.5 Equipment & tools: In shop.. 116
4.8.6 Depreciation .117
4.8.6.1 Depreciation year1. 118
Chapter 5 Operation 123
5.1 Organization Management................ 124
5.2 Organization Characteristic...... 128
Chapter 6 Administration Cost139
6.1 Employee salary.140
6.1.1 Technical Feasibility conclusion...141
Chapter 7 Financial Analysis.. 143
7.1 Income Statement.... .145
7.2 Cash Flow Statement... .150
7.3 Balance Sheet... .157
7.4 NPV. .162
7.5 IRR... .162
7.6 Conclusion... .162
Chapter 8 Risk Analysis. 163
8.1 External Risk. 164
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8.1.1 Politic 164
8.1.2 Economic.. 164
8.1.3 Socio-cultural 164
8.2 Internal Risk.. 165
8.2.1 Strategic Risk 165
8.2.2 Marketing Risk..165
8.2.3 Operational Risk... 166
8.2.3.1 Risk of fire................ 166
8.2.3.2 Risk of logistic.. 167
8.2.3.3 Risk of accident from logistic... 168
8.2.4 Compliance Risk... 169
8.2.4.1 Health 169
8.2.4.2 Safety 172
8.2.5 Financial Risk... 172
8.2.5.1 Sales decrease... 173
8.2.5.2 Interest increase 200
8.2.5.3 Expense increase221
Chapter 9 Conclusion.. 242
References... 244
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Preface
This Business project conducted from Leather Product Company to have a small plan and
medium-business. For the report of this project provide all of the information that investor should
know about operation of leather product business as well as Introduction, Industry profile, Market
feasibility Study, technical feasibility study, financial analysis, risk management, and summary of
project. Our report tell about problem analysis and resolvable include of recommendations benefit for
investors to invest.
Leather Product Company hopes this project that can be build and create better profit return
for the investor.
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Acknowledgement
First and foremost, we would like to show our gratitude to the lecturer of this course, Aj.Chaiyawat
Thongintr for the valuable advice and gave us a great opportunity to do this report in order to get a
new knowledge about project feasibility study and evaluation in term of leather product business.
Besides, we would like to thank Mae Fah Luang University for providing us a nice environment and
useful facilities to complete this report. In addition, we would also thank all of the web site and all of
book that gives us the information which related to the topic of our report.
Finally, an honorable mention goes to our families and group members for their supports.
Without helps of the particular that mentioned above, we would face many problems while doing this
report.
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Exclusive Summary
Leather Product Company produce crocodile leather product because we know the current
market trend of the market and perception of customers toward crocodile leather products. We
produce crocodile leather product in Bangkok and we have shop to sell product at Srilom, Bangkok.
Our target market is customer, who lives in Bangkok, people like to buy crocodile leather product,
tourists visiting Thailand and age around 25-30 years old living in middle class and hiso class. We
analyze the external environment by using PEST analysis to let we know how to behave and also
analyze five force model to let we know the competitors, customers and competitive clearly. By the
way, we analyze our company by using marketing mix. Our company produce six kinds of crocodile
leather such as woman crocodile leather bag, men crocodile leather bag, woman crocodile leather
shoes, men crocodile leather shoes, wallet, and belt. Leather Product Company comprise people who
specialist in each duty. They have well known and specific skill. The most importance thing, we
concern every process of production toward highest quality and highest satisfaction for everyone.
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Chapter 1
Introduction
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1.1Background and significance of the project
1
Nowadays, the design and manufacture of leather products has more popular target group 90
percent are women and 80% of women around the world buy Brando names of the designers of the
world. Product is accepted in fashion such as GUCCI, LOUIS, VITTON, COACH, DIOR, CELINE,
PATIOTI, and CALVIN KEIN. Fashion trends; classify patterns and characteristics of leather
products focusing on bags and shoes used in daily life product in each brand that have different. In the
design of leather bags for export the designer is required to prepare a model of the real size with paper
or cloth for was developed to suit the scale and shape before actual production.
2
When talking about a leather handbag that no one opposition to that. "Crocodile Leather
Bag" is a bag that everyone is most commonly used. The products are expensive because the raw
materials used in the manufacture of leather bag that are flexible and soft, strong and beautiful in
design that is a unique design when we purchase a crocodile leather handbag will find that the pattern
of crocodile leather, it will not duplicate softness of the leather crocodile to produce sewing bag made
of crocodile leather is easier than the other leather. In addition crocodile leather is also popular in the
production of many types of leather goods such as shoes, belts, luggage manufacturer, handbag, bag,
and wallet. More recently, the products made from crocodile leather is becoming a very popular for
the market until a shortage of raw materials. Crocodiles hunting for peel leather used to make some
Crocodiles species close to extinction the meeting in the year 1983 by a group of Crocodiles leather
industry have strict measures to hunt Crocodiles habitat of Crocodiles are usually located in the
Australian, Asian and African countries, Australia is the main exporter of Crocodiles leather.
(http://fis.swu.ac.th)
( http://www.bloggang.com)
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The Crocodiles farm to 18 locations in Queensland, northern and Western Australia. The
source of the saltwater Crocodiles leather is considered the best in the world and is the most popular
was from Australia. Crocodiles leather products excellent quality, such as luggage, handbags,
shoulder bags, wallets, belts, shoes, etc. Most are made from crocodile leather from Australia.
Crocodile Leather used to make the current value is allowed to trade only Crocodile Leather produced
from the farms of the country that has signed the treaty CTIES (Convention on International Trade
and Endangered Species of World Fauna and Flora Treaty) in the year 1793 only to control the
amount of wild Crocodiles that are extinct will have to wait for at least 3 years to grow enough to feed
Crocodiles with a body 40 cm, which is a crocodile old enough to use it. However, the product of
Crocodiles leather is commonly used for People who are famous and popular as a local product made
of Crocodiles leather is the most commonly used in Japan to manufacture shoes and handbags. The
United States, it is often in a specific order, such as Crocodiles leather handbag production. It is
considered a luxury item to have it. European producers of leather products is the major source
Crocodiles, Italy and the Russian, German, and a line of products will be imported from Italy.
3
Thailand is a country that exports a lot of crocodile leather the top of the world, but it is
country buy back product expensive the millions of Baht. It is better if bring the material own produce
high-quality fabrics, modern design style and Distribution to people in countries with reasonable
prices. Believe that the Thai people and foreigners to selection of tourist attractions. It is the largest
crocodile farm or the Crocodile Farm in Samutprakarn province because this place is the only place
where visitors can study the life cycle of a crocodile every step. Since the hatching, kindergarten baby
from birth to crocodiles, distance to a breeder in each process uses modern technology. Nowadays
Thai crocodile farm is open from 60 years on an area of 400 acres. A Guinness Book record ever
recorded crocodile hybrid between fresh and salt water crocodiles, which are the largest in the world
with a length of nearly 6 m 1114.27 kg body weight. There are plenty of farm activities, such as the
crocodile caught with bare hands, the fight with the crocodile the head into the mouth of the crocodile,
photographed with the crocodile's and a large stuffed the crocodile. Samut Prakan Crocodile Farm has
been breeding species for sale, selling meat, eggs and processed meat products, most recent bring
crocodile leather to produce luxury products such as bags, shoes, belts, key chains. The crocodile
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leather is regarded as King of Leather the crocodile leather is leather with the durability and
Lifespan long life for hundreds of years and the pattern of the crocodile leather is not the same, each
unique and individual art and easy to maintain and the leather that people around the world has
recognized that it is expensive.
http://www.thaismefranchise.com/?p=8435
15
1.2Project objectives
-To analyze Thailand leather to higher market. (Nowadays, we are in area of low to medium for go to
medium to high)
- To study the trends of market.
- To study about exportation and supporting exportation.
- To study about Thailand leather such as type of leather, source of raw material, and process of
production.
1.3Benefits of project
-
Has been working as a group with friends and know how to divide the work that should have
to do anything.
How to make a business plan, period of operation, and know what the plan should be required
to make the appropriate time.
Know the needs of customers in the form of the product.
Learned to channel international business to be useful in the future.
Learn the business of exporting leather goods market that it is highly competitive.
Makes it possible to assess the feasibility of exporting leather goods to be carried out or not.
The project can be applied in a career in the future.
Understand the current market trend.
16
Group Matching and Establishing

Choose Topic or Business
Discuss about Topic that we choose
Topic Submission and Presentation about Topic
Identify background, objectives and benefits
Overview of business, nature, structure of business
Identify Market Analysis, STP,4Ps
Technical Analysis and Administration
Financial Analysis
Making TV advertisement and Cover Design
Submit and upload TV advertisement and Cover Design
Risk Analysis
Submit Final Project
17/2/2012
10-16/2/2012
5-9/2/2012
1-4/2/2012
25-31/1/2012
18-24/1/2012
4-17/1/2012
1-3/1/2012
25-31/12/2011
18-24/12/2011
11-17/12/2011
1-10/12/2011
26-30/11/2011
18-25/11/2011
6-17/11/2011
Activities
4-5/11/2011
1.4Activities and Gantt chart
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Chapter2
Industry profile
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2.1Nature of industry
The evolution of Thai leather business and industry within the past 20-25 years faced many
problems until its products have been acknowledged by low-to-medium global market. The increasing
of leather related products export can raise the income. Furthermore, the technology transfer makes
Thailand become a hub of qualified leather goods, e.g. leather bag, furniture, decoration, shoes, belt,
purse, and jacket. Some countries, such as India, China, Indonesia, and the Philippines realize this
niche market so they promote their leather industry. The advantages of these countries are cheap
labor, self-sufficient raw material, and low taxes, which make it hard for Thailand to expand the world
leather market. In addition, the Thai leather products cannot compete with the world-brand name due
to the limitation of skill leather fashion designer. After the world economic crisis in 1997, the Thai
government wants to increase the export income. To achieve this goal, the government therefore sets
up the strategy for supporting Thai industry competitiveness, which can be classified into five areas:
food, fashion, vehicle and spare parts, tourism, and software. The leather business is a fashion aspect.
The government also appoints the Department of Industry Promotion, Ministry of Industry to be the
key agency to promote and support various small and medium enterprises (SMEs) development. This
agency works in collaboration with Thai Leather Association, Leather Industry Association, Thai
Shoes Association, Thai Industry Board, and the Department of Export Promotion, Ministry of
Commerce in order to increase the potential of Thai leather business in the world market.
Concerning the impact factors of Thai leather business, such as skill worker, leather designer and
expert, scientist and engineer, marketing, leather technology, raw material, funding, and investment
atmosphere, it is important to employ information technology (IT) as a strategic tool for providing
data-information-knowledge for leather SME development. This paper therefore addresses the use of
IT for Thai leather business to gain value-added and competitive advantages according to Prof.
Michael E. Porters principle. The use of information on-demand, enterprise collaborative technology,
leather enterprise content management, interoperability, and supply chain system, can help to support
Thai leather SME and increase the global market.
19
The Thai leather business and industry is composed of 2,750 enterprises employing more than
300,000 workers. Ninety percents of this sector is a small business. In 2001, the export income from
leather business was around 450 million US$. The main markets are Hong Kong (26%), USA (17%),
and Europe (18%). In 2005 (Jan-Aug), the export income of Thai leather products increases to 1,090
million US$. The main markets are USA (29.9%), Switzerland (13.47%) and Japan (11.8%).
Furthermore, Thailand is rank number six of the world exporter of leather products.
The main Thai leather product is a bag. Forty percent of this product is made from the real leather.
The research shows that Thai leather bag is on-demand. There are many representatives in various
countries, e.g. USA, Europe, Japan, and middle/east for finding new market. The leather SME is
mainly depending on skill workers, and high-qualified cutter and sewer leather machines. Such
machines are used for reducing the wasting cost on leather material preparation. The major costs of
leather SME are raw material (59%), salary (24%), and miscellaneous (17%). There is less employed
middle management, scientist and engineer, and external leather designer and expert for this business.
The knowledge is normally transferred within the family. This causes the difficulty of business and
market expansion. Therefore, the Thai government takes part of promoting this sector by creating the
leather SME networking to exchange information, incubate leather business, negotiate export and
sales, and find out the partnership and alliance. The Bangkok Fashion project hosting the Miss
World 2005 Contest is an example to promote fashion industry in Thailand. A leather fashion also
gains this benefit. The Bangkok Fashion subsequently promotes tourism industry.
http://www.kasikornresearch.com/tfrc/cgi/ticket/ticket.exe/1858742701/tfrc/thai/brief/bri97
/jul/mman316i.htm
www.oie.go.th/policy7/mplan/leathers/sum(thai).pdf
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2.1.1 An overview of the global leather industry.

4
Leather industry is an industry with the use of labor-intensive industry and agriculture
industry by bringing-product of the livestock, raw hides, which were added to produce different types
of leather and was continue industry such as hides raw industry and leather industry. So leather
industry is an industry that has an important role for both employment and the economy of the
country.
Manufacturing
Leather products can be divided into different categories based on quality leather and
workmanship are used in the manufacture of sewing. The raw materials used in production can be
divided into raw materials such as genuine leather and not leather such as PU, PVC or leather
substitutes and other materials. Leather produced using different raw materials are valued differently
by the leather is made from genuine leather materials that are more expensive and leather products
made from imitation leather materials are cheap
Leather products can be grouped according to the level and quality of materials used in
manufacturing and product design to fashion. The production of leather grades A is the European
countries such as Italy, France, Switzerland and the Production of leather goods in the intermediate
level such as China, India, Vietnam, etc., because there are many workers and lower wages.
http://www.dailyworldtoday.com/newsblank.php?news_id=12695
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The trade
Trade value Leather and leather products has increased throughout the year 2007-2011 until
2011 the trade of leather and leather products have continued to decline due to leather products are
luxuries. When the downturn of the economy, thus affecting the import needs of the global market
from Table 1, when the proportion of Chinese in the world will see that China has increased
constantly, while Thailand's proportion in world market decrease constant
5
Table 1, trade value leather and leather products in the world in the years 2007-2011.
List
2007
2008
2009
2010
2011
70,167.12
74,743.56
75,927.67
70,374.47
68,243.88
(100)
(100)
(100)
(100)
(100)
9,704.34
9,993.42
11,741.75
11,246.65
11,321.84
(13.83)
(13.37)
(15.46)
(15.98)
(16.59)
12,690.81
14,163.31
12,770.07
12,100.31
10,870.63
(18.09)
(18.95)
(16.82)
(17.19)
(15.93)
3,495.54
3,152.18
2,823.01
2,188.39
2,210.00
(4.98)
(4.22)
(3.72)
(3.11)
(3.24)
2,089.75
2,345.70
2,361.17
2,088.66
1,984.37
(2.98)
(3.14)
(3.11)
(2.97)
(2.91)
1,762.97
1,618.27
1,671.90
1,654.89
1,604.35
(2.51)
(2.17)
(2.20)
(2.35)
(2.35)
2,191.18
2,319.33
1,624.27
1,310.22
1,702.10
(3.12)
(3.10)
(2.14)
(1.86)
(2.49)
2,656.62
1,844.28
1,645.60
1,312.32
1,226.15
(3.79)
(2.47)
(2.17)
(1.86)
(1.80)
35,575.91
39,307.07
41,289.90
38,473.03
37,324.44
(50.70)
(52.59)
(54.38)
(54.67)
(54.69)
Imports of the world
Exports from China
Exports from Italy
Exports from Korea
Exports from Brazil
Exports from India
Exports from Indonesia
Exports from Thailand
Exports of other nations
ITC, Geneva and CLE Statistics (www.indianleatherportal.com)
22
2.1.2 Overview of the Leather Industry in the Republic of China.
Manufacturing
6
China is the center of production and distribution of leather at large in the world. 7Production
of leather products in China, located in the southern and eastern provinces of the country mainly
located in the suburb of Guangzhou province, between the old and the new airport and has Leather
wholesale market and also not far from many production. In addition, China also has a city of
Zhejiang province, south of leather with a "Town of Leather" in the west as "Leather Corridor" and
the center is a major distributor for export as well.
8
Production of shoes, mostly located in the eastern coastal province of the country and the
current expansion to the west of the country. In 2011, China has a production capacity of about 2.5
billion pairs of shoes and leather products, about 130 million units, making China become
manufacturer of shoes and leather the largest in the world. China also has a large leather production in
the eastern province of Fujian and Qinghai important livestock center. Considering the amount of
cattle production, which is the basic factor of the leather industry. Figure 1 is that China has a
production the amount of cattle greatly increased, especially during the years 2001 to 2011 and
continued to increase even in a declining rate.
http://www.estore.chinaonline.com[2002, May 9]
. , 2554.
http://www.estore.chinaonline.com[2002, May 9]
23
9
Figure 1, the amount of cattle production in China during 2001-2011
Million ton
totons.
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Entrepreneurs in the leather industry in China, the majority of large enterprises, which
employment an average 1,500 people are very productive. The production is a production not to focus
on style and sophistication, but emphasizes production large amounts to achieve economies of scale
and lower production cost with labor costs in China, which is extremely low (If compare with Thai
different
3-4 times). The leather industry in China, recently has developed over about 10 years ago,
this has established many new plants that China is a relatively modern production technology.
Production Statistics, FAO.
24
The trade
10
China's export of leather and leather products in 2011 was approximately U.S. $ 5499.95
million. When considering the value of exports in the last 5 years (years 2007-2011). Export value of
leather and leather products of China are likely to increase by leather products with a high proportion
of exports is shoes. Which tend to export to increase products with a high export potential, followed
by cattle tanning leather, leather travel wallet, leather wallet, women's leather handbag.
11
Table 2: value of exports leather and leather products in China in the years 2007-2011
Units: million U.S. dollars.
List
2007
2008
2009
2010
2011
25.92
12.84
7.53
5.57
4.41
(0.58)
(0.29)
(0.16)
(0.10)
(0.08)
240.76
255.58
285.89
434.32
650.52
(5.38)
(5.69)
(6.14)
(8.12)
(11.83)
323.15
270.52
226.75
254.70
233.92
(7.22)
(6.02)
(4.87)
(4.76)
(4.25)
126.00
103.02
107.07
138.56
131.32
(2.82)
(2.29)
(2.30)
(2.59)
(2.39)
201.96
198.68
199.51
215.04
199.56
(4.51)
(4.42)
(4.28)
(4.02)
(3.63)
3,558.18
3,651.16
3,830.20
4,298.11
4,280.22
(79.50)
(81.29)
(82.25)
(80.39)
(77.82)
4,475.97
4,491.80
4,656.95
5,346.30
5,499.95
(100)
(100)
(100)
(100)
(100)
The raw buffalo leather
Cattle leather tanning
Leather luggage
Women's leather handbags.
wallets
Leather shoes
The leather and leather

products.
10
http://www.fas.usda.gov
11
World Trade Atlas, Data from China Customs
25
12
Table 3 export raw hides of the Republic of China during the years 2007-2011
Units: million U.S. dollars
order
country
2007
proportion : percent.
2008
2009
2010
2011
2007
2008
2009
2010
2011
Total value 25.92 12.84
7.53
5.57
4.41
100
100
100
100
100
Thailand
25.24 12.32
7.16
5.38
4.27
97.37
South
Korea
0.069
0.05
0.27
1.09
Japan
0.07
0.05
1.31
1.02
Hong Kong 0.39
0.45
0.34
0.08
0.04
1.52
3.54
4.53
1.36
0.96
95.97 95.18 96.67 96.92
Table 4 market of export leather of the Republic of China during the years 2007-2011.
Units: million U.S. dollars
order
country
proportion: percent.
2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
Total value
240.76
255.58
285.89
434.32
650.52
100
100
100
100
100
Hong Kong
140.95
165.60
204.17
358.19
509.26
58.54
64.80
71.41
82.47
78.29
South Korea
49.55
31.94
42.67
28.78
38.78
20.58
12.50
14.92
6.63
5.96
Taiwan
16.61
14.18
15.58
16.13
23.89
6.90
5.55
5.45
3.71
3.67
U.S.A.
0.98
2.53
5.72
2.43
14.58
0.41
0.99
2.00
0.56
2.24
Thailand
11.80
6.06
3.01
8.21
14.07
4.90
2.37
1.05
1.89
2.16
Indonesia
2.32
1.22
2.50
7.61
11.73
0.96
0.48
0.88
1.75
1.80
Italy
7.82
9.59
1.37
2.23
9.79
3.25
3.75
0.48
0.51
1.51
Viet Nam
1.54
1.64
2.13
2.81
7.90
0.64
0.64
0.75
0.65
1.21
Japan
2.20
12.52
1.45
1.11
6.49
0.91
4.90
0.51
0.25
1.00
10
Spain
0.33
0.46
1.07
0.38
3.63
0.14
0.18
0.37
0.09
0.56
6.66
9.84
6.22
6.44
10.4
2.77
3.84
2.18
1.49
1.6
Other
12
World Trade Atlas, Data from China Customs (2011, December 11)
26
13
Table 5: Value of Imports of leather and leather products in China during 2007-2011.
Value: million U.S. dollars
List
2007
2008
2009
2010
2011
240.98
241.61
269.24
435.26
606.69
(12.31)
(13.51)
(14.54)
(19.19)
(24.61)
1,704.09
1,528.43
1,563.92
1,802.89 1,817.40
(87.06)
(85.45)
(84.46)
(79.50)
(73.71)
1.62
4.12
3.27
2.40
3.13
(0.08)
(0.23)
(0.18)
(0.11)
(0.13)
1.10
1.15
2.11
5.24
6.96
(0.06)
(0.06)
(0.11)
(0.23)
(0.28)
1.05
1.32
1.41
1.67
3.23
(0.05)
(0.07)
(0.08)
(0.07)
(0.13)
8.61
12.10
11.72
20.20
28.23
(0.44)
(0.68)
(0.63)
(0.89)
(1.14)
1,957.45
1,788.73
1,851.67
(100)
(100)
(100)
The raw buffalo leather
Cattle leather tanning
Leather luggage
Women's leather handbags.
wallets
Leather shoes
The leather and leather

products.
13
World Trade Atlas, Data from China Customs (2011, December 11)
2,267.66 2,465.64
(100)
(100)
27
2.1.3 An overview of the leather industry in Thailand.
The leather will add value to raw hides, which are product from Department of livestock
development value-added industry in leather industry used as raw materials in the manufacture of
leather goods such as leather bag, leather jacket, leather strap, which has become important export
product of the country.
14
Thailand's leather industry is a home industry and has developed into a commercial and
exports industrial. However, most tannery factories are still small tannery factories of 90-95
percentages of all tanning factories. Tanning factories, mostly located in the tanning industry km 30
and km 34, Sukhumvit Road, Samut Prakan. This is the place where the government provided for the
tanning industry. In addition, entrepreneurs also receive assistance from the government investment
promotion privileges entrepreneurs and infrastructure, tax measures and the promotion of the Board of
Investment make the foreign investors, especially investors from Taiwan and Korea to invest set
production bases in Thailand to invest in the production for export to Hong Kong. In addition,
Thailand has to import raw hides from abroad because produce raw hides in country not enough in
country and raw hides low quality.
, , (2011, June 10)
14
28
2.1.4 Thailand's leather industry
Thailand's leather industry has developed more than 70 years through the development of a
home industry focused on the demand for workers in the manufacturing industry with the production
of machinery and used modern production technology has been developed to increase efficiency in
production together with the development of craft, sewing and design products that can develop into a
important export product of the country.
15
Entrepreneurs in Thailand's leather industry, mainly small and medium-sized enterprises
employ less than 200 people have very little capacity in the production for export and domestic sales
simultaneously. Leather products produced at 80 percent exported to foreign market, mainly the
production of large factory. Manufacture of leather products are produced to foreign companies to set
up production bases in Thailand. The current production has been changed by foreign companies with
manufacturing bases in the country began to move their production bases to other countries that have
an advantage in production costs than Thailand such as China, Vietnam and India because has many
workers, low wage and the availability of raw materials rather than Thai. However, Thailand still has
a comparative advantage in skilled labor, quality of production. Thailand also has the advantage in the
production of leather products and skins of exotic skin such as crocodile, snake skin leather, ostrich
leather, Stingray leather that is new products for market.
15
http://www.tfrc.co.th
16
Thailand's exports of leather products.
29
Table 6: The Value of Export Leather product in first quarter (January-March) 2011
when prepare with Fourth Quarter in 2010
Product
Shoes
Appliances transportation
Leather prodact
Export value (million U.S. dollars)

211
73.4
143.8
Rate of Change
-3.19
8
0.9
The rate of export product in First

Quarter(January-March) 2011
Equipment use
for travel
17%
Leather
Product
34%
Shoes
49%
Countries that Thai exports

leather product
America
21%
Chinese
17%
Hongkong
18%
Vietnam
19%
Switzerland
13%
Japan
12%
16
http://www.depthai.go.th/TabID/263/Default.aspx?aOfficeID=236
30
Table 7: The Value of Export Leather product in second quarter (April- June)
2011when prepare with First Quarter in 2011
Product
Shoes
Leather product

68.9
257.3
143.8
The rate of export product in

Second Quarter(April-June) 2011
Equipment use for travel
33%
Shoes
Leather Product
14%
53%
Rate of Change
-6.4
22
12.6
31
17
Table 8: The Value of Export Leather product in third quarter (July-September)

when prepare with second Quarter in 2011
Product

257.3
81.5
185.5
Shoes
Leather product
Rate of Change
The rate of export product in

Third Quarter(July-September)
2011
Leather
Product
16%
Equipment
use for travel
31%
Shoes
53%
Countries that Thai exports

leather product
Vietnam
17%
Chinese
17%
Switzerland
15%
Hongkong
19%
17
America
21%
Japan
11%
3.2
18.3
-2.1
32
2.1.5 Trend of export leather products of Thailand to America
18
The U.S. market is a big market has high purchasing power, but the economy is still slow expected
consumer need leather products has increased. Although manufacturing in the United States is looking
for a new source of cheap labor and the country has to negotiate trade (Trade zone), Mexico, Canada
and countries in the Caribbean and South America. For the benefit of the import tax and export tax,
and reducing product costs. However, the qualities of workers in these countries lower than employed
in Asia. Especially manufacturer and exporter of Thailand have the advantage of the workers that
have quality, expert, neatly and easy to control product quality.
Table 9: Structure of export product to America
Product
Rate of export (%)
Value: million U.S.

2008
2009
2010
2011(Jan-
2008
2009
2010
Oct)
Proportion (%)
2011(Jan-
2008
2009
2010
Oct)
2011(JanOct)
0.8
1.3
0.9
0.53
(22.59)
64.34
(25.61)
0.01
Toy pets
4.5
2.9
1.7
10.53
32.56
(51.4)
(32.01)
0.02
0.03
0.01
0.01
Glove Leather
35.6
34
32.6
31.2
0.6
(4.32)
(4.14)
15.71
0.15
0.18
0.14
0.14
Other
14.1
10.1
13.5
10.8
(12.48)
(28.76)
34.34
(9.1)
0.06
0.05
0.06
0.05
55.8
51.1
50.8
45.1
(3.11)
(8.31)
(0.73)
5.02
0.24
0.27
0.22
0.21
Cattle
Leather
Tanning
Leather
Product
Hide Leather
18
http://www.ops3.moc.go.th/infor/menucomth/stru1_export/export_re/
33
2.1.6 Trend of export leather products of Thailand to Asia.
19
Market in Asia such as Singapore, Hong Kong, Taiwan is markets that have value of export leather
product number three of Thailand that the country is new industry and have Problem of high
production costs and lack of produce leather product these markets are likely to decrease in the future
and turned to import leather products from foreign countries for sale to customers in their market and
exported to international markets around the world, instead of own manufacturing.
Table 10: Structure of export product to Asia
Product
Rate of export (%)
Value: million U.S.

2008
2009
2010
2011(Jan-
2008
2009
2010
Oct)
Proportion (%)
2011(Jan-
2008
2009
2010
Oct)
2011(JanOct)
202.6
170.4
227.2
233.4
10.5
(15.92)
33.34
23.29
0.19
0.18
0.36
0.33
Toy pets
3.9
5.5
1.4
2.0
307.93
40.8
(74.32)
78.12
0.01
Glove Leather
9.1
7.7
9.2
26.12
(16.11)
20.36
1.3
0.01
0.01
0.01
0.01
0.01
Other Leather
230.9
154.3
202.2
176.3
4.17
(33.2)
31.07
5.28
0.21
0.17
0.16
0.14
449.7
340.4
442.8
442.4
8.19
(24.29)
30.07
14.9
0.42
0.37
0.36
0.33
Cattle Leather
Tanning
Product
Hide Leather
19
34
2.1.7 Trend of export leather products of Thailand to the EU.
20
European market as the market is the second largest exporter of leather products of Thailand such as
Sweden, Denmark and the United Kingdom, Germany, France, Netherlands, Italy and Spain. Leather
products are exported to markets in Europe such as Pet toys, leather apparel, handbags, belts, other
leather products, Cattle leather tanning and leather gloves.
Table11: Structure of export product to EU
Product
Rate of export (%)
Value: million U.S.

2008
2009
2010
2011(Jan-
2008
2009
2010
Oct)
Proportion (%)
2011(Jan-
2008
2009
2010
Oct)
2011(JanOct)
1.8
0.9
1.2
1.6
(38.92)
(47.48)
26.62
83.51
0.01
0.01
Toy pets
15.5
17.9
14.9
13.1
51.57
15.59
(16.82)
3.31
0.06
0.08
0.05
0.05
Glove Leather
8.4
6.6
6.5
4.8
75.75
(21.77)
(0.48)
5.07
0.03
0.03
0.02
0.02
Other Leather
29.0
19.6
18.4
19.9
(12.48)
(32.6)
(5.87)
41.39
0.11
0.09
0.07
0.07
55.8
45.5
41.7
40.1
7.25
(18.39)
(8.5)
22.93
0.21
0.21
0.15
0.15
Cattle Leather
Tanning
Product
Hide Leather
20
35
2.1.8 Regular customer
-
Small and medium enterprises
People who are high income
People who are interest in crocodile leather.
36
2.2 Situation of industry
21
Leather industry is agriculture industries that are important to the economy of the country
and industry adds value to the animal leather. From the raw hides from the Livestock Development to
produce various types of leather the cause downstream industries that create more value-added
industry in leather variety such as leather gloves, leather jacket ,leather shoes ,leather bags ,leather
watch strap, leather furniture. The products are sold in domestic and exports that can bring foreign
currency enter 20000 million baht per year. It is also a labor-intensive industry to create jobs, not less
than 200,000 people in the industry. Leather industry is an industry that has production structure is not
very complicated and production still relies on the labor and skill of the workers very much. The
production process many steps cannot use in the production technology, as the product has change
follow fashion. The production structure of the industry has structured to produce a similar in each
country, however in comparison cost advantages of manufacturing in each country also depends on
several important factors such as the ability to design products, the ability to improve product quality,
wage labor, a source of cheap of raw materials, the availability of materials and equipment and
operating costs in different countries such as tariffs, import - export tax, procedures of government
,infrastructure and that has availability of these aspects will have a higher competitiveness.
At present Thailand produce the leather has been developed both in quality and style due to
bring new machinery and technology Used to produce including the selection of raw materials. Raw
hides and leather that have high quality and products imported from abroad. Also in the leather
industry that has leading international trademarks can also produce products that satisfy market
demand both domestically and internationally but it is product in medium-low price. So import leather
goods from abroad, Especially leather from the leading manufacturers in the world to satisfy the needs
of consumers who are high income.
21
http://161.200.89.229/academics/course/2104328/assignments/01-industries/16.pdf
37
2.2.1 The current situation
22
President of Association Leather Thailand, support Thai export leather through the end of
51,000 million baht and encourage Thai people use Thai product after EU guarantees the quality of
Thai leather goods brand not allergic a foreign brand. Mrs. Naowarat Songsawatchai managing
director Tammarong Company Ltd., President of the Thai leather goods said that Thai leather is
famous and well known in foreign markets around the world, especially design and quality not
allergic to international brands in Europe. The export of leather and leather products of Thailand are
facing intense competition in global markets. Competitor for Thai leather products is China and India
by India as a competitor in the "leather" because it has a lot of produce leather in the country and
lower wage while China is a competitor in the "price" which is currently leather of Thailand more
expensive than china 10-20 percent. In addition, the Thai government to promote the leather industry.
1. The Department of Livestock Development, Ministry of Agriculture to promote of livestock
in small farmers to increase income of farmers. The BOI to promote animal farming in the
farm, which has helped improve the quality of the leather and support leather industry.
2. Government to promote investment in the leather industry by BOI import duty exemption raw
material such as artificial leather and materials necessary for production for export.
3. Financial support. The Export-Import Bank provides assistance for the export of capital
investment by reducing the L / C from the export of leather.
4. Reimbursement of duty leather export. The government will provide tax return exporters of
raw materials to use in production for export in the form of a tax card, which can be used to
pay tax to the Revenue Department and Customs Department.
5. Department of Export Promotion Ministry of Commerce has carried out to promote activities
in foreign markets such as joining in trade fairs both domestically and internationally.
6.
22
www.thaifta.com/thaifta/Portals/0/File/ascn_leathersum.doc
38
Product and service

-
Product
2.3.1 Bag
39
2.3.2 Wallet
40
2.3.3 Shoes
41
2.3.4 Belt
42
2.4 Vision
Leather Product Company is a manufacturer and distributor of products made from crocodile
leather of all kinds. Marketing Communications, trade negotiations and other sources related to
promotion of produce and we will produce product follow order that the customer need
2.5 Mission
Leather Product Company is carried out with modern technology, focus on produce product
that have high quality, Service The price of the product will conform to the size of the bag and service
for customer willingness.
43
2.6 Corporate Level Strategy
Leather Product Company is the new business that will opening in Bangkok and will know in
the market. It is the reason that our business use growth strategy for adaption with our business. This
strategy can improve Leather Product Company to know and more famous in Bangkok. This will
affect to our business continuous to growth, especially to focus create growth within company.
Leather Product Company will expand the product to the world; add diversity of product such
as shoes, belt, and wallet from the strategy that we will adapt to use with Leather Product Company
that can lead our company to growth and increase profit in the future.
2.7 Business strategy
Leather Product
Company is the new business to entry into new market that the company
needs to create brand under the name RACOLA. We have to create advantage to complete with
competitor in the market that we use differentiation strategy adapt with our business.
2.8 Product differentiation
In Bangkok; they have crocodile product industry but Thailand have many crocodile product
industry every industry have the same product and service like us. So we have many competitors in
Thailand who stands in the same level like us that mean the good opportunities to complete because
we have the same product in order to attract their customer to be our customers. We have to make the
impression with the product by make different to our competitor. If companies have different product
to the customer that make they want to purchase crocodile product and we can create the satisfaction
to customer and know the customer need what product and service.
44
2.9 Functional strategy
Marketing strategy
2.9.1 Product strategy
-
Present the quality product and service to customer
Create brand and logo for increase brand image that customer can remember
Focus product and services in variety and high quality
Create the different strategy with interesting promotion to attract the customer
2.9.2 Price strategy

-
Update the price of new product in price list
Estimate cost and selling price of competitor
2.9.3 Promotion strategy

-
Advertising product and service in vary media such as pamphlet, website, newspaper
2.9.4 Place strategy

-
Present our product and service in the exhibition
Selected the location in abroad to promote product and service
45
2.9.5 Human resources plan
1. Short-term plan= predictions for the going rate at the initial stage and find the employees in market
labor of Thailand media and the recruitment company to insure the risk of staff shortages.
2. Long-term plan= to develop their own learning in the organization and Recruitment company to
insure the risk of staff shortages.
Schedule of the estimated number of persons in the department

Department
2011
2012
2013
2014
2015
General Manager
General Secretary
Marketing Representatives
Finance and Accounting Officer
Internal Marketing
Information System
10
11
Total
Organization Chart
General Manager
Secretary
Financial strategy
Marketing
Represent
Internal
Marketing
Finance and
Accounting
Information
system
46
-
Provide the financial management to improve circulation in business every month.
Joint with the bank that the policy to loan the money cheaper interest.
2.9.6 Human resource strategy

Our company will hire local people to work with us in order to save labor cost and distribute
income to local to make them have job and better standard of living. Moreover, we will hire some
professional staff to control the quality of leather product; before we hire them we provide them some
training course, leaning the principle of leather product for create good attitude toward their duties.
We also want them to have correct understanding of our products. There is performance assessment
every six months for check their job performance. We provide them a privilege to buy the products in
a cheaper price. There is a sick leave and at the end of the year also have incentive trip to reward our
staff. There is sending staff to attend seminar or other training course in any related filed.
47
Chapter 3
Marketing
Feasibility study
48
3.1 Market analysis

-
General environment analysis

We use PEST analysis in order to analyze the external environment that may effect to our
business. We have to know this thing because it let we know how to behave. PEST
analysis includes 4 things which are Politic, Economic, Socio-cultural and Technology.
We also analyze the environment as well.
3.1.1 Political:
23
Nowadays Thai government is very support the leather product of the country because it is
one of main income of Thailand. According to The Thai government is aiming to improve quality of
leather product and support Thai people is crocodile farming because skin crocodile can be made into
better leather which market demand for a high level resulting in high export prices. In addition, there
is strength suitable for the production of bags, shoes, belts, or even used in the production of
household textiles for home and car. Thailand is a country that is breeding crocodiles, the largest in
the world. The crocodile is a ferocious beast, but it has become. "Economic animal", nationally and
internationally has been immensely popular. Thai government support Thai people use product made
in Thailand that government guarantee brand quality of leather product is good quality.
23
http://www.isnhotnews.com/%E0%B8%81%E0%B8%B4%E0%B8%95%E0%B8%95%E0%B8%B4%E0
%B8%A3%E0%B8%B1%E0%B8%95%E0%B8%99%E0%B9%8C-
49
3.1.2 Economics:
24
Leather product of Thailand have famous and know in foreign market especially the
quality and design products. The revenue that got from exporting the leather grows in every
year.
-
In year 2011, forecast increase 10 % of grow = $ 1,700 million, or about 51,000 million
Baht
In year 2010, grow from year 2009 12 % = $ 1,600 million or about 48,000 million Baht
The export of shoes and Leather Products as a whole in 2011 is expected to increase 10.1
percentage from the year 2010, all products have increased the rate of growth, shoes, appliances travel
leather, hide leather increased 1.2 , 21.0 and 21.6 percent.
Shoes in 2011 estimated that exports will increase by 1.2 percent from 2010 to export
products to the leather shoes, slippers and other footwear components increased 10.1, 41.8, 47.5 and
11.9 percent. For exports product declined from 52.7 percent of sports shoes decrease 52.7 percent for
export market growth (Jan.-Oct 2011), including Denmark, France and China rose 22.5, 12.8 and
1.1percent.
Appliances for travel in 2011 estimated that exports will increase 21.0 percent from 2010, all
products exported such as travel bag, wallet, handbag and other travel bag Increased 32.8 , 11.7, 17.8
and 20.3 percent. Export market with a growth rate increase (Jan.-Oct. 2010) including USA, Japan
and the United Kingdom decrease 28.6, 4.9 and 52.4 percent.
Leather and leather product in 2011 estimated that exports will increase from the year 2552,
21.6 percent and products that are exported such as cattle leather, belt, and other leather increased
34.3 percent, 7.8 and 25.5 percent. Products that exported are declining such as Pet toys, Leather
gloves and a decrease of 34.2 and 2.2 percent. Export market growth (Jan.-Oct. 53) Hong Kong,
Vietnam and China decrease 61.0, 22.3 and 23.7 percent.
50
Trends in production and export value of shoes and leather industry in 2011 compared to the
year 2010 is expected to increase, but the shoe industry will be stable for leather industry. In addition,
government policies to stimulate the economy, Orders increased Capacity increases and trends in the
domestic economy and the world economy is expected to increase. The negative factors affecting the
exchange rate of the Thai industry, Interest rates, oil prices, domestic political situation and economic
problems of Europe.
3.1.3 Socio-cultural:
25
Nowadays, leather product is very popular in the Europe and Asia, and Thailand is a country
that the export and import of leather products. From the values of the Thai people, Thai people have a
habit of spending on goods and leather products in opposite directions, the Thai people like to buy
brand name product from aboard. This makes leather products from aboard, such as Louis Vinton
entry to open shop in Thailand. The level of people class in Thailand that use leather products are
people who have income and people who have power to buy it. However, the habit of Thai people
prefers the product that is cheap.
24
http://www.logisticsdigest.com/news/importexport/item/6509
25
http://www.bangkokbiznews.com/2011/02/21/news_32484275.php?news_id=32484275
51
3.1.4 Technology:
26
Technology brings the knowledge from scientific to apply for creating interesting which
there is associated with the living of people for a long time. In presently, technology has developed
and rapid change for simplify to use, so technology has more role in human social.
Technology
has important in production leather product because using technology produce product, it is easy and
faster. Technology include with equipment in office and factory - machine, computer, telephone, etc.
It can create interesting in product such as internet is the easy way to contract with manufacturer for
transportation export product and it can create satisfaction and impression to customer come back to
use service again. Therefore, change and progress of technology can create competitive advantage for
helping business and technical systems in modern manufacturing. It can reduce production costs and
increase capacity production. Then, it helps to manage and communicate faster, also make to response
customers need for more efficiently. Leather Company applies technology to achieve the highest
quality to customers, such as the graphic to create picture or video, and website to increase
convenience for customers to find information.
26
http://www.rongteen.com/biz/86.html
52
3.2 Competition analysis (3C analysis)

3.2.1 Competitor Analysis
27
The major competitors of leather of Thailand are China, India, The United Arab
Emirates, and Italy. India is the competitor in leather animal, and China is the competitor in
price of product- cheaper than Thailand. Now, China enters to global market already, but the
products dont have quality enough. This causes leather industries in Thailand to accelerate to
develop product for acceptance in Thai market and global market.
The analysis of the situation of the Italian film market in 2008 through early 2011 found that
the impact of the global economic crisis was quickly sent to the Italian leather market in late 2008 and
early 2011. During January - September 2008 due to decline slowly. The leather market in Italy quite
satisfied with the value of exports in 2008 (+3.3%).
Manufacturing
In 2008, Italy has production value, both in Italy and abroad, including 3,900 billion euro (+1.3%),
with production value in 2545 billion euro (-1.4%).
Export
In January - November 2008 Italian exports amounted to 3,082 billion euros, although the leather has
been due in part to the impact of the global economy, but the export value increased (+3.3%).
Import
In 2008, domestic consumption has declined in value compared to last year, import value increased
(+0.6%), imports (+0.9%), Italy has to import most leather and imports increase leather products.
The main import markets are China, Italy and Hong Kong is a major import markets of Italy, by 2008,
Chinese imports increased (+2%) and Hong Kong (+43%) and China is a country that is Italy import
as a. (85%) of the global market.
53
The domestic consumption
In 2008 an Italian family has reduced the volume of leather products. The total value of EUR 1,640
billion (-1.2%) and total (-5.5%) compared to the year 2007, which affected products, including
leather luggage and accessories for use in transportation (-11.6%) of luggage for a fraction of $ (9.7%) wallet (-3.8%), handbags (-6%).
Leather trend for autumn and winter 2010-2011
For the winter will focused on the production of leather products that are quite complex, especially the
use of knitting. The crocodile leather with a contrasting color and pattern for this season will feature a
series of "Imperfections" that the intention was to highlight the old and the other patch
Leather trends for spring and summer 2011

Will focus on the large bag that can carry and fold to a size smaller by the fresh color is opaque and
has a combination of the Europe, India and South America. That can separate color such as the brown
color can be clear, dark green, dark blue and white bags for holding or clamping is still a popular bag
for men.
27
http://www.mipel.com/it/area-stampa/gallery?filter=23
28
Reports leather products in the United Arab Emirates.
54
Manufacturing
The footwear market in the UAE remaining is imported almost all the shoes produced in a
country are small and from survey of the demand for shoes in this country, it appears that consumers
who are foreign to the average buying shoes 3 pairs per year
Market export of Dubai.

