I

I

MEMBER
1. Mr. SRIRAMET

BOONTHANAROM

ID:4931203098
2. Mr. WIWAT

TANGPRASOPCHOT

ID:4931203101
3. Miss SIRILUCK

WONGMEEBOON

ID:4931203108
4. Mr. SIWAT

TANTALELAR

ID:4931203110
5. Mr. JIRAYU

BUTHKHUNTHONG

ID:4931203174

Business Administration

Mae Fah Luang University

II
Preface
Zdravo siam are the project feasibility study in the term to study the feasibility
in opening up an ice cream business at ABAC Plaza. Which ice cream can be seen as
cold and sweet but the way in studying the feasibility of this Zdravo Siam project are
not as sweet as the project name. It is expected that the studying on this project
feasibility study will help any people who wanted to start ice cream business to read
and be a part of the inspiration of the reader.

III
Excutive summary
This consists of a feasibility study of an ice cream shop opening up as the ice
cream market in Thailand nowadays, ice-cream business still one of the business that
many people also interested to go for. The origins of ice cream can be traced back to
at least the 4th century B.C. Early references include the Roman emperor Nero (A.D.
37-68) who ordered ice to be brought from the mountains and combined with fruit
toppings, and King Tang (A.D. 618-97) of Shang, China who had a method of
creating ice and milk concoctions. Ice cream was likely brought from China back to
Europe. Over time, recipes for ices, sherbets, and milk ices evolved and served in the
fashionable Italian and French royal courts. Ice cream was imported to Thailand in
Phra Chulachom Klao Chaoyuhua or King Rama V era
Project Objective are to analyze The feasibility of an ice cream industry and to
provide the project feasibility study Thai people is consumption rate are at 6.0 liter
per year. The consumption rates are rising by 5.0% per year. When compare the
consumption rate of ice cream of Thai people to neighbor’s rate. Thailand ice cream
consumption rate are the lowest when compare with Malaysia which the ice cream
consumption rate is 3 liter per year or Japan which is 7 liter per year and still very low
when comparing to other country which are in Europe area the highest rate of ice
cream consumption is USA which reach to 24 liter for person per year and Australia
consumption rate is 18 liter for person per year.
So this are the interested point to show that there are an opportunity to built a
profit from ice cream in this report it will illustrate about what strategy that been use
how ice cream are made what is the marketing mix including the 3C analysis. Thus, it
also tell about the financial analysis and shown every financial statement in monthly
base. And in also provide the risk management that will tell how to deal with the
problem for the certainty risk and

uncertainty risk.

IV

Table of content
Chapter1 ......................................................................................................................... 2
1.1 Background and Significance of the Project ........................................................ 2
1.2 Project Objective .................................................................................................. 3
1.3 Benefits of Project................................................................................................ 3
1.4 Grant Chart........................................................................................................... 4
Chapter 2 ........................................................................................................................ 6
2.1 Nature of Industry ................................................................................................ 6
2.1.1 Frozen custard, French ice cream or French custard ice cream .................... 6
2.1.2 Low fat ice cream.......................................................................................... 6
2.1.3 Non fat ice cream .......................................................................................... 6
2.1.4 Gelato ............................................................................................................ 7
2.1.5 Bulky flavored ice cream .............................................................................. 7
2.1.6 Soft serve ...................................................................................................... 7
2.1.7 Fruit Sherbet.................................................................................................. 7
2.1.8 Sorbet ............................................................................................................ 7
2.1.9 Frozen yogurt ................................................................................................ 8
2.1.10 Granite......................................................................................................... 8
2.1.11 Water ice or ice ........................................................................................... 8
2.2 Situation of Industry ............................................................................................ 9
2.3 Product/Service (in General).............................................................................. 10
2.3.1 Ice Cream .................................................................................................... 10
2.4 Vision of your Organization .............................................................................. 11
2.5 Mission............................................................................................................... 11
2.6 Strategy .............................................................................................................. 11
2.6.1 Corporate Level .......................................................................................... 11
2.6.2 Business Level ............................................................................................ 12
2.6.3 Functional Level ......................................................................................... 13
Chapter3 ....................................................................................................................... 16
3.1 Market Analysis ................................................................................................. 16
3.1.1 General Environment Analysis ................................................................... 16
3.1.2 Competition Analysis (3C Analysis) .......................................................... 17
3.2 STP Analysis ...................................................................................................... 20
3.2.1 Segment....................................................................................................... 20
3.2.2 Targeting ..................................................................................................... 20
3.2.3 Positioning .................................................................................................. 20
3.3 Marketing Mix Strategy ..................................................................................... 21

V
3.3.1 Product ........................................................................................................ 21
3.3.2 Price ............................................................................................................ 22
3.3.3 Place ............................................................................................................ 22
3.3.4 Promotion.................................................................................................... 22
3.4Five force model ................................................................................................. 22
3.5 Sales Forecast/Profit Estimation ........................................................................ 25
3.5.1 Time Series Analysis .................................................................................. 26
3.6 Sale Forecast ...................................................................................................... 27
3.7 Conclusion ......................................................................................................... 31
Chapter 4 ...................................................................................................................... 33
4.1 Production and Operations Analysis .................................................................. 33
4.1.1 Product Characteristics ............................................................................... 33
4.1.2Production process ....................................................................................... 34
4.1.3 Life Time .................................................................................................... 42
4.1.4 Ice cream recipe .......................................................................................... 45
4.1.5 Location ...................................................................................................... 51
4.1.6 Facility layout ............................................................................................. 53
4.1.7 Machine Tools and Equipment ................................................................... 58
4.1.8 Facility Management .................................................................................. 65
4.2 Cost of Investment ............................................................................................. 66
4.2.1 Rent ............................................................................................................. 66
4.2.2 Total Pre operation cost .............................................................................. 66
4.3 Investment Cost ................................................................................................. 66
4.3.1 Register’s Price. .......................................................................................... 67
4.3.2 A Fee for establishes a business [Co., ltd.] ................................................. 67
4.3.3 Depreciation ................................................................................................ 71
4.4 Operating Cost ................................................................................................... 72
4.4.1 Raw material Cost ....................................................................................... 72
4.4.2Overhead ...................................................................................................... 78
4.5 Management Analysis ........................................................................................ 78
4.5.1 Administration Cost .................................................................................... 78
4.6 Conclusion ......................................................................................................... 78
Chapter 5 ...................................................................................................................... 81
5.1 Profit and loss statement .................................................................................... 81
5.2Cash flow statement ............................................................................................ 86
5.3 Balance sheet ..................................................................................................... 91
Chapter 6 .................................................................................................................... 101

VI
6.1. Risk analysis of projects ................................................................................. 101
6.1.1. Certainty Risk .......................................................................................... 101
6.1.2. Uncertainty Risk ...................................................................................... 101

6.1.3. Economic Condition................................................................................... 102
6.1.4. Risks from natural disasters ....................................................................... 103
6.2 Risk management summary ............................................................................. 113
Chapter 7 .................................................................................................................... 115
Reference ................................................................................................................... 122

1

Chapter 1

Introduction

2
Chapter1
1.1 Background and Significance of the Project
People love to eat ice-cream, as same as we are. The origins of ice cream can
be traced back to at least the 4th century B.C. Early references include the Roman
emperor Nero (A.D. 37-68) who ordered ice to be brought from the mountains and
combined with fruit toppings, and King Tang (A.D. 618-97) of Shang, China who had
a method of creating ice and milk concoctions. Ice cream was likely brought from
China back to Europe. Over time, recipes for ices, sherbets, and milk ices evolved and
served in the fashionable Italian and French royal courts. Ice cream was imported to
Thailand in Phra Chulachom Klao Chaoyuhua or King Rama V era Thus; we plan to
make our own ice-cream shop under a name of “The Zdravo Siam”.
“Zdravo” is a word from Slovenian, which mean “Hello” in English. Every
day we meet other, we have to greet each other. As same as our ice-cream shop, when
every customer comes inside, “Zdravo” is a first word that they will hear from any
people who works in a shop.
One of a customer group who loves to eat ice-cream is a group of university
students. The Zdravo will be place in ABAC University bangna campus area which is
ABAC Plaza. The reason we choose this place is we have already make a discussion
from famous university in Bangkok, We decide that this university is a place where
people interest to use a brand name and always seek new things ,Which means we can
take more opportunity for open our brand.
As main products, it is ready to serve customers ice-cream and cake. The
Zdravo Siam proudly presents a variety of ice-cream, which home made by ice-cream
maker. Especially, an ice-cream that make from fruits in Thailand, a shop also has a
secret formula, which can win all of customer’s heart who love their health.
Customers can enjoy The Zdravo Siam with many type of home-made bakery; butter
cake, brownies etc.
All of foods and drinks are stand on a good reasonable price, which everybody
can pay for them. For our ice-cream shop’s style, The Zdravo Siam is put on a
concept of a modern and old-fashioned, which will mix together for the smoothness.
Black & White is main color of a shop’s theme. We designed to use any antiques for
decoration. The Zdravo Siam will serve customers a thousand of songs; Wi-Fi high
speed internet is available anytime.

3
1.2 Project Objective

To analyze The feasibility of an ice cream industry

To provide the project feasibility

1.3 Benefits of Project

Knowing feasibility of the project – Researchers study and analyze with real
situation.

Knowing the situation and the trends of ice cream industry, understanding
behavior of customer, and be able to select and identify the right customer.

To be able to calculate profits and expenses, and find the way to get maximize
profits.

4

1.4 Grant Chart

5

Chapter 2

Industry Profile

6

Chapter 2
2.1 Nature of Industry
Ice cream or ice-cream is a frozen dessert usually made from dairy products,
such as milk and cream, and often combined with fruits or other ingredients and flavors.
Most varieties contain sugar, although some are made with other sweeteners. In some
cases, artificial flavorings and colorings are used in addition to (or in replacement of)
the natural ingredients. This mixture is stirred slowly while cooling to prevent large ice
crystals from forming; the result is a smoothly textured ice cream.
There is no evidence of proofing how did ice cream came in to Thailand but it
might be came in to Thailand after Thailand can produce ice in the age of King
RAMAV the first ice cream that Thai people get usual with it is “Waan Yen” that made
from fruit juice and blend it to freezing point. After that POP Co., LTD, the first
manufacture of ice cream in Thailand, and it is called “PED Ice-Cream” started to use
the milk recipe. Thai people started to adapt the foreign ice cream to become the Thai
recipe ice cream and called coconut Ice cream. By using coconut cream combined with
sugar and spin it till harden. The coconut ice creams are eaten with sticky rice or sugar
palm or some people eat with bread. The homemade ice cream maker are now having
more competitive in the market by using their own brand name which consists of the
new flavor the new taste or a new kind of ice cream which gain the market share of 10%
in the market of premium ice cream which the key to success factor of ice cream
premium is to build the differentiation in the market and to be accepted from customer.
Ice cream can be divined in to 11 types
2.1.1 Frozen custard, French ice cream or French custard ice cream
The mainly ingredient of this ice cream type is yolk and have to use more than 1.4% of
yolk when you eat this kind of ice cream you will felt the smell of yolk
2.1.2 Low fat ice cream
There have to be cholesterol not more that 3g to 4 oz of ice cream
2.1.3 Non fat ice cream
There have to be cholesterol not more than 0.5 g per unit of serving

7

2.1.4 Gelato
Gelato, or the plural gelati, is Italy's regional variant of ice cream. As such, gelato is
made with some of the same ingredients as most other frozen dairy desserts. Milk,
cream, various sugars, flavoring including fruit nut purees and air are the main
ingredients. Gelato, or the plural gelati, is Italy's regional variant of ice cream. As such,
gelato is made with some of the same ingredients as most other frozen dairy desserts.
Milk, cream, various sugars, flavoring including fruit nut purees and air are the main
ingredients.
2.1.5 Bulky flavored ice cream
Bulky Ice-Cream is an ice-cream with any ingredients in maximum, such as fruits,
peanuts or cocoa. Some may have ingredient more than 1.4 of a hundred percent of icecream.
2.1.6 Soft serve
Soft serve is generally lower in milk-fat (3% to 6%) than ice cream (10% to 18%) and is
produced at a temperature of about −4 °C compared to ice cream, which is stored at −15
°C. A warmer temperature allows the taste buds to detect more flavors. Soft serve
contains air introduced at the time of freezing. The air content, called overrun, can vary
from 0% to up to 60% of the total volume of finished product. The amount of air alters
the taste of the finished product. Product with low quantities of air has a heavy, icy taste
and appears more yellow. Product with higher air content tastes creamier, smoother and
lighter and appears whiter. The optimum quantity of air is determined by the other
ingredients and individual taste. It is generally accepted that the ideal air content should
be between 33% and 45% of volume. More than this and the product loses taste, tends
to shrink as it loses air and melts more quickly than that with less air.
2.1.7 Fruit Sherbet
a frozen fruit-flavored mixture, similar to an ice, but with milk, egg white, or gelatin
added.
2.1.8 Sorbet
Sorbet is a frozen dessert made from sweetened water flavored with iced fruit (typically
juice or puree), chocolate, wine, and/or liqueur. The sorbet originated as the Middle

8

Eastern drink charbet, made of sweetened fruit juice and water. Sorbet is sometimes
served between courses as a way to cleanse the palate before the main course.
2.1.9 Frozen yogurt
Also known as frozen yoghurt, froyo or frogurt is a frozen dessert made from, or
containing yogurt or other dairy products. It is slightly tarter than ice cream, as well as
lower in fat (due to the use of milk instead of cream). It differs from ice milk (more
recently termed low-fat or light ice cream), which does not include yogurt as an
ingredient.
2.1.10 Granite
Granite is a rough ice-cream like transparent ice, but, it is a sweetener or fruit juice
and bring it to freeze until it get to freezing point and slice it and mix it as and ice cube.
2.1.11 Water ice or ice
Ice or “Slow Train”, is made from juice that mix together with gelatin and freeze in low
temperat

9

2.2 Situation of Industry
The ice cream industry in Thailand has a stable growth rate in 2009 according to
the research of Kasikorn research center and uniliver company state that the
consumption of ice-cream per one Thai people is 6.0 liter per year. The consumption
rates are rising by 5.0% per year. When compare the consumption rate of ice cream of
Thai people to neighbor’s rate. Thailand ice cream consumption rate are the lowest
when compare with Malaysia which the ice cream consumption rate is 3 liter per year or
Japan which is 7 liter per year and still very low when comparing to other country
which are in Europe area the highest rate of ice cream consumption is USA which reach
to 24 liter for person per year and Australia consumption rate is 18 liter for person per
year (figure.1). Thailand ice cream industry have a lot’s of space to invest and gain
profit and in year 2009 the ice cream market industry is worth 18000 million bath or
when compare with the pass year the ice cream industry in Thailand growth 5% every
year .

Figure1.1: Ice cream consumption rate per person per liter

Ice-cream industry are now interest by the international firm which focused to
entered Thailand ice cream industry because now a days the ice cream industry have a
value of 18000million bath which split in to 3 kind the first one is Upper level have a
value of 3000 million bath and have a growth rate higher than 10% The second one is

10

mass level has a value of 7,000 million bath also have a growth rate between 3-5% the
last one is The lower level has a value of 1,000 million baht the ice cream industry in
Thailand is the most interest industry of the international ice cream manufacture which
occur the flow of premium ice cream into Thailand within several year(figure.2) and it
also expand the Thailand ice cream industry .

IMPORT AND EXPORT OF THAI’s ICE-CREAM VALUE
Quantity: ton / value: million

Year

Import

Export

Quantity

Value

Quantity

Value

2544

457.15

52.72

9335.82

428.14

2545

545.63

64.56

10473.05

491.23

2546

717.32

74.13

13841.00

718.82

2547

1377.10

116.70

14730.82

787.50

2548

1493.04

127.98

14262.27

730.44

Jan.-Nov. 2548

1391.48

118.54

13013.45

665.15

Jan.-Nov. 2549

1821.96

156.06

13972.12

678.20

Source: the Customs Department, collected: Thai Farmer Bank Researcher
Figure1.2: import and export of Thai’s ice cream value

2.3 Product/Service (in General)
2.3.1 Ice Cream
Zdravo siam product are basely sale of an scoops of ice cream which are
guarantee of a high quality of product that come from the fresh material, and Zdravo
siam ice cream will match the need to the trend of the food industry for now.

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2.4 Vision of your Organization
To be well known ice-cream shop in ABAC Bangna Campus.

2.5 Mission
Make all customers enjoy and satisfy by giving the best service. All Zdravo
Siam’s products are high quality, and use ingredients from Thai agricultural product.
Respond to ice-cream’s lovers, and also students who live in ABAC Bangna campus
area. Zdravo Siam will work with carefully by always drive out fresh products and seek
for successfully in every time. Customer’s need is the first thing we take care of, follow
by staffs. Zdravo Siam is interesting with a variety of ice-cream flavors. Staff is the
beginning of the way to success.

2.6 Strategy
2.6.1 Corporate Level
The strategy we choose to use in a corporate level is intensive strategies and
mainly focused on strategy that is Product development, because now a day’s ice cream
business has a high level of competition in the market which all of the ice cream shop
have the same taste of an ice cream. Way of making ice cream but for our ice cream
shop we are looking for the gap in the market which it has some space that we can grow
in the market such as a fresh homemade ice cream which we will bring out the new
flavor to the ice cream market by the product development .
The second aim is by the market development by sent the product to the higher
level of market and if our ice cream shops have a stable growth rate in the new upper
level we can aim to opened up a franchise.

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2.6.2 Business Level

Figure2.1: Porter’s five generic strategies

According to figure.3 we choose to be type 3 which is a differentiation strategy
which now a day’s an ice cream industry are highly competing in cost but the flavor on
an ice-cream are still the same but our ice-cream shop are mainly focus on homemade
ice cream business which made from fruit and there are some gap in the ABAC plaza
market so we can built some differentiation by offering the new flavor of ice cream into
the market and at the same time we can built the differentiation of our brand can be
unique by the style of shop decoration.

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2.6.3 Functional Level
Administration
For the Zdravo Siam, customer is the first one we care of. Thus, the shop should
be following the best quality of administration process, including the shop decoration
and service.
Business Strategies
-

Good shop decoration

-

Always offer new promotion for customers

-

Build good relationship with customer

Marketing
Now our shop is set at ABAC University, so, the target market of the shop is
teenagers who live around ABAC university area. However, to expand our business to
be well known from many people, we have planned to promote and expand more
branches in the future.
Marketing Strategies
-Making any special Advertising and offer to customers, such as a discount promotion.
-Good service
-Expand more branches, over Bangkok area.
Production
To help Thai farmers and Thai economy, we also use all of Thai ingredient for
our product. A shop has fashionable ice-cream, such as Thai fruit ice-cream. However,
the production quantity will depend on weather and marketing. We will decrease the
production on summer because our customers have no class in the summer season so,
they did not come to the ABAC Campus so, and the demand will decrease. In winter
and rainy season our customer come back to ABAC Campus that is our shop location
so, the demand will increase related to the population of customer too.
Production Strategies
-

Production must be support customer’s demand in a hundred percents.

-

Cleanness Production

-

Good quality of ingredients

-

Stable taste of product

14

Human Resources
We pay attention of staff’s performance. They need to develop themselves in
every time, have a clear direction of work and can earn profit to the business. Moreover,
the relationship between staffs is very important, because it can drive the business to be
successful in quickly.
Human Resource Strategies
-

Training and repeating all staffs to be always ready to work/.

-

Motivating all staffs, by offer them extra cash.

Financial
We should have a good capital which high percentage of securely. It might be come
from entrepreneur or take on loan.
Financial Strategies
-

Find the low interest of loan.

-

Making a shop account

-

Be economical [water and electricity]

15

Chapter 3
Market Feasibility Study

16

Chapter3
3.1 Market Analysis
According to the survey of the area in ABAC Plaza we can divined the market
into main four part of the segment as the following
-

Food

-

Beverage

-

Bakery

-

Dessert

-

Ice cream
Zdravo siam mainly focused to the Ice cream market share which from the

competitive analyses in the ABAC plaza which are highly compete in the food and
beverage. So, Zdravo Siam has seen the gap in the market which has no any ice-cream
shop in the ABAC plaza area. This is an opportunity in opening up an ice cream shop in
ABAC plaza area which we can see an opportunity that can built a profit for the
investor.
3.1.1 General Environment Analysis
Political
Today, the government has problems in agriculture by using price guarantee, so
result in agricultures have to improve quality to sell more. It makes the advantage for
company because raw materials in production are from domestic agricultural
production. When the outcomes have high quality, it enables to select raw materials to
produce more and better product quality with lower-cost.
Economic
The economic factor will not have an effect on the Zdravo siam because Zdravo
siam located in ABAC Plaza area Althrough, the economic factor didn’t have an effect
to the rate of ice cream consumption is also growing continuously , so it gives the
opportunity for company to get market share.
Social
Today, consumers attend to healthy, so the company has the opportunity to
develop useful products for health such as fruit ice cream, low fat ice cream, high

17

calcium milk ice cream, and sugar-free ice cream. It attract to the consumers of all ages,
whether children, teenager, adults until to the elderly.
Environment
Thailand is a country located in the tropical. It makes demand for consumption
ice cream all the year. Thailand also has fruits and agricultural raw materials to produce
the ice cream. These are strengths of the company to get the opportunities for product
development and export to foreign countries.
Technology
Now process of production for homemade ice cream has been improved by
technology development so the production for ice creams both looks and tastes to meet
the needs of customers who always want the innovation.

