Project Feasibility Study and Evaluation (1203302)

Feasibility Project
Gondola Group
Ma-Li Thai massage

Project Feasibility Study and Evaluation
(1203302)
Ma-Li Thai Massage
Present
Aj. Chaiyawat Thongintr
By
Gondola Group
Section 2
Semester 2/2553
Mea Fah Luang University

Chapter 1
Introduction
Chapter 1:
Introduction
Background and Significance of the project
According to Project Feasibility Study & Evaluation subject that study about how to plan
and create new business. This project is Thai massage (Ma-Li Thai massage). The Thai massage is
nature way of treats and disease from ancient times. Overall image this business have many in
market. The data of Director School of Thai massage (Wat Po) in year 2538 have value 20
thousands million baht but nowadays will value increase and growth in tourism industry. The
massage is serve besides the four requisites so, the customer to serve are middle class and high
class. The needs of market consider main location. This business can run 1 entrepreneur, work for
massage area a house, open in house, and open in community such as market, village, mall,
department store near tourist place until to luxury place such as hotel, resort etc. Nowadays Thai
massage has popular in foreigner such as Asia, The United States of America, and Europe when
tourists to serve so, impression in Thai massage effect to Thai massage popular in expand around
the world. Ma-Li Thai massage launch in Chiang Rai because from survey found the data of tourist
come to Chiang Rai increase every year and we able race to competitor in Chiang Rai.
Project Objectives
1. To study behavior of customers.
2. To study potential of business.
3. To analysis market.
4. To study customers want and need.
5. To study feasibility of market.
6. To study massage business in Chiang Rai province.
7. To study planning budget of business.
8. To study segment of customer.
9. To study chrematistics of product.
10. To study growth of business.

Benefit of project
1. To understand behavior of customers.
2. To understand potential of business.
3. To understand market.
4. To understand customers want and need.
5. To understand feasibility of market
6. To understand massage business in Chiang Rai province.
7. To understand planning budget of business.
8. To understand segment of customer.
9. To understand chrematistics of product.
10. To understand growth of business.

Activities
Study the massaging process.
Survey the customer interested in our business.
Set budget and financial to appropriate in business.
Choose located to building company.
Survey competitor and learn our business to win the competitor.
Evaluate after building business.
When business direct to target the company can make the project.
Survey satisfaction of the customer in our project and lead to develop and improve.
Time Frame
No. Detail Date By RREMARK
1 Group member 10/Nov/09 -
2 Name of Project 17-23/Nov/ 09 Send to Email AJ

Background and objective
3 Search information 24-29/Nov/09
4 Search information main 1/Dec/10 Presentation
business and presentation 1minute
5 Process of management CH1-3 1-5/Dec/10 Send to Email AJ
6 Analysis financial 8-13/Dec/10 -

collect data
7 Analysis financial 15-20Dec/10 -
collect data
Risk
8 CH1-5 5-11/Jan /10 Printing
Finish my report
9 Advertising DVD-CD 12-18/Jan/10 Show
10 Draft of final 19Jan-2/Feb/10 Printing No cover
11 Finish and presentation 09/Feb/10 Printing completion
12 Check again 16/Feb/10 -
Group Members
Miss. Nadda Nora ID: 5031207007

Miss.Tanaporn Pinsuwan ID: 5031207011
Miss.Rungtip Boonkrong ID: 5031207031
Miss.Jirapa Prempinthong ID: 5031207078
Miss.Chorthip Toworakajonkun ID: 5031207085
Miss.Janya Phromanee ID: 5031207140
Mr. Sakda Pukerdpim ID: 5031207149
Chapter 2
Industry Profile
Chapter 2:
Industry Profile
Nature of Industry
What is massage?
We use massage instinctively. If we bruise an elbow we rub it, if our stomachs hurt we rub
them. Parents instinctively hold and stroke their children to calm and reassure them. Touch is a
fundamental part of our being. And massage is touch.
I'll tell you a true story. I visited our local zoo a year or two back. Now I know zoos aren't exactly
the most politically correct of places, but the reality at this point in the world's history is that for a
frightening number of species it's the zoo or death, and, apart from the odd bad apple, a modern zoo
is staffed by animal lovers. The animals could do worse.
Anyway my local zoo has an enclosure for chimpanzees, and a family