China to dominate the UAE market, the average annual percentage 35-37 in years 2008-2010 by
China as a market for low quality products.
Italian leather shoe exporters in Dubai with a market share of 20-22 percent for many consecutive
years. For the Italian market will be attending a trade show in Dubai and sent a delegation of trade and
the Promotion and invite vendors to meet with the Italian Board of exports of a Mini Exhibition will
be seen that the whole store international Brand of the Italian market in Dubai because it will cover
the entire market of Dubai and foreigners living in Dubai, including tourists and Arabs, who often
travels to Dubai almost Brand buying shoes made from Italy available worldwide in Dubai.
India Manufacturers and exporters of men shoes leather with a lot of footwear after China accounted
for about 58 percent of production, shoes leather brand made in India such as Florsheim, Gabor,
Clarks, Salamander and St. Micheals . Factor of production is India's low labor costs, leather have a
very low-quality raw materials. The domestic market is large exports to the UAE as a shoe low price
Vietnam There are currently over 500 shoes manufacturers in the country's more than 10,000 people
are employed in this industry. Shoes exports of Vietnam is the EU and U.S. markets, the UAE
imported shoes from Vietnam and the average market share of 5 percent.
Indonesia In 2012, Indonesia overtook Vietnam as the largest exporter of shoes the export value of
approximately $ 2.1 billion annually.
During the years, foreign investors are gradually moving production from China and Vietnam into
Indonesia; current Indonesia has production capacity of over 3 million pairs per year. The size of the
55
industries third-largest after China and Vietnam to sell products in the UAE is cheaper than the same
product from Thailand, about 30 percent.
Malaysia: The rate of growth of this product in 2011 to 62 percent on most goods are produced under
the brand shoes, women's and available in both a Stand Alone by leading department stores.
Thailand: Exports to the UAE since 2010, down 3.5 percent in the first three months of 2011, Thai
exports grew 28.3 percent because leather product made from Thailand high quality competition with
countries produce product expensive such as Italy, Spanish and leather shoes from Thailand is
commonly used in traditional Arab life and is known for quality and style of buyers and importers as
well but now are producing the same product from China, Indonesia, Vietnam, in a cheaper price
For the Thai market in Dubai will participate in the exhibition market. Thai exporters have
some regular customers who usually travel to visit clients several times a year. In addition, the market
leader in Dubai will visit Thailand, especially in the event of leather with Thailand in Thailand
Leather Fair.
28
www.depthai.go.th/DEP/DOC/54/54002351
56
3.2.2 Direct Competitor

28
The direct competitors are the business that produce leather product and have target
market to be like our company. It includes the leather company in Thailand and the foreign
company that export leather product to Thailand.
For example the direct competitor
Kanthima Leather
Strengths
Weaknesses
- To know around the Bangkok
- Shop has small size.
- Shop has very famous.
- To have various produces.

- Products have high quality.
- Products are middle price
28
http://www..com/Kanthima-Leather.html
57
Malai Farm
29
Malai Farm is business that has production leather product. Malai Farm has many leather
products such as ostrich leather and crocodile leather.
Strengths
Weaknesses
- various products and services
- Brand is not clearly
- To have famous in leather market of Thai
- Products are more expensive.
- Good managing
- High cost
- The market is expanding

- Malai farm is the leading company of
ostrich and crocodile meat.
29
http://www.malaiostrichfarm.com/main/index.php?p=index&area=1
58
3.2.3 Indirect Competitor

30
The competitor who competes with us by select the different target market but the
characteristic of their product and service is like our company. These competitors will
become indirect competitor such as Stingray bag leather, Ostrich bag leather
For example of indirect
Fashion In trends Shop
The Shop sell wholesale handbags, fashion handbags, bag, handbag, leather bag and produce
bags made of PVC PU leather. Products come directly from factory. The products produced
by artisans and designer handbags and the modern trend.
Strengths
Weaknesses
- To have good promotion
- Not have own brand
- Price is cheap.
- Marketing is not expanding.
- Products are interesting in people who have
- The most of people dont know company.
low salary.
- Guarantee the quality of product
- To have various product
- Delivery to destination
30
http://www.manager.co.th/SMEs/ViewNews.aspx?NewsID=9520000094902
59
31
Lee Nature Craft Company Limited is company produces leather goods more than 10 years,
especially products made from stingray leather which is durable and beautiful than any other leather.
Stingray leather bag was chosen because it is believed in Asia that fish is an animal lucky, people who
use Stingray bag will have money in the pockets are very lucky in his career.
32
Wana Farm is a hotbed ostrich of the largest in Chiang Rai province has a total area of
approximately 22 acres of ostrich all over 60.
31
http://goldenfishleather.blogspot.com/2008/10/sting-ray-leather.html
32
http://www.wanafarm.com/ostrich_info.php
60
3.3 Customer Analysis

33
Our customers are people who live in Bangkok age 25-30 years old. There are 524,971
people who are around 25-30 years old. We assume that 10% of those people have buying power to
buy leather product from our shop at Bangkok.
Table12: Number of population in Bangkok age 25-30 years old
Age
Male
Female
Total
25
38,895
40,102
78,997
26
40,286
42,465
82,751
27
41,386
44,275
85,661
28
43,015
46,286
29,201
29
44,727
48,761
93,488
30
45,350
49,523
94,873
Total
253,659
271,312
524,971
34
Another customers group that we focus on tourist that visits Thailand because we see the
opportunity to crate the relationship with them by delivers the products to tourist. We have
interviewed Department of Tourism on the telephone for search information about tourist visit in
Thailand in order to will promote and advertisement leather product to tourists.
33
http://203.113.86.149/cgibin/people2_stat.exe?YEAR=52&LEVEL=1&PROVINCE=10%23%
A1%C3%D8%A7%E0%B7%BE%C1%CB%D2%B9%A4%C3&DISTRICT=&TAMBON
61
Table13: Statistics of foreign tourists traveling to Thailand.
Year
2011
2010
2009
2008
2007
2006
2005
2004
Amount of tourists
19,098,323
15,936,400
14,149,841
14,584,220
14,464,228
13,821,802
11,516,936
11,650,703
Change of last year (percent)

+19.84%
+12.63%
-2.98%
+0.83%
+4.65%
+20.21%
-1.15%
-0.78%
Table14: Top 20 foreign tourists
country
Malaysia
China
Japan
Russia
korea
India
Laos
Australia
2011
Amount
people
2,470,686
1,760,564
1,126,221
1,014,493
1,014,292
916,787
887,677
854,064
of
percent
country
2010
Amount
people
percent
country
2009
Amount
people
Malaysia
2,058,956
12.92
Malaysia
1,757,813
12.42
1,122,219
7.04
1,004,453
7.10
993,674
6.24
1,004,453
7.10
810,727
5.09
336,965
2.38
805,445
5.05
618,227
4.37
760,371
4.77
614,566
4.34
715,345
4.49
655,034
4.63
698,046
4.38
646,705
4.57
America
Singapore
844,224
644,678
4.05
841,425
5.95
684,073
America
611,792
3.84
America
627,074
4.43
670,148
Singapore
606,874
3.81
Singapore
563,575
3.98
of
perce
nt
12.94
9.22
5.90
5.31
5.31
4.80
4.65
China
China
Japan
Japan
Russia
Russia
korea
korea
India
India
Laos
Laos
4.47
Australia
England
of
4.42
England
Australia
England
3.58
3.51
62
Germany
603,177
3.16
488,315
2.56
509,225
2.67
450,753
2.36
418,063
2.19
369,530
1.93
336,593
1.76
271,903
1.42
252,705
1.32
Vietnam
603,538
3.79
380,368
2.39
461,670
2.90
369,220
2.32
Hongkong
316,476
1.99
Indonesia
286,072
1.80
355,214
2.23
Philippine
246,430
1.55
Cambodia
196,994
1.24
Germany
Vietnam
French
4.05
363,029
2.57
427,067
3.02
362,783
2.56
Hongkong
318,762
2.25
Indonesia
227,205
1.61
350,819
2.48
Philippine
217,705
1.54
Cambodia
205,412
1.45
Vietnam
French
Taiwan
573,473
Germany
French
Taiwan
Taiwan
Hongkong
Indonesia
Sweden
Sweden
Sweden
Philippine
Cambodia
34
http://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%97%E0%B9%88%E
0%B8%AD%E0%B8%87%E0%B9%80%E0%B8%97%E0%B8%B5%E0%B9%88%E0%B8%A2%E0%B8%A
63
3.4 Competitive Advantage

We use the Five-Force model by Michael Porter to analyze the competitive advantage.
Rivalry among existing competitor
According to competitor analysis, we found out that now the competitors of leather of
Thailand enter to global market already such as, China, India, the United Arab Emirates, and Italy.
The trend of using and production of leather product is increase. Now, there is supply more than
demand. So the rivalry is high in the market.
Threats of new entrants
The new entrants in this business require high cost of capital investment to enter the market;
the new entrants should have expertise and knowledge in this business. They have to differentiate
themselves in term of product and service because now there are many leather product shops in
domestic and international market.
Bargaining power of buyer
Customers have less information about leather product that they consumed, but they have
more concern about price and quality of product because they want to get quality that suite with price
of product. There are other choices for customers such as Malai Farm.
Bargaining power of supplier
There are many suppliers in Bangkok and country that serve leather product to customers. So
the bargaining power is not high. On the other hand, there is only Leather Product Company in Srilom
which is leather of crocodile. It has low power of brand because Leather Product Company has short
history was established since 2010. The company serves only domestic market. So the bargaining
power of the company is low.
Threats of substitute product

If the prices of leather products that make from crocodile leather are increase, customers will
go to buy other product such as ostrich leather, snake leather and fake leather.
31
http://strategy.dip.go.th/
64
3.5 STP analysis

3.5.1 Market segmentation
We can separate market according to their behavior to consuming crocodile leather
-
Woman
Men
Other
Men
20%
Others
15%
Women
65%
3.5.2 Target market

Our target market of Leather Export Company is the people have high income and people have
interesting in crocodile product.
3.5.3 Positioning analysis
The position of the Leather Product Company is to create image of quality product
and service to enter to the mind of target group of customer that is women, men, teenager and
people have high income. Our image of product arising in the mind of target group of
customer is personal feeling in brand RACOLA because the company has the best designer
in design brand of product. The companies provide service that makes the customer more
65
convenient and feeling good that they purchase product. Companies provide service that makes
the customer more convenient and feeling good that they purchase product.
3.6 Marketing mix strategy
3.6.1 Product strategy
Branding strategy, the company set the name of brand; it is short and easy to remember. The
brand name is RACOLA the company create logo for identify to our brand name. Logo use gold
color for presentation the luxury of RACOLA. Leather Product Company have many product for
the customer can select product to be proper with lifestyle, the product have bag, belt, key ring,
wallet.
Brand RACOLA
66
3.6.2 Price strategy
27
Leather Product set high price because the product made from crocodile skin that is lack of
in the market. Crocodile leather product are expensive because made from raw material high quality
such as crocodile leather bag customer can design form of bag and we have designer graduate from
foreign country. Designer leather handbags are among the most produced, sought-after, and carried
designer bags out there. Leather is luxurious, timeless, and available in just about any color you can
possibly think of including the season's trendiest shades.
At Leather Product Company, you'll find a large assortment of designer leather bags in various shapes
and styles including designer leather clutch, designer leather satchels, and designer leather totes.
These purses are made with extreme quality and care, the very best materials, and complement even
your best outfits. Carrying a designer leather handbag is like carrying a timeless work of art.
Product
price
80,000 Baht
80,000 Baht
90,000 Baht
67
90,000 Baht
Product
price
2,000 Baht
2,000 Baht
3,000 Baht
3,000 Baht
85,000 Baht
68
3,000 Baht
Product
price
2,500 Baht
2,000 Baht
3,000 Baht
3,000 Baht
69
Product
price
3,500 Baht
2,000 Baht
3,000 Baht
3,000 Baht
70
Product
price
5,500 Baht
7,000 Baht
3,000 Baht
7,500 Baht
7,500 Baht
27
http://www.shoebuy.com/womens-alligator-shoes.htm
http://www.ebags.com/category/leather-handbags/20048627
71
3.6.3 Place strategy
We use multiple channels to sell our products. The Internet is the way that we use for sell to
customers directly because now almost everyone uses Internet and can access easily. There is a
company Facebook, Twitter and radio for promote our farm. We provide information about company,
products, location and contact information on the Internet for those who interested organic vegetables.
Our customer can check the price of products through the Internet as well. If customers want to get
more information they can contact us through the telephone number and online channels.
3.6.4 Promotion strategy
Leather Product Company promote product in many ways for expand product because setting
promotion is discount price, gift voucher that can attract customer to purchase product. If customer
buying leather product we will discount 10% per one bag.
72
3.7 Sale forecast
3.7.1 Year 1
Year1
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total Sales
Jan
0
0
0
0
0
0
0
0
0
Feb
49,980
379,950
150,000
290,000
300,000
225,000
160,000
190,000
Mar
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Apr
749,700
759,900
150,000
290,000
375 000
300,000
160,000
190,000
May
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
June
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
July
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Aug
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Sep
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Oct
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Nov
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Dec
624,750
379,950
150,000
290,000
375,000
300,000
160,000
190,000
Total Year1
6,422,430
5,699,250
1,650,000
3,190,000
4,050,000
3,225,000
1,760,000
2,090,000
1,744,930
2,469,700
2,974,600
2,849,650
2,849,650
2,849,650
2,469,700
2,469,700
2,469,700
2,469,700
2,469,700
28,086,680
800000
Sales Forecast Year1
Women handbag
700000
Handbag(special)
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Dec
Nov
Jan
Men's belt
Oct
100000
Sep
Women's belt
Aug
200000
July
Men's Shoes
June
Women's Shoes
300000
May
Wellet-Three-fold
400000
Apr
500000
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
Mar
Wellet
Feb
600000
73
3.7.2 Year 2
Year2
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total Sales
Jan
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Feb
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Mar
624,750
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Apr
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
May
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
June
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
July
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Aug
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Sep
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Oct
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Nov
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Dec
624,750
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Total Year2
7,497,000
9,118,800
2,475,000
4,785,000
4,500,000
3,600,000
1,920,000
2,280,000
2,849,650
2,849,650
2,849,650
3,069,650
3,069,650
3,069,650
3,069,650
3,069,650
3,069,650
3,069,650
3,069,650
3,069,650
31,390,800
800000
Sales Forecast Year 2
700000
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Dec
Men's belt
Nov
Women's belt
100000
Oct
Men's Shoes
200000
Sep
Women's Shoes
Aug
300000
July
Wellet-Three-fold
June
400000
May
Wellet
Apr
500000
3100000
3050000
3000000
2950000
2900000
2850000
2800000
2750000
2700000
Mar
Handbag(special)
Feb
600000
Jan
Women handbag
74
3.7.3 Year 3
Year3
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total Sales
Jan
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Feb
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Mar
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
Apr
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
May
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
June
749,700
759,900
225,000
435,000
375,000
300,000
160,000
190,000
July
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Aug
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Sep
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Oct
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Nov
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Dec
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Total Year3
8,996,400
9,118,800
3,150,000
5,220,000
4,500,000
3,600,000
2,400,000
2,850,000
3,194,600
3,194,600
3,194,600
3,194,600
3,194,600
3,194,600
3,444,600
3,444,600
3,444,600
3,444,600
3,444,600
3,444,600
39,835,200
800000
Sakes Forecast Year 3
700000
Women handbag
600000
Handbag(special)
500000
Wellt
400000
Wellet-Three-fold
300000
Women's Shoes
men's Shoes
200000
Women's belt
100000
Men's belt
0
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
3500000
3450000
3400000
3350000
3300000
3250000
3200000
3150000
3100000
3050000
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
75
3.7.4 Year 4
Year4
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Jan
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Feb
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Mar
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Apr
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
May
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
June
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
July
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Aug
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Sep
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Oct
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Nov
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Dec
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Total Year4
8,996,400
9,118,800
3,150,000
4,785,000
4,500,000
3,600,000
2,640,000
3,135,000
Total Sales
3,444,600
3,444,600
3,444,600
3,4446,00
3,444,600
2,974,600
2,974,600
2,974,600
3,444,600
3,444,600
3,444,600
3,444,600
39,925,200
800000
700000
600000
500000
400000
300000
Women handbag
3500000
Handbag(special)
3400000
Wellet
3300000
Wellet-Three-fold
3200000
Women's Shoes
3100000
Men's Shoes
200000
Women's belt
100000
men's belt
3000000
2900000
2800000
2700000
0
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
76
3.7.5 Year 5
Year5
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Jan
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Feb
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Mar
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Apr
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
May
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
June
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
July
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Aug
749,700
759,900
150,000
290,000
375,000
300,000
160,000
190,000
Sep
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Oct
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Nov
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Dec
749,700
759,900
300,000
435,000
375,000
300,000
240,000
285,000
Total Year5
8,996,400
9,118,800
3,150,000
4,785,000
4,500,000
3,600,000
2,640,000
3,135,000
Total Sales
3,444,600
3,444,600
3,444,600
3,444,600
3,444,600
2,974,600
2,974,600
2,974,600
3,444,600
3,444,600
3,444,600
3,444,600
39,925,200
800000
700000
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Dec
Feb
Nov
Jan
Oct
Sep
Men's belt
100000
Aug
Women's belt
July
Men's Shoes
200000
June
Women's Shoes
300000
May
Wellet-Three-fold
Apr
Wellet
400000
Mar
500000
3500000
3400000
3300000
3200000
3100000
3000000
2900000
2800000
2700000
Feb
Handbag(special)
Jan
Women handbag
600000
77
3.7.9 Number of product on sales forecast

Year 1
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total
Jan
0
0
0
0
0
0
0
0
Feb
20
5
100
100
20
15
100
100
Mar
25
5
100
100
25
20
100
100
Apr
30
10
100
100
25
20
100
100
May
25
10
100
100
25
20
100
100
June
25
10
100
100
25
20
100
100
July
25
10
100
100
25
20
100
100
Aug
25
5
100
100
25
20
100
100
Sep
25
5
100
100
25
20
100
100
Oct
25
5
100
100
25
20
100
100
Nov
25
5
100
100
25
20
100
100
Dec
25
5
100
100
25
20
100
100
Total Year1
275
75
1,100
1,100
270
215
1,100
1,100
460
475
485
480
480
480
475
475
475
475
475
5,235
Jan
25
10
100
100
25
20
100
100
Feb
25
10
100
100
25
20
100
100
Mar
25
10
100
100
25
20
100
100
Apr
25
10
150
150
25
20
100
100
May
25
10
150
150
25
20
100
100
June
25
10
150
150
25
20
100
100
July
25
10
150
150
25
20
100
100
Aug
25
10
150
150
25
20
100
100
Sep
25
10
150
150
25
20
100
100
Oct
25
10
150
150
25
20
100
100
Nov
25
10
150
150
25
20
100
100
Dec
25
10
150
150
25
20
100
100
Total Year2
300
120
1,650
1,650
300
240
1,200
1,200
480
480
480
580
580
580
580
580
580
580
580
580
6,660
Year 2
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total
78
Year 3
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total
Jan
30
10
150
150
25
20
100
100
Feb
30
10
150
150
25
20
100
100
Mar
30
10
150
150
25
20
100
100
Apr
30
10
150
150
25
20
100
100
May
30
10
150
150
25
20
100
100
June
30
10
150
150
25
20
100
100
July
30
10
200
150
25
20
150
150
Aug
30
10
200
150
25
20
150
150
Sep
30
10
200
150
25
20
150
150
Oct
30
10
200
150
25
20
150
150
Nov
30
10
200
150
25
20
150
150
Dec
30
10
200
150
25
20
150
150
Total Year3
360
120
2,100
1,800
300
240
1,500
1,500
585
585
585
585
585
585
735
735
735
735
735
735
7,920
Jan
30
10
200
150
25
20
150
150
Feb
30
10
200
150
25
20
150
150
Mar
30
10
200
150
25
20
150
150
Apr
30
10
200
150
25
20
150
150
May
30
10
200
150
25
20
150
150
June
30
10
100
100
25
20
100
100
July
30
10
100
100
25
20
100
100
Aug
30
10
100
100
25
20
100
100
Sep
30
10
200
150
25
20
150
150
Oct
30
10
200
150
25
20
150
150
Nov
30
10
200
150
25
20
150
150
Dec
30
10
200
150
25
20
150
150
Total Year4
360
120
2,100
1,650
300
240
1,650
1,650
735
735
735
735
735
485
485
485
735
735
735
735
8,070
Year 4
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total
79
Year 5
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Total
Jan
30
10
200
150
25
20
150
150
Feb
30
10
200
150
25
20
150
150
Mar
30
10
200
150
25
20
150
150
Apr
30
10
200
150
25
20
150
150
May
30
10
200
150
25
20
150
150
June
30
10
100
100
25
20
100
100
July
30
10
100
100
25
20
100
100
Aug
30
10
100
100
25
20
100
100
Sep
30
10
200
150
25
20
150
150
Oct
30
10
200
150
25
20
150
150
Nov
30
10
200
150
25
20
150
150
Dec
30
10
200
150
25
20
150
150
Total Year5
360
120
2,100
1,650
300
240
1,650
1,650
735
735
735
735
735
485
485
485
735
735
735
735
8,070
Products Price
Products
Women handbag
Handbag (special)
wallet
wallet -Three-fold
Women's Shoes
Men's Shoes
Women's belt
Men's belt
Price
24,990.00
75,990.00
1,500.00
2,900.00
15,000.00
15,000.00
1,600.00
1,900.00
http://www.crocolux.com/crocodile_handbags/
http://www.shopstyle.com/browse/wallets?fts=crocodile+bag#36_89
http://www.shopstyle.com/browse/mens-shoes?fts=crocodile+bag
80
3.8 Marketing Expense

The advertising expense is expenses paid for promoting the products and create customers
awareness.
Radio
28
Radio is an extremely cost effective medium to advertise our products. Radio spots require a
smaller budget than advertising in newspapers and magazines. The benefit of using radio
advertising is the effectiveness of ads on listeners. Radio is the most intimate of advertising
mediums, because people are often alone when listening to the radio such as when driving to and
from work. This is the opportunity for create relationship with customers and encourage emotions
which will increase a chance of sale. The cost of advertising through radio is 3,000 Baht per hour.
Leaflet
Leaflet distribution is fast method to introduce products to the market and also cost effective type
of medium. It can distribute directly to target customers. There is higher quality print and color
reproduction than newspapers. The expense of leaflet is 3,811.52 Baht per time (1,000 sheets). It
is colored leaflet 2 pages in A4 size.
Signboards
We will post the signboards at the major road in Bangkok because this is the way to gain a
response from customers. The size of signboard is 1.2 X 2.4 meters costs 500 Baht per each. We
decided to use 5 signboards so it costs us 2,500 Baht. There is the company name board costs
50,000 Baht, it has long useful life for 5 years.
28
http://www.advertisingguruu.com/
81
3.9 Conclusion
Leather Product Company produces Crocodile leather because we know the current trend of
the market and perception of customers toward leather products. We have branch in Bangkok.
Moreover, we deliver our products to shop at srilom Bangkok. Our target market is customers who
live in Bangkok and people like to buy crocodile leather. They are working men/women age around
25-30 years old living in middle class and Hiso class. We use PEST analysis in order to analyze the
external environment that may effect to our business. We have to know this thing because it let we
know how to behave. The PEST analysis including four dimensions which are Politic, Economic,
Socio-cultural and Technology. We also analyze the environment as well. Leather Product Company
knows the competitor, customers and competitive clearly after analyze according to Five Force model.
The main competitors in Bangkok are Malai farm shop, Kantima leather and indirect competitors are
Lee Nature Craft Company Limited is produce stingray leather and Wana horse & ostrich farm that
produce ostrich leather. We use market penetration strategy in order to gain more market share in the
first stage. There are many distribution channels that we use to promote our products such as Internet
(website, Facebook and Twitter), signboards and be the sponsor in the particular local activities. By
the way, we also use leaflet to introduce ourselves to the market and attend the events in Thailand in
order to meet new customers as well.
82
Chapter 4
Investment
83
Chapter 4: Investment
4.1 Production and operation analysis
4.1.1 Product characteristics
4.1.1.1Handbags style
29
Our crocodile handbags are handcrafted from the most luxurious genuine croc skin. Great
care and experienced skills are spent on making each crocodile bag, because croc skin is very
expensive and also very difficult to work. We offer a wide selection of high quality authentic
alligator/crocodile skin purses and handbags, woman handbags and men handbags
4.1.1.2 Women handbags
29
http://www.malaiostrichfarm.com/main/index.php?p=shop&show=showdetail&fid=000-000-
003&categ=33&parent=0&navop=0&area=1
84
4.1.1.3 Men handbags

30
Crocodile is luxury leather for its incomparable beauty and strength, and it reveals itself beautifully
in this lush update of the messenger bag. The flap closure has intrecciato piping, while the shoulder
strap is adjustable with intrecciato design and a hardware buckle. Sticking to the basics is all well and
good, but some men have an insatiable need for something more. For those men, we recommend this
messenger bag Crafted from signature Colombian crocodile, it offers a uniquely luxurious
interpretation of an essential modern accessory.
30
http://www.crocolux.com/
85
4.1.1.4 Wallet styles
31
Wallet of luxurious crocodile, this wallet easily into your bag during the day. Simply pull it
out and sling it over your shoulder to lighten your load for cocktail hour no need to take the time to
transfer all your cards to another clutch. What's more, the cross body strap keeps your hands free for
handshaking and drink-sipping.
31
http://www.shopstyle.com/browse/wallets?fts=crocodile+bag
86
4.1.1.5 Shoes
32
Shoes of the company will focus on Luxurious, Comfortable to wear, its combination of
crocodile and quill ostrich leathers showcase an appreciation of things both refined and exotic, and its
cushioned insole provides comfort.
32
http://www.shopstyle.com/browse/mens-shoes?fts=crocodile+bag
87
4.1.1.6 Women shoes
33
Crocodile shoes are shoes made from crocodile skin. Crocodile shoes may also be made of
leather or synthetic material which is then stamped to resemble alligator skin. The material of alligator
shoes is unique in its allure, texture and tile pattern depending on the particular cut of alligator skin
used.
33
88
4.1.1.7 Belt styles
34
There is no other type of crocodilian that has the soft, bone free leather required to utilise
the raised scutes that run down the back of the Saltwater Crocodile.
Because of the three
dimensional contours it cannot be imitated like other leathers. The rarity of this product is enhanced
by the fact that only one belt can be made from each crocodile. Each belt is made without any joining
to ensure that the owner is more likely to wear out before the belt. The hides are selective sourced
from our own crocodile farms which are recognized by CITES (Convention of International Trade of
Endangered Species of Wild Flora and Fauna) so when you invest in a crocodile product you are
making a worthwhile commitment and a meaningful contribution to wildlife.
34
http://www.australiancrocodile.com.au/leather.html
89
4.2 Service process
The Leather Product Company, we recognize the needs and expectations of customers
for receive high quality products and services. We create the products high quality form
crocodile leather to orderly. Therefore, we are concerned and an extensive selection of fine
quality leather to produce quality products for customers and ensure that goods are not
damaged while in transit.
4.2.1 Steps of process service
1. Delivering basic customer contact through the website of the company.
2. When customers are looking for contact us and negotiate and order. By itself or by
contacting the telephone.
3. Contract to purchase the products as agreed. By appointment contract with the
customer or through a contract customer with the electronic media (Fax).
4. Shipping goods according to customer orders and get paid.
5. The company sell leather product in shop in Srilom Road.
90
4.3 Location : factory
Leather Product
Company
Location of Leather Product Company is locating in Samaedum Road, Soi 17, Bangkhuntien,
Bangkok10150 Tel 081-6851152. The area of our company are 6 Rai that the factory has 2nd floor, 1st
floor is produce the product, 2nd floor is canteen and my office near the factory.
91
4.3.1 Shop at Srilom Bangkok
Shop sell
leather product
Shop sell leather products locate in Srilom Road, Bangrak, Bangkok wide 9x9 meter near BTS,
Robinson Bangrak. The shop will sell leather product that the factory produce.
92
4.4 Facility layout
4.4.1 Parking
Parking is in front of the factory providing parking for cars, motorcycles and bicycles
for employees, and who came in contact. The parking area is located directly across from the
guardhouse to secure the vehicle. Parking lot outside the fence and the fence and parking for
approximately 70 cars.
Parking of factory
93
4.4.2
Pattern the external structure of factory

Plant size is 156 * 60 meters. The front door has a roof overhang is so easy for those
who come in contact, and easy to transport goods in a time rain. The factory is divided into
two parts. The front is divided into two layers, 1st floor is a room of administrator the factory
and office. The 2nd floor is canteen of factory. The rear of the factory will have single layer is
for employee sewing and manufacturing product. Warehouse is located within the plant. Side
of the factory has football field for employee to take exercise after they finish the work.
O
v
e
r
v
i
e
w
o
f
t
h
factory
94
4.4.3
Pattern the internal structure of factory
60 m.
156 m.
2nd floor
1st floor
Door
1st floor
2nd floor
95
In factory will divide 2 parts
The front of factory will divide 2 floor

o
1st floor is a room of administrator the factory and office.
2nd floor is canteen of factory.
The back of factory is part of produce the products
The front of factory will divide 2 floor

o
1st floor
For 1st floor is the Office of the factory managers and administrators, there are 4
rooms. The front door is the entrance to the factory, the door wide for easy to used to unload
the goods. In front of the building with a roof overhang for the temporary parking of moving
material. One of the first corners is for the people who come in contact work or people who
come to visit. The toilets, it has on the back separate male and female each side for safety and
convenience. There are stairs up to the second floor 2 sides for go to dining room.
Toilet for
Women
Toilet
for Men
Room
Room
Receive guests
and
Room
Room
o
Contact for information
2nd floor
Door
96
For 2nd floor is canteen of factory employees must eat here at lunch. In this class there
will be a staircase up from the 1 floor. Can accommodate about 144 people, Have dining table
for 24, each table can seat up to 6 people. Have 4 televisions for make entertainment and relax
to employee. In this class will have area for the food shop. Have the toilets, it has on the back
separate male and female each side for safety and convenience.
Toilet for
Women
Toilet
for Men
TV
TV
TV
TV
Shop
97
4.4.4
The back of factory is part of produce the products

In the back of the factory is the area for goods produced. Inside have 100 sewing
machines for each worker. If look from the front door in left hand side is warehouse that is
keep the goods to finish already. Inside of the factory have 6 doors, 3 emergency exits, 2
release products door in each side, and 1 big front door. The left side and right side of the
factory have unloaded parking for to transport goods in each side of factory. Have the toilets
on the back separate.
Toilet
Toilet for
for Men
Women
Office layout
Door
98
Our office is located. 2 Floors building. 1st floor is counters for customers or those who are
interested of product to contact my company.
2nd floors are room of manager and room of staff in department office.
2nd floor
1st floor
99
4.4.5
Pattern inside of store
4.4.5.1 First floor

Have counter give customer contact for information and two side of counter have decorated
flowerpot to be beautiful. Receive visitors table in front of counter for customer to wait or some case
may have to use long time to talk. In left side have display window to show goods of company. Toilet
lives in the back and in the left side. Have waterfall and small size garden arrangement in the middle
office close to the wall for to relax. In the right side have staircase go upward to second floor and have
emergency exit in the backside.
Toilet
Waterfall
Exit
Counter
Receive visitors
Door
100
4.4.5.2 Second floor
For second floor are room manager of the company. Have the meeting room can
accommodate about 17 people. Have room of department has a total of 7 divisions. That is
Sales & Marketing, Financial & Account, Design, IT, Factory, General Manager, HR.
There are toilets on the right-hand corner.
Toilet
Sales &
Marketing
Financial &
Account
Design
Vice-President
Room
IT
Factory
HR
General
Manager
101
4.4.5.3 Shop
The shop has area 9x9 m. is the glass. Have 8 cabinet stores, the cashier in front, have model
show the product of company in front of the shop.
Showcase
Shop window
Counter
Door
102
4.5
35
Machines/tools/equipment: in office
In office
The desk + chair set

Material : Particle Board( cover with PVC
Brand: Growil OfficeFurniture
SPE2
Price: 3,990Model: DK
Computer PC
Model :Dell(TM) Vostro(TM)260s Slim Tower
-CPU i5-2400 Quad Core 3.1 GHz
- RAM DDR-3 1333 MHz 2 GiB
- HDD 500 GB
- DVD-RW 16x
- Display on-chip HD2000
- Monitor 18.5
- Keyboard, Mouse
- LAN Gigabit
- 8-in-1 Reader
Price : 19,990 bath
Ipad 3 wifi + 3G(16GB)
(for up to manager only)
Price : 16,990 bath
HP Deskjet F2410 All-in-One Printer

-Print, copy, scan
-AIO multitasking supported
-Print speed black Up to 18 ppm
As fast as 28 sec
Price : 2,270 bath
Picture
103
The printing Ink
Model : Freejet / CANON (100 ml.)
Price : 110 bath
Sony Super HAD II CCD
Model : TC-387AH
-Sensor size 1 / 3 "video system PAL.
-Resolution 540TVLines.
-Minimum light intensity captured 0 Lux.
-The infrared and 8mm of 30 tubes and 1EA
sensor.
-Infrared distance 50m.
-Speed shutter. 1/50-1/100000 seconds.
-Signal to noise ratio greater than 48dB
with the AWB, AGC, and BLC.
-Power Supply AC 220 V.
Price:5,300 bath
Telephone
Model : PANASONIC KX-T2373MXW
Without picking up a conversation with

the Speaker Phone.
Connector for the optional Head
Set or Small Talk.
Data Port connector for trailers.
Lock out.
Call it music.
Price : 1,375 bath

Fax
Model: SHARPFO-57W
Price: 3,190
-Automatic to save 40 numbers.
-The 10-sheet document feeder.
- Transfer documents through about 17 pages of
memory (448 kilobytes).
Copier SHARP AR-5520S

Feature:
-Multi-function copiers.
- Accommodate the size of A3.
-Copy 20 pages / minute.
-A laser printer.
-250-sheet paper tray, 2 trays.
104
-100-sheet paper tray with the side.
-Zoom 25-400%.
-Connected to the computer with USB.
Price:3,990
Projector Hitachi CP-RX82 Hitachi Star bord

FX-DUO 77
Brightness: 2,200 Lumens

XGA Resolution: 1,024 x 768
Contrast ratio: 500:1
Manual Zoom
Manual vertical keystone
Security functions
Dimensions: 306 x 77 x 221mm (WxHxD)
Price : 99,990 bath
A fingerprint scanner.
Model : HIP CM702-S
Size : 150x120x50 mm
Register capacity:5,000
- Set a working time of employees.
- Prevent the sign name instead.
- Lack of time to check in late.
- 500 for fingerprint fingerprint
- A collection of 30,000 items of data.
- Can be placed on the desk. Were too
difficult to install.
- A battery backup is not required to use the
power series for 4 hours.
Price : 14,000 bath
Air condition
Model : Amena S-24 #4 24000BTU
Price : 25,900 bath
105
Wall-mounted fan
Model: HATARI HA-W18M2
Price : 1,369
Kettle
Model : SHARP KP-20B (1.7little)
Price : 1,025 bath
Vacuum cleaner
Model: Lux-1 R
Price : 5,990
Refrigerator
Model :HITACHI R-64VG
Price : 6,990 bath

CD player
Model : SAMSUNG DVD-C450K
Price : 1590 bath
Television
Model : PANASONIC TH-P42X30 T
Price : 14,990 bath
Fire Hose Cabinet

Price: 8,250 bath
106
Casio calculator
Model : EL-144A
Features:
The model calculates the Mini Nice Size.
The tax is calculated.
Press the button with the 2-Key Roll-Over.
Handy with a generous bead of cushioning.
Use of solar energy and batteries LR44.
Size: 102 x 148 x 15 mm
Weight 125 grams.
Leather/P.U Office Sofa Set
Model
: F-9976
Price : 8,900
Pen
Brand: Faster 505 (blue)
Features:
Ballpoint Pen 12 pieces size 0.38 cm.