3.1.2 Competition Analysis (3C Analysis)
3.1.2.1 Competitor’s analysis
We have position in Zdravo Siam in ABAC plaza which is first mover
advantage because no exist of supply that provides ice cream to the demand on this
market. So, almost of our competitors are substitute competitors. We can analyze the
main competitor into the following which is
S&P
They produce and distribute bakery. Frozen food shelf Products, sausage and
ham pasta line and color, odor, used in food industry under the name "S & P" "Delio"
"Patio" "Vanilla" "Bluecup" and "Royallee" through branches and restaurants bakery
and Super Markets. and export to foreign countries. Almost price of their product start;
cookies 78 baht, cake 325 baht, snack 35 baht, coffee 55 baht and bakery 49 baht.
Coffee world
Coffee World is coffee house that offers a comprehensive range of hot and iced
coffees with fresh complementary foods such as waffles, sandwiches and signature
cakes, muffins and cookies. The company places a lot of emphasis on picking and
roasting the finest Arabica beans to create rich brews prepared by our highly trained
baristas (professional coffee makers).Almost of the price start; cake 70 baht and coffee
65 baht.

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Deli House
The Deli house is Europe food style restaurant, which has food, bakery and
beverage. The Deli house is soft environment
The many product such as Soft bread texture, Sweet fresh butter, Fine dish,
Sweet Dumpling, cake and pork products such as Latin American Sausage, Smoked
sausage etc. Almost of the price start; foods are 69 baht, bakeries 39 baht and beverages
39 baht.
Blue Coffee
The company's business is the operation of coffee houses serving food and
coffee, located in ABAC plaza. Blue coffee's excellent reputation is based on serving
coffees of the highest quality, with the best aroma and taste, made from 100% fresh
coffee beans. Use the "Menu Explorer" at right to find out about some of the many
delicious beverage items on our menus. Almost of the price start; coffees are 65 baht
and cakes are 39 baht.
Take a Break
The take a break is comfortable style restaurant. The feature of restaurant is fast
but very delicious. Almost of the price start; foods are 49 baht and beverages 35 baht.
Mister Donut
Mister Donut is doughnut franchise shops. Almost of the price start; donuts 10
baht, bakeries 35 baht and beverages 35 baht.
Boost Juice
Boost Juice Bars is an international chain of retail outlets that specialize in
selling fruit juice. Boost Juice Bars was formed in 2000 with the first store located in
Adelaide, South Australia. The company has expanded internationally with stores in
Asia, Europe and the Middle East through franchising. Almost of the price start
beverage at 45 baht.
Squeeze
A subsidiary of Tipco Company mainly focused on sale of natural fruit
smoothies. Almost of the price start beverage at 35 baht.
Aunntie’s Ann
Auntie Anne's has a variety of pretzel products, dipping sauces, and beverages to
choose. Almost of the price start; bakeries are 59 baht and beverage 39 baht.

19

3.1.2.2 Competitive analysis
Ice cream market is a market that is constantly expanding. There are more
current operators because of operate easily. The observation that famous brand open
more branches and begin to development in production, marketing and expanding
distribution channels. Major reputation business has more capital is more aggressive in
market and create distribution channels and distribution to cover thoroughly. At present,
ice cream market in Thailand is quite capable of continuous growth. Benefits of ice
cream market in Thailand can be doing throughout the year because the weather is quite
hot and weather is not different. Many people like to eat ice cream because it makes
them relax and fresh.
Our company is homemade ice cream own position is in the premium ice cream
market. The market value of ice cream premium market is approximately 17% or
approximately 1800 million baths. Market conditions of premium ice cream are serving
sit eating patterns. The major are compete between big 2 companies; Swensen’s ice
cream, Hagen Daze’s ice cream. While the other competitor in ABAC Plaza area is
ignore to compete in the ice cream market.
3.1.2.3 Customer analysis
Company emphasizes in young and working age customers with an average age
ranging from 17-35 years with high purchasing power parity and want innovation. This
easy to bring the product into the consumers know.
From a target group, ABAC students who want to consume premium homemade
ice cream. Because of the gap area ABAC Plaza not supply ice cream to meet existing
demand. The opportunity to visit the company capture market share in this. The market
is a market that is very important due to its ability to target the high spending. Average
income per capita is 10000 baht per month based on the personal costs of ABAC
students. http://www.abaca.au.edu/Abaca/news-au/35abac.php. From expectations of
behavior based on the target, Research on Consumer perception of the nature and
quality of home-made and commercial dairy ice cream of John A. Bower, and Irene A.
Baxter, which shows demand is associated with income. That indicates the relationship
between demands for low cost products when consumers have more income. A position
appropriate its needs and profitable.

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Figure 3.1: Segment in ABAC Plaza

3.2 STP Analysis
3.2.1 Segment
Zdravo siam has segmented the market area in ABAC Plaza to be as the
following
-

Food

-

Beverage

-

Bakery

-

Dessert

-

Ice cream
It can show the market share of the following segment into these separate parts.
3.2.2 Targeting
Zdravo siam targeting on the ice cream market which there are no competitor in

this market share so there is an opportunity to built some profit from the gap in the
market.
3.2.3 Positioning
Zdravo siam has a logo designed to built a brand recognitions to consumer and
position our brand at premium ice cream shop which is a homemade ice cream and
arrange the price of the ice cream at 35 baht per scoop it is an affordable price Zdravo
to bring customer back to buy again. Another things is a shop decoration which we will
decorate in to a new style in a unique ways to give a special felling to customer when

21

they come Zdravo siam are focused on homemade ice cream to inform to customer that
they are the drive that push the company to the brighter future which it can build the
brand loyalty.

Zdravo siam will positioning by using the blue ocean strategy as shown below to
show that from the survey we can identify the variety of product in ABAC Plaza and
has a gap in the market to gain profit.

Figure 3.2: Blue ocean strategy

From the graph above it can illustrate that the gap in the Abac Plaza Market are
low supply in an ice cream product,so Zdravo Siam aim the gap in the market and will
positioning our self on the ice cream shop that give more supply of an ice cream product
according to the survey from questionnaire from date Jan 5 Shown that there are a
demand of an ice cream needs.

3.3 Marketing Mix Strategy
3.3.1 Product
Our ice-cream is ice cream for the health. It’s mixture between ice-cream with
many fruits. And the result is the delicious that is valuable for health. We have free

22

water enhance give with a customer. Which these things, we recruit for customer it
more than dessert or ice-cream. But it is modernism, flavors of ice-cream sweetness for
customer.
3.3.2 Price
The majority of the business’ sales will come from ice cream. We use price
strategy 35 Baht. Which we use psychology price in our products and price of our
products are appropriate. For basic price we fix a price by use the capital because almost
business use this method.
3.3.3 Place
We choose ABAC campus because it’s easy to sell image and ABAC bangna
campus is the place which students has influential in goods buying from statistics to
open the shop at ABAC and possibility to make profits by decorate the shop for
customer who wants to relax by provide the music to customer with the chilling music
to and the relaxation atmosphere while waiting to go to class or place to sit back and
relax after the class
3.3.4 Promotion
Zdravo siam will push all of the promotion to built the good relationship with
customer and give the customer good perception to the Zdravo siam brand. Such as a
discount or a promotion that will appeal customer to come and spend the money at
Zdravo siam.

3.4Five force model
Exist competitor
Overview of the ice cream market will find that there are many competitors. Both
small and large. Coupled with the ice cream market rates grasp how early in the 50-80%
level as well as market growth continued and potential future growth rates due to more
consumption of ice cream in Thailand. Current is low compared to other countries. But
the location of the shop area without any ice cream shop opens. So, there are no direct
competitor to compete with Zdravo siam this is the opportunity to gain high sale
volume.

23

New entry barrier
Access to ice cream markets is easy especially in the group of Home-made ice
cream as a less complex production technologies Ice cream business, but business is
similar to other food. Flavor is the highlight. And to derive methods to produce the best
ice cream flavor that require different techniques that have resulted from a long trial.
This may not simply be imitated. And take not less to do. Counterfeit goods to be
Quality, the same level together.

For the protection of capital and competitive ability

more the company is focused on building relationships with customers. We have to
focus on marketing promotions that have access needs of students. Exit strategies and
large competitors cannot imitate or emulate difficult. To attract customers to stay with
us such as free print if the purchase of the stores scheduled.
Substitute product
Ice cream is a product that is easy to substitute products. Depending on whether
a product will look kind of ice cream. If any overview food that is sweet and kind one,
products to replace the food is sweet to all. Which a number, If we compare the prices
of existing competitors, we are also in line with cheaper quality compared. We also are
a feature. Home Made Ice Cream. The most competitive products are franchiser. That is
available generally. When viewed from the sweltering weather outside of the university
and ABAC. Ice cream seems to be popular than other dessert.
Power of buyer
The company brand is new and not yet well known and accepted in the market.
The Company is required in areas ABAC Plaza. And store sales. In the drive to
consume. Since the image area of the store is set to see a good image and thus help
support the good image of the store to customers. Later, when the goods have been
more popular. Will contribute to building the company's bargaining power increase.
However, the quality of ice cream flavors are the most important factors to Business in
the long term tend to increase the likelihood of repeat purchases of consumers.

24

Power of supplier
Because raw material production base of the product was not difficult to find,
such as milk, cream, eggs, fresh vegetables, fruits, etc., a product that provides easy and
has many manufacturers in the market for a Supplier bargaining power is low.
Especially the agricultural products. Normal price will fall when the season because of
low productivity into the market once substantial. However, to get a good quality of raw
material quality tests from some manufacturers. To facilitate the quality control of raw
materials.
From the above analysis showed that ice-cream business is an industry of
market has high gravity. Both the production cost per unit low. (Making a gross profit
margin high) into the market is doing. Easy because no barriers to entry. Especially in
the Ice Cream Home-made small and Supplier bargaining power is lower. Because
materials used in manufacturing a product purchased at general and sellers in the market
more. However, the qualities of ice cream flavors are the most important factors to
business in the long term.

25

3.5 Sales Forecast/Profit Estimation
According to the sale forecasting method which we are focusing on the Micro
forecasting is concerned with detailed unit sales forecasts. This is about determining a
product’s market share in a particular industry and considering what will happen to that
market share in the future. As the statistic of population in Samutprakarn province
[December, 2009], there are 1,147224 people; 555,811 for males, and 591,413 for
females. Zdravo Siam will place at ABAC University, which is in Bangsaothong
District, Samutprakarn. There are 20,511 students; 18,256 from bachelor degree, 2,061
from master degree, and 194 from doctor degree [As the entire of population in
Bangsaothong, there are 41,655 people]. First the estimate numbers of customer focus
mainly on student from bachelor degree to master degree which the number is 11,000.
So,we break down into 11000 x 20% which equal 2,200 population.

Time period are: 60 months or 5 years
Average selling price are: 35 baht/scoop
Next we estimate the company demand
Which company demand = market demand x company market share
Zdravo siam expected that student in ABAC university will consume our product at 1.5
liter / person /year
So, market demand = 2,200 x 1.5 (liter/person) = 3,300 liter
Market share of Zdravo siam ice-cream are 20%
Which came from the survey from the Abac Plaza
So, the company demands of selling are
Comapny demand in selling of ice cream = 3,300 x 15 (1 liter will equal 15
scoops of ice cream) = 49,500scoops / years
49,500 /12 = 4,125 scoops per month
4125 /30 = 137 scoops per day which Zdravo siam has 10 flavour which can break
down into an approximate 137/10 = 13 Scoops per flavor per day.

26

3.5.1 Time Series Analysis
Breakdown into 4 parts
The trend: According to the study of Kasikorn research center state that the ice
cream market will growth rapidly of 5% every year according to the consumer behavior.
The seasonal: Zdravo siam are located in ABAC Plaza which are in ABAC
campus area which it can divided into three seasonal as the following in 1’st semester
2’nd semester and 3’rd which is summer and the sale forecasting in the summer season
will approximate to decrease of 50% of sale volume because there are less student to
come and study at ABAC university.
Erratic event: Zdravo siam sale forecast will estimate the total sale in the
summer lower than the open semester for 50% because the student in ABAC Bangna
campus 50% of them will not take the summer course
Response: To increase the sale volume Zdravo siam will mainly response to this
situation by giving out the leaflet or launching promotion to motivate the market.

27

3.6 Sale Forecast
Year 1 Total sales in cash
Toatal sale

Product
Rum Raisin
Golden Fresh milk
Almond Fresh milk
Green tea Fresh milk
Ice tea Fresh milk
Lynchee Sorbet
Papermint
Vanila
Chocolate
Strawberry
Total

JAN
7,182
6,048
5,368
5,065
5,594
2,873
2,268
7,560
9,828
10,584

FEB
8,379
7,056
6,262
5,909
6,527
3,352
2,646
8,820
11,466
12,348

MAR
3,591
3,024
2,684
2,533
2,797
1,436
1,134
3,780
4,914
5,292

APR
2,394
2,016
1,789
1,688
1,865
958
756
2,520
3,276
3,528

MAY
2,394
2,016
1,789
1,688
1,865
958
756
2,520
3,276
3,528

JUN
11,970
10,080
8,946
8,442
9,324
4,788
3,780
12,600
16,380
17,640

JUL
9,576
8,064
7,157
6,754
7,459
3,830
3,024
10,080
13,104
14,112

AUG
11,970
10,080
8,946
8,442
9,324
4,788
3,780
12,600
16,380
17,640

SEP
14,364
12,096
10,735
10,130
11,189
5,746
4,536
15,120
19,656
21,168

OCT
16,758
14,112
12,524
11,819
13,054
6,703
5,292
17,640
22,932
24,696

NOV
15,561
13,104
11,630
10,975
12,121
6,224
4,914
16,380
21,294
22,932

DEC
15,561
13,104
11,630
10,975
12,121
6,224
4,914
16,380
21,294
22,932

62,370

72,765

31,185

20,790

20,790

103,950

83,160

103,950

124,740

145,530

135,135

135,135

Total
119,700
100,800
89,460
84,420
93,240
47,880
37,800
126,000
163,800
176,400
1,039,500

Year 2 Total sales in cash
Toatal sale

Product
Rum Raisin
Golden Fresh milk
Almond Fresh milk
Green tea Fresh milk
Ice tea Fresh milk
Lynchee Sorbet
Papermint
Vanila
Chocolate
Strawberry
Total

JAN
15,960
17,640
12,348
22,932
22,932
8,820
19,404
10,584
12,348
22,932

FEB
19,950
21,240
14,868
27,612
27,612
10,620
23,364
12,744
14,868
27,612

MAR
77,976
12,796
8,958
16,635
16,635
6,398
14,076
7,678
8,958
16,635

APR
64,980
10,826
7,578
14,074
14,074
5,413
11,908
6,495
7,578
14,074

MAY
29,241
9,159
6,411
11,906
11,906
4,579
10,074
5,495
6,411
11,906

JUN
38,988
17,995
12,567
23,364
23,364
8,968
19,779
10,797
12,567
23,364

JUL
97,470
21,668
15,132
28,133
28,133
10,799
23,816
13,001
15,132
28,133

AUG
272,916
26,091
18,221
33,875
33,875
13,003
28,676
15,654
18,221
33,875

SEP
487,350
31,416
21,939
40,789
40,789
15,656
34,529
18,849
21,939
40,789

OCT
318,402
37,828
26,417
49,114
49,114
18,852
41,577
22,697
26,417
49,114

NOV
438,615
45,548
31,809
59,138
59,138
22,699
50,062
27,329
31,809
59,138

DEC
295,659
54,845
38,301
71,208
71,208
27,332
60,280
32,907
38,301
71,208

164,052

197,535

119,007

100,680

85,175

167,163

201,281

242,362

291,829

351,391

423,110

509,466

Total
245,641
307,051
214,550
398,781
398,781
153,140
337,546
184,231
214,550
398,781
2,853,051

28

Year 3 Total sales in cash
Toatal sale

Product
Rum Raisin
Golden Fresh milk
Almond Fresh milk
Green tea Fresh milk
Ice tea Fresh milk
Lynchee Sorbet
Papermint
Vanila
Chocolate
Strawberry
Total

JAN
17,556
14,784
13,121
12,382
13,675
7,022
5,544
18,480
24,024
25,872

FEB
15,362
12,936
11,481
10,834
11,966
6,145
4,851
16,170
21,021
22,638

MAR
6,584
5,544
4,920
4,643
5,128
2,633
2,079
6,930
9,009
9,702

APR
4,389
3,696
3,280
3,095
3,419
1,756
1,386
4,620
6,006
6,468

MAY
4,389
3,696
3,280
3,095
3,419
1,756
1,386
4,620
6,006
6,468

JUN
24,140
20,328
18,041
17,025
18,803
9,656
7,623
25,410
33,033
35,574

JUL
21,945
18,480
16,401
15,477
17,094
8,778
6,930
23,100
30,030
32,340

AUG
21,945
18,480
16,401
15,477
17,094
8,778
6,930
23,100
30,030
32,340

SEP
21,945
18,480
16,401
15,477
17,094
8,778
6,930
23,100
30,030
32,340

OCT
26,334
22,176
19,681
18,572
20,513
10,534
8,316
27,720
36,036
38,808

NOV
28,529
24,024
21,321
20,120
22,222
11,411
9,009
30,030
39,039
42,042

DEC
26,334
22,176
19,681
18,572
20,513
10,534
8,316
27,720
36,036
38,808

152,460

133,403

57,173

38,115

38,115

209,633

190,575

190,575

190,575

228,690

247,748

228,690

Total
219,450
184,800
164,010
154,770
170,940
87,780
69,300
231,000
300,300
323,400
1,905,750

Year4 Total sale in cash
Toatal sale

Product
Rum Raisin
Golden Fresh milk
Almond Fresh milk
Green tea Fresh milk
Ice tea Fresh milk
Lynchee Sorbet
Papermint
Vanila
Chocolate
Strawberry
Total

JAN
12,768
10,752
9,542
9,005
9,946
5,107
4,032
13,440
17,472
18,816

FEB
15,960
13,440
11,928
11,256
12,432
6,384
5,040
16,800
21,840
23,520

MAR
4,788
4,032
3,578
3,377
3,730
1,915
1,512
5,040
6,552
7,056

APR
3,192
2,688
2,386
2,251
2,486
1,277
1,008
3,360
4,368
4,704

MAY
4,788
4,032
3,578
3,377
3,730
1,915
1,512
5,040
6,552
7,056

JUN
14,364
12,096
10,735
10,130
11,189
5,746
4,536
15,120
19,656
21,168

JUL
22,344
18,816
16,699
15,758
17,405
8,938
7,056
23,520
30,576
32,928

AUG
19,152
16,128
14,314
13,507
14,918
7,661
6,048
20,160
26,208
28,224

SEP
15,960
13,440
11,928
11,256
12,432
6,384
5,040
16,800
21,840
23,520

OCT
12,768
10,752
9,542
9,005
9,946
5,107
4,032
13,440
17,472
18,816

NOV
15,960
13,440
11,928
11,256
12,432
6,384
5,040
16,800
21,840
23,520

DEC
17,556
14,784
13,121
12,382
13,675
7,022
5,544
18,480
24,024
25,872

110,880

138,600

41,580

27,720

41,580

124,740

194,040

166,320

138,600

110,880

138,600

152,460

Total
159,600
134,400
119,280
112,560
124,320
63,840
50,400
168,000
218,400
235,200
1,386,000

29

Year 5 Total sale in cash
Toatal sale

Product
Rum Raisin
Golden Fresh milk
Almond Fresh milk
Green tea Fresh milk
Ice tea Fresh milk
Lynchee Sorbet
Papermint
Vanila
Chocolate
Strawberry
Total

JAN
19,950
16,800
14,910
14,070
15,540
7,980
6,300
21,000
27,300
29,400

FEB
15,960
13,440
11,928
11,256
12,432
6,384
5,040
16,800
21,840
23,520

MAR
5,985
5,040
4,473
4,221
4,662
2,394
1,890
6,300
8,190
8,820

APR
3,990
3,360
2,982
2,814
3,108
1,596
1,260
4,200
5,460
5,880

MAY
3,990
3,360
2,982
2,814
3,108
1,596
1,260
4,200
5,460
5,880

JUN
27,930
23,520
20,874
19,698
21,756
11,172
8,820
29,400
38,220
41,160

JUL
23,940
20,160
17,892
16,884
18,648
9,576
7,560
25,200
32,760
35,280

AUG
15,960
13,440
11,928
11,256
12,432
6,384
5,040
16,800
21,840
23,520

SEP
19,950
16,800
14,910
14,070
15,540
7,980
6,300
21,000
27,300
29,400

OCT
19,950
16,800
14,910
14,070
15,540
7,980
6,300
21,000
27,300
29,400

NOV
21,945
18,480
16,401
15,477
17,094
8,778
6,930
23,100
30,030
32,340

DEC
19,950
16,800
14,910
14,070
15,540
7,980
6,300
21,000
27,300
29,400

173,250

138,600

51,975

34,650

34,650

242,550

207,900

138,600

173,250

173,250

190,575

173,250

Total
199,500
168,000
149,100
140,700
155,400
79,800
63,000
210,000
273,000
294,000
1,732,500

30

Marketing Expense

Total Marketing Expense
Leaflet
Paper
Internet
Sunday set expense
Cone profit
Big comboset

Y1

Y2
600
1,080
4,200
1,800
-600
3,000

Y3
600
1,080
4,200
3,000
-1,000
5,000

Y4
600
1,080
4,200
3,300
-1,100
5,500

Y5
600
1,080
4,200
2,400
-800
4,000

600
1,080
4,200
3,000
-1,000
5,000

Note* The Zdravo siam will plus the charge of the cone for 2 baht per cone so in the marketing expense it will be the deduction.

31

3.7 Conclusion
According to the sale forecasting we it can conclude that the average income of
the total 60 month will be approximate 148,613 baht per month and the seasoning sale
will be shown as the following figure.