of chimps living in it. It struck me as I watched them they were
constantly in physical contact with each other. There were at least
three and possibly four generations of chimps in that family and all of
them were in near-constant physical contact. As we watched them, the
chimps (quite rightly) came up to have a look at us and it struck me
how odd we must seem to the rest of the family; we are the ape that doesn't touch; the rich networks
of physical contact that the other apes enjoy are not just alien but taboo to us; we even shut our skin
away so that we can't be touched.
I found myself wondering if it was really that good an idea to go against ten million years of
evolution and a couple of hundred million years of history. I started wondering if touch and
grooming weren't as much a part of us as verbal socialization. More in fact; touch is hugely older
than speech. Mercifully I've never been in solitary confinement but I've spoken to people who have,
and it is no accident that it is the most severe non-lethal punishment available to the modern
Western prison system. Lack of social contact drives people crazy. It leaves them scarred, socially
inadequate, with a distorted self-image that may never heal. So what does lack of touch do?
As a professional the one thing that makes me feel guilty and a little bit sad is the basic neck and
shoulder rub. You take hold of the muscle, you squeeze gently, you move it around a little, the
muscle relaxes. As simple as that. For this I spent two years in massage school? You're working too
late and too hard, your neck and the top of your shoulders ache. You shouldn't need to see a
professional to deal with this; a friend should be able to do it. Everyone should be able to do this.
They should teach neck and shoulder rubs in school. But I digress.
What is massage? For me its part of our family heritage that we're suffering for the lack of, I
believe apes need massage as part of our general health and self-maintenance, and by not using it
we're laying ourselves open to physical problems that shouldn't affect us anywhere near as badly as
they do. I believe that by not using massage we're stiffer, tenser, and tired than we'd be if we took
back this ancient and essential part of our birthright.
Reference: (http://web.ukonline.co.uk/ged.quayle/whatis.htm)
A Whirlwind Tour through the Entire History of Massage
Massage is a universal instinct. From the day they descended from the trees, humans have
known that it helps to rub a sore limb and that to touch is beneficial. For that matter apes know this
as well, and indeed so do most other mammals. Writing a history of massage is therefore a curious
project, much like writing a history of breathing or of dancing or of mating: we know that it must
have happened continuously throughout history, but it is almost impossible to get an accurate idea
of precisely what was being done, where, and by whom. This essay should not be seen as a
comprehensive or reliable chronicle: rather, it flits through the past and settles momentarily upon
those documented characters and periods that seem colorful or interesting.
China:
"Western button-lovers who secretly believe all things Eastern must be 4,000 years old and
shrouded in a peculiar mystical aura that cannot be penetrated by the logic-bound Western mind."
New age practitioners will claim that massage extends back to 3000BC in China, or that it is
documented in ancient Chinese writings from 2000BC. These claims seem rather dubious. The
earliest known writing—Cuneiform, used by the Sumerians—dates from shortly before 3000BC
and almost all remaining fragments from the period are only administrative and economic. Chinese
writing dates from around 1400BC, near the start of the Shang dynasty, and it from around this
time that we can reliably date massage.
Two other medical techniques were used by the Chinese in addition to massage: moxa—the
burning of herbs on specific skin areas to relieve disease; and acupuncture—insertion of narrow
needles into the body in an attempt to block pain.
The first professional massage exam was instituted in China some fifteen hundred years later, with
the introduction of Schools of Occult Studies to complement the more commonly accepted
Confucian schools. These were devoted to such subjects as Buddhism and Taoism that transcended
the practical ordered affairs of government. Students of medicine were examined in massage and
acupuncture as well as treatment of general bodily diseases. The first level of qualification, the hsiu
ts'ai (cultivated talent) was equivalent to the current British BA degree; the ming ching
(understanding the classics) and chin-shih (advanced scholar) corresponded to a Masters degree and
a doctorate. Possession of these qualifications was very prestigious.
India:
The history of massage is typically written by doctors and so, as seen in the previous
section, we are left with a very medical perspective. Indian massage, however, provides a delightful
counterexample.
Most records of Indian massage focus not on its medical qualities but on its sensual. The erotic
sculptures at Khajuraho and elsewhere, for instance, and the Kama Sutra, bear testament to a
culture that understands and uses these properties to change peoples' moods, to arouse them and to
calm them.
[India, though, does not hold a monopoly on indulgent massage. It is said that the Kings of the
Sandwich Islands, off the coast of the Falklands, had themselves massaged after every meal to aid
the digestion.]
Hindu Tantra taught that the vital life force, known as the kundalini, originates in the sacrum at the
base of the spine and that it is part of the interaction and unity of the cosmic forces of male and
female energy. The base of the spine was the particular focus of attention and was soothed and
stimulated with massage, breathing exercises and yogic positions.
It seems likely that the English word massage comes from the Portuguese word amasser, to knead,
which was used by the French colonists in India in the 18th century. But as mentioned above it is
the current tradition to seek to give a subject dignity by ascribing to it improbable ancient roots; in
this case, the Arabic Massa, to touch, has been suggested as an alternate etymology.
Greece:
While we could only guess that massage was widespread in other cultures, we have definite
evidence that it was common in Ancient Greece. In the medical field, massage was a typical
Hellenistic remedy along with poultices, occasional tonics, fresh air and a corrective diet. The top
schools in Ancient Greece were those of gymnastics; the practice of athletic sports and the required
nudity set apart the Greek way of life from that of barbarians. The schools were essentially open-
shaped sports grounds with cloakrooms, washstands, training rooms, massage rooms and
classrooms around the outside.
Although massage was common in Ancient Greece, we shall touch upon a few noteworthy
individuals. Aesculapius worked in Thessalay (near Macedonia) in the 5th century BC. He is
reported to have treated patients with relaxation, diet, hydrotherapy, herbs, massage, advice and
tender loving care. Serpents were used at this stage as tools in curing patients; and it is the Staff of
Aesculapius, with a serpent knotted around it, that has become the symbol of medicine.
Hippocrates, the founding father of medicine, lived in Thessalay