Small, sharp lines, smooth.
DRAFTING STAND
Model : MASTEX / 303-Mini
Price : 2,300 bath
Paper drawings.
Model : SAKURA / i-Paint
Price : 42 bath
Master Art Super Soft 12 Coloured Pencils
Price : 120 bath
107
Drawing Pen
Brand, Model: PROJECT / DP54 (0.05 mm.)
The fiber tip for good skating.
Line drawings of design work for skate,
Drawing lines and fine arts, General literature.
Pigment inks are fast
drying and waterproof design.
Price: 35 Baht
rotring Triangular reduction scales
Price : 245 bath
Account book
5 / 100 sheets.
Thick 100 gsm 33 x 21 cm .
Price: 125 bath
Notebook
Brand / Model: Elephant / WPP1-999.
Smoothly written page 70 with Size 18.2 x
25.7 cm 60sheet.
Price: 40 bath
STAEDTLER /ERASER 526 35
Contain 50 pieces per pack.
Price:160 bath
Paper Mat
Price: 55 bath
rotring / TIKKY Ballpencil
Price: 115 bath
108
Steel ruler
Length 1 foot
Made of thick stainless steel can not rust.
Price: 24 bath
Horse TWIN-PEN
Price:110 bath
Staple remover
Model :E'SY / E-901
Price: 15 bath
Stapler / No.10
Model: MAX / HD-100
(yellow)
Free spin mag
Price: 140 bath
Tape 3-inch
Model : Loius tape
Contain : 12 roll
Price : 255 bath
Tape cutting
Model : deli / No.811
Price : 38 bath
Louis Tape OPP (6 pieces)
Price : 135 bath
Fax paper 216x30(6 piece)

Model : T.K.S./ fax paper
Price : 336
Double A / A4 80gsm.
Price : 108 bath
109
Bill cash
No.1 2 layers of carbon-in.
Size 5.75 x 8.75 inch thick, chemical, paper 5055 gsm.
2 sets of 30 cards without cover.
Price : 32 bath
Horse / No.1 ( 7.4 x 15 cm. )
Price : 65 bath
Robber ink
Price : 19bath
The robber stamp

Model : Shiny / D-4 4mm. (English)
Price : 62 bath
Scissors(6 inches)
Model : NAKI / No.806
Price : 65 bath
E'SY cutter / E-512(9 mm.)
Price : 15 bath
Elephant EconFile/No.125F
Price : 60 bath
Clipboard A4
12 piece per box
Price : 200 bath
Label clip
24 piece per pack
Price : 140 per pack
110
Glue TOA / adhesive latex

Price : 30 bath
Paperclip
Model : WINGS T-11725-B
Contain 8 piece per pack
Price : 24 bath per pack
Paper clip
Price : 19 bath
TOYOTA HIACE
Model : 2.5 GL 12 seats
Price : 936,000 bath
IZUSU DMAX
Model : Hi lander 4 doors.
Price : 738,000 bath
35
http://www.somjaisai4.com/index.php?gid=02&cat1=02
111
4.5.1 In factory
In factory
Sewing machine
SINGER 81A1
Price: 3590 baht
SINGER 1408
Price: 4990 baht
SINGER 15NL168
Price:5500 baht
SINGER 974-HO
Price:6990 baht
SINGER 974
Price:9500 baht
Picture
112
Portable Air
LP-C306R20
Price:9990 Baht
Fire Extinguisher
Price: 600 baht
Plastic chair
50x51x81 cm
Price: 245 baht
Wall-mounted fan.
MITSUBISHI W16-RP
Price: 2150 baht
Sewing table
Price: 1,800 Baht
113
Uniform
Price : 300 per set
Mass mouth.
Price: 5 bath per piece.
Hat
Price : 30 bath per piece
Gloves
Price : 5 bath
Foam
Outer diameter of 32 mm for 16 mm.
Price : 12 bath per piece.
AIR BUBBLE ROLL

Size : 50 cm.x 100 m.
Price : 130 per roll
Velvet bag for gift packaging.

12x14 cm in size, many colors to choose
from. Prices shown are per dozen
Price : 90 bath per pack
114
Loudspeaker
Model : XXl-660
Price : 2,205
Air purifier.
Model :E-905s
-NEGATIVE IONIZER 36 automatic firing pin
-Aluminum filters are easily washed off
Price :14,500 bath
Type
FORWARD 6W
Model Six wheels

Total weight (tons)
Weight (kg)
15
4,295
Engine 6HH1
CC
8,226
HP
200
Over the body

Price: 1,525,000 Baht
TATA car
Price: 504,000 Baht
7,290
115
4.5.2 In shop
In shop
The shelves for product (mirror)
Price : 15,00 bath
The shelves for Leather bag

Price : 1,000 bath per piece
The shelves for shoes

Price : 1,200 bath per piece
Hang for bunch of keys.

Price : 1,800 bath
The shelves for wallet and other product.

Price : 1,000 bath
Picture
116
The shelves for belt
Price : 1,300 bath
Fabric-wool
Price: 450 bath per piece.
Shoppin-plastic-bag
Size 13x15
Price : 350 per pack
Council's router table.
Price : 5,900 bath
Benches.
Price: 8,900 per set.
Electronic cash register calculator

Casio SE300
Price: 9500 baht
117
4.6 Logistics management
Our products come from the factory in Samaedum Road, Bangkok if the customer want to
buy leather product can call order product from the company. That the company sends order to the
shop in Srilom Road and customer can buy leather product at shop Srilom Road.
Factory
transport
customers
4.6.1 Facility management
Building facilities or physical resources of the organization is very important factor for our company,
because it is the image of the organization. Our company prepared the building facilities and good
environment in office within the organization to availability and to allow maximum benefit to users.
Our company focus will be more comfortable in the organization by enterprise systems, with
comfortable and modern facilities. At the same time our company will focus on cleanliness and safety
life and property of the customers and employees at all levels simultaneously, because we recognize
that the employee is a best resource and most important for companies to be creative and make good
product to the society, and emphasis on comfort and safety for both the production and the
environment, so the company will prepared facilities to employees such as:
-Prepare a good working environment.
-Prepare Security guard
--Prepare place of relax
-Prepare place during the lunch break
118
-Prepare place of food hygiene
-Prepare ward with nursing care 24 hours a day, ensuring that our employees are safe and good health.
Because of the companies are realizing that "the facilities and safety of employees is a good and
stable life."
4.7 Cost of investment

-
pre-operating cost
Land: factory
Shop sell product
Total cost of land
3,720,000
9,800,000
13,520,000
36
Registered public limited company

1. Registered the memorandum
-
registered more than 50,000,000 baht
25,000
2. registered incorporated company

-
registered more than 50,000,000 baht
3. request for taxpayer identification number and value add
2,000
4. registered of commerce
2,000
5. registered social security
2,000
6. registered revenue change
2,000
7. registered of trade mark
10,000
8. registered of intellectual property right
10,000
Total Registered public limited company
36
250,000
http://www.bpi.ac.th/license/index.html
303,000
119
4.8 Investment cost
4.8.1 Equipment & Tools (In office)

No.
Description
1.
The desk + chair set
2.
Computer PC
3.
HP DeskJet F2410
4.
The printing Ink
5.
Sony Super HAD II CCD
6.
Van
7.
Price/Unit
Amount
Total
3,990
23,940
19,990
119,940
2,270
11,350
110
100
11,000
5,300
42,400
936,000
936,000
Telephone
1,375
8,250
8.
Fax
3,190
15,950
9.
Copier SHARP
3,990
3,990
10.
Projector Hitachi
99,990
99,990
11.
A fingerprint scanner.
14,000
14,000
12.
Air condition
25,900
155,400
13.
Wall-mounted fan
1,369
5,440
14.
Kettle
1,025
1,025
15.
Vacuum cleaner
5,990
5,990
16.
Refrigerator
6,990
6,990
17.
CD player
1,590
1,590
18.
Television
14,990
14,990
19.
Fire Hose Cabinet
8,250
16,500
20.
Casio calculator
415
2,490
21.
Leather/P.U Office Sofa Set
8,900
8,900
22.
Pen
100
500
23.
Drafting stand
2,300
2,300
120
24.
Paper drawings
42
10
420
25.
Colored Pencils
120
12
1,440
26.
Drawing Pen
35
12
420
27.
Rotting Triangular reduction scale
245
245
28.
Account book
125
125
29.
Notebook
40
100
4,000
30.
Eraser
50
150
31.
Paper Mat
55
50
2,750
32.
Pencil
115
100
11,500
33.
Steel ruler
24
50
1,200
34.
Twin-pen
15
50
750
35.
Staple remover
15
10
150
36.
Stapler
140
10
1,400
37.
Tape
50
150
38.
Tape cutting
38
190
39.
Louis Tape OPP
22
50
1,100
40.
Fax paper
336
100
33,600
41.
Double A / A4 80gsm.
108
50
5,400
42.
Bill cash
32
100
3,200
43.
The cartridge
65
25
1,625
44.
Robber ink
19
10
190
45.
The robber stamp
62
10
620
46.
Scissors
65
10
650
47.
E'SY cutter
15
10
150
48.
File
60
100
6,000
49.
Clipboard A4
200
50
10,000
50.
Label clip
140
700
121
51.
Glue
30
12
360
52.
Paperclip
100
300
53.
Paper clip
19
50
950
54
IZUSU DMAX
738,000
738,000
55.
Copier Canon IR 8500
75,000
75,000
4.8.2 Equipment & Tools (In factory)

No.
1.
Description
Price/Unit
Sewing machine
Amount
Total
25
89,750
25
124,750
25
212,500
25
237,500
7,990
10
79,900
25,500
10
255,000
3,590
(Singer 81A1)
2.
Sewing machine
4,990
(Singer promise 1408)
3.
Sewing machine
8,500
(singer 3323)
4.
Sewing machine
9,500
(singer 974)
5.
Air purifiers
6.
Air conditioning
7.
Plastic chair
245
200
49,000
8.
Electric fan
939
50
46,950
9.
Fluorescent Lamp (36 w.)
52
1000
52,000
10.
Vacuum cleaner
38,000
10
380,000
11.
Broom
15
20
300
12.
Round wooden shuttlecock
15
20
300
13.
Swab
20
20
400
14.
Dry chemical fire extinguisher
1,150
10
11,500
15.
Television (22" HD LCD TV)
6,600
10
66,000
122
16.
Drawing table
2,300
4,600
17.
Loudspeaker (16 w.)
4,000
50
200,000
18.
Scissors (Ind-Sz6-200)
200
100
20,000
19.
Drafting chair
615
1,230
20.
Truck ISUZU
1,525,000
1,525,000
21.
PickUp TATA
504,000
504,000
4.8.3 Bathroom equipment (office)

No.
Description
1.
Bathroom door (Tiger door)
2.
Mirror
3.
Flush toilet COTTO
Price/Unit
Amount
Total
1,100
8,800
119
476
3,350
26,800
C 1480 Teana
4.
Injection line
100
800
5.
Lavatory TF-0948 American

standard
990
3,960
6.
Faucet A7001C (American

standard)
550
2,200
4.8.4 Bathroom equipment (factory)

No.
Description
1.
Bathroom door (Tiger door)
2.
Mirror
Price/Unit
Amount
Total
1100
12
13,200
119
714
Toilet seat
3.
(TF-100 American standard)
570
12
6,840
4.
Cistern
320
12
3,840
5.
Lavatory TF-0948 American

standard
990
5,940
123
6.
Faucet A7001C (American

standard)
550
3,300
4.8.5 Equipment & Tools (In Shop)

No.
Description
Price/Unit
Amount
Total
15,000
15,000
1.
The shelves for product (mirror)
2.
The shelves for Leather bag
1,000
1,000
3.
The shelves for shoes
1,200
1,200
4.
Hang for bunch of keys
1,800
1,800
5.
The shelves for wallet and other

product.
1,000
1,300
1,300
1,000
6.
The shelves for belt
7.
Fabric-wool
450
450
8.
Shopping-plastic-bag Size 13x15
350
1000 per
month
350,000
9.
Council's router table
5900
5,900
10.
Benches
8900
8,900
11.
Television
14990
14,990
12.
CD Player
1590
1,590
13.
Ari condition
25900
25,900
14.
CCTV (Sony)
5,300
212,000
15.
Computer PC
19990
19,990
16.
HP Deskjet
Printer
2270
2,270
17.
Fax
3190
3,190
18.
Telephone
1400
1,400
19.
Cash machine
39990
39,990
20.
Mannequins wear.
1000
2,000
F2410
All-in-One
124
4.8.6 Depreciation
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Sewing machine(Singer
81A1)
permise 1408)
3323)
974)
Amount
50,000,000
936,000
738,000
119,940
1,525,000
504,000
75,000
3,990
Annual
Monthly
Depreciation Dep.
Dep.
20 Years
2,500,000
208,333
5 Years
187,200
15,600
5 Years
147,600
12,300
3 Years
39,980
3,332
5 Years
305,000
25,417
5 Years
100,800
8,400
5 Years
15,000
1,250
5 Years
798
67
89,750 5 Years
17,950
1,496
124,750 5 Years
24,950
2,079
212,500 5 Years
42,500
3,542
237,500 5 Years
47,500
3,958
125
Depreciation
4.8.6.1 Year 1
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Sewing machine(Singer 81A1)
Sewing machine(Singer permise 1408)
Sewing machine(Singer 3323)
Total
Amount
50,000,000
936,000
738,000
119,940
1,525,000
504,000
75,000
3,990
89,750
124,750
212,500
237,500
54,566,430
Jan
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Feb
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Mar
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Apr
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
May
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
June
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
July
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Aug
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Sep
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Oct
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Nov
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Dec
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Total Year1
2,500,000
187,200
147,600
39,980
305,000
100,800
15,000
798
17,950
24,950
42,500
47,500
3,429,278
126
4.8.6.2 Year 2
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Total
Amount
47,500,000
748,800
590,400
79,960
1,220,000
403,200
60,000
3,192
71,800
99,800
170,000
190,000
51,137,152
Jan
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Feb
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Mar
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Apr
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
May
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
June
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
July
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Aug
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Sep
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Oct
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Nov
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Dec
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Total Year2
2,500,000
187,200
147,600
39,980
305,000
100,800
15,000
798
17,950
24,950
42,500
47,500
3,429,278
127
4.8.6.3 Year 3
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Total
Amount
45,000,000
561,600
442,800
39,980
915,000
302,400
45,000
2,394
53,850
74,850
127,500
142,500
47,707,874
Jan
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Feb
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Mar
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Apr
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
May
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
June
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
July
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Aug
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Sep
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Oct
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Nov
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Dec
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Total Year3
2,500,000
187,200
147,600
39,980
305,000
100,800
15,000
798
17,950
24,950
42,500
47,500
3,429,278
128
4.8.6.4 Year 2015
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Total
Amount
42,500,000
374,400
295,200
0
610,000
201,600
30,000
1,596
35,900
49,900
85,000
95,000
44,278,596
Jan
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Feb
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Mar
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Apr
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
May
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
June
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
July
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Aug
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Sep
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Oct
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Nov
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Dec
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Total Year4
2,500,000
187,200
147,600
39,980
305,000
100,800
15,000
798
17,950
24,950
42,500
47,500
3,429,278
129
4.8.6.5 Year 5
Investment
Building
Van TOYOTA
PickUp ISUZU
Computer
Truck ISUZU
PickUp TATA
copier Cannon
Copier SHARP
Total
Amount
40,000,000
187,200
147,600
-39,980
30,500
100,800
15,000
798
17,950
24,950
42,500
47,500
40,574,818
Jan
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Feb
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Mar
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Apr
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
May
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
June
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
July
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Aug
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Sep
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Oct
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Nov
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Dec
208,333
15,600
12,300
3,332
25,417
8,400
1,250
67
1,496
2,079
3,542
3,958
285,774
Total Year5
2,500,000
187,200
147,600
39,980
305,000
100,800
15,000
798
17,950
24,950
42,500
47,500
3,429,278
130
Chapter 5
Operation
131
Chapter 5: Operation
5.1 Organization management
Leather Product has to manage the organization by register Leather Product to
company limited. We have to communicate with Kiatchai Acounting and Payroll Outsourcing
Service in Bangkok for to establish the company limited, and then we will have to pay tax of
corporate income tax.
Company limited is that kind of company, which is form with a capital,
divided into equal shares, the liability of the shareholders being limited to the amount unpaid
on the shares respectively held by them. When will to establish the company limited, must
have at least 3 persons signing together in order to prepare Memorandum and then register.
Upon receiving the amount of shares, the director must register as the company within 3
months from the date of company has meeting to establish the company.
Below is total name of partnership that to invest in Leather Export Product Company as
follows:
1. Mr. Chatchai
Wootinonchai
2. Miss Wannika
Dasa
3. Miss Panisara
Jaifun
4. Miss Narada
Wongsing
5. Miss Chanapa
Somsaen
6. Miss Samkhuan
Pingwong
7. Miss Soisuda
Moensombat
8. Miss Supphalux
Tongphun
In eight partnerships of Leather Product Company, has to vote and make agreement to
appoint Mr.Chatchai Wootinonchai to be managing partner manager of Leather Product
132
Company limited. He has responsible to register establish company limited at Kiatchai

Acounting and Payroll Outsourcing Service in Bangkok. Moreover, he must to oversee and
maintain tidiness in the company. He gets the authority to inspect every document that relate
to operations in the company and who is delegate person of partnership that have respond to
sign agreement when do business with other company.
133
5.2 Organization Chart
Managing Partner Manager

[1 position]
Secretary
[1 position]
Sales & Marketing

Department
[4 position]
Financial & Accounting

Department
[2 position]
IT Department
[4 position]
Product Design
Department
[ 2 position ]
General Manager
[5 position]
Housekeeper
[15 positions]
Personal Driver
[2 position]
Truck Driver
[2 position]
Security Officer
[8 position]
HR Department
[2 position]
Trainer
[10 positions]
Factory & Warehouse

Department
[1 position]
Product Staff
[100 position]
134
People in the organization

Leather Product Company has total of employee amount 10 people, and below is to descript
the characteristic and task of employee in each position.
1. Managing Partner Manager [ 1position ]
Job Description
-
Oversee all department in organization and along with to sign in that agreement
documents
Qualifications
-
Male/Female, Age 30 years up
Graduate bachelor degree up
Work experience must more than 3 years
Have computer skill
Excellent in English
Have high responsibility and high relationship
Have good management skill
2. Secretary [ 1 position ]
Job Descriptions
-
Ensures high standard of general secretarial services including, arranging, scheduling,

appointment, organizing the traveling for the business trip.
Handing general administrative and documentation tasks.
Screening telephone calls, enquiries and requests, handling them when appropriate
Coordinating and facilitating with all departments
135
-
Operate office equipment such as fax machines, copiers, and phone systems, and use
computers for spreadsheet, word processing, database management, and other
applications
Qualifications
Female, age 22-30 years olds
Bachelor's Degree in Secretary, Business Administration or related fields
Over 2 years of secretarial and administrative functions
Good command in English both written & spoken
Computer literate and Proficient in MS- Office
Mature, positive attitude, enthusiastic person and strong communication skills
3. Sales Manager [ 1 position ]
Job Descriptions
-
Plan & manage business strategies
Meet sales targets & quotas
Develop consulting service/product accounting to market needs
Co-ordinate activities of sales team
Monitor budget achievement
Prepare forecasts
Qualifications
Male/Female, age 22-30 years
Bachelor's Degree in Business Administration, Sale or related major
Work experience more than 2 years
Can use computer program
136
-
4. Marketing Manager [ 1 position ]
Job Descriptions
-
Co-ordinate marketing activities
Organize marketing function & campaigns
Involve in product launches & preparation of marketing plan
Do marketing and advertising
Qualifications
Bachelor's Degree in Business Administration, Marketing or related major
Can use computer program
5. Sales person [ 2 positions ]
Job Descriptions
-
Direct sale
Take care for customer
Introduce produce and service to customer
Receptionist to customer
Consulting with customer
Qualifications
137
-
Female, age 21-30 years
Vocational education level or more than
Work experience 0- 2 years
Good personality and high relationship
6. Finance Manager [ 1 position ]
Job Descriptions
-
Prepare financial report, i.e. income, expenses, capital usage & cash flow
Preparation of strategic plans, budgets & financial forecast
Develop accounting and management policies & procedures
Qualifications
Bachelor's Degree in Financial or Accounting
To be honest on work
7. Accountant [ 1 position ]
Job Descriptions
-
In charge of general accounting that involve the preparation of statistical data &
financial report concerning profiles, cash & inventory
Analysis, report & give advises on the financial dealings or organizations/individuals
Advise on associate record-keep & compliance requirements
138
Qualifications
Bachelor's Degree in Accounting or related major
8. Product Design [ 2 positions ]
Job Descriptions
-
Design the product/booth for showing product
Can use Illustrator, Photoshop, 3D, In design programs
Develop product pattern
Qualifications
Bachelor's Degree in Product Design or related major
Have creativity
Mindedness to listen to suggestions and feedback.
139
9. Information Technology [ 2 positions ]

Job Descriptions
-
Administrate & operate LAN & WAN network, system management & hardware
support
Perform systems feasibility studies, analysis & design to meet user requirement &
application
Work closely with engineers & technical support to resolve customer issues
Provide technical application support to users
Provide implementation & administration involving LAN, WAN & dial up

connectivity, firewall, reverse proxy & technical support
Qualifications
-
Male, Age 23-35 years
Bachelor / Master degree in Information Technology Management
Can speak, read and write English
Work experience about network system in organization more than 2 years
Good human relations, be resourceful, flexible, high.
Leadership and project management skills.
10. Electrical / Mechanical Engineer [ 2 positions ]

Job Descriptions
-
To manage the facilities control system
Plan & control maintenance work
Coordinate with customers & contractors on all site matters
Work closely with IT department
Qualifications
-
Male, Age 23-35 years
140
-
Bachelors degree in Electrical major or related major
Good human relations, be resourceful, flexible, high.
11. Human Resources Manager [ 2 positions ]

Job Descriptions
-
Design, plan & implement HR policies
In charge of recruitment, salary & staff benefit
Performance evaluation
Determine & enforce government regulation
Qualifications
-
Male/Female, Age 30 up
Bachelor's degree in human resources, social service, management or related field.
Work experience more than 3 years about HR management
good interpersonal skills and leadership
Speak and write English well.
12. Factory/Warehouse manager [ 1 position ]
Job Descriptions
-
Control all employee in factory
Control all manufacturing
Manage all warehouse activities and operation
Proper upkeep of the store and warehouse
Plan for efficient storage & systematic retrieval
141
Qualifications
-
Male/, Age 30 up
Bachelor/master degree up in related major
Work experience in management the leather factory or relevant experience more than
2 years
good interpersonal skills and leadership
Speak and write English well
13. Housekeeper [ 15 positions ]

Job Descriptions
-
Cleaning across in organization
Qualifications
-
Female, Age 25-30 year
Have high responsibility in task
Have eager on work
14. Personal Driver [ 2 positions ]

Job Descriptions
-
Drive a personal car
The executive or employees to contact outside the company
Car cleaning and maintenance responsibility
Reports on the use of the day
Qualifications
-
Males are not limited degree
The automobile driver's license, known routes in Bangkok and its vicinity as well
Is responsible on time
142
15. Truck Driver [ 1 position ]

Job Descriptions
-
Drive truck
Car cleaning and maintenance responsibility
Reports on the use of the day
Receive or deliver goods to various customers
Responsible Care Products Bill
Qualifications
-
Males, Age 25 years up
High School / High Vocational School or Bachelor degree in any fields
At least 3 year experience in driving in manufacturing company
The automobile driver's license, known routes in Bangkok and its vicinity as well
Is responsible on time
Have enthusiastic and good human relation
Truck Driver license
16. General management [ 1 position ]

Job Description
-
Training the employee
Control work of employee to be system and effective
Prepare for company working plan
Selection new employees into the appropriate position
143
Qualifications
-
Male, Age 24-30 year
Graduate bachelor degree in school of management
Work experience in Middle Management more than 2 year
Have computer skill
Can do many works in the same time
Have high responsibility in task and high relationship
Good communicate to work with other person
17. Cashier [ 1 position ]

Job Description
-
Reception and service customer
Keep and control money
Qualifications
-
Female, Age 21-30
Vocational education up
Have experience
High honest and good relationship
Good personality
18. Security Officer [ 8 positions ]

Job Description
-
Protect property against fire, theft & illegal entry
Make routine periodic tours around buildings & grounds
Check visitors for proper identification & clearance
144
Fire protection and emergency
As traffic, blowing whistles, waving the car inside and outside
First aid
A daily report and a preliminary report
The person observing suspicious and suspended the initial Misfortune
Protection the emergency
Disaster
Qualifications
-
Male -Age 25-30 year
Bachelor's degree or less than and permanent resident rights
All of the new branch must be computer literate
Have high responsibility in task
Have eager on work
19. Production staff [ 100 position ]

Job Description
-
Production , packaging and quality control
Qualifications
-
Male/Female. Age 18 years up
High School / High Vocational School or Bachelor degree in any fields
No experience is necessary ( have trainer )
Have Diligence and patience
High responsibility
145
20. Trainer [ 10 position ]

Job Description
-
Training all employee in production the leather, packaging and related task
Qualifications
-
Male/Female, Age 30 years up
Bachelor's degree in human resources, social service, management or related field.
Experience and training employees more than 2 years
Have Diligence and patience
High responsibility
146
Chapter 6
Administration
147
Chapter 6: Administration Cost

6.1 Employee salary
Wage rate for our organization
1. Managing Partner Manager
[ 1 position ]
60,000
2. Secretary
[ 1 position ]
18,000
3. Sales Manager
[ 1 position ]
23,700
4. Marketing Manager
[ 1 position ]
23,700
5. Sales person
[ 2 positions x 8,700 ]
17,400
6. Finance Manager
[ 1 position ]
27,500
7. Accountant
[ 1 position ]
27,500
8. Product Design
51,400
9. Information Technology
44,000
10. Electrical / Mechanical Engineer
50,000
11. Human Resources Manager
44,000
12. Factory/Warehouse manager
[ 1 position ]
35,000
13. Housekeeper
120,000
14. Personal Driver
24,000
15. Truck Driver
23,400
16. General management
45,000
17. Cashier
[ 1 position ]
10,700
18. Security Officer
69,600
19. Production staff
[ 100 position x 8,000]
800,000
20. Trainer
[ 10 position x 17,500]
175,000
Total salary expense/month

37
Uniform of employee in factory
1,689,900
148
The leather product company make uniform of employee in factory, uniform has 2 pieces shirt and
trousers, cost of uniform 300 baht per set. The company will provide uniform to employee 2 uniforms,
logo of product will embroidered on left chest, the uniform is blue.
37
http://www.thaipromote.com/key-42879-
%E0%B8%8A%E0%B8%B8%E0%B8%94%E0%B9%82%E0%B8%A3%E0%B8%87%E0
%B8%87%E0%B8%B2%E0%B8%99.html
149
6.1.1 Technical Feasibility conclusion
The company will provide many good design and good quality products to our customer. Our
company is most concern about quality of product, since first step of production until finish.
Our companys production, First, selecting the raw material, we will select good grade of
crocodile leather with investigating from our company specialist. Second, our company always
developing and attends to new fashion. We also have good designer to design our products. Whatever,
our company most concern on customer need and want. We always try to response our customers
satisfaction. Makes our company knows what we gone to produce and what design that customer
prefer. These can reduce cost in production. Third, before we sent our products out of factory, we will
finely reviewing about characteristics of products for guarantee and build up the trust for customers.
We also put on some suggestion about keeping and how to take care leather product.
Our companys services, First, The Company also provide the designer team to give advising
to both of domestic and foreign customer. Second, Customers can consult with our company in case
of ordering products that customer would like to design by themselves because the company provides
this service too.
In part of management, can device into two operation period time. The first is pre-operation
period, have to study and make decision to total cost of setting equipments in company, total cost of
interior store ,register trade mark, Taxation, customs duty and company limited registration cost,
which is we have to communicate to Office of commercial Affair and customs office. In operation
time period, will include many expense, such as utility expense per month in store, and administration
cost per month, additional including employee salary. Our employees will recruit and selected by the
companys qualification that have setting in position, task and responsibility of employees. We will
increase knowledge of employee and train them to be expert on work, which are they will work
effectively on their job.
150
Chapter 7
Financial Analysis
151
Chapter 7 Financial Analysis

This Chapter includes income statement, statement of cash flow, balance sheet, Net Present Value and
Internal Rate of Return.
152
7.1 Income Statement
Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Revenue
Sales on cash
1,744,930.00
2,469,700.00
2,974,600.00
2,849,650.00
2,849,650.00
2,849,650.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
28,086,680.00
Total sale
1,744,930.00
2,469,700.00
2,974,600.00
2,849,650.00
2,849,650.00
2,849,650.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
28,086,680.00
110,000.00
115,000.00
125,000.00
120,000.00
120,000.00
120,000.00
120,000.00
115,000.00
115,000.00
115,000.00
115,000.00
120,000.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
1,410,000.00
Other Cost of Goods Sold

Water Supply
Electricity Supply
Total other Cost of Goods
Sold
Total cost of goods sold
Gross income
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
1,440,000.00
130,000.00
20,000.00
130,000.00
15,000.00
130,000.00
5,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
1,560,000.00
250,000.00
250,000.00
250,000.00
250,000.00
245,000.00
245,000.00
245,000.00
245,000.00
250,000.00
2,190,000.00
20,000.00
1,759,930.00
2,474,700.00
2,724,600.00
2,599,650.00
2,599,650.00
2,599,650.00
2,224,700.00
2,224,700.00
2,224,700.00
2,224,700.00
2,219,700.00
59,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
9,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
106,248.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
2,508,744.00
2,303,274.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
2,048,274.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
432,738.00
678,826.00
557,688.00
557,688.00
551,376.00
182,738.00
182,738.00
178,926.00
182,738.00
177,738.00
25,896,680.00
Operating expenses
Selling
General & Administrative
Depreciation
Total operating expenses
Operating Income (Loss)

Interest Expense
EBIT
Income Tax
Net Income (Loss)

Beginning Retain
Earnings
Retain earnings
2,283,274.00
282,032.00
232,500.00
2,515,774.00
754,732.20
231,211.32
513,243.32
153,973.00
1,761,041.80
359,270.32
1,761,041.80
2,120,312.12
1,761,041.80
229,914.31
228,608.92
227,295.11
225,972.81
224,641.97
202,823.69
450,217.08
330,392.89
331,715.19
326,734.03
60,847.11
135,065.12
99,117.87
99,514.56
98,020.21
141,976.58
2,120,312.12
1,978,335.54
315,151.96
1,978,335.54
1,663,183.59
231,275.02
1,663,183.59
1,431,908.56
232,200.63
1,431,908.56
1,199,707.93
228,713.82
1,199,707.93
970,994.11
223,302.54
40,564.54
12,169,369.00
12,209,933.54
970,994.11
13,180,927.65
24,778,792.00
1,117,888.00
221,954.45
39,216.45
11,764.94
220,597.66
41,671.66
12,501.50
219,232.11
36,494.11
10,948.23
217,857.73
40,119.73
12,035.92
2,703,088.93
1,585,200.93
27,451.52
13,180,927.65
13,208,379.16
29,170.16
13,208,379.16
13,237,549.33
25,545.88
13,237,549.33
13,263,095.20
28,083.81
13,263,095.20
13,291,179.01
13,291,179.01
13,291,179.01
77,306,614.00
11,705,978.08
153
Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Revenue
Sales on cash
2,849,650.00
2,849,650.00
2,849,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
36,175,800.00
Total sale
2,849,650.00
2,849,650.00
2,849,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
36,175,800.00
120,000.00
120,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
141,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
Electricity Supply
Sold
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
1,440,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
1,560,000.00
250,000.00
250,000.00
260,000.00
260,000.00
260,000.00
260,000.00
260,000.00
260,000.00
260,000.00
260,000.00
260,000.00
271,000.00
3,111,000.00
2,599,650.00
2,599,650.00
2,589,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,809,650.00
2,798,650.00
9,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
9,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
57,248.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
2,508,744.00
2,253,774.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
2,048,774.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
345,876.00
557,688.00
547,688.00
763,876.00
767,688.00
767,688.00
760,876.00
767,688.00
767,688.00
763,876.00
767,688.00
756,688.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
1,551,000.00

Water Supply
Gross income
120,000.00
33,064,800.00
Operating expenses
Selling
Depreciation
Operating Income (Profit)

Interest Expense
EBIT
Income Tax
Net Income (Profit)

Beginning Retain
Earnings
Retain earnings
216,474.48
215,082.30
213,681.13
212,270.90
210,851.57
209,423.07
207,985.35
206,538.34
205,081.99
203,616.23
202,141.00
200,656.25
24,729,792.00
8,335,008.00
2,503,802.61
129,401.52
342,605.70
334,006.87
551,605.10
556,836.43
558,264.93
552,890.65
561,149.66
562,606.01
560,259.77
565,547.00
556,031.75
5,831,205.39
38,820.46
102,781.71
100,202.06
165,481.53
167,050.93
167,479.48
165,867.20
168,344.90
168,781.80
168,077.93
169,664.10
166,809.53
1,749,361.62
90,581.06
13,291,179.01
13,200,597.95
239,823.99
13,200,597.95
12,960,773.96
233,804.81
12,960,773.96
12,726,969.15
386,123.57
12,726,969.15
12,340,845.58
389,785.50
12,340,845.58
11,951,060.08
390,785.45
11,951,060.08
11,560,274.63
387,023.46
11,560,274.63
11,173,251.17
392,804.76
11,173,251.17
10,780,446.41
393,824.21
10,780,446.41
10,386,622.20
392,181.84
10,386,622.20
9,994,440.36
395,882.90
9,994,440.36
9,598,557.46
389,222.23
9,598,557.46
9,209,335.24
4,081,843.77
139,965,017.94
135,883,174.17
154
Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Revenue
Sales on cash
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,835,200.00
Total sale
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,835,200.00
143,000.00
143,000.00
143,000.00
143,000.00
143,000.00
143,000.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
Electricity Supply
Sold
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
1,440,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
1,560,000.00
273,000.00
273,000.00
273,000.00
273,000.00
273,000.00
273,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
3,288,000.00
2,921,600.00
2,921,600.00
2,921,600.00
2,921,600.00
2,921,600.00
2,921,600.00
3,169,600.00
3,169,600.00
3,169,600.00
3,169,600.00
3,169,600.00
3,169,600.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
1,728,000.00

Water Supply
Gross income
120,000.00
36,547,200.00
Operating expenses
Selling
Depreciation