Zdravo siam Growth rate
25%

15%
10%

Zdravo siam

5%

Month59

Month57

Month55

Month53

Month51

Month49

Month47

Month45

Month43

Month41

Month39

Month37

Month35

Month33

Month31

Month29

Month27

Month25

Month23

Month21

Month19

Month17

Month15

Month13

Month9

Month11

Month7

Month5

Month3

0%

Month1

Sale percentage

20%

Figure 3.3: Zdravo siam Growth rath

As the figure shown above it will show the sharp decrease in sales this happened
because of the season of the university that close for summer. But the advantage are
even the sale are 50% lower than normal but The ABAC plaza will give an exception
not to gather the rent of the summer season.
The total of marketing expense is 60,900 baht and Zdravo siam will plus the
charge of the cone if customer wants to ice cream scoops on cone.

32

Chapter 4
Technical Feasibility Study

33

Chapter 4
4.1 Production and Operations Analysis
4.1.1 Product Characteristics
Zdravo siam product focused on only selling ice cream which generally can be dividend
in to ten flavors
4.1.1.1. Rum raisin
4.1.1.2. Golden ice-cream fresh milk
4.1.1.3. Almond ice-cream fresh milk
4.1.1.4. Green tea ice-cream fresh milk
4.1.1.5. Ice tea Ice-cream
4.1.1.6. Lynches Sorbet
4.1.1.7. Pepper mint ice-cream
4.1.1.8. Ice-cream vanilla
4.1.1.9. Ice-cream chocolate
4.1.1.10. Ice-cream Strawberry
All of Zdravo siam ice cream use a high quality ingredient inside Thailand.

34

4.1.2Production process
The basic steps in the manufacturing of ice cream are generally as follows:

blending of the mix ingredients

pasteurization

homogenization

aging the mix

freezing

packaging

hardening

Figure4.1: Process flow diagram for ice cream manufacture
Process flow diagram for ice cream manufacture: the red section represents the
operations involving raw, unpasteurized mix, the pale blue section represents the
operations involving pasteurized mix, and the dark blue section represents the
operations involving frozen ice cream.

35

Blending
First the ingredients are selected based on the desired formulation and the calculation of
the recipe from the formulation and the ingredients chosen, then the ingredients are
weighed and blended together to produce what is known as the "ice cream mix".
Blending requires rapid agitation to incorporate powders, and often high speed blenders
are used.

Figure 4.2: Simple hopper device for incorporating dry ingredients

36

Figure 4.3: High shear blender for incorporating dry ingredients

Pasteurization
The mix is then pasteurized. Pasteurization is the biological control point in the system,
designed for the destruction of pathogenic bacteria. In addition to this very important
function, pasteurization also reduces the number of spoilage organisms such as
psychrotrophs, and helps to hydrate some of the components (proteins, stabilizers).
Pasteurization (Ontario regulations): 69° C/30 min. 80° C/25s
Both batch pasteurizers and continuous (HTST) methods are used.
Batch pasteurizers lead to more whey protein denaturation, which some people feel
gives a better body to the ice cream. In a batch pasteurization system, blending of the
proper ingredient amounts is done in large jacketed vats equipped with some means of
heating, usually steam or hot water. The product is then heated in the vat to at least 69 C
(155 F) and held for 30 minutes to satisfy legal requirements for pasteurization,
necessary for the destruction of pathogenic bacteria. Various time temperature
combinations can be used. The heat treatment must be severe enough to ensure

37

destruction of pathogens and to reduce the bacterial count to a maximum of 100,000 per
gram. Following pasteurization, the mix is homogenized by means of high pressures
and then is passed across some type of heat exchanger (plate or double or triple tube) for
the purpose of cooling the mix to refrigerated temperatures (4 C). Batch tanks are
usually operated in tandem so that one is holding while the other is being prepared.
Automatic timers and valves ensure the proper holding time has been met.
Continuous pasteurization is usually performed in a high temperature short time (HTST)
heat exchanger following blending of ingredients in a large, insulated feed tank. Some
preheating, to 30 to 40 C, is necessary for solubilization of the components. The HTST
system is equipped with a heating section, a cooling section, and a regeneration section.
Cooling sections of ice cream mix HTST presses are usually larger than milk HTST
presses. Due to the preheating of the mix, regeneration is lost and mix entering the
cooling section is still quite warm.
Homogenization
The mix is also homogenized which forms the fat emulsion by breaking down or
reducing the size of the fat globules found in milk or cream to less than 1 µ m. Two
stage homogenization is usually preferred for ice cream mix. Clumping or clustering of
the fat is reduced thereby producing a thinner, more rapidly whipped mix. Melt-down is
also improved. Homogenization provides the following functions in ice cream
manufacture:

Reduces size of fat globules

Increases surface area

Forms membrane

makes possible the use of butter, frozen cream, etc.
By helping to form the fat structure, it also has the following indirect effects: --- makes a smoother ice cream
- gives a greater apparent richness and palatability
- better air stability
- increases resistance to melting

38

Homogenization of the mix should take place at the pasteurizing temperature. The high
temperature produces more efficient breaking up of the fat globules at any given
pressure and also reduces fat clumping and the tendency to thick, heavy bodied mixes.
No one pressure can be recommended that will give satisfactory results under all
conditions. The higher the fat and total solids in the mix, the lower the pressure should
be. If a two stage homogenizer is used, a pressure of 2000 - 2500 psi on the first stage
and 500 - 1000 psi on the second stage should be satisfactory under most conditions.
Two stage homogenization is usually preferred for ice cream mix. Clumping or
clustering of the fat is reduced thereby producing a thinner, more rapidly whipped mix.
Melt-down is also improved.
Ageing
The mix is then aged for at least four hours and usually overnight. This allows time for
the fat to cool down and crystallize, and for the proteins and polysaccharides to fully
hydrate. Aging provides the following functions:

Improves whipping qualities of mix and body and texture of ice cream.

providing time for fat crystallization, so the fat can partially coalesce;

allowing time for full protein and stabilizer hydration and a resulting slight
viscosity increase;

allowing time for membrane rearrangement and protein/emulsifier interaction, as
emulsifiers displace proteins from the fat globule surface, which allows for a
reduction in stabilization of the fat globules and enhanced partial coalescence.

Aging is performed in insulated or refrigerated storage tanks, silos, etc. Mix temperature
should be maintained as low as possible without freezing, at or below 5 C. An aging
time of overnight is likely to give best results under average plant conditions. A "green"
or unaged mix is usually quickly detected at the freezer.

39

Freezing and Hardening
Following mix processing, the mix is drawn into a flavour tank where any liquid
flavors, fruit purees, or colours are added. The mix then enters the dynamic freezing
process which both freezes a portion of the water and whips air into the frozen mix. The
"barrel" freezer is a scraped-surface, tubular heat exchanger, which is jacketed with a
boiling refrigerant such as ammonia or freon. Mix is pumped through this freezer and is
drawn off the other end in a matter of 30 seconds, (or 10 to 15 minutes in the case of
batch freezers) with about 50% of its water frozen. There are rotating blades inside the
barrel that keep the ice scraped off the surface of the freezer and also dashers inside the
machine which help to whip the mix and incorporate air.

Figure 4.4: The Continuous Ice Cream Freezer

40

Ice cream contains a considerable quantity of air, up to half of its volume. This gives the
product its characteristic lightness. Without air, ice cream would be similar to a frozen
ice cube. The air content is termed its overrun, which can be calculated mathematically.
As the ice cream is drawn with about half of its water frozen, particulate matter such as
fruits, nuts, candy, cookies, or whatever you like, is added to the semi-frozen slurry
which has a consistency similar to soft-serve ice cream. In fact, almost the only thing
which differentiates hard frozen ice cream from soft-serve, is the fact that soft serve is
drawn into cones at this point in the process rather than into packages for subsequent
hardening.
Hardening
After the particulates have been added, the ice cream is packaged and is placed into a
blast freezer at -30° to -40° C where most of the remainder of the water is frozen. Below
about -25° C, ice cream is stable for indefinite periods without danger of ice crystal
growth; however, above this temperature, ice crystal growth is possible and the rate of
crystal growth is dependant upon the temperature of storage. This limits the shelf life of
the ice cream.
A primer on the theoretical aspects of freezing will help you to fully understand the
freezing and recrystallization process.
Hardening involves static (still, quiescent) freezing of the packaged products in blast
freezers. Freezing rate must still be rapid, so freezing techniques involve low
temperature (-40oC) with either enhanced convection (freezing tunnels with forced air
fans) or enhanced conduction (plate freezers).

41

Figure 4.5: Spiral, wind tunnel freezer
The rate of heat transfer in a frezing porcess is affected by the temperature difference,
the surface area exposed and the heat transfer coefficient (Q=U A dT). Thus, the factors
affecting hardening are those affecting this rate of heat transfer:

Temperature of blast freezer - the colder the temperature, the faster the
hardening, the smoother the product.

Rapid circulation of air - increases convective heat transfer.

Temperature of ice cream when placed in the hardening freezer - the colder the
ice cream at draw, the faster the hardening; - must get through packaging
operations fast.

Size of container - exposure of maximum surface area to cold air, especially
important to consider shrink wrapped bundles - they become a much larger mass
to freeze. Bundling should be done after hardening.

Composition of ice cream - related to freezing point depression and the
temperature required to ensure a significantly high ice phase volume.

Method of stacking containers or bundles to allow air circulation. Circulation
should not be impeded - there should be no 'dead air' spaces (e.g., round vs.
square packages).

Care of evaporator - freedom from frost - acts as insulator.

42

Package type, should not impede heat transfer - e.g., styrofoam liner or
corrugated cardboard may protect against heat shock after hardening, but
reduces heat transfer during freezing so not feasible.

Ice cream from the dynamic freezing process (continuous freezer) can also be
transformed into an array of novely/impulse products through a variety of filling and
forming machines, which have ben identified on a separate page.

4.1.3 Life Time
The most frequently occurring textural defect in ice cream is the development of a
coarse, icy texture. Iciness is also the primary limitation to the shelf life of ice cream
and probably also accounts for countless lost sales through customer dissatisfaction with
quality. There is no answer to the question "What is the shelf-life of ice cream?", it
depends entirely on its conditions of storage. It might be one year, or it might be two
weeks or less. Although the source of and the contributing factors to the problem of
icincess are well known, it is also one of the defects about which I am most often asked.
Processor's have known for a long time how to prevent iciness and the answer is still the
same: formulate the ice cream properly to begin with, freeze the ice cream quickly in a
well-maintained barrel freezer, harden the ice cream rapidly, and avoid as much as
possible temperature fluctuations during storage and distribution. Ice crystals need to be
numerous and of small, uniform size so they are not detected when eaten. It is heat
shock, large temperature fluctuations, which is the greatest culprit to the loss of these
small, uniform ice crystal size distributions and resulting coarse, icy texture. Perhaps it
is time another message was added to the prevention of iciness and that is to educate the
retailer's and the consumer about the causes of iciness and preventative action to
maintain a smooth-textured ice cream.
Before we begin looking specifically at shelf-life, you need to re-acquaint yourself with
the freezing aspects of ice cream manufacturing, the structure of ice crystals in ice
cream, and the theoretical aspects of the freezing process.

43

Temperature Fluctuations and Ice Recrystallization
Ice crystals are relatively unstable, and during frozen storage, they undergo changes in
number, size, and shape, known collectively as recrystallization. This is probably the
most important reaction leading to quality losses in all frozen foods. Some
recrystallization occurs naturally at constant temperatures, but by far the majority of
problems are created as a result of temperature fluctuations. If the temperature during
the frozen storage of ice cream increases, some of the ice crystals, particularly the
smaller ones, melt and consequently the amount of unfrozen water in the serum phase
increases. Conversely, as temperatures decrease, water will refreeze but does not
renucleate. Rather, it is deposited on the surface of larger crystals, so the net result is
that the total numbers of crystals diminish and the mean crystal size increases.
Temperature fluctuations are common in frozen storage as a result of the cyclic nature
of refrigeration systems and the need for automatic defrosts. However, mishandling of
product is probably the biggest culprit. The sight of ice cream sitting unrefrigerated on a
loading dock, in the supermarket aisle, in a shopping cart, or in someone's grocery bag
is too common. If one were to track the temperature history of ice cream during
distribution, retailing, and finally consumption, one would find a great number of
temperature fluctuations. Each time the temperature changes, the ice to serum content
changes, and the smaller ice crystals disappear while the larger ones grow even larger.
Recrystallization is minimized by maintaining low and constant storage temperatures.
The graph below provides data to show the increase in size of ice crystals that occurs
with temperature cycles (from the work of A. Flores and H. D. Goff).

44

Figure 4.6 Cumulative distribution of ice crystals

Below are several cryo-scanning electron micrographic images of ice cream after
temperature fluctuations. In the first composite, all pictures are at the same
magnification, the top two are fresh, the botton two are heat-shocked. You can see the
tremendous increase in crystals size that has occurred. The next image shows an
example of accretion, where crystals fuse as they grow.
Maintaining Shelf-life

Formulate the ice cream properly

Freezing point depression and sugar considerations Stabilizers

Freeze the ice cream quickly in a well-maintained barrel freezer

Continuous freezers with high rates of heat exchangeFree of fouling
(eg., oil) on refrigerant side

Blades with a good, even edge

Short, insulated process lines through ingredient feeder, packaging
equipment

Precooling of ingredients Harden the ice cream rapidly

45

High rates of heat transfer: convection (high ΔT and forced air with
free air flow) or conduction

Importance of thermal centre and shrink-wrapping of bundles

Avoid temperature fluctuations during storage and distribution

Importance of low, constant temperatures

Avoid mishandling at all stages

Educate retailers and consumers about shelf stability

Mishandling is usually not at the manufacturing level but quality
losses affect

4.1.4 Ice cream recipe
Rum raisin

White malt 2 teaspoons

Sugar 1/2 cup

Fresh milk 3 cup

Butter rum Syrup 20 ml

Rum ¼ teaspoon

Whip cream 1/3 cup

Guar Gum 1 tablespoon

Raisin

Directions:
How do the White malt mixed with the fresh milk sugar syrup mixed and rum
flavored cooking set fire hot enough fire gradually. First mixed together to mix. Then
put into cold enough. Mixed with milk, Whip cream, Guar Gum and mix then hold
together enough to cool the tank immersed in approximately time 4 hours and then put
ice cream in shaker. Take approximately time 30-40 minutes after completion may be
mixed currant. Then be refrigerated.

46

Pumpkin ice-cream fresh milk

White malt 2 teaspoons.

Sugar 1/2 cup.

Fresh milk 2 cup.

White chocolate syrup 10 ml.

Pumpkin 3/4 cup.

Whip cream 1/3 cup

Guar Gum 1 tablespoon

Directions:
Bring White malt mixed with sugar. And fresh milk white chocolate. Thereafter bring
pumpkin heated gradually put sugar. After that mix pumpkin and whipping cream and
mix Guar Gum. Thereafter be immersed in the ice tank approximately times 3-4 hours.
Bring ice cream in shaker and then approximately times 30-40 minutes to complete.

Almond ice-cream fresh milk

White malt 2 teaspoons.

Sugar 1/2 cup.

Fresh milk 3 cup.

White chocolate syrup 10 ml.

Caramel 30 ml

Whip cream 1/3 cup

Guar Gum 1 tablespoon

Almond 3/4 cup

Directions:
Bring White malt mixed with sugar. And fresh milk white chocolate. Thereafter bring
almond heated gradually put sugar. After that mix almond and whipping cream and mix

47

Guar Gum. Thereafter be immersed in the ice tank approximately times 4 hours. Bring
ice cream in shaker and then approximately times 30-40 minutes to complete.

Green tea ice-cream fresh milk

Powder green tea 1/3 cup.

White malt 2 teaspoons.

Sugar 1/2 cup.

Fresh milk 3 cup.

White chocolate syrup 15 ml.

Whip cream 1/3 cup

Guar Gum 1 tablespoon

Directions:
Bring White malt mixed with sugar. And fresh milk white chocolate. Thereafter bring
Green tea syrup heated gradually put sugar. After that mix Green tea syrup and
whipping cream and mix Guar Gum. Thereafter be immersed in the ice tank
approximately times 4 hours. Bring ice cream in shaker and then approximately times
30-40 minutes to complete.

Ice tea ice-cream

Ice tea powder 1/3 cup.

White malt 2 teaspoons.

Sugar 1/2 cup.

Fresh milk 3 cup.

White chocolate syrup 10 ml.

Whip cream 1/3 cup

Guar Gum 1 tablespoon

48

Directions:
Bring Ice tea powder and white malt mixed with sugar. And fresh milk white chocolate.
Thereafter bring Green tea syrup heated gradually put sugar. After that mix and
whipping cream and mix Guar Gum. Thereafter be immersed in the ice tank
approximately times 4 hours. Bring ice cream in shaker and then approximately times
30-40 minutes to complete.
Lynches Sorbet

Lynches in syrup 1 can (about 240g lynches and 200 ml syrup)

Castor sugar 20 g

1 egg white

Directions:
1. Puree the Lynches together with the sugar and the syrup.
2. Taste the mixture and adjust sugar if needed. Beat the egg white until almost stiff and
stir in the mixture. Make sure that all the ingredients are thoroughly mixed.
3. Transfer the complete mixture into an ice-cream maker and follow the manufacturer’s
instructions.
4. Puree the Lynches together with the sugar and the syrup. (Use a food processors or
blender)
5. Eat the egg white until almost stiff.
6. Mix the Leeches puree thoroughly with the egg white.
7. Make sure that all the ingredients are thoroughly mixed.
8. Preparation time: about 25-35 minutes.

49

Pepper mint ice-cream

White malt 1 teaspoons.

Sugar 1/3 cup.

Pineapple juice 1/2 cup

Fresh milk 3 cup.

Pepper mint syrup 30 ml.

White chocolate syrup 10 ml.

Whip cream 1/3 cup

Guar Gum 1.5 Tablespoon.

Directions:
Bring white malt mix with sugar. Thereafter bring fresh milk mix with white chocolate
syrup. And bring almonds syrup heated gradually. Mix with milk, whipping cream and
pineapple juice, put to Guar Gum. And cool the tank immersed about 4 hours. Put to
shaker. Approximately 30-40 minutes to complete.

Ice-cream vanilla

Fresh milk 3 cup

Egg 6 eggs

Sugar 1/3 cup

Whipping cream 1/3 cup

Vanilla powder

Guar Gum 1.5 Tablespoon.

White chocolate syrup 10 ml.

2 tablespoon

Directions:
Bring Vanilla powder mix with sugar. Thereafter bring fresh milk mix with white
chocolate syrup. And mix with milk, whipping cream and put to Guar Gum. And cool
the tank immersed about 4 hours. Put to shaker. Approximately 30-40 minutes to
complete.

50

Ice-cream Chocolate

Butter 1 cup

Fresh milk 1 cup

Sugar 1/3 cup

White chocolate syrup 10 ml.

Chocolate powder 2 tablespoon

Guar Gum 1.5 Tablespoon.

Whipping cream 1/3 cup

Directions:
Bring Chocolate powder mix with sugar. Thereafter bring fresh milk mix with white
chocolate syrup. And mix with milk, whipping cream and put to Guar Gum. And cool
the tank immersed about 4 hours. Put to shaker. Approximately 30-40 minutes to
complete.

Ice-cream Strawberry

Egg 3 eggs

Fresh milk 4 cup

Sweet milk 3 cup

whipping cream 1/3 cup

Guar Gum 1.5 Tablespoon

Strawberry 1/2 cup

Sugar 2 tablespoon

Directions:
Bring strawberry mix with sugar. Approximately 1 hour. Thereafter, put to shaker.
Bring fresh milk, corn starch, and salt to melt together and put cream, searched milk and
strawberry to malt together. And cool the tank immersed about 4 hours. Put to shaker.
Approximately 30-40 minutes to complete.

51

4.1.5 Location
Zdravo Siam will be located at ABAC Plaza

This will be inside of this plaza.

Figure4.7: ABAC plaza

52

Our shop opens at room number 41 which have an area of 58 Sq.m.

Figure4.2 Plan ground floor

Figure 4.8: Ground floor plan

53

4.1.6 Facility layout
Due to the design we ask the contractor to estimate the cost of decoration which will be
five hundred thousand. The contractors said that most of the cost that spends on the
decoration is cost of furniture.