from 460BC to 377BC. He used friction in the treatment of sprains
and dislocations, and kneading to treat constipation. Hippocrates
was also the first person to use the term aphorism in his eponymous
book. "Life is short, Art long, Occasion sudden and dangerous,
Experience deceitful, and Judgement difficult." "A physician must
be experienced in many things but assuredly also in rubbing." He
held that all disease results from natural causes and should be
treated using natural methods—rest, healthy food, exercise, proper
diet, exercise, fresh air, massage, baths, music and visits to
friends—to restore the body to a healthy state, and that it essentially had the power to heal itself.
Hippocrates is often described as holistic but, paradoxically, he is also noted for his rational
approach to anatomy, medicine, therapy and prognosis, and for separating medicine from
philosophy and religion.
Asclepiades of Bithynia (in Asia Minor) lived from 124BC to 44BC. He went to Rome to teach
oratory before taking up medicine. Good food, fresh air, enemas, hydrotherapy, local applications
to cleanse wounds and massage were his principle treatments. He was known for his common
'horse' sense and perceptive knowledge of human nature, and for inventing the shower bath. He
became friends with such dignitaries as Cicero, Crassus and Mark Anthony, and did much to win
acceptance for Greek medicine in Rome.
Rome:
The Romans too were keen on massage. Those who could afford it would start by bathing
themselves or being bathed by attendants, and having any stiff muscles rubbed with warm
vegetable oil. Then came a full body massage to awaken nerves, stimulate circulation and free the
action of their joints. Finally their entire body was rubbed with very fine oil to keep their skin
elastic and supple. This combination of bathing, cleaning and massage appeared in every country
that the Romans conquered. Julius Caesar himself was 'pinched' every day.
Galen, who lived from 130AD to approximately 201AD, is the most notable figure associated with
massage in Rome although he was originally Greek himself. (He came at a time when many Greek
doctors thronged to Rome). Galen acquired his knowledge of anatomy and physiology from his
experience healing the gladiators and from extensive vivisection and was a very able surgeon and
bandager. He specified diets, prescribed drugs, emphasized exercise and advocated massage in the
treatment of injuries and certain diseases, recognizing its effect in eliminating the waste products of
nutrition and the poisons of fatigue. "Life," he said, "exists better in moderation—work, food,
sleep, drink and sex."
With the decline of the Roman Empire, massage became a past-time associated with the 'pursuit of
pleasure', used as a substitute for exercise and as a way of coping with the effects of excessive
eating and drinking.
Persians:
Medical knowledge, including that of massage, made its way from Rome to Persia in the
middle ages. Many of Galen's manuscripts, for instance, were collected and translated by Hunayn
ibn Ishaq in the 9th century. Later in the 11th century copies were translated back into Latin, and
again in the 15th and 16th centuries, when they helped enlighten European scholars as to the
achievements of the Ancient Greeks. This renewal of the Galenic tradition during the Renaissance
played a very important part in the rise of modern science.
One of the greatest Persian medics was Avicenna, also known as Ibn Sina, who lived from 980AD
to 1037AD. He was the foremost philosopher of medieval Islam and also a great philosopher,
logician and medic. His works included a comprehensive collection and systematization of the
fragmentary and unorganized Greco-Roman medical literature that had been translated Arabic by
that time, augmented by notes from his own experiences. One of his books, al-Quanun fi at-tibb
(The Canon of Medicine) has been called the most famous single book in the history of medicine in
both East and West. Avicenna excelled in the logical assessment of conditions and comparison of
symptoms and took special note of analgesics and their proper use as well as other methods of
relieving pain, including massage. Later in 1527 the bombastic, arrogant and brilliant medic
Paracelsus was to burn Avicenna's books in a bonfire along with those of Galen to a crowd of
cheering students in Basel: this symbolized his rejection of the old ways, and his preference for
inorganic drugs and surgery.
Western Europe:
An early record of massage in Western Europe comes from Ambroise Pare (1510-1590)
who wrote about it in one of his publications, but was widely ridiculed. In 1780 Clement Joseph
Tissot wrote the more successful Gymnastique Medicinale et Churgicale which covered