Interest Expense
10,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
10,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
58,248.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
209,062.00
2,508,744.00
2,254,274.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
2,049,274.00
2,041,962.00
2,041,962.00
2,045,774.00
2,041,962.00
2,041,962.00
24,730,792.00
667,326.00
879,638.00
879,638.00
875,826.00
879,638.00
879,638.00
1,120,326.00
1,127,638.00
1,127,638.00
1,123,826.00
1,127,638.00
1,127,638.00
11,816,408.00
199,161.91
197,657.92
196,144.21
194,620.73
193,087.41
191,544.18
189,990.99
188,427.77
186,854.45
185,270.97
183,677.27
182,073.27
2,288,511.08
EBIT
468,164.09
681,980.08
683,493.79
681,205.27
686,550.59
688,093.82
930,335.01
939,210.23
940,783.55
938,555.03
943,960.73
945,564.73
9,527,896.92
Income Tax
140,449.23
204,594.02
205,048.14
204,361.58
205,965.18
206,428.15
279,100.50
281,763.07
282,235.07
281,566.51
283,188.22
283,669.42
2,858,369.08
661,895.31
6,669,527.84
Net Income (Profit)
327,714.86
477,386.06
478,445.65
476,843.69
480,585.41
481,665.67
651,234.51
657,447.16
658,548.49
656,988.52
660,772.51
Beginning Retain Earnings
9,209,335.24
8,881,620.38
8,404,234.32
7,925,788.67
7,448,944.98
6,968,359.57
6,486,693.89
5,835,459.39
5,178,012.22
4,519,463.74
3,862,475.22
3,858,691.23
- 78,579,078.84
Retain earnings
8,881,620.38
8,404,234.32
7,925,788.67
7,448,944.98
6,968,359.57
6,486,693.89
5,835,459.39
5,178,012.22
4,519,463.74
3,862,475.22
3,201,702.71
3,196,795.92
- 71,909,550.99
155
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Revenue
Sales on cash
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
Total sale
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
135,000.00
135,000.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
1,720,000.00

Water Supply
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
Electricity Supply
Sold
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
1,440,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
1,560,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
265,000.00
265,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
3,280,000.00
3,169,600.00
3,169,600.00
3,169,600.00
3,169,600.00
3,169,600.00
2,709,600.00
2,709,600.00
2,699,600.00
3,169,600.00
3,169,600.00
3,169,600.00
8,669.42
10,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
10,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
59,248.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
2,468,760.00
2,251,442.00
2,038,630.00
2,038,630.00
2,042,442.00
2,038,630.00
2,038,630.00
2,046,442.00
2,038,630.00
2,038,630.00
2,042,442.00
2,038,630.00
2,038,630.00
918,158.00
1,130,970.00
1,130,970.00
1,127,158.00
1,130,970.00
670,970.00
663,158.00
660,970.00
1,130,970.00
1,127,158.00
1,130,970.00
Gross income
120,000.00
33,484,269.42
Operating expenses
Selling
Depreciation
EBIT
737,699.09
952,135.87
953,771.15
951,604.99
957,073.46
498,740.62
492,606.55
492,107.32
963,807.00
961,705.65
967,239.35
Income Tax
221,309.73
285,640.76
286,131.35
285,481.50
287,122.04
149,622.19
147,781.97
147,632.20
289,142.10
288,511.70
290,171.81
516,389.36
3,196,795.92
2,680,406.56
666,495.11
2,680,406.56
2,013,911.45
667,639.81
2,013,911.45
1,346,271.64
666,123.49
1,346,271.64
680,148.15
669,951.42
680,148.15
10,196.73
349,118.43
10,196.73
344,824.59
344,475.12
674,664.90
673,193.96
677,067.55
1,534,370.89
338,921.71
683,746.29
1,028,221.42
1,702,886.32
2,376,080.27
3,053,147.82
4,715,572.85
744,726.63
338,921.71
683,746.29
1,028,221.42
1,702,886.32
2,376,080.27
3,053,147.82
1,518,776.93
3,970,846.21
Net Income (Profit)

Beginning Retain
Earnings
Retain earnings
178,834.13
177,198.85
175,553.01
173,896.54
172,229.38
170,551.45
168,862.68
167,163.00
165,452.35
163,730.65
8,792,461.42
161,997.83
2,191,958.41
657,587.52
Interest Expense
180,458.91
2,029,960.58
24,691,808.00
2,055,928.78
6,736,532.64
2,020,959.79
156
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Revenue
Sales on cash
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
Total sale
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
135,000.00
135,000.00
145,000.00
145,000.00
145,000.00
145,000.00
145,000.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
1,720,000.00

Water Supply
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
Electricity Supply
Sold
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
1,440,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
1,560,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
265,000.00
265,000.00
275,000.00
275,000.00
275,000.00
275,000.00
275,000.00
3,280,000.00
3,173,600.00
3,173,600.00
3,173,600.00
3,173,600.00
3,173,600.00
2,709,600.00
2,709,600.00
2,709,600.00
3,173,600.00
3,173,600.00
3,173,600.00
3,173,600.00
Gross income
120,000.00
36,691,200.00
Operating expenses
Selling
Depreciation

Interest Expense
11,112.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
11,112.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
59,848.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
205,730.00
2,468,760.00
2,251,742.00
921,858.00
160,253.82
2,038,630.00
1,134,970.00
158,498.54
2,038,630.00
1,134,970.00
156,731.93
2,042,442.00
1,131,158.00
154,953.91
2,038,630.00
1,134,970.00
153,164.41
2,038,630.00
670,970.00
151,363.35
2,046,742.00
662,858.00
149,550.66
2,038,630.00
670,970.00
147,726.26
2,038,630.00
1,134,970.00
145,890.08
2,042,442.00
1,131,158.00
144,042.03
2,038,630.00
1,134,970.00
142,182.06
2,038,630.00
24,692,408.00
1,134,970.00
11,998,792.00
140,310.07
1,804,667.12
EBIT
761,604.18
976,471.46
978,238.07
976,204.09
981,805.59
519,606.65
513,307.34
523,243.74
989,079.92
987,115.97
992,787.94
994,659.93
10,194,124.88
Income Tax
228,481.25
292,941.44
293,471.42
292,861.23
294,541.68
155,882.00
153,992.20
156,973.12
296,723.98
296,134.79
297,836.38
298,397.98
3,058,237.46
7,135,887.42
Net Income (Loss)
533,122.93
683,530.02
684,766.65
683,342.86
687,263.91
363,724.66
359,315.14
366,270.62
692,355.94
690,981.18
694,951.56
696,261.95
1,518,776.93
2,051,899.86
2,735,429.88
3,420,196.53
4,103,539.39
4,790,803.30
5,154,527.96
5,513,843.10
5,880,113.71
6,572,469.66
7,263,450.84
7,958,402.40
56,963,453.54
Retain earnings
2,051,899.86
2,735,429.88
3,420,196.53
4,103,539.39
4,790,803.30
5,154,527.96
5,513,843.10
5,880,113.71
6,572,469.66
7,263,450.84
7,958,402.40
8,654,664.35
64,099,340.96
157
7.2 Cash Flow Statement
Year1
Cash Provided From Operating
Activities
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
Cash Inflow
Sale on cash
1,744,930.00
2,469,700.00
2,974,600.00
2,849,650.00
2,849,650.00
2,849,650.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
28,086,680.00
1,744,930.00
2,469,700.00
2,974,600.00
2,849,650.00
2,849,650.00
2,849,650.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
2,469,700.00
28,086,680.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
59,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
9,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
Total Cash Inflow

Cash Outflow
Other Cost of goods sold
Selling
General & Administration
2,034,900.00
1,829,900.00
Interest Expense
232,500.00
231,211.32
Tax Expense
754,732.20
1,701,979.80
1,829,900.00
228,608.92
1,829,900.00
227,295.11
1,829,900.00
225,972.81
1,829,900.00
224,641.97
1,829,900.00
223,302.54
12,169,369.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
219,232.11
217,857.73
2,703,088.93
12,035.92
11,705,978.08
38,239,115.01
10,152,435.01
135,065.12
99,117.87
99,514.56
98,020.21
11,764.94
12,501.50
10,948.23
2,040,138.32
2,253,661.42
2,330,386.04
2,289,312.98
2,288,387.37
2,291,874.18
14,355,571.54
2,173,089.51
2,174,808.16
2,171,183.88
2,168,721.81
295,208.32
216,038.58
644,213.96
560,337.02
561,262.63
557,775.82
- 11,885,871.54
296,610.49
294,891.84
298,516.12
300,978.19
1,701,979.80
-
22,163,800.00
220,597.66
60,847.11
Net Cash from Operating Activities

Cash Provided From Investing
Activities
106,248.00
221,954.45
153,973.00
Total Cash Outflow

-
1,829,900.00
229,914.31
1,560,000.00
Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
Purchased Land & Building
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
3,703,000
3,703,000
119,940
303,000.00
35,645,940.00
35,645,940.00
35,645,940.00
40,000,000.00
40,000,000.00
Total Cash Outflow

-
119,940
303,000.00
35,645,940.00
Net Cash from Investing Activities

Cash Provided From Financing
Activities
Cash Inflow
40,000,000.00
Borrowing Bank
Shareholder
40,000,000.00
Total Cash Inflow
Cash Outflow
Principal Payment
Total Cash Outflow
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
432,038.27
39,567,961.73
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
211,913.55
219,023.67
209,578.36
213,061.78
39,692,284.44
129,224.36
125,737.55
- 12,317,909.81
131,060.08
Net Cash from Financing Activities

Net Cash Increase or Decrease
2,220,041.93
240,891.67
240,921.67
948,433.44
215,999.69
214,274.76
212,175.69
221,464.11
128,298.75
208,442.68
-
135,427.78
215,436.35
-
137,146.43
188,245.63
-
133,522.15
158
11,204,021.10
Cash Beginning of the month
Cash Ending of the month
Year2
Activities
2,220,041.93
Jan
2,220,041.93
1,271,608.49
1,055,608.80
1,267,784.49
1,396,083.24
1,525,307.60
1,651,045.15
- 10,666,864.66
- 10,802,292.44
- 10,939,438.87
- 11,072,961.02
1,271,608.49
1,055,608.80
1,267,784.49
1,396,083.24
1,525,307.60
1,651,045.15
- 10,666,864.66
- 10,802,292.44
- 10,939,438.87
- 11,072,961.02
- 11,204,021.10
33,094,077.29
44,298,098.39
Aug
Sep
Oct
Nov
Dec
Total
Feb
Mar
Apr
May
June
July
Cash Inflow
Sale on cash
Total Cash Inflow
2,849,650.00
2,849,650.00
2,849,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
36,175,800.00
2,849,650.00
2,849,650.00
2,849,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
3,069,650.00
36,175,800.00
Cash Outflow
Selling
130,000.00
130,000.00
9,812.00
206,666.67
130,000.00
3,000.00
202,361.11
130,000.00
130,000.00
130,000.00
130,000.00
3,000.00
6,812.00
3,000.00
3,000.00
198,055.56
193,750.00
189,444.44
185,138.89
130,000.00
9,812.00
180,833.33
130,000.00
3,000.00
179,527.78
130,000.00
3,000.00
172,222.22
130,000.00
130,000.00
6,812.00
3,000.00
3,000.00
57,248.00
167,916.67
163,611.11
159,305.56
2,198,833.34
Interest Expense
216,474.48
215,082.30
213,681.13
212,270.90
210,851.57
209,423.07
207,985.35
206,538.34
205,081.99
203,616.23
202,141.00
200,656.25
Tax Expense
38,820.46
102,781.71
100,202.06
165,481.53
167,050.93
167,479.48
165,867.20
168,344.90
168,781.80
168,077.93
169,664.10
166,809.53
Total Cash Outflow

Net Cash from Operating
Activities
Activities
601,773.61
2,247,876.39
653,225.12
2,196,424.88
644,938.75
2,204,711.25
708,314.43
2,361,335.57
700,346.94
2,369,303.06
695,041.44
2,374,608.56
694,497.88
2,375,152.12
687,411.02
2,382,238.98
679,086.01
2,390,563.99
1,560,000.00
676,422.83
2,393,227.17
668,416.21
2,401,233.79
2,503,802.61
1,749,361.62
659,771.34
2,409,878.66
8,069,245.58
28,106,554.42
Cash Inflow
-
Sale Equipment
Total Cash Inflow
Cash Outflow
-
Purchased Vehicle
Purchased Office Supply
Purchased Equipment
Fee
Total Cash Outflow
Net Cash from Investing
Activities
Activities
Cash Inflow
159
-
Borrowing Bank
Investors
Total Cash Inflow

Cash Outflow
Principal Payment
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
Total Cash Outflow

Net Cash from Financing
Activities
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
5,184,459.24
1,815,838.12
11,204,021.10
9,388,182.98
1,764,386.61
9,388,182.98
7,623,796.37
1,772,672.98
7,623,796.37
5,851,123.39
1,929,297.30
5,851,123.39
3,921,826.09
1,937,264.79
3,921,826.09
1,984,561.30
1,942,570.29
1,984,561.30
41,991.01
1,943,113.85
41,991.01
1,950,200.71
1,958,525.72
1,961,188.90
1,969,195.52
1,977,840.39
1,901,122.84
3,851,323.55
5,809,849.27
7,771,038.17
9,740,233.69
22,922,095.18
10,941,934.72
1,901,122.84
3,851,323.55
5,809,849.27
7,771,038.17
9,740,233.69
11,718,074.08
11,980,160.46
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,835,200.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,194,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,835,200.00

Year3
Activities
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
Selling
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
10,312.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
58,248.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
Interest Expense
199,161.91
197,657.92
196,144.21
194,620.73
193,087.41
191,544.18
189,990.99
188,427.77
186,854.45
185,270.97
183,677.27
182,073.27
Tax Expense
141,049.23
205,194.02
205,648.14
204,961.58
206,565.18
207,028.15
280,300.50
282,963.07
283,435.07
282,766.51
284,388.22
284,869.42
Total Cash Outflow

Activities
Activities
1,560,000.00
10,312.00
2,515,423.14
679,176.86
2,365,751.94
828,848.06
2,364,692.35
829,907.65
2,366,294.31
828,305.69
2,362,552.59
832,047.41
2,361,472.33
833,127.67
2,440,503.49
1,004,096.51
2,434,290.84
1,010,309.16
2,433,189.52
1,011,410.48
2,434,749.48
1,009,850.52
2,430,965.49
1,013,634.51
2,288,511.08
2,869,169.08
2,429,842.69
1,014,757.31
28,939,728.16
10,895,471.84
Cash Inflow
-
Sale Equipment
Total Cash Inflow
Cash Outflow
-
Purchased Vehicle
160
-
Purchased Equipment
Fee
Total Cash Outflow

Activities
Activities
Cash Inflow
-
Borrowing Bank
Investors
Total Cash Inflow

Cash Outflow
Principal Payment
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
Total Cash Outflow

Activities
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
1,113.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
4,753,533.97
247,138.59
396,809.79
397,869.38
396,267.42
400,009.14
401,089.40
572,058.24
578,270.89
579,372.21
577,812.25
581,596.24
582,719.04
5,711,012.59
11,718,074.08
11,965,212.67
12,362,022.46
12,759,891.84
13,156,159.26
13,556,168.40
13,957,257.80
14,529,316.04
15,107,586.93
15,686,959.14
16,264,771.39
16,846,367.63
167,909,787.64
11,965,212.67
12,362,022.46
12,759,891.84
13,156,159.26
13,556,168.40
13,957,257.80
14,529,316.04
15,107,586.93
15,686,959.14
16,264,771.39
16,846,367.63
17,429,086.67
173,620,800.23
Year4
Activities
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
Selling
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
10,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
10,812.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
59,248.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
180,458.91
178,834.13
177,198.85
175,553.01
173,896.54
172,229.38
170,551.45
168,862.68
167,163.00
165,452.35
163,730.65
Tax Expense
221,309.73
285,640.76
286,131.35
285,481.50
287,122.04
149,622.19
147,781.97
147,632.20
289,142.10
288,511.70
290,171.81
1,560,000.00
2,034,900.00
Interest Expense
Total Cash Outflow

Activities
130,000.00
2,577,480.64
867,119.36
2,427,374.89
1,017,225.11
2,426,230.20
1,018,369.80
2,427,746.51
1,016,853.49
2,423,918.58
1,020,681.42
2,284,751.57
689,848.43
2,289,045.42
685,554.58
2,279,394.88
695,205.12
2,419,205.10
1,025,394.90
2,420,676.05
1,023,923.95
2,416,802.46
1,027,797.54
161,997.83
657,227.52
1,467,670.31
1,976,929.69
2,055,928.78
2,021,319.79
27,860,296.61
12,064,903.39
161
Activities
Cash Inflow
-
Sale Equipment
Total Cash Inflow
Cash Outflow
-
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow

Activities
Activities
Cash Inflow
-
Borrowing Bank
Investors
Total Cash Inflow

Cash Outflow
Principal Payment
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
Total Cash Outflow

Activities
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
5,184,459.24
435,081.09
585,186.84
586,331.53
584,815.22
588,643.15
257,810.16
253,516.31
263,166.85
593,356.63
591,885.68
595,759.27
1,544,891.42
6,880,444.15
17,429,086.67
17,864,167.76
18,449,354.60
19,035,686.13
19,620,501.35
20,209,144.50
20,466,954.66
20,720,470.97
20,983,637.82
21,576,994.45
22,168,880.13
22,764,639.40
241,289,518.4
4
17,864,167.76
18,449,354.60
19,035,686.13
19,620,501.35
20,209,144.50
20,466,954.66
20,720,470.97
20,983,637.82
21,576,994.45
22,168,880.13
22,764,639.40
24,309,530.82
248,169,962.5
9
162
Year5
Activities
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Total
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
2,974,600.00
2,974,600.00
2,974,600.00
3,444,600.00
3,444,600.00
3,444,600.00
3,444,600.00
39,925,200.00
Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
130,000.00
Selling
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
130,000.00
11,112.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
11,112.00
3,000.00
3,000.00
6,812.00
3,000.00
3,000.00
59,848.00
2,034,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
1,829,900.00
22,163,800.00
Interest Expense
160,253.82
158,498.54
156,731.93
154,953.91
153,164.41
151,363.35
149,550.66
147,726.26
145,890.08
144,042.03
142,182.06
140,310.07
Tax Expense
228,481.25
292,941.44
293,471.42
292,861.23
294,541.68
155,882.00
153,992.20
156,973.12
296,723.98
296,134.79
297,836.38
298,397.98
Total Cash Outflow

Activities
Activities
1,560,000.00
2,564,747.07
879,852.93
2,414,339.98
1,030,260.02
2,413,103.35
1,031,496.65
2,414,527.14
1,030,072.86
2,410,606.09
1,033,993.91
2,270,145.35
704,454.65
2,274,554.86
700,045.14
2,267,599.38
707,000.62
2,405,514.06
1,039,085.94
2,406,888.82
1,037,711.18
2,402,918.44
1,041,681.56
1,804,667.12
3,058,237.46
2,401,608.05
1,042,991.95
28,646,552.58
11,278,647.42
Cash Inflow
-
Sale Equipment
Total Cash Inflow
Cash Outflow
-
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow

Activities
Activities
Cash Inflow
-
Borrowing Bank
Investors
Total Cash Inflow

Cash Outflow
Principal Payment
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
Total Cash Outflow
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
163
Activities
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
5,184,459.24
447,814.66
598,221.75
599,458.38
598,034.59
601,955.64
272,416.38
268,006.87
274,962.35
607,047.67
605,672.91
609,643.29
610,953.68
6,094,188.17
24,309,530.82
24,757,345.48
25,355,567.23
25,955,025.61
26,553,060.20
27,155,015.84
27,427,432.22
27,695,439.09
27,970,401.44
28,577,449.11
29,183,122.02
29,792,765.31
324,732,154.37
24,757,345.48
25,355,567.23
25,955,025.61
26,553,060.20
27,155,015.84
27,427,432.22
27,695,439.09
27,970,401.44
28,577,449.11
29,183,122.02
29,792,765.31
30,403,718.99
330,826,342.54
164
7.3 Balance Sheet
Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
- 11,072,961.02
Asset
Current Assets
Cash
Account Receivable
Total Current Assets
2,220,041.93
1,271,608.49
1,055,608.80
1,267,784.49
1,396,083.24
1,525,307.60
1,651,045.15
- 10,666,864.66
- 10,802,292.44
- 10,939,438.87
876,105.80
173,303.12
746,099.50
923,293.77
990,322.80
1,093,695.76
1,195,177.68
13,374,502.74
1,301,345.07
1,408,584.77
3,096,147.73
1,444,911.61
1,801,708.30
2,191,078.26
2,386,406.04
2,619,003.36
2,846,222.83
2,707,638.08
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
9,500,947.37
9,530,854.10
1,518,114.32
-
9,554,846.70
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
40,384,887.83
40,246,303.08
28,037,717.63
28,007,810.90
27,983,818.30
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Liabilities & Owners' Equity

Current Liabilities
Wage payable
Account Payable
Income tax payable
153,973.00
60,847.11
135,065.12
99,117.87
99,514.56
98,020.21
12,169,369.00
935,167.80
1,535,927.00
1,750,747.11
1,824,965.12
1,789,017.87
1,789,414.56
1,787,920.21
13,859,269.00
1,678,135.06
1,677,398.50
1,678,951.77
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
Total long-term liabilities
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,503,129.53
41,103,888.73
41,318,708.84
41,392,926.85
41,356,979.60
41,357,376.29
41,355,881.94
53,427,230.73
41,246,096.79
41,245,360.23
41,246,913.50
Total Current Liabilities

Long-term debt
Less : Loan Principal
754,732.20
11,764.94
12,501.50
10,948.23
Shareholders' Equity
Retain Earnings
Total Shareholders' Equity
Total Liabilities &Shareholders' Equity
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
- 13,180,927.65
- 13,208,379.16
- 13,237,549.33
- 13,263,095.20
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
- 13,180,927.65
- 13,208,379.16
- 13,237,549.33
- 13,263,095.20
40,384,887.83
40,246,303.08
28,037,717.63
28,007,810.90
27,983,818.30
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
165
Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Asset
Current Assets
Cash
Account Receivable
41,991.01
1,901,122.84
3,851,323.55
5,809,849.27
7,771,038.17
9,740,233.69
31,002,896.88
9,388,182.98
29,542,295.51
7,623,796.37
28,000,847.69
5,851,123.39
26,522,953.43
3,921,826.09
24,977,043.54
1,984,561.30
23,425,687.25
21,867,984.58
20,313,066.33
18,748,801.72
17,179,090.79
15,607,364.34
21,614,713.90
21,918,499.14
22,149,724.30
22,601,127.34
22,992,482.24
23,383,696.24
23,769,107.42
24,164,389.88
24,558,650.99
24,950,128.96
25,347,598.03
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
21,614,713.90
21,918,499.14
22,149,724.30
22,601,127.34
22,992,482.24
23,383,696.24
23,769,107.42
24,164,389.88
24,558,650.99
24,950,128.96
25,347,598.03

Current Liabilities
Wage Payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Taxes payable
38,820.46
102,781.71
100,202.06
165,481.53
167,050.93
167,479.48
165,867.20
168,344.90
168,781.80
168,077.93
169,664.10

Long-term debt
1,728,720.46
1,792,681.71
1,790,102.06
1,855,381.53
1,856,950.93
1,857,379.48
1,855,767.20
1,858,244.90
1,858,681.80
1,857,977.93
1,859,564.10
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,815,311.85
34,879,273.10
34,876,693.45
34,941,972.92
34,943,542.32
34,943,970.87
34,942,358.59
34,944,836.29
34,945,273.19
34,944,569.32
34,946,155.49
- 13,200,597.95
- 12,960,773.96
- 12,726,969.15
- 12,340,845.58
- 11,951,060.08
- 11,560,274.63
- 11,173,251.17
- 10,780,446.41
- 10,386,622.20
9,994,440.36
9,598,557.46
- 13,200,597.95
- 12,960,773.96
- 12,726,969.15
- 12,340,845.58
- 11,951,060.08
- 11,560,274.63
- 11,173,251.17
- 10,780,446.41
- 10,386,622.20
9,994,440.36
9,598,557.46
21,614,713.90
21,918,499.14
22,149,724.30
22,601,127.34
22,992,482.24
23,383,696.24
23,769,107.42
24,164,389.88
24,558,650.99
Retain Earnings
24,950,128.96
25,347,598.03
166
Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
11,965,212.67
12,362,022.46
12,759,891.84
13,156,159.26
13,556,168.40
13,957,257.80
14,529,316.04
15,107,586.93
15,686,959.14
16,264,771.39
16,846,367.63
17,429,086.67
Account Receivable
11,389,450.93
11,534,171.99
11,615,202.38
11,695,092.09
11,777,271.96
11,858,311.21
12,010,159.82
12,091,998.67
12,171,646.94
12,250,154.65
12,330,952.63
11,753,621.58
23,354,663.60
23,896,194.45
24,375,094.22
24,851,251.35
25,333,440.36
25,815,569.01
26,539,475.86
27,199,585.60
27,858,606.08
28,514,926.04
29,177,320.26
29,182,708.25
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Less : Accumulated
Depreciation
Total Fixed Assets
Total Assets
23,354,663.60
23,896,194.45
24,375,094.22
24,851,251.35
25,333,440.36
25,815,569.01
26,539,475.86
27,199,585.60
27,858,606.08
28,514,926.04
29,177,320.26
29,182,708.25
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
140,449.23
204,594.02
205,048.14
204,361.58
205,965.18
206,428.15
279,100.50
281,763.07
282,235.07
281,566.51
283,188.22
283,669.42
1,830,349.23
1,894,494.02
1,894,948.14
1,894,261.58
1,895,865.18
1,896,328.15
1,969,000.50
1,971,663.07
1,972,135.07
1,971,466.51
1,973,088.22
1,973,569.42
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,236,283.98
32,300,428.77
32,300,882.89
32,300,196.33
32,301,799.93
32,302,262.90
32,374,935.25
32,377,597.82
32,378,069.82
32,377,401.26
32,379,022.97
32,379,504.17

Current Liabilities

Long-term debt
Retain Earnings
8,881,620.38
8,404,234.32
7,925,788.67
7,448,944.98
6,968,359.57
6,486,693.89
5,835,459.39
5,178,012.22
4,519,463.74
3,862,475.22
3,201,702.71
3,196,795.92
8,881,620.38
8,404,234.32
7,925,788.67
7,448,944.98
6,968,359.57
6,486,693.89
5,835,459.39
5,178,012.22
4,519,463.74
3,862,475.22
3,201,702.71
3,196,795.92
167
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
17,864,167.76
18,449,354.60
19,035,686.13
19,620,501.35
20,209,144.50
20,466,954.66
20,720,470.97
20,983,637.82
21,576,994.45
22,168,880.13
22,764,639.40
24,309,530.82
Account Receivable
8,876,621.96
9,022,261.26
9,104,060.13
9,184,718.55
9,267,667.36
9,221,475.79
9,310,943.84
9,392,102.35
9,614,920.52
9,695,598.39
9,778,566.78
5,751,545.14
26,740,789.72
27,471,615.86
28,139,746.26
28,805,219.90
29,476,811.86
29,688,430.45
30,031,414.81
30,375,740.17
31,191,914.97
31,864,478.52
32,543,206.18
30,061,075.96
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Less : Accumulated Depreciation
Total Fixed Assets
Total Assets
26,740,789.72
27,471,615.86
28,139,746.26
28,805,219.90
29,476,811.86
29,688,430.45
30,031,414.81
30,375,740.17
31,191,914.97
31,864,478.52
32,543,206.18
30,061,075.96
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
221,309.73
285,640.76
286,131.35
285,481.50
287,122.04
149,622.19
147,781.97
147,632.20
289,142.10
288,511.70
290,171.81

Current Liabilities
657,587.52
1,911,209.73
1,975,540.76
1,976,031.35
1,975,381.50
1,977,022.04
1,839,522.19
1,837,681.97
1,837,532.20
1,979,042.10
1,978,411.70
1,980,071.81
1,032,312.48
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,421,196.28
29,485,527.31
29,486,017.90
29,485,368.05
29,487,008.59
29,349,508.74
29,347,668.52
29,347,518.75
29,489,028.65
29,488,398.25
29,490,058.36
28,542,299.03
338,921.71
683,746.29
1,028,221.42
1,702,886.32
2,376,080.27
3,053,147.82
1,518,776.93
338,921.71
683,746.29
1,028,221.42
1,702,886.32
2,376,080.27
3,053,147.82
1,518,776.93
29,688,430.45
30,031,414.81
30,375,740.17
31,191,914.97
31,864,478.52
32,543,206.18
30,061,075.96
Retain Earnings
2,680,406.56
2,680,406.56
Total Liabilities &Shareholders'

Equity
26,740,789.72
2,013,911.45
2,013,911.45
27,471,615.86
1,346,271.64
1,346,271.64
28,139,746.26
680,148.15
680,148.15
28,805,219.90
10,196.73
10,196.73
29,476,811.86
168
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
24,757,345.48
25,355,567.23
25,955,025.61
26,553,060.20
27,155,015.84
27,427,432.22
27,695,439.09
27,970,401.44
28,577,449.11
29,183,122.02
29,792,765.31
30,403,718.99
Account Receivable
1,946,050.88
4,014,200.59
4,100,038.84
4,184,736.92
4,271,725.64
4,224,374.24
4,313,792.71
4,408,081.89
4,633,141.03
4,717,860.11
4,804,869.97
4,890,739.84
26,703,396.36
29,369,767.82
30,055,064.45
30,737,797.12
31,426,741.48
31,651,806.46
32,009,231.80
32,378,483.33
33,210,590.14
33,900,982.13
34,597,635.28
35,294,458.83
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
26,703,396.36
29,369,767.82
30,055,064.45
30,737,797.12
31,426,741.48
31,651,806.46
32,009,231.80
32,378,483.33
33,210,590.14
33,900,982.13
34,597,635.28
35,294,458.83
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
228,481.25
292,941.44
293,471.42
292,861.23
294,541.68
155,882.00
153,992.20
156,973.12
296,723.98
296,134.79
297,836.38
298,397.98

Current Liabilities
1,918,381.25
1,982,841.44
1,983,371.42
1,982,761.23
1,984,441.68
1,845,782.00
1,843,892.20
1,846,873.12
1,986,623.98
1,986,034.79
1,987,736.38
1,988,297.98
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,569,877.75
26,634,337.94
26,634,867.92
26,634,257.73
26,635,938.18
26,497,278.50
26,495,388.70
26,498,369.62
26,638,120.48
26,637,531.29
26,639,232.88
26,639,794.48
2,051,899.86
2,735,429.88
3,420,196.53
4,103,539.39
4,790,803.30
5,154,527.96
5,513,843.10
5,880,113.71
6,572,469.66
7,263,450.84
7,958,402.40
8,654,664.35
2,051,899.86
2,735,429.88
3,420,196.53
4,103,539.39
4,790,803.30
5,154,527.96
5,513,843.10
5,880,113.71
6,572,469.66
7,263,450.84
7,958,402.40
8,654,664.35

Equity
26,703,396.36
29,369,767.82
30,055,064.45
30,737,797.12
31,426,741.48
31,651,806.46
32,009,231.80
32,378,483.33
33,210,590.14
33,900,982.13
34,597,635.28
35,294,458.83
Retain Earnings
169
7.4 NPV
Net present value equal 4,502,497.86 for 60 months at the discount rate 7.75% per year.
7.5 IRR
Interest rate return of Leather Product Company is equal 10%.
7.6 Conclusion
Leather Product Company loan money total 40,000,000 baht from Government Savings Bank. We
have to pay back within 12 years. In term of financial statement, we have sale volume total
113,097,680.00 baht which did not gain profit. Additionally, we get profit at year 2 to year 5
respectively because there are continue to increasing of sale volume.
170
Chapter 8
Risk Analysis
171
Chapter 8 Risk Analysis

8.1 External Risk
8.1.1 Politic
Thai government is very support the leather product of the country because it is one of main income
of Thailand. According to The Thai government is aiming to improve quality of leather product and
support Thai people is crocodile farming because skin crocodile can be made into better leather which
market demand for a high level resulting in high export prices. In addition, there is strength suitable
for the production of bags, shoes, belts, or even used in the production of household textiles for home
and car. Thailand is a country that is breeding crocodiles, the largest in the world. The crocodile is a
ferocious beast, but it has become. "Economic animal", nationally and internationally has been
immensely popular. Thai government support Thai people use product made in Thailand that
government guarantee brand quality of leather product is good quality.
8.1.2 Economic
Economic has an influence to worldwide and is main factor that affect directly especially the
business. Economic is an indicator to predict such as income, GDP, standard of living, and
growth rate of business. If occur economic problem or income reduce, people will increase more
carefully to spend money many businesses will lose of sale, that may risk to small and new
business and may risk to our business.
In year 2011, forecast increase 10 % of grow = $ 1,700 million, or about 51,000 million Baht
In year 2010, grow from year 2009 12 % = $ 1,600 million or about 48,000 million Baht
8.1.3 Socio-cultural:
Nowadays, leather product is very popular in the Europe and Asia, and Thailand is a country
that the export and import of leather products. From the values of the Thai people, Thai people have a
habit of spending on goods and leather products in opposite directions, the Thai people like to buy
172
brand name product from aboard. This makes leather products from aboard, such as Louis Vinton
entry to open shop in Thailand. The level of people class in Thailand that use leather products are
people who have income and people who have power to buy it. However, the habit of Thai people
prefers the product that is cheap.
8.2 Internal Risk

8.2.1 Strategic Risk
Our company will hire local people to work with us in order to save labor cost and distribute
income to local community to make them have job and better standard of living. Each staff has
different speed of learning, so some learn quickly but some of them learn slowly. So, we spend time
and cost for staff that learn slowly. In addition, we evaluate performance every six months. If some
staff does not perform their job well, we may fire them or provide more training. We need to take in
getting employees to add up so, in leather Product Company, it will be delayed because it does not
have lots of labor. We solve this problem by recruit new staff immediately as soon as possible.
Another problem is when we finished training our staff and then they are skillful in produce leather
product. Competitors can pull out our staff by offering higher salaries. So, our company has reward to
staff for motivate them to work with us for long-term. By the way, another problem is our competitors
could imitate our products. So, we try to differentiate from the market by develop modern production
methods and quality to achieve brand royalty.
8.2.2 Marketing Risk

Leather Product Company has marketing risk in term of customer because customers can change
in product by other factors such as trend, competitor, and etc. customers can purchase product
from competitors or substitute products that it effect to quantities of sale product and gross profit
of company. So, our company used marketing help to identify and target its best customers and
generate qualified leads for the sales team by use marketing and customer service to make
customer loyalty. Our company will consider need of customers are
173
1. We use internet for advertisement and other medium to promote our product such as
Facebook, Twitter, radio and signage.
2. Our staff always is on time and take care every customer equally.
3. We also expand the shop in every province and we sent our product to the shop, this strategy
can helping the customer can access to our product easily.
8.2.3 Operational Risk

8.2.3.1 Risk of fire
38
Building is uncovered to a large number of dangers, especially those causing by fire,
lighting or gas explosion. All of these result in damages to properties. All of those building are made
from cement and also has circuit within building as well. So, it has possible to be fire anytime.
Moreover, our shop and factory near other industry that result has fire. We prefer to protect our assets
from that risk. So, we apply fire insurance to protect our building. When it happens to us, we will
receive indemnity from insurance. We pay attention to The Thevest Insurance public Company
Limited. Because of it is an insurance company that owned by the crown property bureau which is
creditable with financial. We prefer SMEs Care insurance which is covering both building and
accessorys office that fire, lighting or gas explosion. They calculate the premium from the area that
we have area of building at Bangkok about 2 Rai and we will pay insurance fire 100,000 baht per year
38
http://www.thaifirstinsure.com/wizContent.asp?wizConID=84&txtmMenu_ID=57
174
8.2.3.2 Risk of logistic
39
We buy crocodile skin from Samutprakarn province. So, it concern about transportation
cost. By the way, fuel price is continue to increasing because of crude prices were move higher by
political unrest in Egypt and weather of Europe country that very cold so it has many countries that
reserve fuel for protecting the fuel price within their country.
Last 13 years, Thai cannot produce oil that support Thais demand so they have to import instant fuel
from other country. This is cause that why Thailand have to refer the fuel price with Singapore.
Because of Singapore is center of fuel trading in ASIA. Although, Thailand can produce it which is
enough to Thais demand now. Thai entrepreneur also apply the imported fuel price of Singapore with
fuel price in Thailand because of fuel can buying and selling according to liberalism. So, the structure
of fuel price has referred to the fuel price of the world.
40
Fuel price in Thai is also continuing to increasing as according to fuel price of the world.
Thai government has a policy that solves this problem. It is providing fuel fund to help fuel
entrepreneurs. It can solve problem in short time but in the future it is hard to predict the fuel price.
So, if the fuel price is add up, it effect to our business for sure because of we have to transfer
crocodile skin from from Samutprakarn province to Bangkok. So, it concern about cost of
transportation. If cost of transport is add up, the price of our leather product will add up according to
transportation cost. So, it effect to the price of our product as well. So, we find the way to maintain
cost of transportation by making contract with supplier in long term to ensure that they will not add up
cost of transport when fuel price are increase. Moreover, we also apply experiment from The Royal
Chitralada Projects that they use diesohol with machine in order to save fuel. The machine can work
well and also save cost at the same time. So, we apply this experiment with a tractor to reduce cost of
fuel. Additionally, we choose a car that can use with both fuel and gas to save the cost when fuel price
is increase. So, we choose Triton that it can use both fuel and gas.
39
http://community.thaiware.com/index.php/topic/263289-eoana-eoeaiazaoauaaoaoeneoananaeiaee/)
40
http://www.thaigoodview.com/library/contest2551/science04/85/2/energy/html/gasohol.html)
175
8.2.3.3 Risk of accident from logistic
41
We always transfer our product to from factory to shop at Srilom. So, it has possibility to
accident. We think life is the most important. So, we try to find the way out by apply motor insurance
to protect any damage that cover life and asset. We buy motor insurance of AllianzCP because of their
insurance is cover many things which are injured, accident, and medical fee as according to table at
below to maintain our employee and also asset. We have to pay for this insurance about 5,150 baht
per year. We have 1 cars and 1 truck so we have to pay total 10,200baht per year.
Insurance of AllianzCP.
AllianzCP SMERT (GLOD PLAN)