Figure 4.9: Layout of Zdravo siam

54

Figure 4.10: Zdravo siam design 1

55

Figure 4.11: Zdravo siam design 2

56

Figure4.2: Zdravo siam design 3

57

The logo

Zdravo siam will be use this logo the main color of this logo is gold because we want to
sent out the theme of a high class with a combination of Thai word will give out the
look of high class. It also contain the meaning in each letters
Z- Zenith
D- Dispersion
R - Radical
A - Abet
V - Validness
O - Obdurate
As it shown above it will show the intend of name giving

58

4.1.7 Machine Tools and Equipment
4.1.7.1 Equipments:
Ice-Cream Maker

To produce as many ice cream flavors. Capacity was 7 liters per 18 minutes of
maintenance can easily clean machine.
Price: 1.5 hundred thousand baht

Ice-cream Freezer

Ice-cream Freezer in U-Mirror Shape; 120 x 75 x 135 cm.12 trays for place ice-cream,
and 15 trays for stock, -20 Celsius for its temperature
Price: 46,000baht

Ice-Cream Scoop

Price: 450 Baht/ piece

59

Ice-Cream’s tray

An Ice-Cream’s tray; 26 x 16 x 10 cm.
Price: 580 Baht/ tray
Fruit’s tray

A fruit’s tray; 17 x 16 x 10 cm.
Price: 480 Baht/ tray

Cash Register

- JCM GOLD G-485 Dimensions include Drawer: 42 x 42 x 32 cm
Price: 35,000 bath

Blackboard

50 x 90 x 120 cm
Price: 550 Baht

60

Spoon

Stainless Steel
Price: 173 Baht

Tray

RW482 Plastic Tray [Brown] 29 x 42.3 x 2.5 cm.
Price :48 Baht

Basin

28 cm.
Price: 59 baht

Sunday glass

Price: 678 per Dozen

61

Glass

Price: 55 baht

Water Glass

Price: 75 per glass

Telephone

PANASONIC KX-TSC11MX.Single phone call. Displays the name and number to
call.Button Navigatar. Add ease of use.Screen LCD 2 line 16 the main story.50
number memory with 2 colors.1 year warranty.
Price: 990 baht

Pen

Price: 4.25 baht

62

Napkin

Width: 22 inch, Length: 22 inch
Price: 130 baht

Order

Size 3.75” x 5.25”
Price: 25 baht per book

Tissue Paper

1,000 sheet
Price:748 baht

Dishwashing liquid

63
Price: 27 baht

Scotch Brite

Price: 12 baht

Cooler

Coleman Excursion 16Quart
Price: 1,800 baht

Computer

Compaq Presario CQ3085L. Intel Pentium Dual Core E5400 2.7 GHz. 3 GB DDR2 ,
Harddisk 500 GB SATA. Super Mulit SATA Drive, 56K, 10/100 on. Monitor 18.5"
WLCD
Price: 13,800 baht

Printer

Canon Laser Shot LBP-2900B Printer. Dimensions 37 cm x 21.7 cm x 25.1 cm
Price: 2,750 baht

64

Speaker

SONY SRS-M30/WQ SP5
Price: 1,490 baht

4.1.7.2 Other:
Books / Magazines

GTR Magazine: 70 Baht/ Book
TV Pool Magazine: 25 Baht/ Book
Seventeen Magazines: 90 Baht/Book
Spicy Magazing: 25 Baht/Book

65
4.1.8 Facility Management
4.1.8.1 Electricity: Normal Value
Electric
(Baht/Unit)
1.1.1 Using electricity lower than 150 units/month
First 5 Units

(Unit 0 - 5)

0

Next 10 Units

(Unit 6 - 15)

1.3576

Next 10 Units

(Unit 16 – 25)

1.5445

Next 10 Units

(Unit 26 – 35)

1.7968

Next 65 Units

(Unit 36 - 100)

2.1800

Next 50 Units

(Unit 101 - 150)

2.2734

Next 250 Units

(Unit 151 - 400)

2.7781

More than 400 Units (Unit 401-XXX)

(Baht
/ Month)
8.19

2.9780

1.1.2 Using electricity more than 150 units/month
First 150 units

(Unit 0 - 150)

1.8047

Next 250 units

(Unit 151 - 400)

2.7781

More than 400 units (Unit 401- XXX)

Service

40.90

2.9780

4.1.8.2 Advertisement’s Tax
4.1.8.2.1 A board which contain all of Thai language; 3 baht/500cm2
4.1.8.2.2 A board which contain both Thai and English, images or any
signs; 20 baht / 500 cm2
4.1.8.2.3 For these boards; 40 baht / 500 cm2
4.1.8.2.3.1 A board with no Thai language
4.1.8.2.3.2 A board with a few Thai language, and place under or lower
than other language
4.1.8.2.4 For any boards that paid already, you must pay more than the
normal cost, if you fix a board which make a rate of tax paying change; following
[1],[2] and [3].
4.1.8.2.5 The lowest cost of any board is 200 baht.

66
4.2 Cost of Investment
4.2.1 Rent
4.2.1.1 Rental Rate
Rental Fee baht 270/sq.m. Service Charge Baht 120/sq.m. Rental Exemption 4
Months (Holidays): March, April, May and October. According to the plan Zdravo
siam will be placed at room number 41 with the rental fee of 270 Bath / Sq.m. Plus
the service charge for 120 Bath /Sq.m. so the total rent cost per Sq.m. are 390 Bath
/Sq.m. Room number 41 will consists of 54.85 Sq.m. so the total rent for one month
are 390 x 54.85 = 21,391 baht per month, Thus For the whole year of rental cost are
21,391 x 12 = 256,692 but there are an exemption for 4 months on March , April ,
May and October so the total of rental cost will be deduction to 256,692 – (21391 x 4)
= 171,128 baht per year.

4.2.2 Total Pre operation cost
Pre-operation cost
Forward Rental(3month)
Permission to produce food
Sacia Tax
Total

Total price
64,173
800
385
65,358

4.3 Investment Cost

Equipment

347,090

Decoration
Total

500,000
847,090

67
4.3.1 Register’s Price.
4.3.1.1 Business Establishment Steps
4.3.1.1.1 Reserve the name of a business.
4.3.1.1.2 Register [Start by a normal people’s income tax]
4.3.1.1.3 Making an appointment for establish a business.
4.3.1.1.4 Establish a business.
4.3.1.1.5 Making a tax payer’s card.
4.3.1.1.6 Register for paying VAT.
4.3.1.2 Certificates for establish a business.
4.3.1.2.1 Business’s name.
4.3.1.2.2 Register’s cost.
4.3.1.2.3 Three copies of census [place for establish a business]
4.3.1.2.4 Objectives for establishes a business.
4.3.1.2.5 Number of committee member in a business, including a power
of each person.
4.3.1.2.6 Business’s Logo.
4.3.1.2.7 For establisher, it requires 1 copy of census and ID card. For
committee members need 4 copies as the same.
4.3.1.2.8 For a VAT. Register, it requires
4.3.1.2.8.1 A census and ID card from any people who are establisher
and committee members.
4.3.1.2.8.2 Pictures and Map of a place of business.

4.3.2 A Fee for establishes a business [Co., ltd.]
Commercial Registration According to Commercial Registration Act B.E.2499
Location of Registration
Department of Business Development
- Central Business Registration Division / Office of Business Registration Service
1 -7 provides the service for commercial registration of persons who conduct the
commercial businesses as specified by the Minister for the duties of the Department of
Business Development located in Bangkok
- Provincial Business Development Office provides the service for commercial

68
registration of persons who conduct the commercial businesses as specified by the
Minister for the duties of the Department of Business Development located in any
provinces
Period of Time for Commercial Registration
The registration of new commercial businesses must be within 30 days from the
starting date of business
Registration for new commercial business as follows:
1. Registration requisition (Print – out 2 pages)
2. Collateral evidence:
2.1 Copy ID card of person who conducts commercial businesses or partner’s
manager responsible progress doing business in Thailand
2.2 Power of Attorney with duty stamps (In case of Power of Attorney)
Commercial Registration Fee
The request for performing according to the Commercial Registration Act shall
pay the fee according to the type as follows:
(1) New commercial registration of 50 Baht
(2) Request for issuance of replacing license of 30 Baht per copy
(3) Request for verifying the documents of person who conducts commercial
businesses for 20 Baht per time
(4) Request for the officer to copy and certify the copy of document for 30 Baht
per copy
Total of Commercial Registration Fee 150 Baht
Company Limited Registration According to the Civil and Commercial Code
Establishment of Company Limited
To establish the company limited, shall process according to the following:
first 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’s meeting to establish the
company.

69
Information used to register the Memorandum
(1) Company’s name
(2) Location of head office
(3) Objective of the company
(4) Registered capital must be divided into each share with the same value
(5) Name, address, age, occupation and number of shares that persons who
start up the company reserve to buy the shares)
(6) Name, address, age

Registration Procedure
Submit in person can perform according to the following :
(1) In case of registering for the establishment or changing the company’s
name, the persons who start up the company or company’s director shall request for
verifying and reserving the company’s name to confide that such name is not
duplicated or similar to other names pervious registered. Upon reserving the name,
shall request for the registration of memorandum of association within 30 days by
reserving the name in person or via internet at www.dbd.go.th .
(2) Purchase the request and form from the Department of Business
Development or any of 7 business development office or provincial business
development office or download from internet from www.dbd.go.th .
(3) Prepare the request for registration and other attachments to the registrar
for consideration.
(4) Pay the fee according to the officer’s order

(5) If aiming to issue the certificate of registered transactions, shall submit the
request and pay the fee to the officers.
(6) Receive the certificate of registration.

Duties of Company
(1) The company limited must prepare the financial statement once a month in
every 12 months and at least one auditor shall audit to propose to the ordinary
shareholder’s meeting to approve the financial statement within 4 months from the
closing date, and submit the financial statement to the business information service
office, department of business development, or any provincial business development

70
office within 1 month from the date of financial statement’s approval although such
businesses have not yet been started or have not ceased temporarily; otherwise, they
shall have the fine penalty of no more than 50,000 Baht.
(2) The director shall prepare the copy of list of all shareholders’ names that are
holding the share at the time of the annual shareholders’ meeting and the list of
persons who are not the shareholders from the date of the last shareholders’ meeting
and submit to the department of business development or any provincial business
development office within 14 days from the date of the meeting; otherwise, they shall
have the fine penalty of no more than 10,000 Baht.
(3) Must arrange the annual shareholders’ meeting within 6 months from the
juristic person’s registration date, and arrange the next meeting of at least one time for
every 12 months; otherwise, they shall have the fine penalty of no more than 20,000
Baht.
The invitation for the shareholders’ meeting shall be advertised on the local
newspaper for at least one time of at least 7 days before the meeting date, and shall
send via reply mail to every shareholder named in the company’s registration for at
least 7 days before the meeting date, except the invitation for the shareholders’
meeting to vote for the extraordinary resolution shall be sent for at least 14 days
before the meeting date.
(4) Must prepare share certificate to the company’s shareholders; otherwise, they
shall have the fine penalty of no more than 10,000 Baht.
(5) Must prepare the book of shareholders’ registration of the company; otherwise,
they shall have the fine penalty of no more than 20,000 Baht.
(6) Any companies that relocate the location of head office must request for the
registration to the registrar; otherwise, they shall have the fine penalty of no more than
20,000 Baht.
For a register’s cost [1 million baht], it can divide to,
- A normal people’s income tax
- Business Establishment Cost
- Tax and Transcript cost
Total [Fee cost]

500 baht
5,000 baht
500 baht

around 6,000 baht

71

4.3.3 Depreciation
Year1
Ice cream maker
Ice cream freezer
Ice freezer display
cash registration
Total

January

Year2
Ice cream maker
Ice cream freezer
Ice freezer display
cash registration
Total

January

Year3
Ice cream maker
Ice cream freezer
Ice freezer display
cash registration
Total

January

Year4
Ice cream maker
Ice cream freezer
Ice freezer display
cash registration
Total

January

Year5
Ice cream maker
Ice cream freezer
Ice freezer display
cash registration
Total

January

February
2500
1508
767
583
5358

March
2500
1508
767
583
5358

February
2500
1508
767
583
5358

March
2500
1508
767
583
5358

February
2500
1508
767
583
5358

June

May

June

May
2500
1508
767
583
5358

2500
1508
767
583
5358

August
SeptemberOctober November December Total
2500
2500
2500
2500
2500
30000
1508
1508
1508
1508
1508
18096
767
767
767
767
767
9200
583
583
583
583
583
7000
5358
5358
5358
5358
5358
64296

2500
1508
767
583
5358

August
SeptemberOctober November December Total
2500
2500
2500
2500
2500
30000
1508
1508
1508
1508
1508
18096
767
767
767
767
767
9200
583
583
583
583
583
7000
5358
5358
5358
5358
5358
64296

2500
1508
767
583
5358

August
SeptemberOctober November December Total
2500
2500
2500
2500
2500
30000
1508
1508
1508
1508
1508
18096
767
767
767
767
767
9200
583
583
583
583
583
7000
5358
5358
5358
5358
5358
64296

2500
1508
767
583
5358

August
SeptemberOctober November December Total
2500
2500
2500
2500
2500
30000
1508
1508
1508
1508
1508
18096
767
767
767
767
767
9200
583
583
583
583
583
7000
5358
5358
5358
5358
5358
64296

July
2500
1508
767
583
5358

June
2500
1508
767
583
5358

August
SeptemberOctober November December Total
2500
2500
2500
2500
2500
30000
1508
1508
1508
1508
1508
18096
767
767
767
767
767
9200
583
583
583
583
583
7000
5358
5358
5358
5358
5358
64296

July
2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358
July

2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358
April

2500
1508
767
583
5358

June

May

April

July
2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358
March

2500
1508
767
583
5358

May

April

March

June
2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358
February

2500
1508
767
583
5358

April

March

February

May
2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358

2500
1508
767
583
5358

April
2500
1508
767
583
5358

July
2500
1508
767
583
5358

72

4.4 Operating Cost
4.4.1 Raw material Cost
Fruits

Banana
Price: 190 baht / kg

Orange
Price: 24.50 baht / kg

Lynchee
Price: 80 baht / kg

Strawberry
Price: 145 baht / kg

73

White malt
Price: 98 baht

Sugar
Price: 24 baht per kg.

Whole milk power 500 g.
Price: 102 baht

Rum 30 g.
Price: 60 baht

Whip cream 500 g.
Price: 230 baht

74

Guar Gum 1,000 g.
Price: 440 baht

Raisin
Price: 230 baht per kg.

Pumpkin
Price: 12 baht per kg.

Almond flavor power 1,000 g.
Price: 350 baht

75

Peppermint flavor power 1,000 g.
Price: 350 baht

Green tea power 500 g.
Price: 280 baht

Milk tea power 500 g.
Price 120 baht

Egg
Price: 3.20 baht per egg

76

Pineapple Juice 1,000 ml.
Price: 420 baht per dozen

Vanilla flavor 30 g.
Price: 60 baht

Chocolate flavor
Price: 60 baht

Salt
Price: 10 baht per kg.

Whipping Cream Bottle 1 Liter
Price: 2000 Baht

77

“CHANTYPAK” Whipping Cream
Price 150 Baht/ Box

Gas (use with whipping cream bottom)
Price: 1,700 per ten bottoms

Topping (Chocolate, Butterscotch, Caramel, Pineapple, Blueberry, Strawberry)
Weight 600 g.
Price: 65 baht per bottom

Fresh Milk
Price: 82 baht per dozen

78
4.4.2Overhead
MFG Over head
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
Electricity
800
800
800
800
800
800
800
800
800
800
800
800
9,600
Water
200
200
200
200
200
200
200
200
200
200
200
200
2,400
depreciation on the factory equipment
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
3,267
39,200
Total MFG over head
4,267
4,267
4,267
4,267
4,267
4,267
4,267
4,267
4,267
4,267
4,267
4,267
51,200

4.5 Management Analysis
4.5.1 Administration Cost
4.5.1.1 Employee salary
Our company hires three sale persons in our shop. Each person
receives salary 10,000 baht per month.

4.6 Conclusion
Zdravo siam will be located at ABAC Plaza in ABAC University. And we will
Our ice cream shop invest as the following.
Total cost of raw material and equipment
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Descript
Ice cream maker
Ice cream freezer
Ice cream scoop
Ice cream’s tray
Fruit’s tray
Cash Register
Blackboard
Spoon
Tray
Water glass
Glass
Sunday glass
Basin
Cooler
Book magazine
Telephone
Pen
Napkin
Order

No. Product
1
1
3
24
6
1
1
40
5
50
30
2
2
1
8
1
12
6
100

Price/Unit
150,000
46,000
450
580
480
35,000
550
173
48
75
55
675
59
1,800
50
990
4.25
130
25

Total
150,000
46,000
1,350
13,920
2,880
35,000
550
6,920
240
3,750
1,650
1,350
118
1,800
400
990
51
780
2,500

79
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Tissue Paper
Dishwashing liquid
Scotch Brite
Banana
Orange
Lynches
Strawberry
White malt
Sugar
Whole milk
Rum
Whip cream
Guar Gum
Raisin
Pumpkin
Almond
Green tea flavor
Milk tea flavor
Egg
Pineapple Juice
Vanilla
Chocolate
salt
Whipping Cream Bottom
Whipping Cream
Gas
Topping
Fresh Milk
Computer
Printer
Speaker
Total

12
1
2
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
60
1
6
6
1
1
3
10
6
1
1
1
1
495

748
27
12
190
24.5
80
145
98
24
102
60
230
440
230
12
350
280
120
3.20
420
60
60
10
2,000
150
170
65
82
13,800
2,750
1,490

8,976
27
24
950
122.5
400
725
490
120
510
360
1,380
2,640
1,380
72
2,100
1,680
720
192
420
360
360
10
2,000
450
1,700
390
82
13,800
2,750
1,490
316,930

So the total amount of investment will be equal 816,930+65,385 =882,315 but we will
loan the money from the investor for 900,000

80

Chapter 5
Financial Analysis

81

Chapter 5
5.1 Profit and loss statement
Year1
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

62,370
62,370

72,765
72,765

31,185
31,185

20,790
20,790

20,790
20,790

103,950
103,950

83,160
83,160

103,950
103,950

124,740
124,740

145,530
145,530

135,135
135,135

135,135
135,135

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

10
6,000
3,817
9,827

Gross income

52,543

62,938

21,358

10,963

10,963

94,123

73,333

94,123

114,913

135,703

125,308

125,308

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

792
21,391
1,350
30,000
53,533

734
21,391
1,350
30,000
53,475

666
1,350
30,000
32,016

524
1,350
30,000
31,874

624
1,350
30,000
31,974

860
21,391
1,350
30,000
53,601

876
21,391
1,350
30,000
53,617

860
21,391
1,350
30,000
53,601

1,044
21,391
1,350
30,000
53,785

1,028
1,350
30,000
32,378

1,086
21,391
1,350
30,000
53,827

986
21,391
1,350
30,000
53,727

10,658 -

20,911 -

21,011

40,522

19,716

40,522

61,128

103,325

71,481

71,581

10,994
10,994

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

29,923
8,977
20,946
99,069 78,123 -

30,195
9,059
21,137
68,870 47,733 -

50,940
15,282
35,658
47,733 12,075

93,277
27,983
65,294
12,075
53,219

61,575
18,473
43,103
53,219
96,321

61,819
18,546
43,273
96,321
139,595

Cost of goods Sold
Direct Material
Direct Labor
MFG overhead
Total cost of Goods sold

Net income before interest & Tax Operating income(loss)
Other income(expense)
Interest expense
Total Operating income
Income (Loss) Before Taxes
Provision (Benefit) for income taxes
Net income (Loss) for the year
Retained Earning beginning of the months
Retained Earnings
-

990

11,250
11,250

9,463 -

11,123
11,123

12,240 -

1,660 -

21,652 -

31,775 -

31,743

12,240 12,240 -

1,660 12,240 13,899 -

21,652 13,899 35,551 -

31,775 35,551 67,326 -

31,743
67,326 99,069 -

9,253
9,253
78,123 68,870 -

82

Year2
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

164,052
164,052

197,535
197,535

119,007
119,007

100,680
100,680

85,175
85,175

167,163
167,163

201,281
201,281

242,362
242,362

291,829
291,829

351,391
351,391

423,110
423,110

509,466
509,466

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

153,805

187,288

108,760

90,433

74,929

156,916

191,034

232,116

281,582

341,144

412,863

499,220

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,100
21,391
1,350
30,000
53,841

1,140
21,391
1,350
30,000
53,881

750
1,350
30,000
32,100

580
1,350
30,000
31,930

750
1,350
30,000
32,100

860
21,391
1,350
30,000
53,601

1,240
21,391
1,350
30,000
53,981

1,420
21,391
1,350
30,000
54,161

1,590
21,391
1,350
30,000
54,331

930
1,350
30,000
32,280

1,170
21,391
1,350
30,000
53,911

1,350
21,391
1,350
30,000
54,091

Net income before operation

99,964

133,407

76,660

58,503

42,829

103,315

137,053

177,955

227,251

308,864

358,952

445,129

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

11,250
11,250

11,123
11,123

10,994
10,994

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

Income (Loss) Before Taxes
88,714
Provision (Benefit) for income taxes
26,614
Net income (Loss) for the year
62,100
Retained Earning beginning of the months 139,595
Retained Earnings
201,695

122,284
36,685
85,599
201,695
287,294

65,666
19,700
45,966
287,294
333,260

47,639
14,292
33,347
333,260
366,607

32,096
9,629
22,467
366,607
389,075

92,716
27,815
64,902
389,075
453,976

126,590
37,977
88,613
453,976
542,589

167,628
50,288
117,340
542,589
659,928

217,063
65,119
151,944
659,928
811,872

298,816
89,645
209,171
811,872
1,021,044

349,046
104,714
244,332
1,021,044
1,265,376

435,367
130,610
304,757
1,265,376
1,570,132

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

83

Year3
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

152,460
152,460

133,403
133,403

57,173
57,173

38,115
38,115

38,115
38,115

209,633
209,633

190,575
190,575

190,575
190,575

190,575
190,575

228,690
228,690

247,748
247,748

228,690
228,690

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

10
6,000
4,257
10,267

142,193

123,136

46,906

27,848

27,848

199,366

180,308

180,308

180,308

218,423

237,481

218,423

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,156
21,391
1,350
30,000
53,897

979
21,391
1,350
30,000
53,720

771
1,350
30,000
32,121

594
1,350
30,000
31,944

694
1,350
30,000
32,044

1,287
21,391
1,350
30,000
54,028

1,310
21,391
1,350
30,000
54,051

1,210
21,391
1,350
30,000
53,951

1,310
21,391
1,350
30,000
54,051

1,364
1,350
30,000
32,714

1,541
21,391
1,350
30,000
54,282

1,364
21,391
1,350
30,000
54,105

Net income before operation

88,296

69,416

14,785 -

4,196

145,338

126,257

126,357

126,257

185,709

183,199

164,318

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

11,250
11,250

11,123
11,123

10,994
10,994

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

Income (Loss) Before Taxes
77,046
Provision (Benefit) for income taxes
23,114
Net income (Loss) for the year
53,932
Retained Earning beginning of the months1,570,132
Retained Earnings
1,624,065

58,293
17,488
40,805
1,624,065
1,664,870

3,790 -

14,960 -

14,928

3,790 1,664,870
1,668,660

14,960 1,668,660
1,653,700

14,928
1,653,700
1,638,772

134,739
40,422
94,317
1,638,772
1,733,090

115,794
34,738
81,056
1,733,090
1,814,145

116,030
34,809
81,221
1,814,145
1,895,366

116,069
34,821
81,248
1,895,366
1,976,615

175,661
52,698
122,963
1,976,615
2,099,578

173,293
51,988
121,305
2,099,578
2,220,883

154,556
46,367
108,189
2,220,883
2,329,072

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

4,096 -

84

Year4
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

110,880
110,880

138,600
138,600

41,580
41,580

27,720
27,720

41,580
41,580

124,740
124,740

194,040
194,040

166,320
166,320

138,600
138,600

110,880
110,880

138,600
138,600

152,460
152,460

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

10
6,000
4,177
10,187

100,693

128,413

31,393

17,533

31,393

114,553

183,853

156,133

128,413

100,693

128,413

142,273

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

988
21,391
1,350
30,000
53,729

1,000
21,391
1,350
30,000
53,741

708
1,350
30,000
32,058

552
1,350
30,000
31,902

708
1,350
30,000
32,058

944
21,391
1,350
30,000
53,685

1,324
21,391
1,350
30,000
54,065

1,112
21,391
1,350
30,000
53,853

1,100
21,391
1,350
30,000
53,841

888
1,350
30,000
32,238

1,100
21,391
1,350
30,000
53,841

1,056
21,391
1,350
30,000
53,797

Net income before operation

46,964

74,672 -

665

60,868

129,788

102,280

74,572

68,455

74,572

88,476

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

11,250
11,250

11,123
11,123

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Income (Loss) Before Taxes
35,714
Provision (Benefit) for income taxes
10,714
Net income (Loss) for the year
25,000
Retained Earning beginning of the months2,329,072
Retained Earnings
2,354,072

63,549 19,065
44,485 2,354,072
2,398,557

665 -

14,369 -

10,994
10,994

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

11,659 -

25,233 -

11,397

11,659 2,398,557
2,386,897

25,233 2,386,897
2,361,665

11,397
2,361,665
2,350,268

50,269
15,081
35,189
2,350,268
2,385,456

119,325
35,797
83,527
2,385,456
2,468,983

91,953
27,586
64,367
2,468,983
2,533,351

64,384
19,315
45,069
2,533,351
2,578,420

58,407
17,522
40,885
2,578,420
2,619,305

64,666
19,400
45,266
2,619,305
2,664,571

78,714
23,614
55,100
2,664,571
2,719,671

85

Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

163,003

128,353

41,728

24,403

24,403

232,303

197,653

128,353

163,003

163,003

180,328

163,003

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

109,022

74,612

7,627

178,142

143,532

74,612

109,022

130,513

126,277

109,122

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

1,366 -

18,391 -

18,359

1,366 2,832,554
2,831,188

18,391 2,831,188
2,812,797

18,359
2,812,797
2,794,438

167,543
50,263
117,280
2,794,438
2,911,719

133,069
39,921
93,148
2,911,719
3,004,867

64,285
19,286
45,000
3,004,867
3,049,867

98,834
29,650
69,184
3,049,867
3,119,051

120,465
36,140
84,326
3,119,051
3,203,376

116,371
34,911
81,460
3,203,376
3,284,836

99,360
29,808
69,552
3,284,836
3,354,388

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
97,772
Provision (Benefit) for income taxes
29,332
Net income (Loss) for the year
68,441
Retained Earning beginning of the months2,719,671
Retained Earnings
2,788,112

63,489 19,047
44,443 2,788,112
2,832,554

9,628 -

10,994
10,994

7,527 -

86

5.2Cash flow statement

Operating Cash Flow
Net Income after Tax
+ Depreciation and amortization
+/- Decrease (Increase) in Accounts Receivable
+/- Decrease (Increase) in Inventory
+/- Decrease (Increase) in Other Current Assets
+/- Increase (decrease) in Accounts Payable
+/- Increase (decrease) in Accrued Expenses
+/- Increase (decrease) in interest paid
Total Operating Cash Flow
Investing Cash Flow
+/- Decrease (Increase) in Fixed Assets
+/- Decrease (Increase) in Notes Receivable
+/- Decrease (Increase) in securities, investments
+/- Decrease (Increase) intangible, noncurrent
Total Investing Cash Flow
Financing Cash Flow
+/- Increase (decrease) in Borrowings
Payment in principal
- Dividends Paid
Total Financing Cash Flow
Total Cash Flow
Cash at beginning of period
Cash at end of period

Jan
Feb
12,240 5,358
-

26,220 -

-

33,102

-

-

261,160
261,160

-

900,000
10,161 -

Y1
Mar
Apr
May
Jun
Jul
1,660 21,652 31,775 31,743
20,946
5,358
5,358
5,358
5,358
5,358
3,432 -

15,312 -

18,282 -

18,282
-

5,478 8,977 -

266 -

31,606 -

44,699 -

44,667

40,759

-

-

-

-

-

10,288 -

10,417 -

10,547 -

889,839 10,288 595,577 10,022 595,577
595,577
585,556

10,417 42,023 585,556
543,533

10,547 55,246 543,533
488,288

10,679 -

10,812 -

Aug

Sep

Oct

Nov

Dec

9,253
5,358

21,137
5,358

35,658
5,358

65,294
5,358

43,103
5,358

43,273
5,358

462
8,977

5,478
9,059

11,418
6,224

17,358
12,701 -

14,388
9,511

14,388
73

5,172

41,031

58,658

100,711

53,338

63,093

-

-

-

-

-

10,947 -

10,679 10,812 10,947 55,346
29,947 5,776
488,288
432,942
462,889
432,942
462,889
457,114

11,084 -

11,223 -

11,363 -

11,505 -

11,649

11,084 - 11,223 11,363 11,505 11,649
29,947
47,435
89,348
41,833
51,444
457,114
487,061
534,496
623,844
665,677
487,061
534,496
623,844
665,677
717,121

87

Y2
Operating Cash Flow
Net Income after Tax
+ Depreciation and amortization
+/- Decrease (Increase) in Accounts Receivable
+/- Decrease (Increase) in Inventory
+/- Decrease (Increase) in Other Current Assets
+/- Increase (decrease) in Accounts Payable
+/- Increase (decrease) in Accrued Expenses
+/- Increase (decrease) in Other Current Liabilities
Total Operating Cash Flow
Investing Cash Flow
+/- Decrease (Increase) in Fixed Assets
+/- Decrease (Increase) in Notes Receivable
+/- Decrease (Increase) in securities, investments
+/- Decrease (Increase) intangible, noncurrent
assets
Total Investing Cash Flow
Financing Cash Flow
+/- Increase (decrease) in Borrowings
Payment in principal
- Dividends Paid
Total Financing Cash Flow
Total Cash Flow
Cash at beginning of period
Cash at end of period

Jan

-

-

Feb
62,100
5,358
14,915
8,069
60,612

Mar

85,599
5,358
8,915 10,071 109,943

Apr
45,966
5,358
26,003 16,986 8,336

May
33,347
5,358
30,173 5,408 3,125 -

Jun
Jul
Aug
Sep
Oct
Nov
Dec
22,467
64,902
88,613
117,340
151,944
209,171
244,332
304,757
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
24,318 8,738
11,324
30,784
34,811 5,833
4,242
23,914
4,663
18,186
10,162
12,311
14,830
24,526
15,069
25,896
1,155
79,708
115,457
165,793
206,943
233,222
269,001
359,925

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,794 11,942 11,794 11,942 48,817
98,001 717,121
765,939
765,939
863,940

12,091 12,242 12,091 12,242 3,755 9,118 863,940
860,184
860,184
851,067

12,395 12,550 12,707 12,866 - 13,027 13,190 13,354 13,521
12,395 12,550 12,707 12,866 - 13,027 13,190 13,354 13,521
13,550
67,157
102,750
152,928
193,916
220,032
255,646
346,404
851,067
837,517
904,674
1,007,424 1,160,351 1,354,268 1,574,300 1,829,947
837,517
904,674 1,007,424
1,160,351 1,354,268 1,574,300 1,829,947 2,176,350

88

Operating Cash Flow
Net Income before Tax
+ Depreciation and amortization
+/- Decrease (Increase) in Accounts Receivable
+/- Decrease (Increase) in Inventory
+/- Decrease (Increase) in Other Current Assets
+/- Increase (decrease) in Accounts Payable
+/- Increase (decrease) in Accrued Expenses
+/- Increase (decrease) in Other Current Liabilities
Total Operating Cash Flow
Investing Cash Flow
+/- Decrease (Increase) in Fixed Assets
+/- Decrease (Increase) in Notes Receivable
+/- Decrease (Increase) in securities, investments
+/- Decrease (Increase) intangible, noncurrent
assets
Total Investing Cash Flow
Financing Cash Flow
+/- Increase (decrease) in Borrowings
Payment in principal
- Dividends Paid
Total Financing Cash Flow
Total Cash Flow
Cash at beginning of period
Cash at end of period

Jan

-

-

Feb
53,932
5,358
32,424 107,496 80,630

Mar
40,805
5,358
4,630 5,626 35,907 -

Y3
Apr
3,790 14,960
5,358
5,358
26,363 31,545
17,488
34,703 41,147

May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
14,928
94,317
81,056
81,221
81,248
122,963
121,305
108,189
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
31,229
18,088
12,462
12,338
12,214
22,982
28,197
22,470
40,422 5,684
71
12
17,878 711 5,621
40,799
158,185
93,192
98,988
98,832
169,181
154,150
130,397

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,690 13,861 14,035 14,210 14,388 14,568 14,750 14,934 - 15,121 15,310 15,501 15,695
13,690 13,861 14,035 14,210 14,388 14,568 14,750 14,934 - 15,121 15,310 15,501 15,695
94,320
22,046 48,738 55,357 55,187
143,617
78,442
84,054
83,711
153,871
138,648
114,702
2,176,350 2,082,030
2,104,076
2,055,338
1,999,982 1,944,795 2,088,412
2,166,854 2,250,908 2,334,619 2,488,490 2,627,138
2,082,030 2,104,076
2,055,338
1,999,982
1,944,795 2,088,412 2,166,854
2,250,908 2,334,619 2,488,490 2,627,138 2,741,840
-

89

Operating Cash Flow
Net Income before Tax
+ Depreciation and amortization
+/- Decrease (Increase) in Accounts Receivable
+/- Decrease (Increase) in Inventory
+/- Decrease (Increase) in Other Current Assets
+/- Increase (decrease) in Accounts Payable
+/- Increase (decrease) in Accrued Expenses
+/- Increase (decrease) in Other Current Liabilities
Total Operating Cash Flow
Investing Cash Flow
+/- Decrease (Increase) in Fixed Assets
+/- Decrease (Increase) in Notes Receivable
+/- Decrease (Increase) in securities, investments
+/- Decrease (Increase) intangible, noncurrent
assets
Total Investing Cash Flow
Financing Cash Flow
+/- Increase (decrease) in Borrowings
Payment in principal
- Dividends Paid
Total Financing Cash Flow
Total Cash Flow
Cash at beginning of period
Cash at end of period

Jan

-

-

Feb
25,000
5,358
4,168
35,653
9,462

Mar
44,485 11,659
5,358
5,358
4,128 23,964
8,351 19,065
62,321 49,330

Y4
Apr
25,233
5,358
25,767
45,642

May
Jun
Jul
Aug
11,397
35,189
83,527
5,358
5,358
5,358
19,488
6,026
25,283
15,081
20,717 25,527
61,653
134,885

Sep
Oct
Nov
Dec
64,367
45,069
40,885
45,266
55,100
5,358
5,358
5,358
5,358
5,358
15,088
5,810 2,633
5,524
8,987
8,211 8,271 1,793
1,878
4,214
76,602
47,966
41,817
58,026
73,659

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,891 16,090 16,291 16,495 16,701 16,909 17,121 17,335 - 17,552 17,771 17,993 18,218
15,891 16,090 16,291 16,495 16,701 16,909 17,121 17,335 - 17,552 17,771 17,993 18,218
25,353
46,231 65,621 62,137 42,228
44,744
117,764
59,267
30,414
24,046
40,033
55,441
2,741,840 2,716,487
2,762,718
2,697,097
2,634,960 2,592,733 2,637,476
2,755,241 2,814,508 2,844,922 2,868,969 2,909,002
2,716,487 2,762,718
2,697,097
2,634,960
2,592,733 2,637,476 2,755,241
2,814,508 2,844,922 2,868,969 2,909,002 2,964,443
-

90

Operating Cash Flow
Net Income before Tax
+ Depreciation and amortization
+/- Decrease (Increase) in Accounts Receivable
+/- Decrease (Increase) in Inventory
+/- Decrease (Increase) in Other Current Assets
+/- Increase (decrease) in Accounts Payable
+/- Increase (decrease) in Accrued Expenses
+/- Increase (decrease) in Other Current Liabilities
Total Operating Cash Flow
Investing Cash Flow
+/- Decrease (Increase) in Fixed Assets
+/- Decrease (Increase) in Notes Receivable
+/- Decrease (Increase) in securities, investments
+/- Decrease (Increase) intangible, noncurrent
assets
Total Investing Cash Flow
Financing Cash Flow
+/- Increase (decrease) in Borrowings
Payment in principal
- Dividends Paid
Total Financing Cash Flow
Total Cash Flow
Cash at beginning of period
Cash at end of period

Jan

Feb
68,441
5,358
8,425 5,717 87,941

Y5
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
44,443 1,366 18,391 18,359
117,280
93,148
45,000
69,184
84,326
81,460
69,552
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
5,358
1,727 26,426 30,583 29,665
30,625
19,806 588
9,329
9,049
13,728
8,366
10,285 19,047
50,263 10,342 20,635
10,365
6,489 1,228 5,103
37,788 41,480 43,616 42,666
203,526
107,969
29,135
94,236
105,223
99,318
78,173

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,446 18,676 18,910 19,146 19,385 19,628 19,873 20,122 - 20,373 20,628 20,886 21,147
18,446 18,676 18,910 19,146 19,385 19,628 19,873 20,122 - 20,373 20,628 20,886 21,147
69,496
19,112 60,390 62,762 62,052
183,898
88,096
9,013
73,863
84,595
78,432
57,026
2,964,443 3,033,939
3,053,051
2,992,660
2,929,899 2,867,847 3,051,745
3,139,841 3,148,855 3,222,717 3,307,312 3,385,744
3,033,939 3,053,051
2,992,660
2,929,899
2,867,847 3,051,745 3,139,841
3,148,855 3,222,717 3,307,312 3,385,744 3,442,770
-

91

5.3 Balance sheet
Y1
Jan
Feb
ASSET
Curent Assets
Cash
595,577
Account Receivable
Inventories (Ending Inventory)
26,220
Total Current Assets
621,797

585556
29652
615208

543,533
44,964
588,497

488,288
63,246
551,534

432,942
81,528
514,470

462,889
76,050
538,939

457,114
76,512
533,626

487,061
71,034
558,095

534,496
59,616
594,112

623,844
42,258
666,102

665,677
27,870
693,547

717,121
13,482
730,603

Non Current Assets
Property and Equipment
Machinery and Equipment
Total Property and Equipment
Less: Accumulated Depreciation
Total non current asset
TOTAL ASSETS

261160
0
10716
250444
865652

261,160
16,074
245,086
833,583

261,160
21,432
239,728
791,262

261,160
26,790
234,370
748,840

261,160
32,148
229,012
767,951

261,160
37,506
223,654
757,280

261,160
42,864
218,296
776,391

261,160
48,222
212,938
807,050

261,160
53,580
207,580
873,682

261,160
58,938
202,222
895,769

261,160
64,296
196,864
927,467

9,059
9,059

15,282
15,282

27,983
27,983

18,473
18,473

18,546
18,546

261,160
5,358
255,802
877,599

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

LIABILITY AND EQUITY
LIABILITY
Current Liability
Accounts Payable
Wages Payable
Taxes Payable
Total Current Liabilities

-

Non Current Liability
Long-Term Liability
Long Term Debt
Total Long-term Liability
Total Liabilities
EQUITY
Capital (asstet-liability)
Retaines Earnings
Total Equity
Total liabilities & Equity

-

-

-

-

-

8,977
8,977

-

-

-

-

-

-

-

-

-

-

-

-

-

889,839
889,839

879,551
879551

869,135
869,135

858,588
858,588

847,909
847,909

837,097
837,097

826,150
826,150

815,066
815,066

803,843
803,843

792,480
792,480

780,975
780,975

769,327
769,327

889,839

879551

869,135

858,588

847,909

846,074

826,150

824,125

819,125

820,464

799,448

787,872

12,075
12,075

53,219
53,219

96,321
96,321

139,595
139,595

807,050

873,682

895,769

927,467

12,240
12,240
877,599

-13899 -13899 865652

35,551 35,551 833,583

67,326 67,326 791,262

99,069 99,069 748,840

78,123 78,123 767,951

68,870 68,870 757,280

47,733 47,733 776,391

92

Y2
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
ASSET
Curent Assets
Cash
765,939
863,940
860,184
851,067
837,517
904,674
1,007,424
1,160,351
1,354,268
1,574,300
1,829,947
2,176,350
Account Receivable
Inventories (Ending Inventory)
28,397
19,482
45,485
75,658
99,975
108,713
97,389
66,604
31,794
37,627
33,385
9,471
Total Current Assets
794,336
883,422
905,669
926,724
937,492
1,013,387
1,104,813
1,226,956
1,386,061
1,611,927
1,863,332
2,185,821
Non Current Assets
Property and Equipment
Machinery and Equipment
Total Property and Equipment
Less: Accumulated Depreciation
Total non current asset
TOTAL ASSETS

261,160
69,654
191,506
985,842

261,160
75,012
186,148
1,069,570

261,160
80,370
180,790
1,086,459

261,160
85,728
175,432
1,102,156

261,160
91,086
170,074
1,107,566

261,160
96,444
164,716
1,178,103

261,160
101,802
159,358
1,264,171

261,160
107,160
154,000
1,380,956

261,160
112,518
148,642
1,534,703

261,160
117,876
143,284
1,755,211

261,160
123,234
137,926
2,001,258

261,160
128,592
132,568
2,318,389

26,614
26,614

36,685
36,685

19,700
19,700

14,292
14,292

9,629
9,629

27,815
27,815

37,977
37,977

50,288
50,288

65,119
65,119

89,645
89,645

104,714
104,714

130,610
130,610

757,532
757,532

745,591
745,591

733,499
733,499

721,257
721,257

708,862
708,862

696,312
696,312

683,605
683,605

670,739
670,739

657,712
657,712

644,523
644,523

631,168
631,168

617,647
617,647

Total Liabilities

784,147

782,276

753,199

735,549

718,491

724,127

721,582

721,027

722,831

734,168

735,882

748,257

EQUITY
Capital (asstet-liability)
Retaines Earnings
Total Equity

201,695
201,695

287,294
287,294

333,260
333,260

366,607
366,607

389,075
389,075

453,976
453,976

542,589
542,589

659,928
659,928

811,872
811,872

1,021,044
1,021,044

1,265,376
1,265,376

1,570,132
1,570,132

Total liabilities & Equity

985,842

1,069,570

1,086,459

1,102,156

1,107,566

1,178,103

1,264,171

1,380,956

1,534,703

1,755,211

2,001,258

2,318,389

LIABILITY AND EQUITY
LIABILITY
Current Liability
Accounts Payable
Wages Payable
Taxes Payable
Total Current Liabilities
Non Current Liability
Long-Term Liability
Long Term Debt
Total Long-term Liability

93

Y3
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
ASSET
Curent Assets
Cash
2,082,030
2,104,076 2,055,338 1,999,982
1,944,795
2,088,412
2,166,854
2,250,908
2,334,619
2,488,490
2,627,138
2,741,840
Account Receivable
Inventories (Ending Inventory)
41,895
46,525
72,888
104,433
135,662
117,574
105,112
92,775
80,560
57,578
29,381
6,911
Total Current Assets
2,123,925
2,150,601 2,128,227 2,104,415
2,080,457
2,205,986
2,271,966
2,343,683
2,415,180
2,546,068
2,656,520
2,748,751
Non Current Assets
Property and Equipment
Machinery and Equipment
Total Property and Equipment
Less: Accumulated Depreciation
Total non current asset
TOTAL ASSETS

261,160
133,950
127,210
2,251,135

261,160
139,308
121,852
2,272,453

261,160
144,666
116,494
2,244,721

261,160
150,024
111,136
2,215,551

23,114
23,114

17,488
17,488

603,957
603,957

590,095
590,095

576,060
576,060

561,850
561,850

627,071

607,583

576,060

EQUITY
Capital (asstet-liability)
Retaines Earnings
Total Equity

1,624,065
1,624,065

1,664,870
1,664,870

Total liabilities & Equity

2,251,135

2,272,453

261,160
155,382
105,778
2,186,235

261,160
160,740
100,420
2,306,406

261,160
166,098
95,062
2,367,028

261,160
171,456
89,704
2,433,387

261,160
176,814
84,346
2,499,526

261,160
182,172
78,988
2,625,056

261,160
187,530
73,630
2,730,150

261,160
192,888
68,272
2,817,023

40,422
40,422

34,738
34,738

34,809
34,809

34,821
34,821

52,698
52,698

51,988
51,988

46,367
46,367

547,462
547,462

532,895
532,895

518,145
518,145

503,211
503,211

488,090
488,090

472,780
472,780

457,279
457,279

441,584
441,584

561,850

547,462

573,316

552,883

538,020

522,911

525,479

509,267

487,951

1,668,660
1,668,660

1,653,700
1,653,700

1,638,772
1,638,772

1,733,090
1,733,090

1,814,145
1,814,145

1,895,366
1,895,366

1,976,615
1,976,615

2,099,578
2,099,578

2,220,883
2,220,883

2,329,072
2,329,072

2,244,721

2,215,551

2,186,235

2,306,406

2,367,028

2,433,387

2,499,526

2,625,056

2,730,150

2,817,023

LIABILITY AND EQUITY
LIABILITY
Current Liability
Accounts Payable
Wages Payable
Taxes Payable
Total Current Liabilities
Non Current Liability
Long-Term Liability
Long Term Debt
Total Long-term Liability
Total Liabilities