Responsibility of outside
Damaging of life, body and sanitation
especially surplus of financial amount 500,000 baht per person
according to Act.
10,000,000 baht per time
Damaging of asset.
1,000,000 baht per time
Loss of car, fire and damage

100,000 baht
Damaging of car
Loss of car and fire
First of damaging
2,000 baht
Protecting according to attach of document
41
Die, loss of organ and disabled
100,000 baht
Medical fee.
100,000 baht
Financial amount for bail out of driver.
300,000 baht per time
http://www.todayinsure.com/index.php?ui=sales&pid=3367
176
8.2.4 Compliance Risk
42
The meaning of compliance risk is mistake from the company the product method should correct the
standard of law; our company produces crocodile leather product. So the method of the production
must not involve with other leather such as Ostrich leather, Stingray leather and Advertising should
correct with the law is the way to should not saying about the name of other company, must not say
about our product better than the competitors.
8.2.4.1 Health
43
Our Company has social insurance for our employees because of according to the law that our
companies have more than one staff, so we have to apply social insurance. 133. The social security
are insurance benefits to staff in case of injury or illness, disability, die, maternity, children welfare,
old age, and unemployed. By the way, if employee have less of injure or illness or accident during
work, our company have medical box for first aid.
7 benefits for insured

Department of public welfare have responsibility about take care and protect employee in the
company, and in the company should have employees more than 1 person. When the employees have
an injury, disability, and dies but not as work including confined, welfare of children, old age, and
unemployment of social security act. These benefits will receive the following benefits in each case.
1. Case of injury or illness, not because of work
The employee can admit in the hospital that specify in right certificate. The insured have not to pay
for treatment, but in emergency case, the insured cannot treatment in the hospital that specify in right
certificate, he should treatment in any of hospital, and the relative of insured should tell the hospital
that specify in right certification immediately. In medical expense, insured can withdrawal medical
service actually paid within 72 hours.
42
http://aenetwork.spaces.live.com/blog/cns!28384AA32A90031F!498.entry?sa=383364352
www.sso.go.th/cms/spaw2/uploads/files/123456_1.doc
43
177
2. Case of disability, not because of work
Benefits of insured are
2.1 Receive medical treatment actually paid that not exceed 2,000 Baht
2.2 Receive compensation for lack of income per month 50 percent of wage forever.
2.3 Receive cost of rehabilitation process of disability of body, mind, and occupation in the rule of
right certificate actually paid not exceed 40,000 Baht.
3. Case of die, not because of work
3.1 Managing funeral are receive the funeral 40,000 Baht
3.2 Decadences of decades have received subvention as follows
3.2.1 Case of insured contribution more than 3 years, but not exceed 10 years, decadence or person
entitled receive subvention equal with wage average of dead once a month.
3.2.2 Case of insured contribution more than 10 years, decadence or person entitled receive
subvention equal to wage average of dead 5 months.
4. Case of maternity
4.1 women insured
4.1.1 Receive maternity benefits 12,000 Baht
4.1.2 Receive subvention of vacation for confined 50 percent of wage for 90 days
4.2 Insured men who have wife that is not insured
4.2.1 They can use the right 2 times by receive the cost of confined 12,000 Baht per time, but cannot
receive subvention of vacation for confined.
4.3 Husband and wife are insured
4.3.1 Insured can used the right 2 different times. They should used wife insurance first because make
they receive the subvention of vacation for confined, however confined insured not exceed 4 times per
family, the children who used the right issue that cannot be drawn down the confined again.
178
5. Case of children welfare
Benefit of insured are
They receive subvention of children 350 Baht per month for per 1 child for children under the rule
that not more than 6 years at a time, and not exceed 2 persons.
6. Case of old age
6.1 Pension of old age
- They should received when they save the money completed in 180 month or the ages of insured are
55 years, and finished insured when the insured receive the money per month forever.
6.2 Retirement pay of old age
- They should received when they save the money uncompleted in 180 months or the age of insured
55 years, and finished the insured when insured are death, and old. They received a sum of money at
once.
7. Case of unemployed
- Insured should register of unemployed and apply for benefits at employment of the state within 30
days, since the first day of unemployment.
- Get a new job, as appropriate
- They will be trained a skilled of work for the new job that they gets.
179
8.2.4.2 Safety
Our company has a good safety for everyone in company. For example, we have guard for take care
and observe unusual thing in every area of the factory and shop. We keep the importance information
in security box, for reduce risk someone want to steal the information, and we avoid to keep more
money in the safe, but we keep it in the bank.
8.2.5 Financial Risk

There are three cases in financial risk such as sales decrease, interest increase and expense increase.
180
8.2.5.1 Sales decrease
We assume that sales volume will be decreased from actual sales 2.5%, 5.0% and 7.5% as
following.
Sales decrease 2.5%
Income Statement
Year1
Year2
Year3
Year4
Year5
Sales on cash
27,384,513.00
35,271,405.00
38,839,320.00
48,000,000.00
60,000,000.00
Total sale
27,384,513.00
35,271,405.00
38,839,320.00
48,000,000.00
60,000,000.00
1,374,750.00
1,512,225.00
1,684,800.00
3,600,000.00
4,800,000.00
Water Supply
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
Electricity Supply
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
Total other Cost of Goods Sold
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
2,934,750.00
3,072,225.00
3,252,000.00
5,160,000.00
6,360,000.00
Gross income
24,449,763.00
32,199,180.00
35,587,320.00
39,099,034.92
53,640,000.00
Revenue
Cost of Goods Sold

Raw Materials
Crocodile Leather
Operating expenses
Selling
106,248.00
57,248.00
58,248.00
59,248.00
59,848.00
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
Depreciation
2,508,744.00
2,508,744.00
2,508,744.00
2,468,760.00
2,468,760.00
24,778,792.00
24,729,792.00
24,730,792.00
24,691,808.00
24,692,408.00
7,469,388.00
10,856,528.00
14,407,226.92
28,947,592.00
329,029.00
Interest Expense
2,703,088.93
2,503,802.61
2,288,511.08
2,055,928.78
EBIT
- 1,585,200.93
4,965,585.39
8,568,016.92
12,351,298.14
27,142,924.88
1,489,675.62
2,570,405.08
3,705,389.44
8,142,877.46
Income Tax
475,560.28
1,804,667.12
Net Income (Loss)
- 1,109,640.65
5,997,611.84
8,645,908.70
19,000,047.42
-15,289,281.54
7,957,364.85
53,127,537.50
158,171,677.21
233,629,201.58
Retain earnings
-26,720,283.91
4,481,455.08
59,125,149.35
166,817,585.90
257,090,636.57
3,475,909.77
181
Cash Flow Statement
Year1
Year2
Year3
27,384,513.00
35,271,405.00
38,839,320.00
27,384,513.00
35,271,405.00
38,839,320.00
1,560,000.00
1,560,000.00
1,560,000.00
Selling
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
Interest Expense
2,703,088.93
2,503,802.61
2,288,511.08
Tax Expense
11,705,978.08
1,749,361.62
2,869,169.08
Total Cash Outflow
38,239,115.01
8,069,245.58
28,939,728.16
- 10,854,602.01
27,202,159.42
9,899,591.84
Sale Equipment
Total Cash Inflow
31,520,000
Purchased Vehicle
3,703,000
Purchased Equipment
119,940
Fee
303,000.00
Total Cash Outflow
35,645,940.00
Year4
Year5
Cash Provided From Operating Activities

Cash Inflow
Sale on cash
Total Cash Inflow
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
3,600,000.00
59,248.00
22,163,800.00
2,055,928.78
2,021,319.79
29,900,296.61
18,099,703.39
4,800,000.00
59,848.00
22,163,800.00
1,804,667.12
3,058,237.46
31,886,552.58
28,113,447.42
5,184,459.24
5,184,459.24
- 5,184,459.24
12,915,244.15
242,546,614.44
255,461,858.59
5,184,459.24
5,184,459.24
- 5,184,459.24
22,928,988.17
457,806,850.37
480,735,838.54
Cash Outflow
Cash Provided From Investing Activities

Cash Inflow
Cash Outflow
35,645,940.00
Cash Provided From Financing Activities

Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24
-
Cash Outflow
39,692,284.44
11,906,188.10
22,017,700.18
5,184,459.24
4,715,132.59
4,753,533.97
36,580,679.79
24,267,861.22
143,266,203.64
48,486,867.89
2,250,161.04
147,981,336.23
182
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
1,701,306.75
2,407,957.50
2,900,235.00
2,778,408.75
2,778,408.75
2,778,408.75
2,407,957.50
2,407,957.50
2,407,957.50
2,407,957.50
2,407,957.50
3,096,147.73
256,395.14
606,249.20
709,156.74
392,002.71
159,405.39
67,814.08
299,680.58
272,633.49
242,726.77
218,734.16
717,715.38
3,096,147.73
1,957,701.89
3,014,206.70
3,609,391.74
3,170,411.46
2,937,814.14
2,846,222.83
2,707,638.08
2,680,590.99
2,650,684.27
2,626,691.66
3,125,672.88
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,742,087.73
39,496,366.89
40,552,871.70
41,148,056.74
40,709,076.46
40,476,479.14
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
40,664,337.88
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
153,973.00
60,847.11
135,065.12
99,117.87
99,514.56
98,020.21
935,167.80
1,535,927.00
1,750,747.11
1,824,965.12
1,789,017.87
1,789,414.56
1,787,920.21
1,677,730.64
1,678,135.06
1,677,398.50
1,678,951.77
1,677,864.08
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,503,129.53
41,103,888.73
41,318,708.84
41,392,926.85
41,356,979.60
41,357,376.29
41,355,881.94
41,245,692.37
41,246,096.79
41,245,360.23
41,246,913.50
41,245,825.81
1,761,041.80
- 2,120,312.12
- 1,978,335.54
- 1,663,183.59
- 1,431,908.56
- 1,199,707.93
- 1,026,840.80
- 1,056,010.96
- 1,081,556.84
- 2,016,918.69

Current Liabilities
Wage payable
Account Payable
Income tax payable

Long-term debt
754,732.20
12,169.36
11,764.94
12,501.50
10,948.23
12,035.92
Retain Earnings
970,994.11
999,389.29
183
Balance Sheet Year2
1,761,041.80
- 2,120,312.12
- 1,978,335.54
- 1,663,183.59
- 1,431,908.56
- 1,199,707.93
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
Feb
Mar
Apr
May
June
Jan
970,994.11
999,389.29
- 1,026,840.80
- 1,056,010.96
- 1,081,556.84
- 2,016,918.69
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
39,228,907.12
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
2,778,408.75
2,778,408.75
2,778,408.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
2,992,908.75
29,999,512.03
30,298,340.59
30,482,046.88
30,665,856.04
31,005,767.06
31,345,537.18
31,679,504.48
32,023,343.07
32,366,160.31
32,706,194.41
33,052,219.60
33,387,418.37
32,777,920.78
33,076,749.34
33,260,455.63
33,658,764.79
33,998,675.81
34,338,445.93
34,672,413.23
35,016,251.82
35,359,069.06
35,699,103.16
36,045,128.35
36,380,327.12
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
32,777,920.78
33,076,749.34
33,260,455.63
33,658,764.79
33,998,675.81
34,338,445.93
34,672,413.23
35,016,251.82
35,359,069.06
35,699,103.16
36,045,128.35
36,380,327.12
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900

Current Liabilities
Wage Payable
Taxes payable
18,348.08
82,309.34
79,804.69
143,434.16
145,003.55
145,432.10
143,819.82
146,297.52
146,734.43
146,030.56
147,616.73
144,844.65
1,708,248.08
1,772,209.34
1,769,704.69
1,833,334.16
1,834,903.55
1,835,332.10
1,833,719.82
1,836,197.52
1,836,634.43
1,835,930.56
1,837,516.73
1,834,744.65
184
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,794,839.47
34,858,800.73
34,856,296.08
34,919,925.55
34,921,494.94
34,921,923.49
34,920,311.21
34,922,788.91
34,923,225.82
34,922,521.95
34,924,108.12
34,921,336.04
2,016,918.69
- 1,782,051.39
- 1,595,840.45
- 1,261,160.76
922,819.13
583,477.56
247,897.98
93,462.91
435,843.24
776,581.21
1,121,020.23
1,458,991.08
2,016,918.69
- 1,782,051.39
- 1,595,840.45
- 1,261,160.76
922,819.13
583,477.56
247,897.98
93,462.91
435,843.24
776,581.21
1,121,020.23
1,458,991.08
32,777,920.78
33,076,749.34
33,260,455.63
33,658,764.79
34,672,413.23
35,016,251.82
35,359,069.06
35,699,103.16
36,045,128.35
36,380,327.12
Retain Earnings
Balance Sheet Year3
Jan
Feb
Mar
Apr
33,998,675.81
May
34,338,445.93
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
3,114,735.00
3,114,735.00
3,114,735.00
3,114,735.00
3,114,735.00
3,114,735.00
3,358,485.00
3,358,485.00
3,358,485.00
3,358,485.00
3,358,485.00
3,358,485.00
31,436,323.92
31,923,349.27
32,347,743.54
32,769,395.17
33,197,078.68
33,624,701.83
34,046,103.19
34,648,732.42
35,250,272.40
35,849,111.86
36,454,025.58
36,459,413.57
34,551,058.92
35,038,084.27
35,462,478.54
35,884,130.17
36,311,813.68
36,739,436.83
37,404,588.19
38,007,217.42
38,608,757.40
39,207,596.86
39,812,510.58
39,817,898.57
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
185
Total Assets
34,551,058.92
35,038,084.27
35,462,478.54
35,884,130.17
36,311,813.68
36,739,436.83
37,404,588.19
38,007,217.42
38,608,757.40
39,207,596.86
39,812,510.58
39,817,898.57
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
117,089.73
181,234.52
181,688.64
181,002.08
182,605.68
183,068.65
254,466.00
257,128.57
257,600.57
256,932.01
258,553.72
259,034.92
1,806,989.73
1,871,134.52
1,871,588.64
1,870,902.08
1,872,505.68
1,872,968.65
1,944,366.00
1,947,028.57
1,947,500.57
1,946,832.01
1,948,453.72
1,948,934.92
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,212,924.48
32,277,069.27
32,277,523.39
32,276,836.83
32,278,440.43
32,278,903.40
32,350,300.75
32,352,963.32
32,353,435.32
32,352,766.76
32,354,388.47
32,354,869.67
2,338,134.44
2,761,015.00
3,184,955.15
3,607,293.34
4,033,373.25
4,460,533.43
5,054,287.44
5,654,254.10
6,255,322.08
6,854,830.10
7,458,122.11
7,463,028.90
2,338,134.44
2,761,015.00
3,184,955.15
3,607,293.34
4,033,373.25
4,460,533.43
5,054,287.44
5,654,254.10
6,255,322.08
6,854,830.10
7,458,122.11
7,463,028.90
34,551,058.92
35,038,084.27
35,462,478.54
35,884,130.17
36,311,813.68
36,739,436.83
37,404,588.19
38,007,217.42
38,608,757.40
39,207,596.86
39,812,510.58
39,817,898.57

Current Liabilities

Long-term debt
Retain Earnings
186
Balance Sheet Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
15,647,125.76
16,617,712.60
17,589,444.13
18,559,659.35
19,533,702.50
20,646,912.66
21,755,828.97
22,874,395.82
23,853,152.45
24,830,438.13
25,811,597.40
27,741,888.82
Account Receivable
22,307,834.28
22,010,330.58
21,648,986.45
21,286,501.87
20,926,307.68
19,978,473.11
19,162,848.16
18,339,163.67
18,115,313.84
17,752,848.71
17,392,674.10
12,983,989.96
37,954,960.04
38,628,043.18
39,238,430.58
39,846,161.22
40,460,010.18
40,625,385.77
40,918,677.13
41,213,559.49
41,968,466.29
42,583,286.84
43,204,271.50
40,725,878.78
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
37,954,960.04
38,628,043.18
39,238,430.58
39,846,161.22
40,460,010.18
40,625,385.77
40,918,677.13
41,213,559.49
41,968,466.29
42,583,286.84
43,204,271.50
40,725,878.78
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
196,562.73
260,893.76
261,384.35
260,734.50
262,375.04
128,325.19
126,484.97
126,410.20
264,395.10
263,764.70
265,424.81

Current Liabilities
663,890.37
1,886,462.73
1,950,793.76
1,951,284.35
1,950,634.50
1,952,275.04
1,818,225.19
1,816,384.97
1,816,310.20
1,954,295.10
1,953,664.70
1,955,324.81
1,026,009.63
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,396,449.28
29,460,780.31
29,461,270.90
29,460,621.05
29,462,261.59
29,328,211.74
29,326,371.52
29,326,296.75
29,464,281.65
29,463,651.25
29,465,311.36
28,535,996.18
Long-term debt
187
Retain Earnings
Year5
8,558,510.76
9,167,262.87
9,777,159.68
10,385,540.17
10,997,748.59
11,297,174.03
11,592,305.61
11,887,262.74
12,504,184.64
13,119,635.59
13,738,960.14
12,189,882.60
8,558,510.76
9,167,262.87
9,777,159.68
10,385,540.17
10,997,748.59
11,297,174.03
11,592,305.61
11,887,262.74
12,504,184.64
13,119,635.59
13,738,960.14
12,189,882.60
37,954,960.04
38,628,043.18
39,238,430.58
39,846,161.22
40,460,010.18
40,625,385.77
40,918,677.13
41,213,559.49
41,968,466.29
42,583,286.84
43,204,271.50
40,725,878.78
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
29,475,103.48
31,358,725.23
33,243,583.61
35,127,018.20
37,014,373.84
39,042,190.22
41,065,597.09
43,095,959.44
44,988,407.11
46,879,480.02
48,774,523.31
50,670,876.99
8,465,231.30
9,161,491.01
7,901,386.26
6,640,141.34
5,381,187.06
3,533,392.66
1,817,718.13
97,164.31
-1,025,444.55
-2,286,668.47
-3,545,601.61
-4,805,674.74
37,940,334.78
40,520,216.24
41,144,969.87
41,767,159.54
42,395,560.90
42,575,582.88
42,883,315.22
43,193,123.75
43,962,962.56
44,592,811.55
45,228,921.70
45,865,202.25
Jan
Asset
Current Assets
Cash
Account Receivable
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
37,940,334.78
40,520,216.24
41,144,969.87
41,767,159.54
42,395,560.90
42,575,582.88
42,883,315.22
43,193,123.75
43,962,962.56
44,592,811.55
45,228,921.70
45,865,202.25
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
202,526.15
266,994.44
267,524.42
266,914.23
268,594.68
134,585.00
132,695.20
132,751.12
270,776.98
270,187.79
271,889.38
272,450.98
1,892,426.15
1,956,894.44
1,957,424.42
1,956,814.23
1,958,494.68
1,824,485.00
1,822,595.20
1,822,651.12
1,960,676.98
1,960,087.79
1,961,789.38
1,962,350.98

Current Liabilities
188
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,543,922.65
26,608,390.94
26,608,920.92
26,608,310.73
26,609,991.18
26,475,981.50
26,474,091.70
26,474,147.62
26,612,173.48
26,611,584.29
26,613,285.88
26,613,847.48
13,288,838.28
13,911,825.30
14,536,048.95
15,158,848.81
15,785,569.72
16,099,601.38
16,409,223.52
16,718,976.13
17,350,789.08
17,981,227.26
18,615,635.82
19,251,354.77
13,288,838.28
13,911,825.30
14,536,048.95
15,158,848.81
15,785,569.72
16,099,601.38
16,409,223.52
16,718,976.13
17,350,789.08
17,981,227.26
18,615,635.82
19,251,354.77
37,940,334.78
40,520,216.24
41,144,969.87
41,767,159.54
42,395,560.90
42,575,582.88
42,883,315.22
43,193,123.75
43,962,962.56
44,592,811.55
45,228,921.70
45,865,202.25
Retain Earnings
189
Sales decrease 5.0%
Income Statement
Year1
Year2
Year3
Year4
Year5
Sales on cash
26,682,346.00
34,367,010.00
37,843,440.00
48,000,000.00
60,000,000.00
Total sale
26,682,346.00
34,367,010.00
37,843,440.00
48,000,000.00
60,000,000.00
1,339,500.00
1,473,450.00
1,641,600.00
3,600,000.00
4,800,000.00
Revenue
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
Electricity Supply
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
2,899,500.00
3,033,450.00
3,252,000.00
3,194,000.00
3,194,000.00
Gross income
23,782,846.00
31,333,560.00
34,591,440.00
31,695,770.42
34,734,940.00
Selling
106,248.00
57,248.00
58,248.00
59,248.00
59,848.00
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
Depreciation
2,508,744.00
2,508,744.00
2,508,744.00
2,468,760.00
2,468,760.00
24,778,792.00
24,729,792.00
24,730,792.00
24,691,808.00
24,692,408.00
Operating expenses
6,603,768.00
9,860,648.00
7,003,962.42
10,042,532.00
Interest Expense
2,703,088.93
2,503,802.61
2,288,511.08
2,055,928.78
1,804,667.12
EBIT
- 1,585,200.93
4,099,965.39
7,572,136.92
4,948,033.64
8,237,864.88
475,560.28
1,229,989.62
2,271,641.08
1,484,410.09
2,471,359.46
Net Income (Loss)
- 1,109,640.65
2,869,975.77
5,300,495.84
3,463,623.55
5,766,505.42
-15,289,281.54
- 11,240,835.60
49,432,430.00
127,436,021.21
184,983,481.38
Retain earnings
-26,720,283.91
54,732,925.85
130,899,644.75
190,749,986.80
Income Tax
995,946.00
8,370,859.83
190
Cash Flow Statement
Year1
Year2
Year4
Year3
Year5

Cash Inflow
Sale on cash
Total Cash Inflow
26,682,346.00
34,367,010.00
37,843,440.00
26,682,346.00
34,367,010.00
37,843,440.00
1,560,000.00
1,560,000.00
1,560,000.00
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
2,703,088.93
2,503,802.61
2,288,511.08
11,705,978.08
1,749,361.62
2,869,169.08
38,239,115.01
8,069,245.58
28,939,728.16
11,556,769.01
26,297,764.42
8,903,711.84
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
3,600,000.00
59,248.00
22,163,800.00
2,055,928.78
2,021,319.79
29,900,296.61
18,099,703.39
4,800,000.00
59,848.00
22,163,800.00
1,804,667.12
3,058,237.46
31,886,552.58
28,113,447.42
Cash Outflow
Selling
Interest Expense
Tax Expense
Total Cash Outflow

Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
31,520,000
Purchased Vehicle
3,703,000
Purchased Equipment
119,940
Fee
Total Cash Outflow
303,000.00
35,645,940.00
35,645,940.00

Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Cash Outflow
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24
39,692,284.44
12,608,355.10
40,067,282.29
52,675,637.39
5,184,459.24
4,753,533.97
21,113,305.18
3,989,252.59
37,593,787.72
121,592,619.64
16,480,482.54
125,581,872.23
5,184,459.24
5,184,459.24
- 5,184,459.24
12,915,244.15
214,557,310.44
227,472,554.59
5,184,459.24
5,184,459.24
- 5,184,459.24
22,928,988.17
429,817,546.37
452,746,534.54
191
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
1,657,683.50
2,346,215.00
2,825,870.00
2,707,167.50
2,707,167.50
2,707,167.50
2,346,215.00
2,346,215.00
2,346,215.00
2,346,215.00
2,346,215.00
3,096,147.73
212,771.89
544,506.70
634,791.74
320,761.46
88,164.14
139,055.33
361,423.08
334,375.99
304,469.27
280,476.66
655,972.88
3,096,147.73
1,870,455.39
2,890,721.70
3,460,661.74
3,027,928.96
2,795,331.64
2,846,222.83
2,707,638.08
2,680,590.99
2,650,684.27
2,626,691.66
3,002,187.88
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,742,087.73
39,409,120.39
40,429,386.70
40,999,326.74
40,566,593.96
40,333,996.64
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
40,540,852.88

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Income tax payable
754,732.20
153,973.00
60,847.11
135,065.12
99,117.87
99,514.56
98,020.21
12,169.36
11,764.94
12,501.50
10,948.23
12,035.92
935,167.80
1,535,927.00
1,750,747.11
1,824,965.12
1,789,017.87
1,789,414.56
1,787,920.21
1,677,730.64
1,678,135.06
1,677,398.50
1,678,951.77
1,677,864.08
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,503,129.53
41,103,888.73
41,318,708.84
41,392,926.85
41,356,979.60
41,357,376.29
41,355,881.94
41,245,692.37
41,246,096.79
41,245,360.23
41,246,913.50
41,245,825.81
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
999,389.29
1,026,840.80
1,056,010.96
1,081,556.84
2,016,918.69
Retain Earnings
192
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
999,389.29
1,026,840.80
1,056,010.96
1,081,556.84
2,016,918.69

Equity
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
39,228,907.12
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
2,707,167.50
2,707,167.50
2,707,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
2,916,167.50
30,306,157.80
30,253,571.71
30,389,759.12
30,525,974.41
30,814,441.56
31,102,767.81
31,385,291.24
31,677,685.95
31,969,059.31
32,257,649.53
32,552,230.85
32,836,260.75
33,013,325.30
32,960,739.21
33,096,926.62
33,442,141.91
33,730,609.06
34,018,935.31
34,301,458.74
34,593,853.45
34,885,226.81
35,173,817.03
35,468,398.35
35,752,428.25
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
33,013,325.30
32,960,739.21
33,096,926.62
33,442,141.91
33,730,609.06
34,018,935.31
34,301,458.74
34,593,853.45
34,885,226.81
35,173,817.03
35,468,398.35
35,752,428.25

Current Liabilities
Wage Payable
Taxes payable
Long-term debt
1,689,900
2,124.29
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
61,836.96
59,407.31
121,386.78
122,956.18
123,384.73
121,772.45
124,250.15
124,687.05
123,983.18
125,569.35
122,879.78
1,687,775.71
1,751,736.96
1,749,307.31
1,811,286.78
1,812,856.18
1,813,284.73
1,811,672.45
1,814,150.15
1,814,587.05
1,813,883.18
1,815,469.35
1,812,779.78
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
193
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,774,367.10
34,838,328.35
34,835,898.70
34,897,878.17
34,899,447.57
34,899,876.12
34,898,263.84
34,900,741.54
34,901,178.44
34,900,474.57
34,902,060.74
34,899,371.17
1,455,736.26
1,455,736.26
1,168,838.51
1,168,838.51
880,940.81
880,940.81
596,805.10
596,805.10
306,888.09
306,888.09
15,951.63
15,951.63
273,342.46
566,337.61
853,057.08
- 1,877,589.14
1,738,972.08
1,738,972.08
273,342.46
566,337.61
853,057.08
32,960,739.21
33,096,926.62
33,442,141.91
33,730,609.06
34,018,935.31
34,301,458.74
34,593,853.45
34,885,226.81
35,173,817.03
35,468,398.35
35,752,428.25
July
Aug
Sep
Oct
Nov
Dec
1,761,041.80
1,761,041.80

Equity
33,013,325.30
Retain Earnings
Balance Sheet Year3
- 1,877,589.14
Jan
Feb
Mar
Apr
May
June
Asset
Current Assets
Cash
Account Receivable
3,034,870.00
3,034,870.00
3,034,870.00
3,034,870.00
3,034,870.00
3,034,870.00
3,272,370.00
3,272,370.00
3,272,370.00
3,272,370.00
3,272,370.00
3,272,370.00
31,436,323.92
31,867,443.77
32,235,932.54
32,601,678.67
32,973,456.68
33,345,174.33
33,710,670.19
34,253,018.92
34,794,278.40
35,332,837.36
35,877,470.58
35,882,858.57
34,471,193.92
34,902,313.77
35,270,802.54
35,636,548.67
36,008,326.68
36,380,044.33
36,983,040.19
37,525,388.92
38,066,648.40
38,605,207.36
39,149,840.58
39,155,228.57
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
34,471,193.92
34,902,313.77
35,270,802.54
35,636,548.67
36,008,326.68
36,380,044.33
36,983,040.19
37,525,388.92
38,066,648.40
38,605,207.36
39,149,840.58
39,155,228.57
194

Current Liabilities
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
93,130.23
157,275.02
157,729.14
157,042.58
158,646.18
159,109.15
228,631.50
231,294.07
231,766.07
231,097.51
232,719.22
233,200.42
1,783,030.23
1,847,175.02
1,847,629.14
1,846,942.58
1,848,546.18
1,849,009.15
1,918,531.50
1,921,194.07
1,921,666.07
1,920,997.51
1,922,619.22
1,923,100.42
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,188,964.98
32,253,109.77
32,253,563.89
32,252,877.33
32,254,480.93
32,254,943.90
32,324,466.25
32,327,128.82
32,327,600.82
32,326,932.26
32,328,553.97
32,329,035.17
2,282,228.94
2,649,204.00
3,017,238.65
3,383,671.34
3,753,845.75
4,125,100.43
4,658,573.94
5,198,260.10
5,739,047.58
6,278,275.10
6,821,286.61
6,826,193.40
2,282,228.94
2,649,204.00
3,017,238.65
3,383,671.34
3,753,845.75
4,125,100.43
4,658,573.94
5,198,260.10
5,739,047.58
6,278,275.10
6,821,286.61
6,826,193.40

Equity
34,471,193.92
34,902,313.77
35,270,802.54
35,636,548.67
36,008,326.68
36,380,044.33
36,983,040.19
37,525,388.92
38,066,648.40
38,605,207.36
39,149,840.58
39,155,228.57
Retain Earnings
195
171,815.73
236,146.76
236,637.35
235,987.50
237,628.04
107,028.19
105,187.97
105,188.20
239,648.10
239,017.70
240,677.81
670,553.22

Equity
29,568,265.01
29,696,927.07
29,697,908.25
29,696,608.55
29,699,889.63
29,435,239.93
29,431,559.49
29,431,484.95
29,703,929.75
29,702,668.95
29,705,989.17
27,865,442.96
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
13,314,683.76
14,285,270.60
15,257,002.13
16,227,217.35
17,201,260.50
18,314,470.66
19,423,386.97
20,541,953.82
21,520,710.45
22,497,996.13
23,479,155.40
25,409,446.82
Account Receivable
16,253,581.25
15,411,656.47
14,440,906.12
13,469,391.20
12,498,629.13
11,120,769.27
10,008,172.52
8,889,531.13
8,183,219.30
7,204,672.82
6,226,833.77
2,455,996.14
29,568,265.01
29,696,927.07
29,697,908.25
29,696,608.55
29,699,889.63
29,435,239.93
29,431,559.49
29,431,484.95
29,703,929.75
29,702,668.95
29,705,989.17
27,865,442.96
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
29,568,265.01
29,696,927.07
29,697,908.25
29,696,608.55
29,699,889.63
29,435,239.93
29,431,559.49
29,431,484.95
29,703,929.75
29,702,668.95
29,705,989.17
27,865,442.96
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
196,562.73
260,893.76
261,384.35
260,734.50
262,375.04
128,325.19
126,484.97
126,410.20
264,395.10
263,764.70
265,424.81
1,689,900.00
663,890.37
1,886,462.73
1,950,793.76
1,951,284.35
1,950,634.50
1,952,275.04
1,818,225.19
1,816,384.97
1,816,310.20
1,954,295.10
1,953,664.70
1,955,324.81
1,026,009.63

Current Liabilities
196
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,396,449.28
29,460,780.31
29,461,270.90
29,460,621.05
29,462,261.59
29,328,211.74
29,326,371.52
29,326,296.75
29,464,281.65
29,463,651.25
29,465,311.36
28,535,996.18
171,815.73
236,146.76
236,637.35
235,987.50
237,628.04
107,028.19
105,187.97
105,188.20
239,648.10
239,017.70
240,677.81
171,815.73
236,146.76
236,637.35
235,987.50
237,628.04
107,028.19
105,187.97
105,188.20
239,648.10
239,017.70
240,677.81
670,553.22
670,553.22

Equity
29,568,265.01
29,696,927.07
29,697,908.25
29,696,608.55
29,699,889.63
29,435,239.93
29,431,559.49
29,431,484.95
29,703,929.75
29,702,668.95
29,705,989.17
27,865,442.96
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Retain Earnings
Oct
Nov
Dec
Asset
Current Assets
Cash
27,142,661.48
29,026,283.23
30,911,141.61
32,794,576.20
34,681,931.84
36,709,748.22
38,733,155.09
40,763,517.44
42,655,965.11
44,547,038.02
46,442,081.31
48,338,434.99
Account Receivable
10,739,949.20
11,353,718.91
10,035,871.16
8,716,883.24
7,400,185.96
5,506,148.56
3,740,781.03
1,970,784.21
786,907.35
-532,059.57
-1,848,735.71
-3,166,551.84
37,882,610.68
40,380,002.14
40,947,012.77
41,511,459.44
42,082,117.80
42,215,896.78
42,473,936.12
42,734,301.65
43,442,872.46
44,014,978.45
44,593,345.60
45,171,883.15
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
197
Total Assets
37,882,610.68
40,380,002.14
40,947,012.77
41,511,459.44
42,082,117.80
42,215,896.78
42,473,936.12
42,734,301.65
43,442,872.46
44,014,978.45
44,593,345.60
45,171,883.15
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
177,787.25
242,247.44
242,777.42
242,167.23
243,847.68
113,288.00
111,398.20
111,529.12
246,029.98
245,440.79
247,142.38
247,703.98
1,867,687.25
1,932,147.44
1,932,677.42
1,932,067.23
1,933,747.68
1,803,188.00
1,801,298.20
1,801,429.12
1,935,929.98
1,935,340.79
1,937,042.38
1,937,603.98
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,519,183.75
26,583,643.94
26,584,173.92
26,583,563.73
26,585,244.18
26,454,684.50
26,452,794.70
26,452,925.62
26,587,426.48
26,586,837.29
26,588,538.88
26,589,100.48

Current Liabilities
13,231,114.18
13,796,358.20
14,362,838.85
14,927,895.71
15,496,873.62
15,761,212.28
16,021,141.42
16,281,376.03
16,855,445.98
17,428,141.16
18,004,806.72
18,582,782.67
Retain Earnings
13,231,114.18
13,796,358.20
14,362,838.85
14,927,895.71
15,496,873.62
15,761,212.28
16,021,141.42
16,281,376.03
16,855,445.98
17,428,141.16
18,004,806.72
18,582,782.67

Equity
37,882,610.68
40,380,002.14
40,947,012.77
41,511,459.44
42,082,117.80
42,215,896.78
42,473,936.12
42,734,301.65
43,442,872.46
44,014,978.45
44,593,345.60
45,171,883.15
198
Sales decrease 7.5%
Income Statement
Year1
Year2
Year3
Year4
Year5
Revenue
Sales on cash
25,980,179.00
33,462,615.00
36,847,560.00
48,000,000.00
60,000,000.00
Total sale
25,980,179.00
33,462,615.00
36,847,560.00
48,000,000.00
60,000,000.00
1,304,250.00
1,434,675.00
1,598,400.00
3,600,000.00
4,800,000.00
120,000.00
120,000.00
120,000.00
120,000.00
120,000.00
Electricity Supply
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
1,440,000.00
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
1,560,000.00
2,864,250.00
2,994,675.00
3,252,000.00
3,151,000.00
3,151,000.00
Gross income
23,115,929.00
30,467,940.00
33,595,560.00
30,800,920.92
33,779,810.00
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Operating expenses
106,248.00
57,248.00
58,248.00
59,248.00
59,848.00
Selling
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
22,163,800.00
Depreciation
2,508,744.00
2,508,744.00
2,508,744.00
2,468,760.00
2,468,760.00
24,778,792.00
24,729,792.00
24,730,792.00
24,691,808.00
24,692,408.00
- 1,662,863.00
5,738,148.00
8,864,768.00
6,109,112.92
9,087,402.00
2,703,088.93
2,503,802.61
2,288,511.08
2,055,928.78
- 1,585,200.93
3,234,345.39
6,576,256.92
4,053,184.14
7,282,734.88
970,303.62
1,972,877.08
1,215,955.24
2,184,820.46
Interest Expense
EBIT
Income Tax
475,560.28
1,804,667.12
Net Income (Loss)
- 1,109,640.65
2,264,041.77
4,603,379.84
2,837,228.90
5,097,914.42
-15,289,281.54
- 14,524,306.35
45,737,322.50
123,746,433.21
181,293,893.38
Retain earnings
-26,720,283.91
- 12,260,264.58
50,340,702.35
126,583,662.10
186,391,807.80
199
Cash Flow Statement
Year1
Year2
Year4
Year3
Year5

Cash Inflow
Sale on cash
25,980,179.00
33,462,615.00
36,847,560.00
25,980,179.00
33,462,615.00
36,847,560.00
1,560,000.00
1,560,000.00
1,560,000.00
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
2,703,088.93
2,503,802.61
2,288,511.08
11,705,978.08
1,749,361.62
2,869,169.08
38,239,115.01
8,069,245.58
28,939,728.16
12,258,936.01
25,546,851.92
7,907,831.84
Sale Equipment
Total Cash Inflow
31,520,000
3,703,000
119,940
303,000.00
35,645,940.00
35,645,940.00
Total Cash Inflow
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
3,600,000.00
59,248.00
22,163,800.00
2,055,928.78
2,021,319.79
29,900,296.61
18,099,703.39
4,800,000.00
59,848.00
22,163,800.00
1,804,667.12
3,058,237.46
31,886,552.58
28,113,447.42
Cash Outflow
Selling
Interest Expense
Tax Expense
Total Cash Outflow

Cash Inflow
Cash Outflow
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow

Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24
Cash Outflow
39,692,284.44
13,310,522.10
43,553,884.79
56,864,406.89
5,184,459.24
4,753,533.97
20,362,392.68
2,723,372.59
49,691,854.22
95,820,825.64
29,329,461.54
98,544,198.23
5,184,459.24
5,184,459.24
- 5,184,459.24
12,915,244.15
181,929,796.44
194,845,040.59
5,184,459.24
5,184,459.24
- 5,184,459.24
22,928,988.17
397,190,032.37
420,119,020.54
200
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
3,096,147.73
1,614,060.25
169,148.64
2,284,472.50
482,764.20
2,751,505.00
560,426.74
2,635,926.25
249,520.21
2,635,926.25
16,922.89
210,296.58
423,165.58
396,118.49
366,211.77
342,219.16
2,284,472.50
594,230.38
3,096,147.73
1,444,911.61
1,801,708.30
2,191,078.26
2,386,406.04
2,619,003.36
2,846,222.83
2,707,638.08
2,680,590.99
2,650,684.27
2,626,691.66
1,690,242.12
Asset
Current Assets
Cash
Account Receivable
2,635,926.25
2,284,472.50
2,284,472.50
2,284,472.50
2,284,472.50
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
2,012,665.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
303,000.00
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
39,228,907.12