-

-

-

94

Y4
ASSET
Curent Assets
Cash
Account Receivable
Inventories (Ending Inventory)
Total Current Assets

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2,716,487
11,079
2,727,565

2,762,718
6,951
2,769,669

2,697,097
30,915
2,728,012

2,634,960
56,682
2,691,642

2,592,733
76,170
2,668,903

2,637,476
70,144
2,707,621

2,755,241
44,861
2,800,102

2,814,508
29,773
2,844,281

2,844,922
23,963
2,868,885

2,868,969
26,596
2,895,565

2,909,002
21,072
2,930,074

2,964,443
12,085
2,976,528

261,160
198,246
62,914
2,790,479

261,160
203,604
57,556
2,827,225

261,160
208,962
52,198
2,780,210

261,160
214,320
46,840
2,738,482

261,160
219,678
41,482
2,710,385

261,160
225,036
36,124
2,743,745

261,160
230,394
30,766
2,830,868

261,160
235,752
25,408
2,869,689

261,160
241,110
20,050
2,888,935

261,160
246,468
14,692
2,910,257

261,160
251,826
9,334
2,939,408

261,160
257,184
3,976
2,980,504

10,714
10,714

19,065
19,065

15,081
15,081

35,797
35,797

27,586
27,586

19,315
19,315

17,522
17,522

19,400
19,400

23,614
23,614

425,693
425,693

409,603
409,603

393,312
393,312

376,818
376,818

360,117
360,117

343,208
343,208

326,087
326,087

308,752
308,752

291,200
291,200

273,430
273,430

255,436
255,436

237,218
237,218

436,407

428,668

393,312

376,818

360,117

358,289

361,884

336,338

310,516

290,952

274,836

260,833

EQUITY
Capital (asstet-liability)
Retaines Earnings
Total Equity

2,354,072
2,354,072

2,398,557
2,398,557

2,386,897
2,386,897

2,361,665
2,361,665

2,350,268
2,350,268

2,385,456
2,385,456

2,468,983
2,468,983

2,533,351
2,533,351

2,578,420
2,578,420

2,619,305
2,619,305

2,664,571
2,664,571

2,719,671
2,719,671

Total liabilities & Equity

2,790,479

2,827,225

2,780,210

2,738,482

2,710,385

2,743,745

2,830,868

2,869,689

2,888,935

2,910,257

2,939,408

2,980,504

Non Current Assets
Property and Equipment
Machinery and Equipment
Total Property and Equipment
Less: Accumulated Depreciation
Total non current asset
TOTAL ASSETS
LIABILITY AND EQUITY
LIABILITY
Current Liability
Accounts Payable
Wages Payable
Taxes Payable
Total Current Liabilities
Non Current Liability
Long-Term Liability
Long Term Debt
Total Long-term Liability
Total Liabilities

-

-

-

95

Y5
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
ASSET
Curent Assets
Cash
3,033,939
3,053,051 2,992,660 2,929,899
2,867,847
3,051,745
3,139,841
3,148,855
3,222,717
3,307,312
3,385,744
3,442,770
Account Receivable
Inventories (Ending Inventory)
3,659
5,387
31,813
62,395
92,061
61,436
41,630
42,219
32,889
23,840
10,112
1,746
Total Current Assets
3,037,598
3,058,438 3,024,473 2,992,294
2,959,908
3,113,181
3,181,472
3,191,073
3,255,607
3,331,152
3,395,856
3,444,516
Non Current Assets
Property and Equipment
Machinery and Equipment
261,160
Total Property and Equipment
Less: Accumulated Depreciation
262,542
Total non current asset
1,382 TOTAL ASSETS
3,036,216

261,160
261,160
261,160
261,160
261,160
261,160
261,160
261,160
261,160
261,160
261,160
267,900
273,258
278,616
283,974
289,332
294,690
300,048
305,406
310,764
316,122
321,480
6,740 - 12,098 - 17,456 22,814 28,172 33,530 38,888 44,246 49,604 54,962 60,320
3,051,698 3,012,375 2,974,838
2,937,094
3,085,009
3,147,942
3,152,185
3,211,361
3,281,548
3,340,894
3,384,196

LIABILITY AND EQUITY
LIABILITY
Current Liability
Accounts Payable
Wages Payable
Taxes Payable
Total Current Liabilities

29,332
29,332

19,047
19,047

218,773
218,773

200,096
200,096

181,187
181,187

162,041
162,041

248,104

219,143

181,187

EQUITY
Capital (asstet-liability)
Retaines Earnings
Total Equity

2,788,112
2,788,112

2,832,554
2,832,554

Total liabilities & Equity

3,036,216

3,051,698

Non Current Liability
Long-Term Liability
Long Term Debt
Total Long-term Liability
Total Liabilities

-

-

-

50,263
50,263

39,921
39,921

19,286
19,286

29,650
29,650

36,140
36,140

34,911
34,911

29,808
29,808

142,655
142,655

123,027
123,027

103,154
103,154

83,033
83,033

62,660
62,660

42,032
42,032

21,147 21,147 -

162,041

142,655

173,290

143,075

102,318

92,310

78,172

56,058

29,808

2,831,188
2,831,188

2,812,797
2,812,797

2,794,438
2,794,438

2,911,719
2,911,719

3,004,867
3,004,867

3,049,867
3,049,867

3,119,051
3,119,051

3,203,376
3,203,376

3,284,836
3,284,836

3,354,388
3,354,388

3,012,375

2,974,838

2,937,094

3,085,009

3,147,942

3,152,185

3,211,361

3,281,548

3,340,894

3,384,196

0
0

96
Financial analysis
All of the zdravo siam loan amount will be total of 900,000 and we will give back the
interest rate at 15% for the maximum rate according to the Thai law. The table below
will show the payment table of the return.
Period
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Year

Installment
Interest Paid Installment paid

Total
฿

1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5

11,250
11,123
10,994
10,864
10,732
10,599
10,464
10,327
10,188
10,048
9,906
9,762
9,617
9,469
9,320
9,169
9,016
8,861
8,704
8,545
8,384
8,221
8,057
7,890
7,721
7,549
7,376
7,201
7,023
6,843
6,661
6,477
6,290
6,101
5,910
5,716
5,520
5,321
5,120
4,916
4,710
4,501
4,290
4,076
3,859
3,640
3,418
3,193
2,965
2,735
2,501
2,265
2,026
1,783
1,538
1,289
1,038
783
525
264

10,161
10,288
10,417
10,547
10,679
10,812
10,947
11,084
11,223
11,363
11,505
11,649
11,794
11,942
12,091
12,242
12,395
12,550
12,707
12,866
13,027
13,190
13,354
13,521
13,690
13,861
14,035
14,210
14,388
14,568
14,750
14,934
15,121
15,310
15,501
15,695
15,891
16,090
16,291
16,495
16,701
16,909
17,121
17,335
17,552
17,771
17,993
18,218
18,446
18,676
18,910
19,146
19,385
19,628
19,873
20,122
20,373
20,628
20,886
21,147

21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411

Principle
900,000
889,839
879,551
869,135
858,588
847,909
837,097
826,150
815,066
803,843
792,480
780,975
769,327
757,532
745,591
733,499
721,257
708,862
696,312
683,605
670,739
657,712
644,523
631,168
617,647
603,957
590,095
576,060
561,850
547,462
532,895
518,145
503,211
488,090
472,780
457,279
441,584
425,693
409,603
393,312
376,818
360,117
343,208
326,087
308,752
291,200
273,430
255,436
237,218
218,773
200,096
181,187
162,041
142,655
123,027
103,154
83,033
62,660
42,032
21,147
0

Accumulate
Interest
11,250
22,373
33,367
44,232
54,964
65,563
76,026
86,353
96,542
106,590
116,496
126,258
135,875
145,344
154,664
163,832
172,848
181,709
190,413
198,958
207,342
215,563
223,620
231,510
239,230
246,780
254,156
261,357
268,380
275,223
281,884
288,361
294,651
300,752
306,662
312,378
317,898
323,219
328,339
333,255
337,966
342,467
346,757
350,833
354,693
358,333
361,750
364,943
367,909
370,643
373,145
375,409
377,435
379,218
380,756
382,045
383,083
383,866
384,392
384,656

97
And these are the financial ratio analysis of the Zdravo siam
Liquidity Ratios
Current Ratio

=

Quick Ratio

=

Y1

Total Current Assets
Total Current Liabilities

Current Assets - Inventory
Total Current Liabilities

=

730,603
18,546

=

39.39

=

717,121
18,546

=

38.67

Efficiency Ratios

Inventory Turnover Ratio =

Inventory Period

=

Total Assets Turnover

365
Inventory Turnover

Sales
Total Assets

=

Net Profit Margin

=

Operating Profit Margin

Return on Assets

=

=

Net Profit
Sales

Operating Profit
Sales

Net Profit
Average on Assets

=

Times interest-earned Ratio =

= 2,976,528
23,614

= 3,444,516
29,808

=

=

59.28

=

126.05

=

115.56

= 2,176,350
130,610

=

588,521
279,428

=

610,941
298,506

=

638,966
319,802

=

=

2.11

=

2.05

=

2.00

Total Liabilities
Total Assets

Net Income
Annual Interest Expense

16.74

16.66

Y2

Y3

Y4

Y5

117,920
13,482

=

122,960
9,471

=

123,200
6,911

=

122,240
12,085

=

122,960
1,746

=

8.75

=

12.98

=

17.83

=

10.12

=

70.43

=

365
8.75

=

365
12.98

=

365
17.83

=

365
10.12

=

365
70.43

=

41.73

=

28.11

=

20.48

=

36.08

=

5.18

=

135,135
927,467

=

509,466
2,318,389

=

228,690
2,817,023

=

152,460
2,980,504

=

173,250
3,384,196

=

0.15

=

0.22

=

0.08

=

0.05

=

0.05

Y2

Y3

Y4

Y5

=

125,308
1,039,500

=

499,220
2,853,051

=

218,423
1,905,750

=

142,273
1,386,000

=

163,003
1,732,500

=

12%

=

17%

=

11%

=

10%

=

9%

=

139,595
1,039,500

=

= 1,626,336
80,148,010

= 1,766,414
84,155,411

= 2,263,551
90,193,968

= 2,257,200
91,368,731

13%

=

2%

=

2%

=

3%

=

2%

=

126,258
1,039,500

=

126,258
2,853,051

=

126,258
1,905,750

=

126,258
1,386,000

=

126,258
1,732,500

=

12%

=

4%

=

7%

=

9%

=

7%

=

139,595
927,467

= 1,430,537
2,318,389

=

758,940
2,817,023

=

390,599
2,980,504

=

634,717
3,384,196

=

15%

=

=

27%

=

13%

=

19%

Leverage Ratio

Debt Ratio

Y5

= 2,748,751
46,367

Y1

Sales - Cost of Goods Sold
Sales

Y4

=

Profitability Ratio
Gross Profit Margin

Y3

= 2,185,821
130,610

Y1

Cost of Goods Sold
Average Inventory

=

Y2

Y1

62%

Y2

Y3

Y4

Y5

=

787,872
927,467

=

748,257
2,318,389

=

487,951
2,817,023

=

260,833
2,980,504

=

29,808
3,384,196

=

0.85

=

0.32

=

0.17

=

0.09

=

0.01

=

139,595
237,914

= 1,430,537
2,043,625

=

758,940
1,095,384

=

390,599
578,694

=

634,717
923,074

=

0.59

=

=

0.69

=

0.67

=

0.69

0.70

98
Current ratio mainly used to give an idea of the company's ability to pay back its
short-term liabilities (debt and payables) with its short-term assets (cash, inventory,
receivables). The higher the current ratio, the more capable the company is of paying
its obligations.

Quick ratio is viewed as a sign of company's financial strength or weakness (higher
number means stronger, lower number means weaker.

Inventory turnover ratio measures the number of times, on average, the inventory is
sold during the period. Its purpose is to measure the liquidity of the inventory. A
popular variant of the Inventory turnover ratio is to convert it into an average days to
sell the inventory in terms of days.

Total asset turnover ratio this is a measure of how well assets are being used to
produce revenue.

Gross profit margin show remains from sales after a company pays out the cost of
goods sold.

Net profit margin this number is an indication of how effective a company is at cost
control. The higher the net profit margin is, the more effective the company is at
converting revenue into actual profit.

Operating profit margin indicates how effective a company is at controlling the
costs and expenses associated with their normal business operations.

Return on asset a measure of a company's profitability, equal to a fiscal year's
earnings divided by its total assets, expressed as a percentage.

Debt ratio This will tell you how much the company relies on debt to finance assets.
In general, the lower the company's reliance on debt for asset formation, the less risky
the company is since excessive debt can lead to a very heavy interest and principal
repayment burden.

99
The times interest earned ratio is an Indicator of a company’s ability to meet the
interest payments on its debt. The higher the times interest earned ratio, the more
likely it is that the corporation will be able to meet its interest payments.

And these are the PV and PMT calculation rate.

rate
pmt
pv

Investment
Interest rate
Average
PV
Payback Period

-

100%
15.00%
48,460
322,992
60

Income statement showed the operation results of the Zdravo siam over 60
months. It matches the income and the expense in the same period, and we can
calculate the net profit in the period of time. The important thing about an income
statement is that it represents a period of time. This contrasts with the balance sheet,
which represents a single moment in time.
Balance sheet are the summarizes a company's assets, liabilities
and shareholders' equity at a specific point in time. This balance sheet gives investors
an idea as to what the company owns and owes, as well as the amount invested by the
shareholders.
Cash flow refers to the movement of cash inflow and cash outflow of a
Zdravo siam. It is usually measured during a specified, finite period of time.
Measurement of cash flow can be use to determine a project's rate of return or value.
The time of cash flows into and out of projects are used as inputs in financial models.

100

Chapter 6
Risk Management

101

Chapter 6
6.1. Risk analysis of projects
Risk of Zdravo siam, It’s mean opportunity of Zdravo siam will face
problems that are expected to occur in the future. Operating loss or business cannot
operate successfully according to plan. Or target. Activities every activity will risks in
the 2 types of risk is the first risk that the course Certainty Risk is caused by Zdravo
siam. It’s occur within Zdravo siam the surely we have and can be avoided. These
risks can arise from the first phase of operations and currently operating. The second
is Uncertainty Risk or the risks arising from external factors. Zdravo siam cannot be
predicted and are beyond the control, but can prevent or eliminate the risks incurred
them.

6.1.1. Certainty Risk
6.1.1.1 Human Resources
Risks associated with employees working within the Zdravo siam. Which risk
that every organization. The recruitment in each position because the Zdravo siam
cannot predict the performance of employees that will be the performance in that
position. And Zdravo siam can be selected as a feature only. It may still not know the
true capabilities of each employee in the appropriate position. Sometimes it may be of
service to Zdravo siam not fully effective
Therefore, management should provide employees with benefits such as
housing costs for food. In addition, to reward outstanding employees with the
responsibility to pay diligent, responsible to the people that works outside during
working hours. The pay is 2 times per hour worked. Zdravo siam make satisfy the
employees to be encouraged to continue.

6.1.2. Uncertainty Risk
6.1.2.1 Changing in Customer Need
Demand for purchase ice-cream of customers may vary with different causes.
Which can be a direct risk to business, including.

102
6.1.2.1.1. Customers turn to the same category because customers
prefer traditional flavors.
6.1.2.1.2. Service, dissatisfaction with the service or customer thinks
service not good enough.
6.1.2.1.3. Customers may be bias to retail customers don’t like
styles of store or the flavor of Zdravo siam.

From the reasons above factors affect the purchasing behavior of customers
change. All of which have an effect on quantities of products sales and revenues. So
the Zdravo siam is considering the needs of customers is a cornerstone.
1.) Zdravo siam use pricing strategy and discount support prices to be reasonable
to ice-cream and reduce customers' attitudes to the price of goods.
2.) In the management and operations. From the allocation of duties to employees
and clearly highlights our services

6.1.3. Economic Condition
In the current economic volatility is relatively more frequent. Because of
political conflicts, social problems, people with extravagant spending, values in the
consumer products overseas and money flowing out of the country. Result in some
customers to save money on the purchase of necessary and important to do really.
Therefore affect the sales of goods decrease. In investment the plants risks in the loan
from the bank's credit department of investor because the economic situation of the
country to be uncertain of the reasons above.

Therefore, the facility is monitoring the economic situation of the country and
in Bangkok. And define appropriate strategies. Zdravo Siam support promotion and
advertising. Describes the features and benefits of ice-cream that help good health, not
serious, and Social. The financial management, the plant is strong. The selection
expert strategies and we have good staff support part of the look. Affect the financial
condition of the Zdravo Siam is strong and stable. Investor is confident that the
Zdravo Siam will refund in time to be agreed.

103
6.1.4. Risks from natural disasters
Season and climate is uncertain and cannot predict all that will occur when a
natural disaster. Because problems flood, air pollution problems and traffic jam.
Zdravo siam will be floods, pollution problems, traffic jam and problems from our
negligence. Not aware of people such as fire, power failure etc. So the factory
measures protect the natural disaster. Zdravo siam has already in store and fire
insurance issues.

104

If sale decrease by 5%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.

Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

164,588
164,588

131,670
131,670

49,376
49,376

32,918
32,918

32,918
32,918

230,423
230,423

197,505
197,505

131,670
131,670

164,588
164,588

164,588
164,588

181,046
181,046

164,588
164,588

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

154,341

121,423

39,130

22,671

22,671

220,176

187,258

121,423

154,341

154,341

170,800

154,341

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,205
21,391
1,350
30,000
53,946

972
21,391
1,350
30,000
53,713

740
1,350
30,000
32,090

573
1,350
30,000
31,923

673
1,350
30,000
32,023

1,371
21,391
1,350
30,000
54,112

1,338
21,391
1,350
30,000
54,079

972
21,391
1,350
30,000
53,713

1,205
21,391
1,350
30,000
53,946

1,105
1,350
30,000
32,455

1,272
21,391
1,350
30,000
54,013

1,105
21,391
1,350
30,000
53,846

Net income before operation

100,395

67,710

9,352

166,064

133,179

67,710

100,395

121,886

116,787

100,495

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

3,954 -

20,116 -

20,085

3,954 2,629,622
2,625,667

20,116 2,625,667
2,605,551

20,085
2,605,551
2,585,467

155,465
46,639
108,825
2,585,467
2,694,292

122,716
36,815
85,901
2,694,292
2,780,193

57,383
17,215
40,168
2,780,193
2,820,361

90,207
27,062
63,145
2,820,361
2,883,506

111,838
33,551
78,286
2,883,506
2,961,792

106,881
32,064
74,817
2,961,792
3,036,609

90,733
27,220
63,513
3,036,609
3,100,122

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
89,145
Provision (Benefit) for income taxes
26,743
Net income (Loss) for the year
62,401
Retained Earning beginning of the months2,527,609
Retained Earnings
2,590,011

56,587 16,976
39,611 2,590,011
2,629,622

7,040 -

10,994
10,994

9,252 -

105

If sale decrease by 10%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

155,925
155,925

124,740
124,740

46,778
46,778

31,185
31,185

31,185
31,185

218,295
218,295

187,110
187,110

124,740
124,740

155,925
155,925

155,925
155,925

171,518
171,518

155,925
155,925

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

145,678

114,493

36,531

20,938

20,938

208,048

176,863

114,493

145,678

145,678

161,271

145,678

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,170
21,391
1,350
30,000
53,911

944
21,391
1,350
30,000
53,685

729
1,350
30,000
32,079

566
1,350
30,000
31,916

666
1,350
30,000
32,016

1,322
21,391
1,350
30,000
54,063

1,296
21,391
1,350
30,000
54,037

944
21,391
1,350
30,000
53,685

1,170
21,391
1,350
30,000
53,911

1,070
1,350
30,000
32,420

1,233
21,391
1,350
30,000
53,974

1,070
21,391
1,350
30,000
53,811

Net income before operation

91,767

60,808

10,978 -

11,078

153,985

122,826

60,808

91,767

113,258

107,297

91,867

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

6,543 -

21,842 -

21,810

6,543 2,426,689
2,420,147

21,842 2,420,147
2,398,305

21,810
2,398,305
2,376,495

143,386
43,016
100,371
2,376,495
2,476,865

112,363
33,709
78,654
2,476,865
2,555,519

50,481
15,144
35,337
2,555,519
2,590,856

81,579
24,474
57,105
2,590,856
2,647,961

103,210
30,963
72,247
2,647,961
2,720,209

97,391
29,217
68,174
2,720,209
2,788,382

82,105
24,632
57,474
2,788,382
2,845,856

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Income (Loss) Before Taxes
80,517
Provision (Benefit) for income taxes
24,155
Net income (Loss) for the year
56,362
Retained Earning beginning of the months2,335,547
Retained Earnings
2,391,909

49,685 14,906
34,780 2,391,909
2,426,689

4,452 -

10,994
10,994

106

If sale decrease by 15%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

147,263
147,263

117,810
117,810

44,179
44,179

29,453
29,453

29,453
29,453

206,168
206,168

176,715
176,715

117,810
117,810

147,263
147,263

147,263
147,263

161,989
161,989

147,263
147,263

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

137,016

107,563

33,932

19,206

19,206

195,921

166,468

107,563

137,016

137,016

151,742

137,016

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,135
21,391
1,350
30,000
53,876

916
21,391
1,350
30,000
53,657

719
1,350
30,000
32,069

559
1,350
30,000
31,909

659
1,350
30,000
32,009

1,273
21,391
1,350
30,000
54,014

1,254
21,391
1,350
30,000
53,995

916
21,391
1,350
30,000
53,657

1,135
21,391
1,350
30,000
53,876

1,035
1,350
30,000
32,385

1,195
21,391
1,350
30,000
53,936

1,035
21,391
1,350
30,000
53,776

Net income before operation

83,140

53,906

12,703 -

12,803

141,907

112,473

53,906

83,140

104,631

97,807

83,240

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

9,131 -

23,567 -

23,536

9,131 2,223,756
2,214,626

23,567 2,214,626
2,191,058

23,536
2,191,058
2,167,523

131,308
39,392
91,916
2,167,523
2,259,438

102,010
30,603
71,407
2,259,438
2,330,845

43,579
13,074
30,506
2,330,845
2,361,351

72,952
21,885
51,066
2,361,351
2,412,417

94,583
28,375
66,208
2,412,417
2,478,625

87,901
26,370
61,530
2,478,625
2,540,155

73,478
22,043
51,434
2,540,155
2,591,589

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Income (Loss) Before Taxes
71,890
Provision (Benefit) for income taxes
21,567
Net income (Loss) for the year
50,323
Retained Earning beginning of the months2,143,485
Retained Earnings
2,193,808

42,783 12,835
29,948 2,193,808
2,223,756

1,864 -

10,994
10,994

107

If cost increase by 5%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

11
6,300
4,449
10,759

162,491

127,841

41,216

23,891

23,891

231,791

197,141

127,841

162,491

162,491

179,816

162,491

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

108,510

74,100

8,139

177,630

143,020

74,100

108,510

130,001

125,765

108,610

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

1,878 -

18,903 -

18,871

1,878 2,820,151
2,818,273

18,903 2,818,273
2,799,370

18,871
2,799,370
2,780,498

167,031
50,109
116,922
2,780,498
2,897,420

132,556
39,767
92,789
2,897,420
2,990,210

63,773
19,132
44,641
2,990,210
3,034,851

98,322
29,497
68,825
3,034,851
3,103,676

119,953
35,986
83,967
3,103,676
3,187,643

115,859
34,758
81,101
3,187,643
3,268,744

98,848
29,654
69,193
3,268,744
3,337,938

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
97,260
Provision (Benefit) for income taxes
29,178
Net income (Loss) for the year
68,082
Retained Earning beginning of the months2,707,985
Retained Earnings
2,776,067

62,977 18,893
44,084 2,776,067
2,820,151

9,116 -

10,994
10,994

8,039 -

108

If cost increase by 10%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

11
6,600
4,660
11,271

161,979

127,329

40,704

23,379

23,379

231,279

196,629

127,329

161,979

161,979

179,304

161,979

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

107,998

73,588

8,651

177,118

142,508

73,588

107,998

129,489

125,253

108,098

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

2,391 -

19,416 -

19,384

2,391 2,807,748
2,805,358

19,416 2,805,358
2,785,942

19,384
2,785,942
2,766,558

166,519
49,956
116,563
2,766,558
2,883,122

132,044
39,613
92,431
2,883,122
2,975,552

63,261
18,978
44,283
2,975,552
3,019,835

97,809
29,343
68,467
3,019,835
3,088,301

119,441
35,832
83,608
3,088,301
3,171,910

115,347
34,604
80,743
3,171,910
3,252,653

98,335
29,501
68,835
3,252,653
3,321,487

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
96,748
Provision (Benefit) for income taxes
29,024
Net income (Loss) for the year
67,723
Retained Earning beginning of the months2,696,300
Retained Earnings
2,764,023

62,465 18,739
43,725 2,764,023
2,807,748

8,604 -

10,994
10,994

8,551 -

109

If cost increase by 15%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

12
6,900
4,872
11,784

161,466

126,816

40,191

22,866

22,866

230,766

196,116

126,816

161,466

161,466

178,791

161,466

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

107,485

73,075

9,164

176,605

141,995

73,075

107,485

128,976

124,740

107,585

11,250
11,250

11,123
11,123

10,864
10,864

10,732
10,732

10,599
10,599

10,464
10,464

10,327
10,327

10,188
10,188

10,048
10,048

9,906
9,906

9,762
9,762

2,903 -

19,928 -

19,896

2,903 2,795,345
2,792,442

19,928 2,792,442
2,772,514

19,896
2,772,514
2,752,618

166,006
49,802
116,205
2,752,618
2,868,823

131,532
39,459
92,072
2,868,823
2,960,895

62,748
18,825
43,924
2,960,895
3,004,819

97,297
29,189
68,108
3,004,819
3,072,927

118,928
35,678
83,250
3,072,927
3,156,177

114,834
34,450
80,384
3,156,177
3,236,561

97,823
29,347
68,476
3,236,561
3,305,037

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
96,235
Provision (Benefit) for income taxes
28,871
Net income (Loss) for the year
67,365
Retained Earning beginning of the months2,684,614
Retained Earnings
2,751,979

61,952 18,586
43,367 2,751,979
2,795,345

8,091 -

10,994
10,994

9,064 -

110

If interest increase by 5%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

163,003

128,353

41,728

24,403

24,403

232,303

197,653

128,353

163,003

163,003

180,328

163,003

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

109,022

74,612

7,627

178,142

143,532

74,612

109,022

130,513

126,277

109,122

15,000
15,000

14,853
14,853

14,550
14,550

14,395
14,395

14,238
14,238

14,078
14,078

13,915
13,915

13,750
13,750

13,581
13,581

13,410
13,410

13,236
13,236

5,074 -

22,077 -

22,022

5,074 2,692,374
2,687,299

22,077 2,687,299
2,665,222

22,022
2,665,222
2,643,200

163,904
49,171
114,733
2,643,200
2,757,933

129,454
38,836
90,618
2,757,933
2,848,551

60,697
18,209
42,488
2,848,551
2,891,039

95,273
28,582
66,691
2,891,039
2,957,730

116,932
35,080
81,852
2,957,730
3,039,583

112,867
33,860
79,007
3,039,583
3,118,589

95,886
28,766
67,120
3,118,589
3,185,710

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
94,022
Provision (Benefit) for income taxes
28,207
Net income (Loss) for the year
65,816
Retained Earning beginning of the months2,584,726
Retained Earnings
2,650,542

59,760 17,928
41,832 2,650,542
2,692,374

9,628 -

14,703
14,703

7,527 -

111

If interest increase by 10%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

163,003

128,353

41,728

24,403

24,403

232,303

197,653

128,353

163,003

163,003

180,328

163,003

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

109,022

74,612

7,627

178,142

143,532

74,612

109,022

130,513

126,277

109,122

18,750
18,750

18,590
18,590

18,261
18,261

18,091
18,091

17,917
17,917

17,740
17,740

17,560
17,560

17,375
17,375

17,187
17,187

16,995
16,995

16,798
16,798

8,799 -

25,787 -

25,718

8,799 2,550,621
2,541,822

25,787 2,541,822
2,516,034

25,718
2,516,034
2,490,317

160,225
48,067
112,157
2,490,317
2,602,474

125,792
37,738
88,054
2,602,474
2,690,529

57,053
17,116
39,937
2,690,529
2,730,465

91,647
27,494
64,153
2,730,465
2,794,618

113,327
33,998
79,329
2,794,618
2,873,947

109,283
32,785
76,498
2,873,947
2,950,445

92,324
27,697
64,627
2,950,445
3,015,072

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
90,272
Provision (Benefit) for income taxes
27,082
Net income (Loss) for the year
63,191
Retained Earning beginning of the months2,448,215
Retained Earnings
2,511,405

56,022 16,807
39,215 2,511,405
2,550,621

9,628 -

18,427
18,427

7,527 -

112

If interest increase by 15%
The profit and loss statement will be as the following and Zdravo siam retain earning at the end of year five will be as the following that show in
the statement.
Year5
Revenue
Sale
Total Revenue

January

February

March

April

May

June

July

August

September

October

November

December

173,250
173,250

138,600
138,600

51,975
51,975

34,650
34,650

34,650
34,650

242,550
242,550

207,900
207,900

138,600
138,600

173,250
173,250

173,250
173,250

190,575
190,575

173,250
173,250

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

10
6,000
4,237
10,247

163,003

128,353

41,728

24,403

24,403

232,303

197,653

128,353

163,003

163,003

180,328

163,003

Operating Expense
Marketing expense
Rent
Depreciation
Selling&Adminstration
Total Operating Expense

1,240
21,391
1,350
30,000
53,981

1,000
21,391
1,350
30,000
53,741

750
1,350
30,000
32,100

580
1,350
30,000
31,930

680
1,350
30,000
32,030

1,420
21,391
1,350
30,000
54,161

1,380
21,391
1,350
30,000
54,121

1,000
21,391
1,350
30,000
53,741

1,240
21,391
1,350
30,000
53,981

1,140
1,350
30,000
32,490

1,310
21,391
1,350
30,000
54,051

1,140
21,391
1,350
30,000
53,881

Net income before operation

109,022

74,612

7,627

178,142

143,532

74,612

109,022

130,513

126,277

109,122

22,500
22,500

22,335
22,335

Cost of goods Sold
Material
Labor
MFG overhead
Total cost of Goods sold
Gross income

Operating income(loss)
Other income(expense)
Interest expense
Total Operating income

Income (Loss) Before Taxes
86,522
Provision (Benefit) for income taxes
25,957
Net income (Loss) for the year
60,566
Retained Earning beginning of the months2,310,393
Retained Earnings
2,370,959

52,278 15,683
36,594 2,370,959
2,407,553

9,628 -

7,527 -

22,165
22,165

21,991
21,991

21,813
21,813

21,630
21,630

21,443
21,443

21,251
21,251

21,055
21,055

20,853
20,853

20,646
20,646

20,435
20,435

12,537 -

29,518 -

29,440

12,537 2,407,553
2,395,017

29,518 2,395,017
2,365,499

29,440
2,365,499
2,336,059

156,512
46,954
109,558
2,336,059
2,445,618

122,089
36,627
85,462
2,445,618
2,531,080

53,361
16,008
37,353
2,531,080
2,568,433

87,968
26,390
61,577
2,568,433
2,630,010

109,660
32,898
76,762
2,630,010
2,706,773

105,631
31,689
73,942
2,706,773
2,780,714

88,688
26,606
62,081
2,780,714
2,842,796

113

6.2 Risk management summary
According to the risk that has been demonstrate above the most risk that Zdravo siam
will mostly concern is the change in the change in demand for purchase ice-cream of
customers may vary. Thus, it can illustrate that customer who buys or drinks coffee
will not going to buy an ice cream so Zdravo siam will have to face the change the
need of customer if the trend or most demand of customers turns to coffee.
Zdravo siam will face the hard time in doing business Zdravo siam will use
pricing strategy and discount support prices to be reasonable to ice-cream and reduce
customers' attitudes to the price of goods. In the management and operations. From
the allocation of duties to employees and clearly highlights our services
From the Financial risk that illustrate above Zdravo siam will not concern
about it because even if the sale decrease , Cost increase and interest rate increase it
will have an effect to the retain earning not very much .

114

Chapter 7
Summary

115

Chapter 7
Summary
As the market share in Thailand in nowadays, ice-cream business still one of the
business that many people also need. They will face with a variety of ice-cream flavors,
and a lot of hand-made cakes. The specialty of Zdravo Siam is all of ice-cream is daily
fresh. All ingredients to make ice-cream are 100 percents made in Thailand [Fruits and
any mixers]. In finally, the shop hope to give joyfulness and satisfy to all of customers
with the best services as much as possible.

Zdravo siam Growth rate
25%

15%
10%

Zdravo siam

5%

Month59

Month57

Month55

Month53

Month51

Month49

Month47

Month45

Month43

Month41

Month39

Month37

Month35

Month33

Month31

Month29

Month27

Month25

Month23

Month21

Month19

Month17

Month15

Month13

Month9

Month11

Month7

Month5

Month3

0%

Month1

Sale percentage

20%

Figure 7.1: Zdravo siam Growth rate

According to the sale forecasting it can conclude that the average income of the
total 60 month will be approximate 148,613 baht per month and the seasoning sale will
be shown as the following but the sharp decrease in sales this happened because it is
summer season But the advantage are even the sale are 50% lower than normal in every
years because of the closing of the University but the advantage is the ABAC plaza will
exempt the rental on these summers times. But The ABAC plaza will give an exception
not to gather the rent of the summer season.

The total of marketing expense is 60,900 baht and these will help Zdravo saim to
reach the sale forecast as also this marketing expense are used to the support through the
strategy that are specially selected to use in the effort to maintain the high volume of
slaes and customer demand.

116

As in the first time of opening Zdravo siam selected to be located at ABAC Plaza in
ABAC University. And these are the list in investing on Zdravo Siam shop as the
following.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

Descript
Ice cream maker
Ice cream freezer
Ice cream scoop
Ice cream’s tray
Fruit’s tray
Cash Register
Blackboard
Spoon
Tray
Water glass
Glass
Sunday glass
Basin
Cooler
Book magazine
Telephone
Pen
Napkin
Order
Tissue Paper
Dishwashing liquid
Scotch Brite
Banana
Orange
Lynches
Strawberry
White malt
Sugar
Whole milk
Rum
Whip cream
Guar Gum
Raisin
Pumpkin
Almond
Green tea flavor
Milk tea flavor
Egg
Pineapple Juice
Vanilla
Chocolate

No. Product
1
1
3
24
6
1
1
40
5
50
30
2
2
1
8
1
12
6
100
12
1
2
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
60
1
6
6

Price/Unit
150,000
46,000
450
580
480
35,000
550
173
48
75
55
675
59
1,800
50
990
4.25
130
25
748
27
12
190
24.5
80
145
98
24
102
60
230
440
230
12
350
280
120
3.20
420
60
60

Total
150,000
46,000
1,350
13,920
2,880
35,000
550
6,920
240
3,750
1,650
1,350
118
1,800
400
990
51
780
2,500
8,976
27
24
950
122.5
400
725
490
120
510
360
1,380
2,640
1,380
72
2,100
1,680
720
192
420
360
360

117
42
43
44
45
46
47
48
49
50

salt
Whipping Cream Bottom
Whipping Cream
Gas
Topping
Fresh Milk
Computer
Printer
Speaker
Total

1
1
3
10
6
1
1
1
1
495

10
2,000
150
170
65
82
13,800
2,750
1,490

10
2,000
450
1,700
390
82
13,800
2,750
1,490
316,930

And the total loan amount will be equal 900,000 baht the table below show the
payment on interest and principal deduction.
Period
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Year

Interest Paid

Installment
Installment paid

11,250
11,123
10,994
10,864
10,732
10,599
10,464
10,327
10,188
10,048
9,906
9,762
9,617
9,469
9,320
9,169
9,016
8,861
8,704
8,545
8,384
8,221
8,057
7,890
7,721
7,549
7,376
7,201
7,023
6,843
6,661
6,477
6,290
6,101
5,910
5,716
5,520
5,321
5,120
4,916
4,710
4,501
4,290
4,076
3,859
3,640
3,418
3,193
2,965
2,735
2,501
2,265
2,026
1,783
1,538
1,289
1,038
783
525
264

10,161
10,288
10,417
10,547
10,679
10,812
10,947
11,084
11,223
11,363
11,505
11,649
11,794
11,942
12,091
12,242
12,395
12,550
12,707
12,866
13,027
13,190
13,354
13,521
13,690
13,861
14,035
14,210
14,388
14,568
14,750
14,934
15,121
15,310
15,501
15,695
15,891
16,090
16,291
16,495
16,701
16,909
17,121
17,335
17,552
17,771
17,993
18,218
18,446
18,676
18,910
19,146
19,385
19,628
19,873
20,122
20,373
20,628
20,886
21,147

Total
฿

1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5

21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411
21,411

Principle
900,000
889,839
879,551
869,135
858,588
847,909
837,097
826,150
815,066
803,843
792,480
780,975
769,327
757,532
745,591
733,499
721,257
708,862
696,312
683,605
670,739
657,712
644,523
631,168
617,647
603,957
590,095
576,060
561,850
547,462
532,895
518,145
503,211
488,090
472,780
457,279
441,584
425,693
409,603
393,312
376,818
360,117
343,208
326,087
308,752
291,200
273,430
255,436
237,218
218,773
200,096
181,187
162,041
142,655
123,027
103,154
83,033
62,660
42,032
21,147
0

And these are the financial ratio analysis of the Zdravo siam

Accumulate
Interest
11,250
22,373
33,367
44,232
54,964
65,563
76,026
86,353
96,542
106,590
116,496
126,258
135,875
145,344
154,664
163,832
172,848
181,709
190,413
198,958
207,342
215,563
223,620
231,510
239,230
246,780
254,156
261,357
268,380
275,223
281,884
288,361
294,651
300,752
306,662
312,378
317,898
323,219
328,339
333,255
337,966
342,467
346,757
350,833
354,693
358,333
361,750
364,943
367,909
370,643
373,145
375,409
377,435
379,218
380,756
382,045
383,083
383,866
384,392
384,656

118

Liquidity Ratios
Current Ratio

=

Quick Ratio

=

Y1

Total Current Assets
Total Current Liabilities

Current Assets - Inventory
Total Current Liabilities

=

730,603
18,546

=

39.39

=

717,121
18,546

=

38.67

Efficiency Ratios

Inventory Turnover Ratio =

Inventory Period

=

Total Assets Turnover

365
Inventory Turnover

Sales
Total Assets

=

Net Profit Margin

=

Operating Profit Margin

Return on Assets

=

=

Net Profit
Sales

Operating Profit
Sales

Net Profit
Average on Assets

=

Times interest-earned Ratio =

= 2,976,528
23,614

= 3,444,516
29,808

=

=

59.28

=

126.05

=

115.56

= 2,176,350
130,610

=

588,521
279,428

=

610,941
298,506

=

638,966
319,802

=

=

2.11

=

2.05

=

2.00

Total Liabilities
Total Assets

Net Income
Annual Interest Expense

16.74

16.66

Y2

Y3

Y4

Y5

117,920
13,482

=

122,960
9,471

=

123,200
6,911

=

122,240
12,085

=

122,960
1,746

=

8.75

=

12.98

=

17.83

=

10.12

=

70.43

=

365
8.75

=

365
12.98

=

365
17.83

=

365
10.12

=

365
70.43

=

41.73

=

28.11

=

20.48

=

36.08

=

5.18

=

135,135
927,467

=

509,466
2,318,389

=

228,690
2,817,023

=

152,460
2,980,504

=

173,250
3,384,196

=

0.15

=

0.22

=

0.08

=

0.05

=

0.05

Y2

Y3

Y4

Y5

=

125,308
1,039,500

=

499,220
2,853,051

=

218,423
1,905,750

=

142,273
1,386,000

=

163,003
1,732,500

=

12%

=

17%

=

11%

=

10%

=

9%

=

139,595
1,039,500

=

= 1,626,336
80,148,010

= 1,766,414
84,155,411

= 2,263,551
90,193,968

= 2,257,200
91,368,731

13%

=

2%

=

2%

=

3%

=

2%

=

126,258
1,039,500

=

126,258
2,853,051

=

126,258
1,905,750

=

126,258
1,386,000

=

126,258
1,732,500

=

12%

=

4%

=

7%

=

9%

=

7%

=

139,595
927,467

= 1,430,537
2,318,389

=

758,940
2,817,023

=

390,599
2,980,504

=

634,717
3,384,196

=

15%

=

=

27%

=

13%

=

19%

Leverage Ratio

Debt Ratio

Y5

= 2,748,751
46,367

Y1

Sales - Cost of Goods Sold
Sales

Y4

=

Profitability Ratio
Gross Profit Margin

Y3

= 2,185,821
130,610

Y1

Cost of Goods Sold
Average Inventory

=

Y2

Y1

62%

Y2

Y3

Y4

Y5

=

787,872
927,467

=

748,257
2,318,389

=

487,951
2,817,023

=

260,833
2,980,504

=

29,808
3,384,196

=

0.85

=

0.32

=

0.17

=

0.09

=

0.01

=

139,595
237,914

= 1,430,537
2,043,625

=

758,940
1,095,384

=

390,599
578,694

=

634,717
923,074

=

0.59

=

=

0.69

=

0.67

=

0.69

0.70

119
Current ratio will increase every year the higher current ratio show that zdravo siam
is capable in paying back the profit

Quick ratio is viewed as a sign of company's financial strength or weakness.

Inventory turnover ratio measures the number of times, on average, the inventory is
sold during the period.

Total asset turnover ratio this is a measure of how well assets are being used to
produce revenue.

Gross profit margin show remains from sales after a company pays out the cost of
goods sold.

Net profit margin this number is an indication of how effective a company is at cost
control. The higher the net profit margin is, the more effective the company is at
converting revenue into actual profit.

Operating profit margin indicates how effective a company is at controlling the
costs and expenses associated with their normal business operations.

Return on asset a measure of a company's profitability, equal to a fiscal year's
earnings divided by its total assets, expressed as a percentage.

Debt ratio This will tell you how much the company relies on debt to finance assets.
In general, the lower the company's reliance on debt for asset formation, the less risky
the company is since excessive debt can lead to a very heavy interest and principal
repayment burden.