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Income tax payable
754,732.20
153,973.00
60,847.11
135,065.12
99,117.87
99,514.56
98,020.21
12,169.36
11,764.94
12,501.50
10,948.23
12,035.92
935,167.80
1,535,927.00
1,750,747.11
1,824,965.12
1,789,017.87
1,789,414.56
1,787,920.21
1,677,730.64
1,678,135.06
1,677,398.50
1,678,951.77
1,677,864.08
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,503,129.53
41,103,888.73
41,318,708.84
41,392,926.85
41,356,979.60
41,357,376.29
41,355,881.94
41,245,692.37
41,246,096.79
41,245,360.23
41,246,913.50
41,245,825.81
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
999,389.29
1,026,840.80
1,056,010.96
1,081,556.84
2,016,918.69
Retain Earnings
201
1,761,041.80
2,120,312.12
1,978,335.54
1,663,183.59
1,431,908.56
1,199,707.93
970,994.11
999,389.29
1,026,840.80
1,056,010.96
1,081,556.84
2,016,918.69

Equity
38,742,087.73
38,983,576.61
39,340,373.30
39,729,743.26
39,925,071.04
40,157,668.36
40,384,887.83
40,246,303.08
40,219,255.99
40,189,349.27
40,165,356.66
39,228,907.12
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
2,635,926.25
2,635,926.25
2,635,926.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
2,839,426.25
30,356,926.67
30,304,340.59
30,440,603.00
30,580,668.29
30,869,135.43
31,157,461.68
31,439,985.11
31,732,379.82
32,023,753.19
32,312,343.41
32,606,924.73
32,891,037.12
32,992,852.92
32,940,266.84
33,076,529.25
33,420,094.54
33,708,561.68
33,996,887.93
34,279,411.36
34,571,806.07
34,863,179.44
35,151,769.66
35,446,350.98
35,730,463.37
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
32,992,852.92
32,940,266.84
33,076,529.25
33,420,094.54
33,708,561.68
33,996,887.93
34,279,411.36
34,571,806.07
34,863,179.44
35,151,769.66
35,446,350.98
35,730,463.37

Current Liabilities
Wage Payable
Taxes payable
Long-term debt
1,689,900
22,596.67
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
41,364.59
39,009.94
99,339.41
100,908.80
101,337.35
99,725.07
102,202.77
102,639.68
101,935.81
103,521.98
100,914.90
1,667,303.33
1,731,264.59
1,728,909.94
1,789,239.41
1,790,808.80
1,791,237.35
1,789,625.07
1,792,102.77
1,792,539.68
1,791,835.81
1,793,421.98
1,790,814.90
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
202
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,753,894.72
34,817,855.98
34,815,501.33
34,875,830.80
34,877,400.19
34,877,828.74
34,876,216.46
34,878,694.16
34,879,131.07
34,878,427.20
34,880,013.37
34,877,406.29
1,973,126.89
1,877,589.14
1,882,103.70
1,738,972.08
1,650,311.76
1,455,736.26
1,414,857.88
1,168,838.51
1,178,404.06
880,940.81
945,712.23
596,805.10
707,239.09
306,888.09
467,746.51
15,951.63
229,896.29
11,654.98
247,123.08
1,761,041.80
1,761,041.80
273,342.46
566,337.61
853,057.08

Equity
32,992,852.92
32,940,266.84
33,076,529.25
33,420,094.54
33,708,561.68
33,996,887.93
34,279,411.36
34,571,806.07
34,863,179.44
35,151,769.66
35,446,350.98
35,730,463.37
Feb
Mar
Apr
May
June
July
Aug
Oct
Nov
Dec
Retain Earnings
Balance Sheet Year3
Jan
Sep
Asset
Current Assets
Cash
Account Receivable
2,955,005.00
2,955,005.00
2,955,005.00
2,955,005.00
2,955,005.00
2,955,005.00
3,186,255.00
3,186,255.00
3,186,255.00
3,186,255.00
3,186,255.00
3,186,255.00
31,436,323.92
31,811,538.27
32,124,121.54
32,433,962.17
32,749,834.68
33,065,646.83
33,375,237.19
33,857,305.42
34,338,284.40
34,816,562.86
35,300,915.58
35,306,303.57
34,391,328.92
34,766,543.27
35,079,126.54
35,388,967.17
35,704,839.68
36,020,651.83
36,561,492.19
37,043,560.42
37,524,539.40
38,002,817.86
38,487,170.58
38,492,558.57
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
34,391,328.92
34,766,543.27
35,079,126.54
35,388,967.17
35,704,839.68
36,020,651.83
36,561,492.19
37,043,560.42
37,524,539.40
38,002,817.86
38,487,170.58
38,492,558.57
203

Current Liabilities
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
69,170.73
133,315.52
133,769.64
133,083.08
134,686.68
135,149.65
202,797.00
205,459.57
205,931.57
205,263.01
206,884.72
207,365.92
1,759,070.73
1,823,215.52
1,823,669.64
1,822,983.08
1,824,586.68
1,825,049.65
1,892,697.00
1,895,359.57
1,895,831.57
1,895,163.01
1,896,784.72
1,897,265.92
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,165,005.48
32,229,150.27
32,229,604.39
32,228,917.83
32,230,521.43
32,230,984.40
32,298,631.75
32,301,294.32
32,301,766.32
32,301,097.76
32,302,719.47
32,303,200.67
2,226,323.44
2,537,393.00
2,849,522.15
3,160,049.34
3,474,318.25
3,789,667.43
4,262,860.44
4,742,266.10
5,222,773.08
5,701,720.10
6,184,451.11
6,189,357.90
2,226,323.44
2,537,393.00
2,849,522.15
3,160,049.34
3,474,318.25
3,789,667.43
4,262,860.44
4,742,266.10
5,222,773.08
5,701,720.10
6,184,451.11
6,189,357.90

Equity
34,391,328.92
34,766,543.27
35,079,126.54
35,388,967.17
35,704,839.68
36,020,651.83
36,561,492.19
37,043,560.42
37,524,539.40
38,002,817.86
38,487,170.58
38,492,558.57
Retain Earnings
204
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
10,595,724.26
11,566,311.10
12,538,042.63
13,508,257.85
14,482,301.00
15,595,511.16
16,704,427.47
17,822,994.32
18,801,750.95
19,779,036.63
20,760,195.90
22,690,487.32
Account Receivable
27,194,255.78
26,781,266.08
26,304,435.95
25,826,465.37
25,350,785.18
24,310,464.61
23,395,453.66
22,472,883.17
22,126,497.34
21,648,546.21
21,172,885.60
16,769,276.46
37,789,980.04
38,347,577.18
38,842,478.58
39,334,723.22
39,833,086.18
39,905,975.77
40,099,881.13
40,295,877.49
40,928,248.29
41,427,582.84
41,933,081.50
39,459,763.78
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
37,789,980.04
38,347,577.18
38,842,478.58
39,334,723.22
39,833,086.18
39,905,975.77
40,099,881.13
40,295,877.49
40,928,248.29
41,427,582.84
41,933,081.50
39,459,763.78
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
147,068.73
211,399.76
211,890.35
211,240.50
212,881.04
85,731.19
83,890.97
83,966.20
214,901.10
214,270.70
215,930.81
1,689,900.00
677,216.07

Current Liabilities
1,836,968.73
1,901,299.76
1,901,790.35
1,901,140.50
1,902,781.04
1,775,631.19
1,773,790.97
1,773,866.20
1,904,801.10
1,904,170.70
1,905,830.81
1,012,683.93
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,346,955.28
29,411,286.31
29,411,776.90
29,411,127.05
29,412,767.59
29,285,617.74
29,283,777.52
29,283,852.75
29,414,787.65
29,414,157.25
29,415,817.36
28,522,670.48
205
Retain Earnings
8,443,024.76
8,936,290.87
9,430,701.68
9,923,596.17
10,420,318.59
10,620,358.03
10,816,103.61
11,012,024.74
11,513,460.64
12,013,425.59
12,517,264.14
10,937,093.30
8,443,024.76
8,936,290.87
9,430,701.68
9,923,596.17
10,420,318.59
10,620,358.03
10,816,103.61
11,012,024.74
11,513,460.64
12,013,425.59
12,517,264.14
10,937,093.30

Equity
37,789,980.04
38,347,577.18
38,842,478.58
39,334,723.22
39,833,086.18
39,905,975.77
40,099,881.13
40,295,877.49
40,928,248.29
41,427,582.84
41,933,081.50
39,459,763.78
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Asset
Current Assets
Cash
Account Receivable
24,423,701.98
26,307,323.73
28,192,182.11
30,075,616.70
31,962,972.34
33,990,788.72
36,014,195.59
38,044,557.94
39,937,005.61
41,828,078.52
43,723,121.81
45,619,475.49
13,401,165.70
13,932,445.41
12,556,854.66
11,180,123.74
9,805,683.46
7,865,403.06
6,050,342.53
4,230,902.71
2,985,757.85
1,609,047.93
234,628.79
-1,140,930.34
37,824,867.68
40,239,769.14
40,749,036.77
41,255,740.44
41,768,655.80
41,856,191.78
42,064,538.12
42,275,460.65
42,922,763.46
43,437,126.45
43,957,750.60
44,478,545.15
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets

Current Liabilities
37,824,867.68
40,239,769.14
40,749,036.77
41,255,740.44
41,768,655.80
41,856,191.78
42,064,538.12
42,275,460.65
42,922,763.46
43,437,126.45
43,957,750.60
44,478,545.15
206
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
153,040.25
217,500.44
218,030.42
217,420.23
219,100.68
91,991.00
90,101.20
90,307.12
221,282.98
220,693.79
222,395.38
222,956.98
1,842,940.25
1,907,400.44
1,907,930.42
1,907,320.23
1,909,000.68
1,781,891.00
1,780,001.20
1,780,207.12
1,911,182.98
1,910,593.79
1,912,295.38
1,912,856.98
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,494,436.75
26,558,896.94
26,559,426.92
26,558,816.73
26,560,497.18
26,433,387.50
26,431,497.70
26,431,703.62
26,562,679.48
26,562,090.29
26,563,791.88
26,564,353.48
13,173,371.18
13,680,872.20
14,189,609.85
14,696,923.71
15,208,158.62
15,422,804.28
15,633,040.42
15,843,757.03
16,360,083.98
16,875,036.16
17,393,958.72
17,914,191.67
13,173,371.18
13,680,872.20
14,189,609.85
14,696,923.71
15,208,158.62
15,422,804.28
15,633,040.42
15,843,757.03
16,360,083.98
16,875,036.16
17,393,958.72
17,914,191.67

Equity
37,824,867.68
40,239,769.14
40,749,036.77
41,255,740.44
41,768,655.80
41,856,191.78
42,064,538.12
42,275,460.65
42,922,763.46
43,437,126.45
43,957,750.60
44,478,545.15
Retain Earnings
207
8.2.5.2 Interest increase

We assume that interest rate will be increased become to 7.8%, 7.85%, and 7.9%, but the actual rate is
7.75%
Interest 7.8%
Income Statement
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,120,608.90
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
24,778,792.00
57,248.00
22,163,800.00
2,508,744.00
24,729,792.00
58,248.00
22,163,800.00
2,508,744.00
24,730,792.00
59,248.00
22,163,800.00
2,468,760.00
24,691,808.00
59,848.00
22,163,800.00
2,468,760.00
24,692,408.00

Interest Expense
EBIT
Income Tax
1,117,888.00
2,913,929.87
1,796,041.87
285,421.66
8,335,008.00
2,699,099.21
5,635,908.79
1,690,772.64
11,852,408.00
2,467,014.94
9,385,393.06
2,815,617.92
14,428,800.90
2,216,291.22
12,212,509.68
3,663,752.90
11,998,792.00
1,945,431.16
10,053,360.84
3,016,008.25
Net Income (Loss)

Retain earnings
- 1,510,620.21
- 1,510,620.21
- 20,409,331.69
3,945,136.15
638,568.65
4,583,704.80
6,569,775.14
60,568,482.48
67,138,257.62
8,548,756.78
160,598,226.33
169,146,983.11
7,037,352.59
241,022,535.21
248,059,887.81
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply
208
Cash Flow Statement

Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
Selling
Interest Expense
Tax Expense
Total Cash Outflow
Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow
Cash Inflow
Borrowing Bank
Shareholder
Total Cash Inflow
Cash Outflow
Principal Payment
Total Cash Outflow
Year1
Year2
28,086,680.00
28,086,680.00
Year3
Year4
Year5
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,560,000.00
106,248.00
22,163,800.00
2,913,929.87
285,421.66
26,458,556.21
1,628,123.79
1,560,000.00
57,248.00
2,198,833.34
2,699,099.21
1,690,772.64
8,205,953.19
27,969,846.81
1,560,000.00
58,248.00
22,163,800.00
2,467,014.94
2,815,617.92
29,064,680.86
10,770,519.14
1,560,000.00
59,248.00
22,163,800.00
2,216,291.22
1,971,932.90
27,971,272.11
20,028,727.89
1,560,000.00
59,848.00
22,163,800.00
1,945,431.16
3,016,008.25
28,745,087.41
31,254,912.59
31,520,000
3,703,000
92,535.00
2,012,665.00
303,000.00
37,631,200.00
- 37,631,200.00
40,000,000.00
5,184,459.24
5,184,459.24
5,184,459.24
22,785,387.57
105,697,610.02
123,448,164.30
5,184,459.24
5,184,459.24
4,753,533.97
5,586,059.87
282,972,591.18
288,558,651.05
40,000,000.00
5,184,459.24
5,184,459.24
39,692,284.44
1,420,465.80
9,932,648.78
- 11,353,114.58
2,200,913.00
2,200,913.00
2,200,913.00
17,827,814.89
413,727,162.94
431,554,977.83
5,184,459.24
5,184,459.24
5,184,459.24
26,070,453.35
679,513,646.25
705,584,099.60
209
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
31,303.47
1,004,104.54
1,232,657.55
1,032,963.92
917,075.48
800,189.23
686,717.13
835,280.90
982,827.40
1,132,018.47
1,277,510.69
1,420,465.80
Account Receivable
3,109,316.20
2,164,896.27
2,737,722.99
2,914,947.84
2,982,007.59
3,085,411.49
3,186,924.56
3,184,742.60
3,293,154.84
3,400,426.31
3,509,987.80
3,611,908.53
3,078,012.73
1,160,791.73
1,505,065.44
1,881,983.92
2,064,932.11
2,285,222.26
2,500,207.43
2,349,461.70
2,310,327.44
2,268,407.84
2,232,477.11
2,191,442.73
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
303,000.00
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
303,000.00
-
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,723,952.73
38,699,456.73
39,043,730.44
39,420,648.92
39,603,597.11
39,823,887.26
40,038,872.43
39,888,126.70
39,848,992.44
39,807,072.84
39,771,142.11
39,730,107.73

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Income tax payable
506,781.80
159,383.34
55,467.11
129,715.68
93,799.16
94,226.79
92,763.59
17,394.64
16,958.67
17,663.48
16,078.26
17,133.79
1,183,118.20
1,530,516.66
1,745,367.11
1,819,615.68
1,783,699.16
1,784,126.79
1,782,663.59
1,672,505.36
1,672,941.33
1,672,236.52
1,673,821.74
1,672,766.21
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,751,079.93
41,098,478.39
41,313,328.84
41,387,577.41
41,351,660.89
41,352,088.52
41,350,625.32
41,240,467.09
41,240,903.06
41,240,198.25
41,241,783.47
41,240,727.94
2,027,127.20
2,027,127.20
2,399,021.66
2,399,021.66
2,269,598.40
2,269,598.40
1,966,928.49
1,966,928.49
1,748,063.78
1,748,063.78
1,528,201.26
1,528,201.26
1,311,752.89
1,311,752.89
1,352,340.39
1,352,340.39
1,391,910.62
1,391,910.62
1,433,125.41
1,433,125.41
1,470,641.36
1,470,641.36
1,510,620.21
1,510,620.21

Equity
38,723,952.73
38,699,456.73
39,043,730.44
39,420,648.92
39,603,597.11
39,823,887.26
40,038,872.43
39,888,126.70
39,848,992.44
39,807,072.84
39,771,142.11
39,730,107.73
Retain Earnings
210
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
383,552.82
2,136,195.94
3,897,201.93
5,814,909.24
7,740,661.54
9,671,797.33
11,603,555.18
13,542,478.90
15,489,807.14
17,439,878.59
19,398,037.21
21,364,921.77
Account Receivable
32,994,834.87
31,534,266.07
29,992,851.04
28,514,989.78
26,969,113.10
25,417,790.24
23,860,121.20
22,305,236.81
20,741,006.28
19,171,329.66
17,599,637.73
16,008,199.73
33,378,387.69
33,670,462.01
33,890,052.97
34,329,899.02
34,709,774.64
35,089,587.57
35,463,676.38
35,847,715.71
36,230,813.42
36,611,208.25
36,997,674.94
37,373,121.50
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
33,378,387.69
33,670,462.01
33,890,052.97
34,329,899.02
34,709,774.64
35,089,587.57
35,463,676.38
35,847,715.71
36,230,813.42
36,611,208.25
36,997,674.94
37,373,121.50

Current Liabilities
Wage Payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Taxes payable
33,754.95
97,748.78
95,201.92
160,514.39
162,117.00
162,578.98
161,000.34
163,511.90
163,982.88
163,313.31
164,934.00
162,114.17
1,723,654.95
1,787,648.78
1,785,101.92
1,850,414.39
1,852,017.00
1,852,478.98
1,850,900.34
1,853,411.90
1,853,882.88
1,853,213.31
1,854,834.00
1,852,014.17
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,810,246.34
34,874,240.17
34,871,693.31
34,937,005.78
34,938,608.39
34,939,070.37
34,937,491.73
34,940,003.29
34,940,474.27
34,939,804.70
34,941,425.39
34,938,605.56
1,203,778.16
1,203,778.16
981,640.34
981,640.34
607,106.76
607,106.76
228,833.75
228,833.75
150,517.20
526,184.65
907,712.42
1,290,339.15
1,671,403.55
2,056,249.55
2,434,515.94
1,431,858.65
1,431,858.65
150,517.20
526,184.65
907,712.42
1,290,339.15
1,671,403.55
2,056,249.55
2,434,515.94

Equity
33,378,387.69
33,670,462.01
33,890,052.97
34,329,899.02
34,709,774.64
35,089,587.57
35,463,676.38
35,847,715.71
36,230,813.42
36,611,208.25
36,997,674.94
37,373,121.50
Retain Earnings
211
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
21,601,186.12
21,987,203.78
22,374,363.69
22,760,004.81
23,149,471.38
23,540,102.47
24,101,787.20
24,669,769.93
25,238,939.89
25,806,636.34
26,378,203.80
26,950,981.64
Account Receivable
13,383,794.03
13,529,950.30
13,612,416.10
13,693,741.47
13,777,357.21
13,859,832.56
14,015,117.53
14,099,792.96
14,182,278.04
14,263,622.82
14,347,258.09
13,780,080.36
34,984,980.15
35,517,154.08
35,986,779.79
36,453,746.28
36,926,828.59
37,399,935.03
38,116,904.73
38,769,562.89
39,421,217.93
40,070,259.16
40,725,461.89
40,731,062.00
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
34,984,980.15
35,517,154.08
35,986,779.79
36,453,746.28
36,926,828.59
37,399,935.03
38,116,904.73
38,769,562.89
39,421,217.93
40,070,259.16
40,725,461.89
40,731,062.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
136,388.84
200,568.83
201,058.36
200,407.46
202,046.93
202,546.01
275,854.71
278,553.86
279,062.67
278,431.17
280,090.17
280,608.90
1,826,288.84
1,890,468.83
1,890,958.36
1,890,307.46
1,891,946.93
1,892,446.01
1,965,754.71
1,968,453.86
1,968,962.67
1,968,331.17
1,969,990.17
1,970,508.90
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,232,223.59
32,296,403.58
32,296,893.11
32,296,242.21
32,297,881.68
32,298,380.76
32,371,689.46
32,374,388.61
32,374,897.42
32,374,265.92
32,375,924.92
32,376,443.65
2,752,756.56
3,220,750.50
3,689,886.68
4,157,504.07
4,628,946.91
5,101,554.27
5,745,215.27
6,395,174.28
7,046,320.51
7,695,993.24
8,349,536.97
8,354,618.35
2,752,756.56
3,220,750.50
3,689,886.68
4,157,504.07
4,628,946.91
5,101,554.27
5,745,215.27
6,395,174.28
7,046,320.51
7,695,993.24
8,349,536.97
8,354,618.35
34,984,980.15
35,517,154.08
35,986,779.79
36,453,746.28
36,926,828.59
37,399,935.03
38,116,904.73
38,769,562.89
39,421,217.93
40,070,259.16
40,725,461.89
40,731,062.00

Current Liabilities
Wage Payable
Account Payable
Taxes payable
Retain Earnings
Equity
212
Balance Sheet Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
28,144,469.95
29,497,284.72
30,860,466.47
32,231,353.77
33,505,703.44
35,028,900.15
36,557,026.63
38,104,027.85
39,520,444.65
40,944,615.91
42,381,887.76
Account Receivable
10,413,938.25
10,062,503.29
9,638,095.14
9,203,414.81
8,871,481.11
8,152,818.27
7,560,683.31
6,958,107.06
6,629,057.74
6,148,736.35
5,661,572.76
38,558,408.20
39,559,788.01
40,498,561.61
41,434,768.58
42,377,184.55
43,181,718.42
44,117,709.94
45,062,134.91
46,149,502.39
47,093,352.26
48,043,460.52
Asset
Current Assets
44,778,796.53
662,168.72
45,440,965.25
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
38,558,408.20
39,559,788.01
40,498,561.61
41,434,768.58
42,377,184.55
43,181,718.42
44,117,709.94
45,062,134.91
46,149,502.39
47,093,352.26
48,043,460.52
45,440,965.25
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
217,086.99
281,456.04
281,984.89
281,373.56
283,052.86
145,592.02
143,791.06
143,680.81
285,230.49
284,640.11
Total Fixed Assets
Total Assets

Current Liabilities
Wage Payable
Account Payable
Taxes payable
286,340.51
662,296.43
1,906,986.99
1,971,356.04
1,971,884.89
1,971,273.56
1,972,952.86
1,835,492.02
1,833,691.06
1,833,580.81
1,975,130.49
1,974,540.11
1,976,240.51
1,027,603.57
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,416,973.54
29,481,342.59
29,481,871.44
29,481,260.11
29,482,939.41
29,345,478.57
29,343,677.61
29,343,567.36
29,485,117.04
29,484,526.66
29,486,227.06
28,537,590.12
9,141,434.66
10,078,445.42
11,016,690.17
11,953,508.47
12,894,245.14
13,836,239.85
14,774,032.33
15,718,567.55
16,664,385.35
17,608,825.60
18,557,233.46
16,903,375.13
9,141,434.66
10,078,445.42
11,016,690.17
11,953,508.47
12,894,245.14
13,836,239.85
14,774,032.33
15,718,567.55
16,664,385.35
17,608,825.60
18,557,233.46
16,903,375.13
38,558,408.20
39,559,788.01
40,498,561.61
41,434,768.58
42,377,184.55
43,181,718.42
44,117,709.94
45,062,134.91
46,149,502.39
47,093,352.26
48,043,460.52
45,440,965.25
432,038.27
432,038.27
Retain Earnings
Equity
213
Balance Sheet Year5
Jan
Feb
Mar
Apr
May
June
July
Cash
46,773,261.33
48,918,229.06
51,064,529.88
53,209,503.99
55,358,496.86
57,648,048.81
59,933,290.21
Account Receivable
4,694,016.63
4,184,975.79
5,654,496.21
7,125,156.52
8,593,525.93
10,666,235.20
12,602,174.30
42,079,244.70
44,733,253.27
45,410,033.67
46,084,347.47
46,764,970.93
46,981,813.61
47,331,115.91
Aug
Sep
Oct
Nov
Dec
64,380,068.77
66,533,276.98
68,690,557.13
70,849,249.88
15,863,540.32
17,334,177.99
18,802,524.61
20,272,010.94
48,516,528.45
49,199,098.99
49,888,032.52
50,577,238.94
Asset
Current Assets
62,225,586.70
14,533,242.42
47,692,344.28
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
42,079,244.70
44,733,253.27
45,410,033.67
46,084,347.47
46,764,970.93
46,981,813.61
47,331,115.91
47,692,344.28
48,516,528.45
49,199,098.99
49,888,032.52
50,577,238.94
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Total Fixed Assets
Total Assets

Current Liabilities
Wage Payable
Account Payable
Taxes payable
224,731.31
289,232.57
289,803.89
289,235.31
290,957.63
152,340.09
150,492.72
153,516.33
293,310.15
292,764.21
294,509.32
295,114.72
1,914,631.31
1,979,132.57
1,979,703.89
1,979,135.31
1,980,857.63
1,842,240.09
1,840,392.72
1,843,416.33
1,983,210.15
1,982,664.21
1,984,409.32
1,985,014.72
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,566,127.81
26,630,629.07
26,631,200.39
26,630,631.81
26,632,354.13
26,493,736.59
26,491,889.22
26,494,912.83
26,634,706.65
26,634,160.71
26,635,905.82
26,636,511.22
17,427,748.20
18,102,624.20
18,778,833.28
19,453,715.66
20,132,616.80
20,488,077.02
20,839,226.69
21,197,431.45
21,881,821.80
22,564,938.28
23,252,126.70
23,940,727.72
17,427,748.20
18,102,624.20
18,778,833.28
19,453,715.66
20,132,616.80
20,488,077.02
20,839,226.69
21,197,431.45
21,881,821.80
22,564,938.28
23,252,126.70
23,940,727.72
42,079,244.70
44,733,253.27
45,410,033.67
46,084,347.47
46,764,970.93
46,981,813.61
47,331,115.91
47,692,344.28
48,516,528.45
49,199,098.99
49,888,032.52
50,577,238.94
432,038.27
Retain Earnings
Equity
214
Interest 7.85%
Year1
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,120,581.59
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
24,778,792.00
57,248.00
22,163,800.00
2,508,744.00
24,729,792.00
58,248.00
22,163,800.00
2,508,744.00
24,730,792.00
59,248.00
22,163,800.00
2,468,760.00
24,691,808.00
59,848.00
22,163,800.00
2,468,760.00
24,692,408.00

Interest Expense
EBIT
Income Tax
1,117,888.00
2,915,281.41
1,797,393.41
539,218.02
8,335,008.00
2,700,351.11
5,634,656.89
1,690,397.07
11,852,408.00
2,468,159.20
9,384,248.80
2,815,274.64
14,428,773.59
2,217,319.19
12,211,454.40
3,663,436.32
11,998,792.00
1,946,333.49
10,052,458.51
3,015,737.55
Net Income (Loss)

Retain earnings
- 1,258,175.39
- 1,258,175.39
- 17,374,857.03
3,944,259.82
3,663,014.70
7,607,274.52
6,568,974.16
63,582,886.07
70,151,860.23
8,548,018.08
163,604,173.00
172,152,191.08
7,036,720.96
244,020,094.41
251,056,815.37
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply
215
Cash Flow Statement

Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
Selling
Interest Expense
Tax Expense
Total Cash Outflow
Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow
Cash Inflow
Borrowing Bank
Shareholder
Total Cash Inflow
Cash Outflow
Principal Payment
Total Cash Outflow
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,560,000.00
106,248.00
22,163,800.00
2,915,281.41
539,218.02
26,206,111.39
1,880,568.61
1,560,000.00
57,248.00
2,198,833.34
2,700,351.11
1,690,397.07
8,206,829.53
27,968,970.47
1,560,000.00
58,248.00
22,163,800.00
2,468,159.20
2,815,274.64
29,065,481.84
10,769,718.16
1,560,000.00
59,248.00
22,163,800.00
2,217,319.19
1,971,616.32
27,971,983.51
20,028,016.49
1,560,000.00
59,848.00
22,163,800.00
1,946,333.49
3,015,737.55
28,745,719.04
31,254,280.96
31,520,000
3,703,000
40,000,000.00
5,184,459.24
5,184,459.24
38,010,496.91
817,163.76
14,686,488.40
15,503,652.16
5,184,459.24
5,184,459.24
5,184,459.24
22,784,511.23
132,544,272.84
123,448,164.30
5,184,459.24
5,184,459.24
4,753,533.97
5,585,258.92
309,809,146.85
315,394,405.77
119,940
303,000.00
35,645,940.00
- 35,645,940.00
- 35,645,940.00
40,000,000.00
2,200,913.00
2,200,913.00
2,200,913.00
17,827,103.49
440,554,548.46
458,381,651.95
5,184,459.24
5,184,459.24
5,184,459.24
26,069,821.72
706,332,971.87
732,402,793.59
216
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
2,207,266.06
1,234,308.78
1,005,675.31
1,205,288.94
1,321,097.82
1,437,904.97
1,551,298.45
1,402,656.53
1,255,032.35
1,105,764.07
960,195.12
817,163.76
Account Receivable
870,630.41
179,676.87
752,503.77
929,728.80
996,788.76
1,100,192.87
1,201,706.13
1,199,524.36
1,307,936.81
1,415,208.48
1,524,770.17
1,626,691.11
3,077,896.47
1,413,985.65
1,758,179.08
2,135,017.74
2,317,886.58
2,538,097.84
2,753,004.58
2,602,180.89
2,562,969.16
2,520,972.55
2,484,965.29
2,443,854.87
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000.00
3,703,000.00
119,940.00
303,000.00
31,520,000.00
31,520,000.00
3,703,000.00
2,012,665.00
3,703,000.00
2,012,665.00
303,000.00
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
303,000.00
-
3,703,000.00
2,012,665.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
3,703,000.00
2,012,665.00
303,000.00
-
31,520,000.00
303,000.00
-
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,723,836.47
38,952,650.65
39,296,844.08
39,673,682.74
39,856,551.58
40,076,762.84
40,291,669.58
40,140,845.89
40,101,634.16
40,059,637.55
40,023,630.29
39,982,519.87
Wage payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Account Payable
760,207.58
159,418.02
Income tax payable
55,432.62
129,681.38
93,765.07
94,192.90
92,729.89
17,428.14
16,991.96
17,696.57
16,111.15
17,166.47
929,692.42
1,530,481.98
1,745,332.62
1,819,581.38
1,783,665.07
1,784,092.90
1,782,629.89
1,672,471.86
1,672,908.04
1,672,203.43
1,673,788.85
1,672,733.53
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,497,654.15
41,098,443.71
41,313,294.35
41,387,543.11
41,351,626.80
41,352,054.63
41,350,591.62
41,240,433.59
41,240,869.77
41,240,165.16
41,241,750.58
41,240,695.26
1,773,817.68
1,773,817.68
2,145,793.06
2,145,793.06
2,016,450.27
2,016,450.27
1,713,860.37
1,713,860.37
1,495,075.22
1,495,075.22
1,275,291.79
1,275,291.79
1,058,922.04
1,058,922.04
1,099,587.70
1,099,587.70
1,139,235.61
1,139,235.61
1,180,527.61
1,180,527.61
1,218,120.29
1,218,120.29
1,258,175.39
1,258,175.39

Equity
38,723,836.47
38,952,650.65
39,296,844.08
39,673,682.74
39,856,551.58
40,076,762.84
40,291,669.58
40,140,845.89
40,101,634.16
40,059,637.55
40,023,630.29
39,982,519.87

Current Liabilities
Retain Earnings
217
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
99,182.66
4,373,674.45
6,134,605.65
8,052,238.66
9,977,917.16
11,908,979.65
13,840,664.71
15,779,516.14
17,726,772.60
19,676,772.79
21,634,860.66
23,601,674.99
Account Receivable
33,729,906.93
29,549,049.08
28,007,634.26
26,529,773.21
24,983,896.74
23,432,574.10
21,874,905.27
20,320,021.10
18,755,790.80
17,186,114.38
15,614,422.68
14,022,984.90
33,630,724.27
33,922,723.53
34,142,239.91
34,582,011.87
34,961,813.90
35,341,553.75
35,715,569.98
36,099,537.24
36,482,563.40
36,862,887.17
37,249,283.34
37,624,659.89
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
33,630,724.27
33,922,723.53
34,142,239.91
34,582,011.87
34,961,813.90
35,341,553.75
35,715,569.98
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
36,099,537.24
36,482,563.40
36,862,887.17
37,249,283.34
37,624,659.89

Current Liabilities
Wage Payable
1,689,900.00
Account Payable
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
Taxes payable
33,722.48
97,716.52
95,169.87
160,482.55
162,085.37
162,547.57
160,969.14
163,480.92
163,952.12
163,282.77
164,903.68
162,084.07
1,723,622.48
1,787,616.52
1,785,069.87
1,850,382.55
1,851,985.37
1,852,447.57
1,850,869.14
1,853,380.92
1,853,852.12
1,853,182.77
1,854,803.68
1,851,984.07
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,810,213.87
34,874,207.91
34,871,661.26
34,936,973.94
34,938,576.76
34,939,038.96
34,937,460.53
34,939,972.31
34,940,443.51
34,939,774.16
34,941,395.07
34,938,575.46
951,484.38
951,484.38
729,421.35
729,421.35
354,962.07
354,962.07
23,237.14
402,514.79
778,109.45
1,159,564.93
1,542,119.89
1,923,113.01
2,307,888.27
2,686,084.43
1,179,489.60
1,179,489.60
23,237.14
402,514.79
778,109.45
1,159,564.93
1,542,119.89
1,923,113.01
2,307,888.27
2,686,084.43

Equity
33,630,724.27
33,922,723.53
34,142,239.91
34,582,011.87
34,961,813.90
35,341,553.75
35,715,569.98
36,099,537.24
36,482,563.40
36,862,887.17
37,249,283.34
37,624,659.89
Retain Earnings
218
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
23,837,869.64
24,223,818.12
24,610,909.38
24,996,482.39
25,385,881.38
25,776,445.43
26,338,063.66
26,905,980.44
27,475,085.01
28,042,716.62
28,614,219.79
29,186,933.91
Account Receivable
11,398,579.42
11,544,735.91
11,627,201.94
11,708,527.53
11,792,143.51
11,874,619.09
12,029,904.30
12,114,579.96
12,197,065.26
12,278,410.27
12,362,045.79
11,794,933.14
35,236,449.06
35,768,554.03
36,238,111.32
36,705,009.92
37,178,024.89
37,651,064.52
38,367,967.96
39,020,560.40
39,672,150.27
40,321,126.89
40,976,265.58
40,981,867.05
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
35,236,449.06
35,768,554.03
36,238,111.32
36,705,009.92
37,178,024.89
37,651,064.52
38,367,967.96
39,020,560.40
39,672,150.27
40,321,126.89
40,976,265.58
40,981,867.05
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Account Payable
Taxes payable
136,358.96
200,539.18
201,028.94
200,378.26
202,017.97
202,517.28
275,826.22
278,525.60
279,034.64
278,403.38
280,062.62
280,581.59

Current Liabilities
1,826,258.96
1,890,439.18
1,890,928.94
1,890,278.26
1,891,917.97
1,892,417.28
1,965,726.22
1,968,425.60
1,968,934.64
1,968,303.38
1,969,962.62
1,970,481.59
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,232,193.71
32,296,373.93
32,296,863.69
32,296,213.01
32,297,852.72
32,298,352.03
32,371,660.97
32,374,360.35
32,374,869.39
32,374,238.13
32,375,897.37
32,376,416.34
3,004,255.35
3,472,180.10
3,941,247.63
4,408,796.91
4,880,172.17
5,352,712.49
5,996,306.99
6,646,200.05
7,297,280.88
7,946,888.76
8,600,368.21
8,605,450.71
3,004,255.35
3,472,180.10
3,941,247.63
4,408,796.91
4,880,172.17
5,352,712.49
5,996,306.99
6,646,200.05
7,297,280.88
7,946,888.76
8,600,368.21
8,605,450.71

Equity
35,236,449.06
35,768,554.03
36,238,111.32
36,705,009.92
37,178,024.89
37,651,064.52
38,367,967.96
39,020,560.40
39,672,150.27
40,321,126.89
40,976,265.58
40,981,867.05
Retain Earnings
219
Balance Sheet Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
30,380,359.06
31,733,111.23
33,096,230.96
34,467,056.82
35,741,345.63
37,264,482.06
38,792,548.84
40,339,490.96
41,755,849.25
43,179,962.60
Account Recievable
8,148,511.27
7,516,796.57
6,812,108.66
6,097,148.56
5,484,935.11
4,163,992.52
2,969,577.82
1,757,721.82
1,148,392.76
387,791.63
44,617,177.14
379,651.70
47,014,037.40
5,270,590.98
38,528,870.33
39,249,907.80
39,908,339.62
40,564,205.38
41,226,280.74
41,428,474.58
41,762,126.66
42,097,212.78
42,904,242.01
43,567,754.23
44,237,525.44
41,743,446.42
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
38,528,870.33
39,249,907.80
39,908,339.62
40,564,205.38
41,226,280.74
41,428,474.58
41,762,126.66
42,097,212.78
42,904,242.01
43,567,754.23
44,237,525.44
41,743,446.42
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Account Payable
Taxs payable
217,059.92
281,429.22
281,958.31
281,347.22
283,026.77
145,566.18
143,765.48
143,655.48
285,205.41
284,615.29
286,315.95
662,328.92