120

And these are the PV and PMT calculation rate.

rate
pmt
pv

Investment
Interest rate
Average
PV
Payback Period

-

100%
15.00%
48,460
322,992
60

Income statement had shown the operation results of the Zdravo siam over 60
months. It matches the income and the expense in the same period, and Zdravo siam
can calculate the net profit in the period of time. The important thing about an income
statement is that it represents a period of time. This contrasts with the balance sheet,
which represents a single moment in time.
Balance sheet are the summarizes a Zdravo Siam assets, liabilities
and shareholders' equity at a specific point in time. These balance sheets give
investors an idea as to what the Zdravo Siam owns and owes, as well as the amount
invested by the shareholders.
Cash flow refers to the movement of cash inflow and cash outflow of a
Zdravo Siam. It is usually measured during a specified, finite period of time.
Measurement of cash flow can be use to determine a project's rate of return or value.
The time of cash flows into and out of projects are used as inputs in financial mode

121

Reference

122

Reference
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http://www.apache.co.th/showdetail.php?id=213
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www.kasikornresearch.com
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www.excelthai.com/2008/03/blog-post_19.html
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http://www.foodsci.uoguelph.ca/dairyedu/icmanu.html
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http://www.icecreamfanclub.com/index.php?name=News&file=article&sid=2
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http://www.officemate.co.th/b2cv4/Product.aspx?pgID=00962
pncfurniture. (2009). Retrieved from www.pncfurniture.com:
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Stogo, M. (2008). Ice cream and frozen desserts A commercial guide to production
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www.surveymonkey.com
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99%E0%B8%94%E0%B8%B3+50x90x120+cm.html
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http://www.twinfishshop.com/501-inspiration/104-501-soda-spoon.html
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123

Appendix

124

125

126

127

128

129

130

131

Inventory in cash
Y1
January
February
March
April
May
June
July
August
September October
November
December
Beging inventory
44,040
50,442
53,874
69,186
87,468
105,750
100,272
100,734
95,256
83,838
66,480
52,092
Cost of goods sold
17,820
20,790
8,910
5,940
5,940
41,547
23,760
29,700
35,640
41,580
38,610
38,610
Rum Raisin
2,052
2,394
1,026
684
684
3,420
2,736
3,420
4,104
4,788
4,446
4,446
Golden Fresh milk
1,728
2,016
864
576
576
2,880
2,304
2,880
3,456
4,032
3,744
3,744
Almond Fresh milk
1,534
1,789
767
511
511
2,556
2,045
2,556
3,067
3,578
3,323
3,323
Green tea Fresh milk
1,447
1,688
724
482
482
2,412
1,930
2,412
2,894
3,377
3,136
3,136
Ice tea Fresh milk
1,598
1,865
799
533
533
2,664
2,131
2,664
3,197
3,730
3,463
3,463
Lynchee Sorbet
821
958
410
274
274
1,368
1,094
1,368
1,642
1,915
1,778
1,778
Papermint
648
756
324
216
216
1,080
864
1,080
1,296
1,512
1,404
1,404
Vanila
2,160
2,520
1,080
720
720
3,600
2,880
3,600
4,320
5,040
4,680
4,680
Chocolate
2,808
3,276
1,404
936
936
4,680
3,744
4,680
5,616
6,552
6,084
6,084
Strawberry
3,024
3,528
1,512
1,008
1,008
5,040
4,032
5,040
6,048
7,056
6,552
6,552
Total sale in unit
17,820
20,790
8,910
5,940
5,940
29,700
23,760
29,700
35,640
41,580
38,610
38,610
Ending inventory
26,220
29,652
44,964
63,246
81,528
76,050
76,512
71,034
59,616
42,258
27,870
13,482

Y2
January
February
March
April
May
June
July
August
September October
November
December
Beging inventory
54,515
68,982
60,335
85,558
114,825
138,413
146,889
135,904
106,044
72,277
77,935
73,821
Cost of goods sold
39,600
49,500
14,850
9,900
14,850
29,700
49,500
69,300
74,250
34,650
44,550
64,350
Rum Raisin
4,560
5,700
1,710
1,140
1,710
3,420
5,700
7,980
8,550
3,990
5,130
7,410
Golden Fresh milk
3,840
4,800
1,440
960
1,440
2,880
4,800
6,720
7,200
3,360
4,320
6,240
Almond Fresh milk
3,408
4,260
1,278
852
1,278
2,556
4,260
5,964
6,390
2,982
3,834
5,538
Green tea Fresh milk
3,216
4,020
1,206
804
1,206
2,412
4,020
5,628
6,030
2,814
3,618
5,226
Ice tea Fresh milk
3,552
4,440
1,332
888
1,332
2,664
4,440
6,216
6,660
3,108
3,996
5,772
Lynchee Sorbet
1,824
2,280
684
456
684
1,368
2,280
3,192
3,420
1,596
2,052
2,964
Papermint
1,440
1,800
540
360
540
1,080
1,800
2,520
2,700
1,260
1,620
2,340
Vanila
4,800
6,000
1,800
1,200
1,800
3,600
6,000
8,400
9,000
4,200
5,400
7,800
Chocolate
6,240
7,800
2,340
1,560
2,340
4,680
7,800
10,920
11,700
5,460
7,020
10,140
Strawberry
6,720
8,400
2,520
1,680
2,520
5,040
8,400
11,760
12,600
5,880
7,560
10,920
Total sale in unit
39,600
49,500
14,850
9,900
14,850
29,700
49,500
69,300
74,250
34,650
44,550
64,350
Ending inventory
28,397
19,482
45,485
75,658
99,975
108,713
97,389
66,604
31,794
37,627
33,385
9,471

132

Y3
January
February
March
April
May
June
July
August
September October
November
December
Beging inventory
85,455
84,640
89,223
115,323
146,552
177,469
159,562
147,225
135,010
122,918
100,166
72,251
Cost of goods sold
43,560
38,115
16,335
10,890
10,890
59,895
54,450
54,450
54,450
65,340
70,785
65,340
Rum Raisin
5,016
4,389
1,881
1,254
1,254
6,897
6,270
6,270
6,270
7,524
8,151
7,524
Golden Fresh milk
4,224
3,696
1,584
1,056
1,056
5,808
5,280
5,280
5,280
6,336
6,864
6,336
Almond Fresh milk
3,749
3,280
1,406
937
937
5,155
4,686
4,686
4,686
5,623
6,092
5,623
Green tea Fresh milk
3,538
3,095
1,327
884
884
4,864
4,422
4,422
4,422
5,306
5,749
5,306
Ice tea Fresh milk
3,907
3,419
1,465
977
977
5,372
4,884
4,884
4,884
5,861
6,349
5,861
Lynchee Sorbet
2,006
1,756
752
502
502
2,759
2,508
2,508
2,508
3,010
3,260
3,010
Papermint
1,584
1,386
594
396
396
2,178
1,980
1,980
1,980
2,376
2,574
2,376
Vanila
5,280
4,620
1,980
1,320
1,320
7,260
6,600
6,600
6,600
7,920
8,580
7,920
Chocolate
6,864
6,006
2,574
1,716
1,716
9,438
8,580
8,580
8,580
10,296
11,154
10,296
Strawberry
7,392
6,468
2,772
1,848
1,848
10,164
9,240
9,240
9,240
11,088
12,012
11,088
Total sale in unit
43,560
38,115
16,335
10,890
10,890
59,895
54,450
54,450
54,450
65,340
70,785
65,340
Ending inventory
41,895
46,525
72,888
104,433
135,662
117,574
105,112
92,775
80,560
57,578
29,381
6,911

Y4
January
February
March
April
May
June
July
August
September October
November
December
Beging inventory
42,759
46,551
42,795
64,602
88,050
105,784
100,301
77,293
63,563
58,276
60,672
55,645
Cost of goods sold
31,680
39,600
11,880
7,920
11,880
35,640
55,440
47,520
39,600
31,680
39,600
43,560
Rum Raisin
3,648
4,560
1,368
912
1,368
4,104
6,384
5,472
4,560
3,648
4,560
5,016
Golden Fresh milk
3,072
3,840
1,152
768
1,152
3,456
5,376
4,608
3,840
3,072
3,840
4,224
Almond Fresh milk
2,726
3,408
1,022
682
1,022
3,067
4,771
4,090
3,408
2,726
3,408
3,749
Green tea Fresh milk
2,573
3,216
965
643
965
2,894
4,502
3,859
3,216
2,573
3,216
3,538
Ice tea Fresh milk
2,842
3,552
1,066
710
1,066
3,197
4,973
4,262
3,552
2,842
3,552
3,907
Lynchee Sorbet
1,459
1,824
547
365
547
1,642
2,554
2,189
1,824
1,459
1,824
2,006
Papermint
1,152
1,440
432
288
432
1,296
2,016
1,728
1,440
1,152
1,440
1,584
Vanila
3,840
4,800
1,440
960
1,440
4,320
6,720
5,760
4,800
3,840
4,800
5,280
Chocolate
4,992
6,240
1,872
1,248
1,872
5,616
8,736
7,488
6,240
4,992
6,240
6,864
Strawberry
5,376
6,720
2,016
1,344
2,016
6,048
9,408
8,064
6,720
5,376
6,720
7,392
Total sale in unit
31,680
39,600
11,880
7,920
11,880
35,640
55,440
47,520
39,600
31,680
39,600
43,560
Ending inventory
11,079
6,951
30,915
56,682
76,170
70,144
44,861
29,773
23,963
26,596
21,072
12,085

133

Y5
January
February
March
April
May
June
July
August
September October
November
December
Beging inventory
53,159
44,987
46,663
72,295
101,961
130,736
101,030
81,819
82,389
73,340
64,562
51,246
Cost of goods sold
49,500
39,600
14,850
9,900
9,900
69,300
59,400
39,600
49,500
49,500
54,450
49,500
Rum Raisin
5,700
4,560
1,710
1,140
1,140
7,980
6,840
4,560
5,700
5,700
6,270
5,700
Golden Fresh milk
4,800
3,840
1,440
960
960
6,720
5,760
3,840
4,800
4,800
5,280
4,800
Almond Fresh milk
4,260
3,408
1,278
852
852
5,964
5,112
3,408
4,260
4,260
4,686
4,260
Green tea Fresh milk
4,020
3,216
1,206
804
804
5,628
4,824
3,216
4,020
4,020
4,422
4,020
Ice tea Fresh milk
4,440
3,552
1,332
888
888
6,216
5,328
3,552
4,440
4,440
4,884
4,440
Lynchee Sorbet
2,280
1,824
684
456
456
3,192
2,736
1,824
2,280
2,280
2,508
2,280
Papermint
1,800
1,440
540
360
360
2,520
2,160
1,440
1,800
1,800
1,980
1,800
Vanila
6,000
4,800
1,800
1,200
1,200
8,400
7,200
4,800
6,000
6,000
6,600
6,000
Chocolate
7,800
6,240
2,340
1,560
1,560
10,920
9,360
6,240
7,800
7,800
8,580
7,800
Strawberry
8,400
6,720
2,520
1,680
1,680
11,760
10,080
6,720
8,400
8,400
9,240
8,400
Total sale in unit
49,500
39,600
14,850
9,900
9,900
69,300
59,400
39,600
49,500
49,500
54,450
49,500
Ending inventory
3,659
5,387
31,813
62,395
92,061
61,436
41,630
42,219
32,889
23,840
10,112
1,746

134

หลักกฎหมายเกีย่ วกับสิ นเชื่อ
หลักกฎหมายเกีย่ วกับการกู้ยมื
ในกรณี ที่ขาดทุนสารองในการผลิตหรื อมีทุนสารองอยูไ่ ม่เพียงพอที่จะลงทุน
ปรับปรุ งหรื อขยายกิจการ อาจไปกูย้ มื จากแหล่งสิ นเชื่อได้ เช่น สถาบันการเงินต่างๆ นายทุน เป็ น
ต้น การกูย้ มื นี้ก็ตอ้ งดาเนินการตามหลักเกณฑ์ที่กฎหมายกาหนด
ประมวลกฎหมายแพ่งและพาณิ ชย์ถือว่า การกูย้ มื เป็ นสัญญาประธาน ซึ่ งเป็ นการ
ตกลงกันระหว่างบุคคลสองฝ่ ายคือผูใ้ ห้ยมื และผูย้ มื โดยผูใ้ ห้ยมื สัญญาจะส่ งมอบทรัพย์ให้แก่ผยู ้ มื
และผูย้ มื จะส่ งมอบทรัพย์น้ นั หรื อทรัพย์อื่นที่มีปริ มาณอย่างเดียวกันคืนให้แก่ผใู ้ ห้ยมื
ในการกูย้ มื นั้น อาจตกลงกับนายทุนผูใ้ ห้ยมื ในรู ป สั ญญาใช้ คงรู ป กล่าวคือ ยืมสิ่ งใ ด
มาก็จะต้องส่ งใช้คืนสิ่ งนั้น เช่น เกษตรกรขอยืมเครื่ องจักรมาใช้งานเกษตร เมื่อใช้งานเสร็ จแล้วก็
ต้องนาเครื่ องจักรนั้นมาคืนเจ้าของ หรื อยืมรถยนต์มาขนข้าวที่นวดแล้วนาไปเก็บในยุง้ เมื่อขนข้าว
เสร็ จแล้วก็นารถยนต์คนั นั้นส่ งคืนเจ้าของเป็ นต้น หรื อเกษตรกรอาจตกลงกับนายทุน
ผูใ้ ห้ยมื ในรู ปการยืมใช้ สิ้นเปลือง หมายถึงการยืมเงิน ข้าวสาร พริ ก กะปิ เมื่อนายทุนได้มอบเงิน
ข้าวสาร พ ริ กหรื อกะปิ มาให้แล้ว เกษตรกรก็ใช้หมดไป การใช้คืนเกษตรกรต้องหาเงิน หรื อ
ธนบัตรใบอื่นในจานวนเดียวกัน หรื อข้าวสารเม็ดอื่น พริ ก กะปิ อื่นที่มีปริ มาณเท่ากันไปใช้คืน
นายทุน
1) หลักเกณฑ์ การกู้ยมื สิ นเชื่ อทีเ่ ป็ นเงิน
การกูย้ มื เงินเป็ นสัญญาซึ่ งผูใ้ ห้ยมื โอนกรรมสิ ทธิ์ ในเงินนั้นให้แก่ผยู ้ มื และผูย้ มื ตกลงว่าจะ
คืนเงินเป็ นประเภท ชนิดและปริ มาณเช่นเดียวกันให้แทน ซึ่ งในการกูย้ มื เงินกันนี้อาจกาหนด
ดอกเบี้ยไว้ในสัญญาด้วยหรื อไม่ก็ได้ โดยถือเป็ นข้อตกลงต่างหากจากสัญญากูย้ มื
การกูย้ มื จะต้องมีการส่ งมอบเงินที่ยมื ให้แก่กนั กล่าวคือ ตราบใดที่ผใู ้ ห้กยู้ งั มิได้
ส่ งมอบเงินให้กแู้ ก่ผยู ้ มื แม้จะได้ทาสัญญาไว้ต่อกันก็ตาม จะบังคับเรี ยกร้องให้ปฏิบตั ิการชาระหนี้
ตามสัญญานั้นไม่ได้
การกูย้ มื เงินเกินกว่า 50 บาทขึ้นไปต้องทาหลักฐานเป็ นหนั งสื อลงลายมือชื่อผูย้ มื ไว้
เป็ นสาคัญมิฉะนั้นผูใ้ ห้กจู้ ะฟ้ องร้องให้บงั คับให้ใช้เงินยืมไม่ได้ แต่ถา้ หากกูย้ มื เงินกันน้อยกว่า
50
บาท ก็ไม่ตอ้ งทาเป็ นหนังสื อก็สามารถฟ้ องร้องกันได้โดยเพียงนาพยานบุคคลผูร้ ู ้เห็น
มากล่าวอ้างเท่านั้น อนึ่งหลักฐานแห่งการกูย้ มื นั้น เพียงแต่เป็ นหนังสื อมีลายมือชื่อผูย้ มื ปรากฏอยูก่ ็
ถือเป็ นหลักฐานได้ ไม่จาเป็ นต้องทาเป็ นสัญญาแม้เพียงบันทึก จดหมาย หรื อเอกสารอื่นใด
หากบ่งชี้วา่ มีการกูย้ มื กัน และปรากฏลายมือชื่อผูย้ มื ก็ถือเป็ นหลักฐานที่ใช้ได้เช่นสัญญากู้

135

หลักฐานสัญญากูย้ มื เงินต้องปิ ดอ ากรแสตมป์ ทุก 200 บาท หรื อเศษของ 200 บาทต่อ
อากรแสตมป์ 10 สตางค์
ในส่ วนที่เกี่ยวกับดอกเบี้ยหากผูใ้ ห้ยมื กับผูย้ มื ได้ตกลงจะให้แก่กนั ห้ามมิให้ผใู ้ ห้กยู้ มื
เสี ยดอกเบี้ย เกินกว่าร้ อยละ 15 ต่ อปี หากผูใ้ ห้กยู้ มื เรี ยกดอกเบี้ยเกินกว่าอัตรานี้ ผูใ้ ห้กมู้ ีความ
ผิดอาญาฐานเรี ยกดอกเบี้ยเกิดอัตรา และจะไม่ได้รับดอกเบี้ยในการชาระหนี้ คงเรี ยกชาระหนี้คืน
ได้เฉพาะต้นเงินเท่านั้น เช่น นาย ก . ให้นาย ข. ยืมเงิน 500 บาท โดยกาหนดดอกเบี้ยในอัตรา
ร้อยละ 10 ต่อเดือน เมื่อคานวณอัตราดอกเบี้ยทั้งปี แล้วเกินร้อยละ 15 ต่อปี ตามที่กฎหมายกาหนด
เมื่อถึงกาหนดเวลาชาระหนี้เงินต้น นาย ข . มีสิทธิ จะไม่ให้ดอกเบี้ยแก่ นาย ก . เลยก็ได้ แต่จะ
ใช้คืนเพียงเงินต้น 500 บาทเท่านั้น อย่างไรก็ตามสาหรับสถาบันการเงินเพื่อการพาณิ ชย์ เช่น
ธนาคาร บริ ษทั เงินทุนต่าง ๆ สามารถเรี ยกดอกเบี้ ยจากผูก้ ไู้ ด้เกินกว่าร้อยละ 15 ต่อปี ทั้งนี้
ย่อมเป็ นไปตามกฎหมายพิเศษของสถาบันนั้นที่อนุญาตให้เรี ยกดอกเบี้ยเกินกว่าอัตราดังกล่าวได้
อนึ่ง ถ้ามิได้กาหนดดอกเบี้ยไว้ในหลักฐานการกูย้ มื และตามเจตนาของผูก้ แู้ ละผูก้ ู้
ให้พึงสันนิษฐานว่า ถ้าคู่สัญญาจะตกลงในดอกเบี้ยแก่กนั แล้ว ก็ให้มีสิทธิ ได้รับเพียงร้อยละ
เจ็ดครึ่ งต่อปี
ในการกูย้ มื กฎหมายห้ามมิให้คิดดอกเบี้ยทบต้น เว้นแต่ผใู ้ ห้กแู้ ละผูก้ จู้ ะได้ตกลง
ยินยอมกันไว้เป็ นหนังสื อ โดยลงลายมือของทั้งสองฝ่ ายเป็ นสาคัญ กรณี เช่นนี้จะไม่บงั คับแก่กนั
การกูเ้ งินธนาคารหรื อสถาบันการเงินอื่นโดยวิธีเบิกเงินเกินบัญชี ผูใ้ ห้กมู้ ีสิทธิ คิดดอกเบี้ยทบต้นได้
ถ้าในสัญญามิได้กาหนดเวลาให้ผกู ้ ชู้ าระเงินกูค้ ืนเมื่อใดเป็ นหน้าที่ของผูใ้ ห้กจู้ ะต้อง
บอกกล่าวให้ผกู ้ ชู้ าระเงินกูค้ ืนภายในเวลาอันสมควร เช่น 7 วัน หรื อ 30 วันนับแต่วนั ได้รับ
คาบอกกล่าว เป็ นต้น
ในการชาระหนี้เงินกูต้ ามหลักฐานแสดงการกูย้ มื นั้น จาต้องให้ผกู ้ ลู้ งลายมือชื่อไว้
เป็ นสาคัญ หรื อให้ผใู ้ ห้กมู้ อบหลักฐานการกูย้ มื คืนแก่ผยู ้ มื หรื อหมายเหตุเพิกถอนการกูย้ มื
ใบหลักฐานเอกสารนั้นเสี ยก่อน มิฉะนั้น หากเป็ นคดีข้ ึนในศาล ผูก้ จู้ ะตกเป็ นฝ่ ายเสี ยเปรี ยบในคดี
ถ้าได้กาหนดไว้ในหลักฐานการกูย้ มื ว่า ผูใ้ ห้กยู้ นิ ยอมเอาสิ่ งของหรื อทรัพย์สินอื่นใด
โดยมิใช่ตวั เงินแทนจานวนเงินที่กู้ ซึ่ งอาจรวมดอกเบี้ยด้วยก็ได้ กฎหมายให้คิดเป็ นหนี้คา้ งชาระ
โดยจานวนเท่ากับราคาท้องตลาดแห่งสิ่ งของหรื อทรัพย์อื่นนั้นในเวลาและสถานที่ที่ส่งมอบ และ
ในกรณี น้ ีถือได้วา่ หนี้ตามสัญญากูไ้ ด้ระงับไปเพราะการชาระหนี้ดว้ ยสิ่ งของหรื อทรัพย์สินแทน
อายุความในการฟ้ องให้ผกู ้ ใู้ ช้เงินคืนมีกาหนด 10 ปี นับแต่วนั ที่ผใู ้ ห้กมู้ ีสิทธิ เรี ยกร้อง
ให้ผกู ้ ใู้ ช้เงินคืน เช่นวั นที่หนี้เงินกูถ้ ึงกาหนดชาระ หรื อวันครบกาหนดที่ผใู ้ ห้กบู้ อกกล่าวให้ผกู ้ คู้ ืน
เงินที่กู้ ในกรณี หลักฐานการกูย้ มื มิได้กาหนดเวลาไว้

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