Current Liabilities
1,906,959.92
1,971,329.22
1,971,858.31
1,971,247.22
1,972,926.77
1,835,466.18
1,833,665.48
1,833,555.48
1,975,105.41
1,974,515.29
1,976,215.95
1,027,571.08
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,416,946.47
29,481,315.77
29,481,844.86
29,481,233.77
29,482,913.32
29,345,452.73
29,343,652.03
29,343,542.03
29,485,091.96
29,484,501.84
29,486,202.50
28,537,557.63
Retain Earnings
9,392,203.86
10,329,152.03
11,267,334.76
12,204,091.61
13,144,767.42
14,086,701.85
15,024,434.63
15,968,910.75
16,914,670.05
17,859,052.39
18,807,402.94
17,153,468.79
9,111,923.86
9,768,592.03
10,426,494.76
11,082,971.61
11,743,367.42
12,083,021.85
12,418,474.63
12,753,670.75
13,419,150.05
14,083,252.39
14,751,322.94
13,205,888.79

Equity
38,528,870.33
39,249,907.80
39,908,339.62
40,564,205.38
41,226,280.74
41,428,474.58
41,762,126.66
42,097,212.78
42,904,242.01
43,567,754.23
44,237,525.44
41,743,446.42
220
Balance Sheet Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
49,008,446.11
10,626,743.84
51,153,358.36
10,117,726.76
53,299,604.32
11,587,246.91
55,444,524.20
13,057,906.97
57,593,463.45
14,526,276.09
59,882,962.42
16,598,985.09
62,168,151.48
18,534,923.93
64,460,396.27
20,465,991.77
66,614,827.29
21,796,289.42
68,767,985.09
23,266,926.81
70,925,215.48
24,735,273.15
73,083,859.12
26,204,759.19
38,381,702.27
41,035,631.60
41,712,357.41
42,386,617.23
43,067,187.36
43,283,977.33
43,633,227.55
43,994,404.50
44,818,537.87
45,501,058.28
46,189,942.33
46,879,099.93
Asset
Current Assets
Cash
Account Recievable
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
38,381,702.27
41,035,631.60
41,712,357.41
42,386,617.23
43,067,187.36
43,283,977.33
43,633,227.55
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
43,994,404.50
44,818,537.87
45,501,058.28
46,189,942.33
46,879,099.93

Current Liabilities
Wage Payable
1,689,900.00
Account Payable
Taxs payable
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
224,707.28
289,208.80
289,780.38
289,212.06
290,934.66
152,317.39
150,470.28
153,494.17
293,288.26
292,742.60
294,487.99
295,093.68
1,914,607.28
1,979,108.80
1,979,680.38
1,979,112.06
1,980,834.66
1,842,217.39
1,840,370.28
1,843,394.17
1,983,188.26
1,982,642.60
1,984,387.99
1,984,993.68
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,566,103.78
26,630,605.30
26,631,176.88
26,630,608.56
26,632,331.16
26,493,713.89
26,491,866.78
26,494,890.67
26,634,684.76
26,634,139.10
26,635,884.49
26,636,490.18
Retain Earnings
17,677,785.77
18,352,606.30
19,028,760.53
19,703,588.67
20,382,436.20
20,737,843.44
21,088,940.77
21,447,093.83
22,131,433.11
22,814,499.18
23,501,637.84
24,190,189.75
13,730,205.77
14,405,026.30
15,081,180.53
15,756,008.67
16,434,856.20
16,790,263.44
17,141,360.77
17,499,513.83
18,183,853.11
18,866,919.18
19,554,057.84
20,242,609.75

Equity
38,381,702.27
41,035,631.60
41,712,357.41
42,386,617.23
43,067,187.36
43,283,977.33
43,633,227.55
43,994,404.50
44,818,537.87
45,501,058.28
46,189,942.33
46,879,099.93
221
Interest 7.9%
Income Statement
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,120,554.28
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
24,778,792.00
57,248.00
22,163,800.00
2,508,744.00
24,729,792.00
58,248.00
22,163,800.00
2,508,744.00
24,730,792.00
59,248.00
22,163,800.00
2,468,760.00
24,691,808.00
59,848.00
22,163,800.00
2,468,760.00
24,692,408.00

Interest Expense
EBIT
Income Tax
1,117,888.00
2,916,632.96
1,798,744.96
539,623.49
8,335,008.00
2,701,603.02
5,633,404.98
1,690,021.50
11,852,408.00
2,469,303.46
9,383,104.54
2,814,931.36
14,428,746.28
2,218,347.15
12,210,399.13
3,663,119.74
11,998,792.00
1,947,235.82
10,051,556.18
3,015,466.85
Net Income (Loss)

Retain earnings
- 1,259,121.47
- 1,259,121.47
- 17,381,073.18
3,943,383.49
3,646,769.96
7,590,153.44
6,568,173.18
63,556,598.86
70,124,772.04
8,547,279.39
163,569,428.74
172,116,708.13
7,036,089.32
243,976,962.81
251,013,052.13
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply
222
Cash Flow Statement

Cash Inflow
Sale on cash
Total Cash Inflow
Cash Outflow
Selling
Interest Expense
Tax Expense
Total Cash Outflow
Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
Purchased Vehicle
Purchased Equipment
Fee
Total Cash Outflow
Cash Inflow
Borrowing Bank
Shareholder
Total Cash Inflow
Cash Outflow
Principal Payment
Total Cash Outflow
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,560,000.00
106,248.00
22,163,800.00
2,916,632.96
539,623.49
26,207,057.47
1,879,622.53
1,560,000.00
57,248.00
2,198,833.34
2,701,603.02
1,690,021.50
8,207,705.84
27,968,094.16
1,560,000.00
58,248.00
22,163,800.00
2,469,303.46
2,814,931.36
29,066,282.82
10,768,917.18
1,560,000.00
59,248.00
22,163,800.00
2,218,347.15
1,971,299.74
27,972,694.90
20,027,305.10
1,560,000.00
59,848.00
22,163,800.00
1,947,235.82
3,015,466.85
28,746,350.67
31,253,649.33
31,520,000
3,703,000
92,535.00
2,012,665.00
303,000.00
37,631,200.00
- 37,631,200.00
40,000,000.00
40,000,000.00
5,184,459.24
5,184,459.24
39,692,284.44
1,169,117.60
7,157,394.43
8,326,512.03
5,184,459.24
5,184,459.24
5,184,459.24
22,783,634.92
108,704,004.85
123,448,164.30
5,184,459.24
5,184,459.24
4,753,533.97
5,584,457.93
278,669,456.54
284,253,914.47
2,200,913.00
2,200,913.00
2,200,913.00
17,826,392.10
409,405,687.79
427,232,079.89
5,184,459.24
5,184,459.24
5,184,459.24
26,069,190.11
675,176,051.75
701,245,241.86
223
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
221,924.68
751,188.80
979,902.75
780,369.13
664,639.79
547,911.72
434,596.87
583,316.95
731,018.81
880,364.30
1,026,009.99
1,169,117.60
Account Receivable
2,855,855.55
2,164,977.47
2,737,804.58
2,915,029.79
2,982,089.94
3,085,494.23
3,187,007.69
3,184,826.15
3,293,238.78
3,400,510.66
3,510,072.56
3,611,993.71
3,077,780.23
1,413,788.67
1,757,901.83
2,134,660.66
2,317,450.15
2,537,582.51
2,752,410.82
2,601,509.20
2,562,219.97
2,520,146.36
2,484,062.57
2,442,876.11
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
303,000.00
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
303,000.00
-
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,723,720.23
38,952,453.67
39,296,566.83
39,673,325.66
39,856,115.15
40,076,247.51
40,291,075.82
40,140,174.20
40,100,884.97
40,058,811.36
40,022,727.57
39,981,541.11

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Income tax payable
760,242.45
159,452.70
55,398.14
129,647.09
93,730.97
94,159.00
92,696.19
17,461.63
17,025.26
17,729.66
16,144.03
17,199.15
929,657.55
1,530,447.30
1,745,298.14
1,819,547.09
1,783,630.97
1,784,059.00
1,782,596.19
1,672,438.37
1,672,874.74
1,672,170.34
1,673,755.97
1,672,700.85
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,497,619.28
41,098,409.03
41,313,259.87
41,387,508.82
41,351,592.70
41,352,020.73
41,350,557.92
41,240,400.10
41,240,836.47
41,240,132.07
41,241,717.70
41,240,662.58
1,773,899.05
1,773,899.05
2,145,955.36
2,145,955.36
2,016,693.04
2,016,693.04
1,714,183.16
1,714,183.16
1,495,477.55
1,495,477.55
1,275,773.22
1,275,773.22
1,059,482.10
1,059,482.10
1,100,225.90
1,100,225.90
1,139,951.50
1,139,951.50
1,181,320.71
1,181,320.71
1,218,990.13
1,218,990.13
1,259,121.47
1,259,121.47

Equity
38,723,720.23
38,952,453.67
39,296,566.83
39,673,325.66
39,856,115.15
40,076,247.51
40,291,075.82
40,140,174.20
40,100,884.97
40,058,811.36
40,022,727.57
39,981,541.11
Retain Earnings
224
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
634,749.49
2,387,242.05
4,148,098.46
6,065,657.18
7,991,261.88
9,922,251.08
11,853,863.35
13,792,642.49
15,739,827.17
17,689,756.09
19,647,773.21
21,007,074.40
Account Receivable
32,994,920.47
31,534,352.09
29,992,937.49
28,515,076.65
26,969,200.39
25,417,877.95
23,860,209.34
22,305,325.39
20,741,095.30
19,171,419.11
17,599,727.62
16,615,732.98
33,629,669.96
33,921,594.14
34,141,035.95
34,580,733.83
34,960,462.27
35,340,129.03
35,714,072.69
36,097,967.88
36,480,922.47
36,861,175.20
37,247,500.83
37,622,807.38
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
33,629,669.96
33,921,594.14
34,141,035.95
34,580,733.83
34,960,462.27
35,340,129.03
35,714,072.69
36,097,967.88
36,480,922.47
36,861,175.20
37,247,500.83
37,622,807.38

Current Liabilities
Wage Payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Taxes payable
33,690.01
97,684.26
95,137.82
160,450.71
162,053.75
162,516.15
160,937.94
163,449.94
163,921.36
163,252.23
164,873.36
162,053.97
1,723,590.01
1,787,584.26
1,785,037.82
1,850,350.71
1,851,953.75
1,852,416.15
1,850,837.94
1,853,349.94
1,853,821.36
1,853,152.23
1,854,773.36
1,851,953.97
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,810,181.40
34,874,175.65
34,871,629.21
34,936,942.10
34,938,545.14
34,939,007.54
34,937,429.33
34,939,941.33
34,940,412.75
34,939,743.62
34,941,364.75
34,938,545.36
952,581.51
952,581.51
730,593.26
730,593.26
356,208.27
356,208.27
21,917.13
401,121.49
776,643.36
1,158,026.55
1,540,509.72
1,921,431.58
2,306,136.08
2,684,262.02
1,180,511.44
1,180,511.44
21,917.13
401,121.49
776,643.36
1,158,026.55
1,540,509.72
1,921,431.58
2,306,136.08
2,684,262.02

Equity
33,629,669.96
33,921,594.14
34,141,035.95
34,580,733.83
34,960,462.27
35,340,129.03
35,714,072.69
36,097,967.88
36,480,922.47
36,861,175.20
37,247,500.83
37,622,807.38
Retain Earnings
225
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
21,243,199.34
21,629,078.64
22,016,101.25
22,401,606.14
22,790,937.54
23,181,434.55
23,742,986.28
24,310,837.12
24,879,876.29
25,447,443.05
26,018,881.94
26,591,532.33
Account Receivable
13,991,327.73
14,137,484.44
14,219,950.70
14,301,276.52
14,384,892.74
14,467,368.55
14,622,654.00
14,707,329.87
14,789,815.42
14,871,160.67
14,954,796.42
14,387,748.86
35,234,527.07
35,766,563.08
36,236,051.95
36,702,882.66
37,175,830.28
37,648,803.10
38,365,640.28
39,018,166.99
39,669,691.71
40,318,603.72
40,973,678.36
40,979,281.19
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
35,234,527.07
35,766,563.08
36,236,051.95
36,702,882.66
37,175,830.28
37,648,803.10
38,365,640.28
39,018,166.99
39,669,691.71
40,318,603.72
40,973,678.36
40,979,281.19
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
136,329.09
200,509.53
200,999.52
200,349.07
201,989.01
202,488.55
275,797.72
278,497.33
279,006.61
278,375.59
280,035.07
280,554.28
1,826,229.09
1,890,409.53
1,890,899.52
1,890,249.07
1,891,889.01
1,892,388.55
1,965,697.72
1,968,397.33
1,968,906.61
1,968,275.59
1,969,935.07
1,970,454.28
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02

Current Liabilities
Wage Payable
Account Payable
Taxes payable
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,232,163.84
32,296,344.28
32,296,834.27
32,296,183.82
32,297,823.76
32,298,323.30
32,371,632.47
32,374,332.08
32,374,841.36
32,374,210.34
32,375,869.82
32,376,389.03
3,002,363.23
3,470,218.80
3,939,217.68
4,406,698.84
4,878,006.52
5,350,479.80
5,994,007.81
6,643,834.91
7,294,850.35
7,944,393.38
8,597,808.54
8,602,892.16
3,002,363.23
3,470,218.80
3,939,217.68
4,406,698.84
4,878,006.52
5,350,479.80
5,994,007.81
6,643,834.91
7,294,850.35
7,944,393.38
8,597,808.54
8,602,892.16

Equity
35,234,527.07
35,766,563.08
36,236,051.95
36,702,882.66
37,175,830.28
37,648,803.10
38,365,640.28
39,018,166.99
39,669,691.71
40,318,603.72
40,973,678.36
40,979,281.19
Retain Earnings
226
Balance Sheet Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
27,784,894.32
29,137,583.90
30,500,641.61
31,871,406.02
33,145,633.96
34,668,710.11
36,196,717.20
37,743,600.22
39,159,900.00
40,583,955.44
42,021,112.68
Account Recievable
10,741,327.23
10,109,612.77
9,404,925.11
8,689,965.27
8,077,752.07
6,756,809.73
5,562,395.28
4,350,539.53
3,741,210.72
2,980,609.85
2,213,166.77
44,417,924.43
2,677,807.74
38,526,221.55
39,247,196.67
39,905,566.72
40,561,371.29
41,223,386.03
41,425,519.84
41,759,112.48
42,094,139.75
42,901,110.72
43,564,565.29
44,234,279.45
41,740,116.69
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
38,526,221.55
39,247,196.67
39,905,566.72
40,561,371.29
41,223,386.03
41,425,519.84
41,759,112.48
42,094,139.75
42,901,110.72
43,564,565.29
44,234,279.45
41,740,116.69
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
217,032.85
281,402.39
281,931.73
281,320.89
283,000.69
145,540.35
143,739.90
143,630.15
285,180.34
284,590.47
286,291.39
662,361.41

Current Liabilities
Wage Payable
Account Payable
Taxs payable
1,906,932.85
1,971,302.39
1,971,831.73
1,971,220.89
1,972,900.69
1,835,440.35
1,833,639.90
1,833,530.15
1,975,080.34
1,974,490.47
1,976,191.39
1,027,538.59
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,416,919.40
29,481,288.94
29,481,818.28
29,481,207.44
29,482,887.24
29,345,426.90
29,343,626.45
29,343,516.70
29,485,066.89
29,484,477.02
29,486,177.94
28,537,525.14
9,389,582.15
10,326,467.73
11,264,588.44
12,201,283.85
13,141,898.79
14,083,772.94
15,021,446.03
15,965,863.05
16,911,563.83
17,855,888.27
18,804,181.51
17,150,171.55
9,109,302.15
9,765,907.73
10,423,748.44
11,080,163.85
11,740,498.79
12,080,092.94
12,415,486.03
12,750,623.05
13,416,043.83
14,080,088.27
14,748,101.51
13,202,591.55
38,526,221.55
39,247,196.67
39,905,566.72
40,561,371.29
41,223,386.03
41,425,519.84
41,759,112.48
42,094,139.75
42,901,110.72
43,564,565.29
44,234,279.45
41,740,116.69
Retain Earnings
Equity
227
Balance Sheet Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
46,412,277.05
8,033,928.11
48,557,133.84
7,524,887.28
50,703,324.95
8,994,407.69
52,848,190.59
10,465,068.00
54,997,076.24
11,933,437.41
57,286,522.24
14,006,146.69
59,571,658.96
15,942,085.79
61,863,852.05
17,873,153.92
64,018,232.00
19,203,451.82
66,171,339.39
20,674,089.50
68,328,520.01
22,142,436.12
70,487,114.54
23,611,922.45
38,378,348.94
41,032,246.56
41,708,917.26
42,383,122.59
43,063,638.83
43,280,375.55
43,629,573.17
43,990,698.13
44,814,780.18
45,497,249.89
46,186,083.89
46,875,192.09
Asset
Current Assets
Cash
Account Recievable
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
38,378,348.94
41,032,246.56
41,708,917.26
42,383,122.59
43,063,638.83
43,280,375.55
43,629,573.17
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
43,990,698.13
44,814,780.18
45,497,249.89
46,186,083.89
46,875,192.09

Current Liabilities
Wage Payable
1,689,900.00
Account Payable
Taxs payable
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
1,689,900.00
-
224,731.31
289,232.57
289,803.89
289,235.31
290,957.63
152,340.09
150,492.72
153,516.33
293,310.15
292,764.21
294,509.32
295,114.72
1,914,631.31
1,979,132.57
1,979,703.89
1,979,135.31
1,980,857.63
1,842,240.09
1,840,392.72
1,843,416.33
1,983,210.15
1,982,664.21
1,984,409.32
1,985,014.72
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,566,127.81
26,630,629.07
26,631,200.39
26,630,631.81
26,632,354.13
26,493,736.59
26,491,889.22
26,494,912.83
26,634,706.65
26,634,160.71
26,635,905.82
26,636,511.22
17,674,432.44
18,349,197.49
19,025,296.87
19,700,070.78
20,378,864.70
20,734,218.96
21,085,263.95
21,443,365.30
22,127,653.53
22,810,669.18
23,497,758.07
24,186,260.87
13,726,852.44
14,401,617.49
15,077,716.87
15,752,490.78
16,431,284.70
16,786,638.96
17,137,683.95
17,495,785.30
18,180,073.53
18,863,089.18
19,550,178.07
20,238,680.87
38,378,348.94
41,032,246.56
41,708,917.26
42,383,122.59
43,063,638.83
43,280,375.55
43,629,573.17
43,990,698.13
44,814,780.18
45,497,249.89
46,186,083.89
46,875,192.09
Retain Earnings
Equity
228
8.2.5.3 Expense increase

We assume that expense will be increased 2.5%, 5%, and 7.5%
Expense increase 2.5%
Income Statement
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,103,701.85
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
25,398,261.80
57,248.00
22,163,800.00
2,508,744.00
25,348,036.80
58,248.00
22,163,800.00
2,508,744.00
25,407,074.20
59,248.00
22,163,800.00
2,468,760.00
25,367,240.60
59,848.00
22,163,800.00
2,468,760.00
25,309,718.20
498,418.20
2,913,929.87
11,176,125.80
2,467,014.94
8,709,110.86
2,612,733.26
13,736,461.25
2,216,291.22
11,520,170.02
3,456,051.01
11,381,481.80
3,169,356.88
8,212,124.92
2,463,637.48
6,096,377.60
36,606,560.16
42,702,937.76
8,064,119.02
131,392,752.30
139,456,871.32
5,748,487.44
197,637,600.26
203,386,087.71
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply

Interest Expense
EBIT
Income Tax
724,653.50
7,716,763.20
4,370,715.15
3,346,048.05
1,003,814.42
Net Income (Loss)

Retain earnings
724,653.50
724,653.50
- 20,212,257.82
2,342,233.64
- 16,796,232.63
- 14,453,999.00
229
Cash Flow Statement
Year1
Year2
Year3
Year4
Year5

Cash Inflow
Sale on cash
Total Cash Inflow
28,086,680.00
36,175,800.00
39,835,200.00
28,086,680.00
36,175,800.00
39,835,200.00
1,560,000.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,560,000.00
59,248.00
22,163,800.00
2,216,291.22
1,764,231.01
27,763,570.20
20,236,429.80
1,560,000.00
59,848.00
22,163,800.00
3,169,356.88
2,463,637.48
29,416,642.36
30,583,357.64
Cash Outflow
1,560,000.00
1,560,000.00
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
Interest Expense
2,913,929.87
4,370,715.15
2,467,014.94
724,653.50
1,003,814.42
2,612,733.26
26,019,324.37
9,190,610.93
28,861,796.20
2,067,355.63
26,985,189.07
10,973,403.80
Selling
Tax Expense
Total Cash Outflow

Cash Inflow
Sale Equipment
Total Cash Inflow
63,520,000.00
Purchased Vehicle
3,703,000.00
Purchased Equipment
1,892,725.00
303,000.00
69,418,725.00
69,511,260.00
Cash Outflow
Fee
Total Cash Outflow

Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Cash Outflow
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24

39,692,284.44
5,184,459.24
4,753,533.97
1,019,340.76
21,800,729.83
5,788,944.52
15,878,510.33
123,089,778.26
301,507,388.03
16,897,851.09
144,890,508.09
307,296,332.55
5,184,459.24
5,184,459.24
5,184,459.24
15,051,970.56
419,596,170.98
434,648,141.54
5,184,459.24
5,184,459.24
5,184,459.24
25,398,898.41
658,516,756.92
683,915,655.33
230
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
2,224,621.99
1,282,450.35
1,069,212.05
1,284,248.99
1,415,452.14
1,547,653.10
1,676,487.26
1,543,238.21
1,411,006.42
1,277,158.66
1,146,981.16
1,019,340.76
Account Receivable
795,808.88
40,375.93
562,153.61
688,205.51
704,244.81
756,599.67
806,858.53
753,674.86
811,038.07
867,136.58
925,677.60
976,549.30
3,020,430.87
1,322,826.28
1,631,365.66
1,972,454.50
2,119,696.95
2,304,252.77
2,483,345.79
2,296,913.07
2,222,044.49
2,144,295.24
2,072,658.76
1,995,890.06
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
303,000.00
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
303,000.00
-
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,666,370.87
38,861,491.28
39,170,030.66
39,511,119.50
39,658,361.95
39,842,917.77
40,022,010.79
39,835,578.07
39,760,709.49
39,682,960.24
39,611,323.76
39,534,555.06

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Income tax payable
777,447.26
174,698.06
40,152.40
114,372.37
78,484.45
78,912.08
77,401.53
32,709.36
32,273.38
33,006.79
31,392.98
32,448.50
912,452.74
1,515,201.94
1,730,052.40
1,804,272.37
1,768,384.45
1,768,812.08
1,767,301.53
1,657,190.64
1,657,626.62
1,656,893.21
1,658,507.02
1,657,451.50
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,480,414.47
41,083,163.67
41,298,014.13
41,372,234.10
41,336,346.18
41,336,773.81
41,335,263.26
41,225,152.37
41,225,588.35
41,224,854.94
41,226,468.75
41,225,413.23
1,814,043.60
1,814,043.60
2,221,672.39
2,221,672.39
2,127,983.47
2,127,983.47
1,861,114.60
1,861,114.60
1,677,984.23
1,677,984.23
1,493,856.04
1,493,856.04
1,313,252.47
1,313,252.47
1,389,574.30
1,389,574.30
1,464,878.86
1,464,878.86
1,541,894.70
1,541,894.70
1,615,144.99
1,615,144.99
1,690,858.17
1,690,858.17

Equity
38,666,370.87
38,861,491.28
39,170,030.66
39,511,119.50
39,658,361.95
39,842,917.77
40,022,010.79
39,835,578.07
39,760,709.49
39,682,960.24
39,611,323.76
39,534,555.06
Retain Earnings
231
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
1,666,560.31
3,434,518.14
5,210,838.84
7,143,889.45
9,084,956.46
11,031,406.97
12,978,530.63
14,932,769.06
16,895,412.01
18,860,826.76
20,834,300.09
22,816,499.37
Account Receivable
29,803,629.14
28,795,084.67
27,202,620.59
25,673,586.40
24,076,689.26
22,474,317.33
20,865,377.85
19,259,495.52
17,644,215.94
16,023,366.38
14,400,654.00
12,758,166.94
31,470,189.45
32,229,602.81
32,413,459.43
32,817,475.85
33,161,645.72
33,505,724.30
33,843,908.48
34,192,264.58
34,539,627.95
34,884,193.14
35,234,954.09
35,574,666.31
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
31,470,189.45
32,229,602.81
32,413,459.43
32,817,475.85
33,161,645.72
33,505,724.30
33,843,908.48
34,192,264.58
34,539,627.95
34,884,193.14
35,234,954.09
35,574,666.31

Current Liabilities
Wage Payable
1,689,900
484,633.13
82,434.07
79,887.21
145,171.09
146,802.29
147,264.26
145,634.53
148,197.19
148,668.17
147,970.01
149,619.29
146,799.45
1,205,266.87
1,772,334.07
1,769,787.21
1,835,071.09
1,836,702.29
1,837,164.26
1,835,534.53
1,838,097.19
1,838,568.17
1,837,870.01
1,839,519.29
1,836,699.45
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
Taxes payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,291,858.26
34,858,925.46
34,856,378.60
34,921,662.48
34,923,293.68
34,923,755.65
34,922,125.92
34,924,688.58
34,925,159.56
34,924,461.40
34,926,110.68
34,923,290.84
2,629,322.65
2,629,322.65
2,442,919.17
2,442,919.17
2,104,186.63
2,104,186.63
1,761,647.96
1,761,647.96
1,418,031.35
1,418,031.35
1,078,217.44
1,078,217.44
732,424.00
732,424.00
385,531.61
385,531.61
40,268.26
40,268.26
308,843.41
651,375.47
2,821,668.81
2,821,668.81
308,843.41
651,375.47

Equity
31,470,189.45
32,229,602.81
32,413,459.43
32,817,475.85
33,161,645.72
33,505,724.30
33,843,908.48
34,192,264.58
34,539,627.95
34,884,193.14
35,234,954.09
35,574,666.31
Retain Earnings
232
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
23,069,670.78
23,472,595.50
23,876,662.46
24,279,210.64
24,685,584.26
25,093,122.40
25,671,714.18
26,256,603.97
26,842,680.98
27,427,284.49
28,015,759.00
28,605,443.89
Account Receivable
10,075,812.05
10,165,611.46
10,191,720.42
10,216,688.93
10,243,947.84
10,270,066.34
10,368,994.47
10,397,313.03
10,423,441.28
10,448,429.19
10,475,707.62
9,891,622.85
33,145,482.83
33,638,206.96
34,068,382.88
34,495,899.57
34,929,532.10
35,363,188.74
36,040,708.65
36,653,917.00
37,266,122.26
37,875,713.68
38,491,466.62
38,497,066.74
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
33,145,482.83
33,638,206.96
34,068,382.88
34,495,899.57
34,929,532.10
35,363,188.74
36,040,708.65
36,653,917.00
37,266,122.26
37,875,713.68
38,491,466.62
38,497,066.74
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
119,481.78
183,661.77
184,151.31
183,500.40
185,139.88
185,638.96
258,947.66
261,646.80
262,155.62
261,524.11
263,183.12
263,701.85
1,809,381.78
1,873,561.77
1,874,051.31
1,873,400.40
1,875,039.88
1,875,538.96
1,948,847.66
1,951,546.80
1,952,055.62
1,951,424.11
1,953,083.12
1,953,601.85
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,215,316.53
32,279,496.52
32,279,986.06
32,279,335.15
32,280,974.63
32,281,473.71
32,354,782.41
32,357,481.55
32,357,990.37
32,357,358.86
32,359,017.87
32,359,536.60
Retain Earnings
930,166.30
1,358,710.44
1,788,396.82
2,216,564.42
2,648,557.47
3,081,715.03
3,685,926.24
4,296,435.45
4,908,131.89
5,518,354.82
6,132,448.75
6,137,530.14
930,166.30
1,358,710.44
1,788,396.82
2,216,564.42
2,648,557.47
3,081,715.03
3,685,926.24
4,296,435.45
4,908,131.89
5,518,354.82
6,132,448.75
6,137,530.14

Equity
33,145,482.83
33,638,206.96
34,068,382.88
34,495,899.57
34,929,532.10
35,363,188.74
36,040,708.65
36,653,917.00
37,266,122.26
37,875,713.68
38,491,466.62
38,497,066.74

Current Liabilities
233
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
29,602,957.75
30,750,666.06
31,899,608.35
33,047,124.20
34,198,558.42
35,489,250.68
36,775,740.70
38,071,973.47
39,228,488.82
40,383,626.62
41,542,732.02
Account Recievable
6,682,076.18
6,496,347.46
6,246,778.53
5,996,069.41
5,747,650.92
5,222,092.30
4,832,193.57
4,440,985.53
4,332,437.42
4,081,749.27
3,833,351.88
43,657,414.45
940,133.10
36,285,033.93
37,247,013.52
38,146,386.88
39,043,193.61
39,946,209.34
40,711,342.98
41,607,934.27
42,512,959.00
43,560,926.24
44,465,375.89
45,376,083.90
42,717,281.35
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
36,285,033.93
37,247,013.52
38,146,386.88
39,043,193.61
39,946,209.34
40,711,342.98
41,607,934.27
42,512,959.00
43,560,926.24
44,465,375.89
45,376,083.90
42,717,281.35
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxs payable
200,201.17
264,570.23
265,099.08
264,487.74
266,167.04
128,706.20
126,905.25
126,794.99
268,344.67
267,754.30
269,454.69
1,689,900.00
684,254.36
1,890,101.17
1,954,470.23
1,954,999.08
1,954,387.74
1,956,067.04
1,818,606.20
1,816,805.25
1,816,694.99
1,958,244.67
1,957,654.30
1,959,354.69
1,005,645.64
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,400,087.72
29,464,456.78
29,464,985.63
29,464,374.29
29,466,053.59
29,328,592.75
29,326,791.80
29,326,681.54
29,468,231.22
29,467,640.85
29,469,341.24
28,515,632.19
6,884,946.21
7,782,556.74
8,681,401.25
9,578,819.32
10,480,155.75
11,382,750.23
12,281,142.47
13,186,277.46
14,092,695.02
14,997,735.04
15,906,742.66
14,201,649.16
6,884,946.21
7,782,556.74
8,681,401.25
9,578,819.32
10,480,155.75
11,382,750.23
12,281,142.47
13,186,277.46
14,092,695.02
14,997,735.04
15,906,742.66
14,201,649.16

Equity
36,285,033.93
37,247,013.52
38,146,386.88
39,043,193.61
39,946,209.34
40,711,342.98
41,607,934.27
42,512,959.00
43,560,926.24
44,465,375.89
45,376,083.90
42,717,281.35

Current Liabilities
Retain Earnings
234
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
45,668,767.31
6,330,654.07
46,972,276.76
6,255,046.42
49,133,867.30
7,408,354.86
51,294,131.14
8,929,980.93
53,458,442.33
10,449,439.99
55,763,284.00
12,573,086.41
58,063,815.13
14,559,991.27
60,371,462.19
16,542,288.79
62,541,233.99
17,923,491.60
64,709,731.93
19,445,095.03
66,882,330.39
20,964,531.27
69,056,312.86
22,484,954.76
39,338,113.24
40,717,230.34
41,725,512.44
42,364,150.21
43,009,002.34
43,190,197.59
43,503,823.86
43,829,173.40
44,617,742.39
45,264,636.90
45,917,799.12
46,571,358.10
Asset
Current Assets
Cash
Account Recievable
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
39,338,113.24
40,717,230.34
41,725,512.44
42,364,150.21
43,009,002.34
43,190,197.59
43,503,823.86
43,829,173.40
44,617,742.39
45,264,636.90
45,917,799.12
46,571,358.10
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxs payable
207,843.25
1,689,900.00
93,234.87
274,514.17
273,945.58
275,639.31
137,050.37
135,202.99
138,165.76
278,020.42
277,474.48
279,191.01
279,825.00
1,897,743.25
1,596,665.13
1,964,414.17
1,963,845.58
1,965,539.31
1,826,950.37
1,825,102.99
1,828,065.76
1,967,920.42
1,967,374.48
1,969,091.01
1,969,725.00
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,549,239.75
26,248,161.63
26,615,910.67
26,615,342.08
26,617,035.81
26,478,446.87
26,476,599.49
26,479,562.26
26,619,416.92
26,618,870.98
26,620,587.51
26,621,221.50
14,686,616.74
14,469,068.71
15,109,601.77
15,748,808.13
16,391,966.53
16,711,750.72
17,027,224.37
17,349,611.14
17,998,325.47
18,645,765.92
19,297,211.61
19,950,136.60
14,686,616.74
14,469,068.71
15,109,601.77
15,748,808.13
16,391,966.53
16,711,750.72
17,027,224.37
17,349,611.14
17,998,325.47
18,645,765.92
19,297,211.61
19,950,136.60

Equity
39,338,113.24
40,717,230.34
41,725,512.44
42,364,150.21
43,009,002.34
43,190,197.59
43,503,823.86
43,829,173.40
44,617,742.39
45,264,636.90
45,917,799.12
46,571,358.10

Current Liabilities
Retain Earnings
235
Expense increase 5%
Income Statement
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
48,000,000.00
48,000,000.00
60,000,000.00
60,000,000.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,086,794.79
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
26,017,731.60
57,248.00
22,163,800.00
2,508,744.00
25,966,281.60
58,248.00
22,163,800.00
2,508,744.00
26,083,356.40
59,248.00
22,163,800.00
2,468,760.00
26,042,673.20
59,848.00
22,163,800.00
2,468,760.00
25,927,028.40
10,499,843.60
2,467,014.94
8,032,828.66
2,409,848.60
13,044,121.59
2,216,291.22
10,827,830.37
3,248,349.11
10,764,171.60
3,169,356.88
7,594,814.72
2,278,444.42
5,622,980.06
23,645,520.85
29,268,500.91
7,579,481.26
113,188,161.15
120,767,642.41
5,316,370.30
173,821,028.27
179,137,398.58
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply

Interest Expense
EBIT
Income Tax
121,051.60
2,913,929.87
910,494.44
7,098,518.40
4,370,715.15
2,727,803.25
818,340.98
Net Income (Loss)

Retain earnings
910,494.44
910,494.44
- 23,055,874.75
1,909,462.28
- 24,400,282.02
- 22,490,819.75
236
Cash Flow Statement
Year1
Year2
Year4
Year3
Year5

Cash Inflow
Sale on cash
Total Cash Inflow
28,086,680.00
36,175,800.00
39,835,200.00
28,086,680.00
36,175,800.00
39,835,200.00
1,560,000.00
48,000,000.00
48,000,000.00
39,925,200.00
39,925,200.00
1,560,000.00
59,248.00
22,163,800.00
2,216,291.22
1,556,529.11
27,555,868.32
20,444,131.68
1,560,000.00
59,848.00
22,163,800.00
3,169,356.88
2,278,444.42
29,231,449.30
10,693,750.70
Cash Outflow
1,560,000.00
1,560,000.00
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
Interest Expense
2,913,929.87
4,370,715.15
2,467,014.94
910,494.44
818,340.98
2,409,848.60
25,833,483.43
9,005,137.46
28,658,911.54
2,253,196.57
27,170,662.54
11,176,288.46
Selling
Tax Expense
Total Cash Outflow

Cash Inflow
Sale Equipment
Total Cash Inflow
63,520,000.00
Purchased Vehicle
3,703,000.00
Purchased Equipment
1,892,725.00
303,000.00
69,418,725.00
69,511,260.00
Cash Outflow
Fee
Total Cash Outflow

Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Cash Outflow
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24

39,692,284.44
5,184,459.24
4,753,533.97
1,220,496.41
21,986,203.30
5,991,829.19
17,064,509.48
126,575,287.95
307,305,657.72
18,285,005.89
148,561,491.25
313,297,486.91
5,184,459.24
5,184,459.24
5,184,459.24
15,259,672.44
427,827,654.82
443,087,327.26
5,184,459.24
5,184,459.24
5,184,459.24
5,509,291.47
559,446,975.31
564,956,266.78
237
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
2,241,896.54
1,362,810.99
1,509,328.86
1,656,844.54
1,801,040.75
1,683,106.41
1,566,189.34
1,447,684.88
1,332,822.09
1,220,496.41
720,952.49
1,330,354.33
98,884.39
1,132,430.75
Account Receivable
371,844.23
446,723.20
411,742.03
413,047.83
412,052.52
307,867.14
314,181.28
319,106.87
326,627.44
326,450.07
2,962,849.03
1,231,469.94
1,504,274.98
1,809,534.19
1,921,070.89
2,069,892.37
2,213,093.27
1,990,973.55
1,880,370.62
1,766,791.75
1,659,449.53
1,546,946.48
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
31,520,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
3,703,000
119,940
303,000.00
2,012,665.00
2,012,665.00
303,000.00
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
2,012,665.00
303,000.00
-
303,000.00
-
Total Fixed Assets
35,645,940.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
37,538,665.00
Total Assets
38,608,789.03
38,770,134.94
39,042,939.98
39,348,199.19
39,459,735.89
39,608,557.37
39,751,758.27
39,529,638.55
39,419,035.62
39,305,456.75
39,198,114.53
39,085,611.48

Current Liabilities
Wage payable
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Account Payable
Income tax payable
794,721.81
190,012.77
24,837.68
99,029.07
63,169.73
63,597.36
62,039.48
48,024.07
47,588.10
48,350.09
46,707.69
47,763.22
895,178.19
1,499,887.23
1,714,737.68
1,788,929.07
1,753,069.73
1,753,497.36
1,751,939.48
1,641,875.93
1,642,311.90
1,641,549.91
1,643,192.31
1,642,136.78
Long-term debt
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
40,000,000.00
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
39,567,961.73
Total Liabilities
40,463,139.92
41,067,848.96
41,282,699.41
41,356,890.80
41,321,031.46
41,321,459.09
41,319,901.21
41,209,837.66
41,210,273.63
41,209,511.64
41,211,154.04
41,210,098.51
1,854,350.89
1,854,350.89
2,297,714.02
2,297,714.02
2,239,759.43
2,239,759.43
2,008,691.61
2,008,691.61
1,861,295.57
1,861,295.57
1,712,901.72
1,712,901.72
1,568,142.94
1,568,142.94
1,680,199.11
1,680,199.11
1,791,238.01
1,791,238.01
1,904,054.89
1,904,054.89
2,013,039.51
2,013,039.51
2,124,487.03
2,124,487.03

Equity
38,608,789.03
38,770,134.94
39,042,939.98
39,348,199.19
39,459,735.89
39,608,557.37
39,751,758.27
39,529,638.55
39,419,035.62
39,305,456.75
39,198,114.53
39,085,611.48
Retain Earnings
238
Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
1,888,190.49
3,671,463.04
5,463,098.46
7,411,492.38
9,367,874.11
11,329,639.33
13,292,128.79
15,261,681.94
17,239,639.61
19,220,397.67
21,209,185.72
23,206,699.71
Account Receivable
29,092,025.74
28,034,020.81
26,390,507.68
24,810,300.54
23,162,382.93
21,508,961.97
19,848,752.06
18,191,871.75
16,525,543.12
14,853,520.61
13,179,787.76
11,486,251.67
30,980,216.23
31,705,483.85
31,853,606.14
32,221,792.92
32,530,257.04
32,838,601.30
33,140,880.85
33,453,553.69
33,765,182.73
34,073,918.28
34,388,973.48
34,692,951.38
Asset
Current Assets
Fixed Assets
Purchased Vehicle
Purchased Equipment
Fee
Total Fixed Assets
Total Assets
30,980,216.23
31,705,483.85
31,853,606.14
32,221,792.92
32,530,257.04
32,838,601.30
33,140,880.85
33,453,553.69
33,765,182.73
34,073,918.28
34,388,973.48
34,692,951.38
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
1,689,900
Taxes payable
1,689,900
501,536.44
67,119.35
64,572.49
129,827.78
131,487.57
131,949.55
130,268.73
132,882.47
133,353.45
132,626.70
134,304.57
131,484.74
1,188,363.56
1,757,019.35
1,754,472.49
1,819,727.78
1,821,387.57
1,821,849.55
1,820,168.73
1,822,782.47
1,823,253.45
1,822,526.70
1,824,204.57
1,821,384.74
Long-term debt
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
33,518,629.66
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
33,086,591.39
Total Liability
34,274,954.95
34,843,610.74
34,841,063.88
34,906,319.17
34,907,978.96
34,908,440.94
34,906,760.12
34,909,373.86
34,909,844.84
34,909,118.09
34,910,795.96
34,907,976.13
3,294,738.72
3,294,738.72
3,138,126.89
3,138,126.89
2,987,457.74
2,987,457.74
2,684,526.25
2,684,526.25
2,377,721.92
2,377,721.92
2,069,839.64
2,069,839.64
1,765,879.27
1,765,879.27
1,455,820.17
1,455,820.17
1,144,662.11
1,144,662.11
835,199.81
835,199.81
521,822.48
521,822.48
215,024.75
215,024.75

Equity
30,980,216.23
31,705,483.85
31,853,606.14
32,221,792.92
32,530,257.04
32,838,601.30
33,140,880.85
33,453,553.69
33,765,182.73
34,073,918.28
34,388,973.48
34,692,951.38

Current Liabilities
Wage Payable
Retain Earnings
239
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
23,476,778.17
23,896,609.94
24,317,583.96
24,737,039.19
25,160,319.87
25,584,765.07
26,180,263.91
26,782,060.75
27,385,044.82
27,986,555.38
28,591,936.95
29,198,528.90
Account Receivable
8,745,947.59
8,779,390.16
8,749,142.26
8,717,753.93
8,688,655.97
8,658,417.62
8,700,988.89
8,672,950.62
8,642,722.00
8,611,353.08
8,582,274.65
7,981,282.81
32,222,725.76
32,676,000.10
33,066,726.22
33,454,793.12
33,848,975.84
34,243,182.69
34,881,252.80
35,455,011.37
36,027,766.82
36,597,908.46
37,174,211.60
37,179,811.71
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
32,222,725.76
32,676,000.10
33,066,726.22
33,454,793.12
33,848,975.84
34,243,182.69
34,881,252.80
35,455,011.37
36,027,766.82
36,597,908.46
37,174,211.60
37,179,811.71
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxes payable
102,574.73
166,754.72
167,244.25
166,593.35
168,232.82
168,731.90
242,040.60
244,739.75
245,248.56
244,617.06
246,276.06
246,794.79
1,792,474.73
1,856,654.72
1,857,144.25
1,856,493.35
1,858,132.82
1,858,631.90
1,931,940.60
1,934,639.75
1,935,148.56
1,934,517.06
1,936,176.06
1,936,694.79
Long-term debt
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
30,837,973.02
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
30,405,934.75
Total Liabilities
32,198,409.48
32,262,589.47
32,263,079.00
32,262,428.10
32,264,067.57
32,264,566.65
32,337,875.35
32,340,574.50
32,341,083.31
32,340,451.81
32,342,110.81
32,342,629.54
24,316.28
413,410.63
803,647.22
1,192,365.02
1,584,908.27
1,978,616.04
2,543,377.45
3,114,436.87
3,686,683.51
4,257,456.65
4,832,100.79
4,837,182.17
24,316.28
413,410.63
803,647.22
1,192,365.02
1,584,908.27
1,978,616.04
2,543,377.45
3,114,436.87
3,686,683.51
4,257,456.65
4,832,100.79
4,837,182.17

Equity
32,222,725.76
32,676,000.10
33,066,726.22
33,454,793.12
33,848,975.84
34,243,182.69
34,881,252.80
35,455,011.37
36,027,766.82
36,597,908.46
37,174,211.60
37,179,811.71

Current Liabilities
Retain Earnings
240
Year4
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
30,212,928.57
31,377,522.70
32,543,350.81
33,707,752.47
34,876,072.50
36,183,650.57
37,487,026.41
38,800,144.99
39,973,546.15
41,145,569.77
42,321,560.98
Account Recievable
4,715,471.35
4,473,456.56
4,167,601.58
3,860,606.42
3,555,901.89
2,974,057.22
2,527,872.43
2,080,378.35
1,915,544.20
1,608,569.98
1,303,886.56
44,458,201.34
3,547,863.65
34,928,399.92
35,850,979.26
36,710,952.39
37,568,358.89
38,431,974.39
39,157,707.79
40,014,898.84
40,880,523.34
41,889,090.35
42,754,139.75
43,625,447.54
40,910,337.69
Asset
Current Assets
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
34,928,399.92
35,850,979.26
36,710,952.39
37,568,358.89
38,431,974.39
39,157,707.79
40,014,898.84
40,880,523.34
41,889,090.35
42,754,139.75
43,625,447.54
40,910,337.69
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxs payable
183,315.36
247,684.41
248,213.26
247,601.93
249,281.23
111,820.39
110,019.43
109,909.18
251,458.86
250,868.48
252,568.88
1,689,900.00
706,212.29
1,873,215.36
1,937,584.41
1,938,113.26
1,937,501.93
1,939,181.23
1,801,720.39
1,799,919.43
1,799,809.18
1,941,358.86
1,940,768.48
1,942,468.88
983,687.71
Long-term debt
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
27,942,024.82
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
27,509,986.55
Total Liabilities
29,383,201.91
29,447,570.96
29,448,099.81
29,447,488.48
29,449,167.78
29,311,706.94
29,309,905.98
29,309,795.73
29,451,345.41
29,450,755.03
29,452,455.43
28,493,674.26
5,545,198.01
6,403,408.30
7,262,852.58
8,120,870.41
8,982,806.61
9,846,000.85
10,704,992.86
11,570,727.61
12,437,744.94
13,303,384.72
14,172,992.11
12,416,663.43
5,545,198.01
6,403,408.30
7,262,852.58
8,120,870.41
8,982,806.61
9,846,000.85
10,704,992.86
11,570,727.61
12,437,744.94
13,303,384.72
14,172,992.11
12,416,663.43

Equity
34,928,399.92
35,850,979.26
36,710,952.39
37,568,358.89
38,431,974.39
39,157,707.79
40,014,898.84
40,880,523.34
41,889,090.35
42,754,139.75
43,625,447.54
40,910,337.69

Current Liabilities
Retain Earnings
241
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
44,931,042.27
7,417,320.24
44,694,441.45
5,852,568.08
45,315,921.72
5,501,442.27
45,936,075.28
5,518,634.08
46,560,304.78
5,533,782.78
46,855,036.18
5,682,966.37
47,145,457.03
5,695,436.97
47,443,054.65
5,703,563.87
48,072,716.17
5,580,271.59
48,701,103.83
5,597,440.76
49,333,620.61
5,612,566.66
49,967,492.81
5,628,527.31
37,513,722.03
38,841,873.37
39,814,479.45
40,417,441.20
41,026,522.00
41,172,069.81
41,450,020.06
41,739,490.78
42,492,444.58
43,103,663.07
43,721,053.95
44,338,965.50
Asset
Current Assets
Cash
Account Recievable
Fixed Assets
Land& Building
Equipments
Furniture
Vehicles
Office supply
Total Fixed Assets
Total Assets
37,513,722.03
38,841,873.37
39,814,479.45
40,417,441.20
41,026,522.00
41,172,069.81
41,450,020.06
41,739,490.78
42,492,444.58
43,103,663.07
43,721,053.95
44,338,965.50
Wage Payable
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
1,689,900.00
Taxs payable
190,955.18
1,689,900.00
108,524.60
259,224.44
258,655.86
260,321.00
121,760.64
119,913.27
122,815.20
262,730.70
262,184.76
263,872.69
264,535.27
1,880,855.18
1,581,375.40
1,949,124.44
1,948,555.86
1,950,221.00
1,811,660.64
1,809,813.27
1,812,715.20
1,952,630.70
1,952,084.76
1,953,772.69
1,954,435.27
Long-term debt
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
25,083,534.77
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
432,038.27
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
24,651,496.50
Total Liabilities
26,532,351.68
26,232,871.90
26,600,620.94
26,600,052.36
26,601,717.50
26,463,157.14
26,461,309.77
26,464,211.70
26,604,127.20
26,603,581.26
26,605,269.19
26,605,931.77
12,862,225.53
12,609,001.47
13,213,858.51
13,817,388.84
14,424,804.50
14,708,912.67
14,988,710.29
15,275,279.08
15,888,317.38
16,500,081.81
17,115,784.76
17,733,033.73
12,862,225.53
12,609,001.47
13,213,858.51
13,817,388.84
14,424,804.50
14,708,912.67
14,988,710.29
15,275,279.08
15,888,317.38
16,500,081.81
17,115,784.76
17,733,033.73

Equity
37,513,722.03
38,841,873.37
39,814,479.45
40,417,441.20
41,026,522.00
41,172,069.81
41,450,020.06
41,739,490.78
42,492,444.58
43,103,663.07
43,721,053.95
44,338,965.50

Current Liabilities
Retain Earnings
242
Expense increase 7.5%
Income Statement
Revenue
Sales on cash
Total sale
Year1
Year2
Year3
Year4
Year5
28,086,680.00
28,086,680.00
36,175,800.00
36,175,800.00
39,835,200.00
39,835,200.00
39,925,200.00
39,925,200.00
39,925,200.00
39,925,200.00
1,410,000.00
1,551,000.00
1,692,000.00
3,600,000.00
4,800,000.00
120,000.00
1,440,000.00
1,560,000.00
2,190,000.00
120,000.00
1,440,000.00
1,560,000.00
3,111,000.00
120,000.00
1,440,000.00
1,560,000.00
3,252,000.00
120,000.00
1,440,000.00
1,560,000.00
5,160,000.00
120,000.00
1,440,000.00
1,560,000.00
6,360,000.00
Gross income
25,896,680.00
33,064,800.00
36,583,200.00
39,069,887.74
36,691,200.00
Operating expenses
Selling
Depreciation
106,248.00
22,163,800.00
2,508,744.00
26,637,201.40
57,248.00
22,163,800.00
2,508,744.00
26,584,526.40
58,248.00
22,163,800.00
2,508,744.00
26,759,638.60
59,248.00
22,163,800.00
2,468,760.00
26,718,105.80
59,848.00
22,163,800.00
2,468,760.00
26,544,338.60
9,823,561.40
2,467,014.94
7,356,546.46
2,206,963.94
12,351,781.94
2,216,291.22
10,135,490.71
3,040,647.21
10,146,861.40
3,169,356.88
6,977,504.52
2,093,251.36
5,149,582.52
10,684,481.53
15,834,064.05
7,094,843.50
94,983,570.12
102,078,413.62
4,884,253.16
150,004,456.40
154,888,709.57
Cost of Goods Sold

Raw Materials
Crocodile Leather
Water Supply
Electricity Supply

Interest Expense
EBIT
Income Tax
740,521.40
2,913,929.87
1,096,335.38
6,480,273.60
4,370,715.15
2,109,558.45
632,867.54
Net Income (Loss)

Retain earnings
1,096,335.38
1,096,335.38
- 25,899,491.68
1,476,690.92
- 32,004,331.41
- 30,527,640.50
243
Cash Flow Statement
Year1
Year2
Year4
Year3
Year5

Cash Inflow
Sale on cash
Total Cash Inflow
28,086,680.00
36,175,800.00
39,835,200.00
28,086,680.00
36,175,800.00
39,835,200.00
1,560,000.00
39,925,200.00
39,925,200.00
39,925,200.00
39,925,200.00
1,560,000.00
59,248.00
1,560,000.00
59,848.00
22,163,800.00
22,163,800.00
Cash Outflow
1,560,000.00
1,560,000.00
106,248.00
57,248.00
58,248.00
22,163,800.00
2,198,833.34
22,163,800.00
Interest Expense
2,913,929.87
4,370,715.15
2,467,014.94
2,216,291.22
1,096,335.38
632,867.54
2,206,963.94
25,647,642.49
8,819,664.05
28,456,026.88
2,439,037.51
27,356,135.95
11,379,173.12
1,348,827.21
27,348,166.41
12,577,033.59
Selling
Tax Expense
Total Cash Outflow

3,169,356.88
2,093,251.36
29,046,256.24
10,878,943.76

Cash Inflow
Sale Equipment
Total Cash Inflow
Cash Outflow
63,520,000.00
Purchased Vehicle
3,703,000.00
Purchased Equipment
1,892,725.00
Fee
303,000.00
69,418,725.00
69,511,260.00
Total Cash Outflow


Cash Inflow
Borrowing Bank
40,000,000.00
Shareholder
Total Cash Inflow
40,000,000.00
Cash Outflow
Principal Payment
5,184,459.24
5,184,459.24
5,184,459.24
Total Cash Outflow
5,184,459.24
5,184,459.24
5,184,459.24

39,692,284.44
5,184,459.24
4,753,533.97
1,421,652.07
22,171,676.71
6,194,713.84
18,250,508.69
129,834,166.16
312,877,295.69
19,672,160.76
152,005,842.87
319,072,009.53
5,184,459.24
5,184,459.24
5,184,459.24
15,467,374.35
435,832,506.80
451,299,881.15
5,184,459.24
5,184,459.24
5,184,459.24
25,769,284.53
582,665,761.98
608,435,046.51
244
Balance Sheet Year1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
2,259,17
1.10
1,195,64
9.45
1,441,37
3.00
1,603,20
5.58
1,766,03
5.97
1,925,59
4.24
Account
Receivable
646,096.
07
1,378,25
8.32
238,144.
73
181,534.
85
205,240.
87
119,239.
25
69,496.0
1
17,246.4
9
1,822,97
4.62
137,940.
60
1,721,37
2.26
182,675.
49
1,618,21
1.11
228,922.
86
1,518,66
3.04
272,422.
76
1,421,65
2.07
323,649.
16
2,905,26
7.17
1,140,11
3.59
1,377,18
4.30
1,646,61
3.87
1,722,44
4.83
1,835,53
1.98
1,942,84
0.73
1,685,03
4.02
1,538,69
6.77
1,389,28
8.25
1,246,24
0.28
1,098,00
2.91
Fixed Assets
Purchased Land
& Building
Purchased
Vehicle
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
31,520,0
00
3,703,00
0
Purchased
Equipment
119,940
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
2,012,66
5.00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
303,000.
00
Asset
Current Assets
Fee
Total Fixed Assets
35,645,9
40.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
37,538,6
65.00
Total Assets
38,551,2
07.17
38,678,7
78.59
38,915,8
49.30
39,185,2
78.87
39,261,1
09.83
39,374,1
96.98
39,481,5
05.73
39,223,6
99.02
39,077,3
61.77
38,927,9
53.25
38,784,9
05.28
38,636,6
67.91
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
Income tax payable
811,996.
37
205,327.
49
9,522.97
83,685.7
6
47,855.0
2
48,282.6
5
46,677.4
2
63,338.7
9
62,902.8
1
63,693.4
0
62,022.4
1
63,077.9
3
Total Current
Liabilities
877,903.
63
1,484,57
2.51
1,699,42
2.97
1,773,58
5.76
1,737,75
5.02
1,738,18
2.65
1,736,57
7.42
1,626,56
1.21
1,626,99
7.19
1,626,20
6.60
1,627,87
7.59
1,626,82
2.07
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
40,000,0
00.00
Less : Loan
Principal
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
Total long-term
liabilities
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
39,567,9
61.73
Total Liabilities
40,445,8
65.36
41,052,5
34.24
41,267,3
84.70
41,341,5
47.49
41,305,7
16.75
41,306,1
44.38
41,304,5
39.15
41,194,5
22.94
41,194,9
58.92
41,194,1
68.33
41,195,8
39.32
41,194,7
83.80
Total Shareholders'
Equity
1,894,65
8.19
1,894,65
8.19
2,373,75
5.65
2,373,75
5.65
2,351,53
5.40
2,351,53
5.40
2,156,26
8.62
2,156,26
8.62
2,044,60
6.92
2,044,60
6.92
1,931,94
7.40
1,931,94
7.40
1,823,03
3.42
1,823,03
3.42
1,970,82
3.92
1,970,82
3.92
2,117,59
7.15
2,117,59
7.15
2,266,21
5.08
2,266,21
5.08
2,410,93
4.04
2,410,93
4.04
2,558,11
5.89
2,558,11
5.89
Total Liabilities
&Shareholders'
Equity
38,551,2
07.17
38,678,7
78.59
38,915,8
49.30
39,185,2
78.87
39,261,1
09.83
39,374,1
96.98
39,481,5
05.73
39,223,6
99.02
39,077,3
61.77
38,927,9
53.25
38,784,9
05.28
38,636,6
67.91
Balance Sheet Year2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
2,090,93
4.74
3,889,52
2.00
5,696,47
2.13
7,660,20
9.35
9,631,90
5.79
11,608,9
85.73
13,586,8
41.00
15,571,7
08.86
17,564,9
81.24
19,561,0
82.60
21,565,1
85.36
23,578,0
14.07
Account
Receivable
28,399,3
08.29
27,291,8
42.90
25,597,2
80.72
23,965,9
00.65
22,266,9
62.59
20,562,4
92.56
18,851,0
12.20
17,143,1
33.95
15,425,7
56.27
13,702,5
60.83
11,977,8
07.53
10,233,2
22.37
30,490,2
43.03
31,181,3
64.90
31,293,7
52.85
31,626,1
10.00
31,898,8
68.38
32,171,4
78.29
32,437,8
53.20
32,714,8
42.81
32,990,7
37.51
33,263,6
43.43
33,542,9
92.89
33,811,2
36.44
Liabilities &
Owners' Equity
Current Liabilities
Wage payable
Account Payable
Long-term debt
Retain Earnings
Asset
Current Assets
245
Fixed Assets
Purchased Land
& Building
Purchased
Vehicle
Purchased
Equipment
Total Fixed Assets
Total Assets
30,490,2
43.03
31,181,3
64.90
31,293,7
52.85
31,626,1
10.00
31,898,8
68.38
32,171,4
78.29
32,437,8
53.20
32,714,8
42.81
32,990,7
37.51
33,263,6
43.43
33,542,9
92.89
33,811,2
36.44
1,689,90
0
518,439.
74
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
1,689,90
0
51,804.6
4
49,257.7
8
114,484.
48
116,172.
86
116,634.
83
114,902.
92
117,567.
76
118,038.
74
117,283.
40
118,989.
86
116,170.
02
1,171,46
0.26
1,741,70
4.64
1,739,15
7.78
1,804,38
4.48
1,806,07
2.86
1,806,53
4.83
1,804,80
2.92
1,807,46
7.76
1,807,93
8.74
1,807,18
3.40
1,808,88
9.86
1,806,07
0.02
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
33,518,6
29.66
Less : Loan
Principal
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
Total long-term
liabilities
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
33,086,5
91.39
Total Liability
34,258,0
51.65
34,828,2
96.03
34,825,7
49.17
34,890,9
75.87
34,892,6
64.25
34,893,1
26.22
34,891,3
94.31
34,894,0
59.15
34,894,5
30.13
34,893,7
74.79
34,895,4
81.25
34,892,6
61.41
Total Shareholders'
Equity
3,767,80
8.62
3,767,80
8.62
3,646,93
1.13
3,646,93
1.13
3,531,99
6.32
3,531,99
6.32
3,264,86
5.87
3,264,86
5.87
2,993,79
5.87
2,993,79
5.87
2,721,64
7.93
2,721,64
7.93
2,453,54
1.11
2,453,54
1.11
2,179,21
6.34
2,179,21
6.34
1,903,79
2.62
1,903,79
2.62
1,630,13
1.36
1,630,13
1.36
1,352,48
8.36
1,352,48
8.36
1,081,42
4.97
1,081,42
4.97
Total Liabilities
&Shareholders'
Equity
30,490,2
43.03
31,181,3
64.90
31,293,7
52.85
31,626,1
10.00
31,898,8
68.38
32,171,4
78.29
32,437,8
53.20
32,714,8
42.81
32,990,7
37.51
33,263,6
43.43
33,542,9
92.89
33,811,2
36.44
Balance Sheet Year3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
23,864,9
99.59
24,301,7
38.42
24,739,6
19.49
25,175,
981.78
25,616,
169.51
26,057,
521.76
26,669,9
27.65
27,288,6
31.55
27,908,5
22.67
28,526,9
40.29
29,149,2
28.91
29,772,7
27.91
Account
Receivable
7,434,96
9.10
7,412,05
4.81
7,325,45
0.07
7,237,7
04.88
7,152,2
50.09
7,065,6
54.89
7,051,86
9.32
6,967,47
4.18
6,880,88
8.73
6,793,16
2.94
6,707,72
7.67
6,089,82
8.79
31,299,9
68.69
31,713,7
93.23
32,065,0
69.56
32,413,
686.66
32,768,
419.60
33,123,
176.65
33,721,7
96.97
34,256,1
05.73
34,789,4
11.40
35,320,1
03.23
35,856,9
56.58
35,862,5
56.70
Land& Building
Equipments
Furniture
Vehicles
Office supply
Less :
Accumulated
Depreciation
Total Fixed Assets
Fee
Liabilities &
Owners' Equity
Current Liabilities
Wage Payable
Taxes payable
Total Current
Liabilities
Long-term debt
Retain Earnings
Asset
Current Assets
Fixed Assets
246
31,299,9
68.69
31,713,7
93.23
32,065,0
69.56
32,413,
686.66
32,768,
419.60
33,123,
176.65
33,721,7
96.97
34,256,1
05.73
34,789,4
11.40
35,320,1
03.23
35,856,9
56.58
35,862,5
56.70
Wage Payable
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,9
00.00
1,689,9
00.00
1,689,9
00.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
Taxes payable
85,667.6
7
149,847.
66
150,337.
20
149,686
.29
151,325
.77
151,824
.85
225,133.
55
227,832.
69
228,341.
51
227,710.
00
229,369.
01
229,887.
74
1,775,56
7.67
1,839,74
7.66
1,840,23
7.20
1,839,5
86.29
1,841,2
25.77
1,841,7
24.85
1,915,03
3.55
1,917,73
2.69
1,918,24
1.51
1,917,61
0.00
1,919,26
9.01
1,919,78
7.74
30,837,9
73.02
30,837,9
73.02
30,837,9
73.02
30,837,
973.02
30,837,
973.02
30,837,
973.02
30,837,9
73.02
30,837,9
73.02
30,837,9
73.02
30,837,9
73.02
30,837,9
73.02
30,837,9
73.02
Less : Loan
Principal
432,038.
27
432,038.
27
432,038.
27
432,038
.27
432,038
.27
432,038
.27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
Total long-term
liabilities
30,405,9
34.75
30,405,9
34.75
30,405,9
34.75
30,405,
934.75
30,405,
934.75
30,405,
934.75
30,405,9
34.75
30,405,9
34.75
30,405,9
34.75
30,405,9
34.75
30,405,9
34.75
30,405,9
34.75
Total Liabilities
32,181,5
02.42
32,245,6
82.41
32,246,1
71.95
32,245,
521.04
32,247,
160.52
32,247,
659.60
32,320,9
68.30
32,323,6
67.44
32,324,1
76.26
32,323,5
44.75
32,325,2
03.76
32,325,7
22.49
531,889.
18
531,889.
18
181,102.
39
181,102.
39
168,165
.62
521,259
.08
875,517
.05
1,400,82
8.67
1,932,43
8.29
2,465,23
5.14
2,996,55
8.48
3,531,75
2.82
3,536,83
4.21
Total Shareholders'
Equity
881,533.
73
881,533.
73
168,165
.62
521,259
.08
875,517
.05
1,400,82
8.67
1,932,43
8.29
2,465,23
5.14
2,996,55
8.48
3,531,75
2.82
3,536,83
4.21
Total Liabilities
&Shareholders'
Equity
31,299,9
68.69
31,713,7
93.23
32,065,0
69.56
32,413,
686.66
32,768,
419.60
33,123,
176.65
33,721,7
96.97
34,256,1
05.73
34,789,4
11.40
35,320,1
03.23
35,856,9
56.58
35,862,5
56.70
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Cash
30,248,6
13.40
30,874,
693.34
31,502,
007.26
32,127,
894.74
32,757,
700.59
33,056,
764.48
33,351,6
26.13
33,656,2
30.53
34,291,1
17.51
34,924,6
26.94
35,562,1
03.97
Account
Recievable
3,042,87
2.50
3,019,6
91.68
2,932,6
70.65
2,844,5
09.43
2,758,6
38.84
2,543,6
28.12
2,464,27
7.29
2,376,61
7.15
2,430,61
6.94
2,342,47
6.69
2,256,62
7.20
37,165,3
02.26
2,009,48
8.22
33,291,4
85.90
33,894,
385.02
34,434,
677.91
34,972,
404.17
35,516,
339.43
35,600,
392.60
35,815,9
03.42
36,032,8
47.68
36,721,7
34.45
37,267,1
03.63
37,818,7
31.17
35,155,8
14.04
Land& Building
Equipments
Furniture
Vehicles
Office supply
Less : Accumulated
Depreciation
Total Fixed Assets
Total Assets
33,291,4
85.90
33,894,
385.02
34,434,
677.91
34,972,
404.17
35,516,
339.43
35,600,
392.60
35,815,9
03.42
36,032,8
47.68
36,721,7
34.45
37,267,1
03.63
37,818,7
31.17
35,155,8
14.04
1,689,90
0.00
1,689,9
00.00
1,689,9
00.00
1,689,9
00.00
1,689,9
00.00
1,689,9
00.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
166,429.
54
230,798
.60
231,327
.45
230,716
.11
232,395
.41
94,934.
57
93,133.6
2
93,023.3
6
234,573.
04
233,982.
67
235,683.
06
1,689,90
0.00
728,170.
22
1,856,32
1,920,6
1,921,2
1,920,6
1,922,2
1,784,8
1,783,03
1,782,92
1,924,47
1,923,88
1,925,58
961,729.
Total Assets
Liabilities &
Owners' Equity
Current Liabilities
Total Current
Liabilities
Long-term debt
Retain Earnings
Year4
Asset
Current Assets
Fixed Assets
Liabilities &
Owners' Equity
Current Liabilities
Wage Payable
Taxs payable
Total Current
Liabilities
247
9.54
98.60
27.45
16.11
95.41
34.57
3.62
3.36
3.04
2.67
3.06
78
27,942,0
24.82
27,942,
024.82
27,942,
024.82
27,942,
024.82
27,942,
024.82
27,942,
024.82
27,942,0
24.82
27,942,0
24.82
27,942,0
24.82
27,942,0
24.82
27,942,0
24.82
27,942,0
24.82
Less : Loan
Principal
432,038.
27
432,038
.27
432,038
.27
432,038
.27
432,038
.27
432,038
.27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
Total long-term
liabilities
27,509,9
86.55
27,509,
986.55
27,509,
986.55
27,509,
986.55
27,509,
986.55
27,509,
986.55
27,509,9
86.55
27,509,9
86.55
27,509,9
86.55
27,509,9
86.55
27,509,9
86.55
27,509,9
86.55
Total Liabilities
29,366,3
16.09
29,430,
685.15
29,431,
214.00
29,430,
602.66
29,432,
281.96
29,294,
821.12
29,293,0
20.17
29,292,9
09.91
29,434,4
59.59
29,433,8
69.22
29,435,5
69.61
28,471,7
16.33
Retain Earnings
3,925,16
9.81
4,463,6
99.87
5,003,4
63.91
5,541,8
01.51
6,084,0
57.47
6,305,5
71.48
6,522,88
3.25
6,739,93
7.77
7,287,27
4.86
7,833,23
4.41
8,383,16
1.56
6,684,09
7.71
Total Shareholders'
Equity
3,925,16
9.81
4,463,6
99.87
5,003,4
63.91
5,541,8
01.51
6,084,0
57.47
6,305,5
71.48
6,522,88
3.25
6,739,93
7.77
7,287,27
4.86
7,833,23
4.41
8,383,16
1.56
6,684,09
7.71
Total Liabilities
&Shareholders'
Equity
33,291,4
85.90
33,894,
385.02
34,434,
677.91
34,972,
404.17
35,516,
339.43
35,600,
392.60
35,815,9
03.42
36,032,8
47.68
36,721,7
34.45
37,267,1
03.63
37,818,7
31.17
35,155,8
14.04
Year5
Jan
Feb
Mar
Apr
May
June
July
Aug
Sep
Oct
Nov
Dec
Account
Recievable
39,210,4
31.25
7,468,68
0.43
40,544,5
20.15
7,525,58
3.73
42,736,6
90.14
8,780,82
3.67
44,927,5
33.43
10,404,3
81.24
47,122,4
81.25
12,026,0
19.58
49,457,9
02.37
14,251,5
40.32
51,789,0
12.95
16,340,3
76.68
54,127,3
61.14
18,425,1
32.98
56,327,7
12.39
19,908,1
45.61
58,526,7
89.78
21,531,6
80.54
60,730,0
24.87
23,153,2
96.06
62,934,5
86.79
24,775,5
93.87
31,741,7
50.82
33,018,9
36.42
33,955,8
66.47
34,523,1
52.19
35,096,4
61.67
35,206,3
62.05
35,448,6
36.27
35,702,2
28.16
36,419,5
66.78
36,995,1
09.24
37,576,7
28.81
38,158,9
92.92
Land& Building
Equipments
Furniture
Vehicles
Office supply
Less :
Accumulated
Depreciation
Total Fixed Assets
Total Assets
31,741,7
50.82
33,018,9
36.42
33,955,8
66.47
34,523,1
52.19
35,096,4
61.67
35,206,3
62.05
35,448,6
36.27
35,702,2
28.16
36,419,5
66.78
36,995,1
09.24
37,576,7
28.81
38,158,9
92.92
Wage Payable
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
1,689,90
0.00
Taxs payable
174,067.
12
1,689,90
0.00
123,814.
32
243,934.
72
243,366.
13
245,002.
68
106,470.
92
104,623.
54
107,464.
63
247,440.
97
246,895.
03
248,554.
38
249,245.
55
1,863,96
7.12
1,566,08
5.68
1,933,83
4.72
1,933,26
6.13
1,934,90
2.68
1,796,37
0.92
1,794,52
3.54
1,797,36
4.63
1,937,34
0.97
1,936,79
5.03
1,938,45
4.38
1,939,14
5.55
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
25,083,5
34.77
Less : Loan
Principal
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
432,038.
27
Total long-term
liabilities
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
24,651,4
96.50
Total Liabilities
26,515,4
63.62
26,217,5
82.18
26,585,3
31.22
26,584,7
62.63
26,586,3
99.18
26,447,8
67.42
26,446,0
20.04
26,448,8
61.13
26,588,8
37.47
26,588,2
91.53
26,589,9
50.88
26,590,6
42.05
Long-term debt
Asset
Current Assets
Cash
Fixed Assets
Liabilities &
Owners' Equity
Current Liabilities
Total Current
Liabilities
Long-term debt
248
Retain Earnings
7,090,25
4.32
6,801,35
4.24
7,370,53
5.25
7,938,38
9.56
8,510,06
2.49
8,758,49
4.63
9,002,61
6.23
9,253,36
7.03
9,830,72
9.31
10,406,8
17.71
10,986,7
77.93
11,568,3
50.87
Total Shareholders'
Equity
7,090,25
4.32
6,801,35
4.24
7,370,53
5.25
7,938,38
9.56
8,510,06
2.49
8,758,49
4.63
9,002,61
6.23
9,253,36
7.03
9,830,72
9.31
10,406,8
17.71
10,986,7
77.93
11,568,3
50.87
Total Liabilities
&Shareholders'
Equity
31,741,7
50.82
33,018,9
36.42
33,955,8
66.47
34,523,1
52.19
35,096,4
61.67
35,206,3
62.05
35,448,6
36.27
35,702,2
28.16
36,419,5
66.78
36,995,1
09.24
37,576,7
28.81
38,158,9
92.92
8.3
Conclusion
Nowadays, Thailand has many crocodile farm in Samut Prakarn and crocodile leather
industry, sometimes may be have a lot of competitors in selling leather product. At the same time
we have many external risks for example in the case of politics, we have risk from political of
Thailand, and it makes people less out of the house and less of purchase too. In the case of
economic the customer less of purchase too because of high standard of living, it make customer
want to save the money for purchase others for purchasing something importance than our
products. In the case of socio-cultural, some cultural value people consumer stable in brand
loyalty such as GUCCI, LOUIS, VITTON, COACH, DIOR, CELINE, PATIOTI, and CALVIN
KEIN more than crocodile leather , it makes less to purchase too.
Our company also has internal risk for example in the case of strategic risk; our company
pays a lot of money for training our employee for make efficiency of the employee. In the case of
operation risk, we have insurance of fire, insurance of logistic and insurance risk of accidence for
logistics, every insurance make for less of expenditure because of when we have some accidence,
we will have a trader insurance pay for that accidence. For the compliance risk, our company
must to take care about health of our employees for example we have social insurance for our
employees, it has seven benefits for support our employees such as case of die, case of disability,
case of injury or illness, etc and we have safety for protected our asset and protected our
employees.
249
Chapter 9
Conclusion
250
Chapter 9 Conclusion
Leather Product Company and factory locating in Samaedum Road, Soi 17, Bangkhuntien,
Bangkok10150, 156 * 60 meters and Shop sell leather products locate in Srilom Road,
Bangrak, Bangkok wide 9x9 meter near BTS, Robinson Bangrak. Our company produces
crocodile leather product such as woman leather bag, men leather bag, woman shoes leather,
men shoes leather, belt, and wallet. Our target customers are people love to buy crocodile
product age 25-30 years old. Leather Product Company borrows money from Government
Savings Bank. Bank 40,000,000 Baht with interest rate 7.75% and receive money from
investor 40,000,000 baht. At the first year we did not gain the profit but the year after and
following gain the profit respectively. There are 2 main risks such as external and internal
risk. We also provide the way to eliminate those risks
251
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255
Leather Product Company (section 2 group 25)

1. 5131203185 MISS CHANAPA SOMSAEN
TEL: 088-8799745 EMAIL: i_am_chanapa@hotmail.com
2. 5131203186 MISS NARADA WONGSING
TEL: 087-1920170 EMAIL: narada_cotton@hotmail.com
3. 5131203187 MISS PANISARA JAIFUN
TEL: 089-7591990 EMAIL: mee-pooh-32@hotmail.com
4. 5131203188 MISS SOISUDA MEONSOMBAT
TEL: 087-3376390 EMAIL: soi_sonic@hotmail.com
5. 5131203189 MISS SAMKHUAN PINGWONG
TEL: 086-1899981 EMAIL: feeling_of_party3@hotmail.com
6. 5231203105 MISS WANNIKA DASA
TEL: 0824969439 EMAIL: funny_rainny@hotmail.com
7. 5231203190 MR. CHATCHAI WOOTINONCHAI
TEL: 089-7555700 EMAIL: happy_birthday_to_kwan@hotmail.com
8. 5331203126 MISS SUPALUX TONGPHUN
TEL: 084-8481744 EMAIL: species_04@hotmail.com
256

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1

Know the needs of customers in the form of the product.

Learned to channel international business to be useful in the future.

The project can be applied in a career in the future.

Understand the current market trend.

Group Matching and Establishing

1.4Activities and Gantt chart

2.1.1 An overview of the global leather industry.

Imports of the world

Exports from China

Exports from Italy

Exports from Korea

Exports from Brazil

Exports from India

Exports from Indonesia

Exports from Thailand

Exports of other nations

ITC, Geneva and CLE Statistics (www.indianleatherportal.com)

Figure 1, the amount of cattle production in China during 2001-2011

Production Statistics, FAO.

The raw buffalo leather

Cattle leather tanning

Women's leather handbags.

The leather and leather

World Trade Atlas, Data from China Customs

Total value 25.92 12.84

Hong Kong 0.39

95.97 95.18 96.67 96.92

The raw buffalo leather

Cattle leather tanning

Women's leather handbags.

The leather and leather

, , (2011, June 10)

Entrepreneurs in Thailand's leather industry, mainly small and medium-sized enterprises

Thailand's exports of leather products.

Export value (million U.S. dollars)

The rate of export product in First

Countries that Thai exports

Export value (million U.S. dollars)

The rate of export product in

Table 8: The Value of Export Leather product in third quarter (July-September)

Export value (million U.S. dollars)

The rate of export product in

Countries that Thai exports

Rate of export (%)

Value: million U.S.

Rate of export (%)

Value: million U.S.

Rate of export (%)

Value: million U.S.

Small and medium enterprises

People who are high income

People who are interest in crocodile leather.

Product and service

Present the quality product and service to customer

Focus product and services in variety and high quality

2.9.2 Price strategy

Update the price of new product in price list

Estimate cost and selling price of competitor

2.9.3 Promotion strategy

2.9.4 Place strategy

Present our product and service in the exhibition

Selected the location in abroad to promote product and service

Schedule of the estimated number of persons in the department