occupational therapy as well as massage.
Henrik Ling (1776-1839) from Sweden has been called the father of modern Western massage. His
system, based on physiology, formalized a series of gymnastic movements and massage techniques.
"We ought not to consider the organs of the body as the lifeless forms of a mechanical mass," he
wrote, "but as the living, active instruments of the soul." The implications of this idea for massage
are that we should consider not only the mechanics of each bodily system, but also its role in life
and the positive impact massage therapy may have on it. In 1813 he established with royal
patronage the Royal Central Institute of Gymnastics. Ling's system is generally known as Swedish
Massage. It spread quickly from Sweden. In 1895 a society of Trained Masseuses was formed in
Britain to increase the standard of training (the date 1894 is sometimes quoted), and in 1899 Sir
William Bennet inaugurated a massage department at St. George's Hospital, London.
Since then massage has moved away from the purely physiological back to the holistic ideas of
Hippocrates and of the Chinese. Willhelm Reich (1897-1957), a contemporary of Freud, used the
term “character armour” to describe muscular tensions that are formed within the body in direct
relation to the suppression of emotions and natural sexual feelings. He attempted to cure neuroses
indirectly by releasing their corresponding muscle tensions. Reich's introduction of physical contact
and massage into therapy alienated him from the classical psychoanalytical movement and outraged
society. After this time he devoted himself to orgonomy, an attempt to measure orgones, which he
thought were the units of cosmic energy and the fundamental particles that make up an orgasm. He
considered a lack of orgones to be a common cause of illness and leased orgone-boxes to patients.
This brought him into conflict with the law, and he was convicted and died in prison.
And so we appear to have come full circle, back to ancient Tantric practices and to the East. New
age philosophies promulgate dubious doctrines unrelated to the physiological benefits of massage.
As Gordon Inkeles writes in The New Massage about acupressure: "Elsewhere in the East shrewd
businessmen have adroitly capitalized on the West's imperfect understanding of acupuncture. They
insist that the human body is a living machine which is covered with exotic little pressure points.
Once these points are pushed (by fingertips which are several hundred times wider than the point of
an acupuncture needle), magical things begin to happen all over the body. Developed and refined in
Japan a few years ago, this concept has found a huge audience with Western button lovers, who
secretly believe all things Eastern must be 4,000 years old and shrouded in a peculiar mystical aura
that cannot be penetrated by the logic-bound Western mind. Graduates of acupressure combine
basic massage techniques with aggressive finger poking to the soft, relaxed inner tissues. The
resulting pain levels around vital organs are often so great that speech is momentarily impossible.
But if speech were possible, the victim might remind his smug tormentor that the human body is
not, alas, covered with ubiquitous little push buttons like the dashboard of a Toyota."
Reference: (http://www.wischik.com/lu/massage/ljwhistory.html)
History of Thai massage
It is believed that the massage art was brought over to Thailand by Jivaka Kumar Baccha,
known in Thailand as Dr Shivago, a contemporary of Buddha some 2500 years ago.
"Nuat phaen boran" is the Thai name for a type of body work native to Thailand (nuat=massage,
phaen=manner, boran=ancient). It short for the longer form "Phaen Boran Ráksãa Thaang Nûat
Thai". This may be loosely translated as "the traditional methods of hands-on healing of the Thai
people". Thai massage is also known as northern-style Thai massage, Buntautuk style, Old
Medicine Hospital Style, traditional Thai massage, Traditional Thai Medical Massage, Thai Yoga,
Thai Yoga Massage, yoga massage, Thai classical massage, Thai bodywork, passive yoga, or
assisted yoga.
Although, Thai Ayurveda and traditional medicine originates in
Tibet, China and in India, nuat phaen boran is primarily local to the
northern Chiangmai area. Virtually every practitioner using this
term is either trained in Chiangmai or trained with someone who
was. The original and oldest running school for Nuat Boran is "The
Old Medicine School" or Shivago Komarpai School and Buntautuk
Hospital Massage Program. This program was a popular site for
tourists learning massage in Chiangmai primarily beginning in the
late 80's and 90's. The founder was the famous Grand Master of
Traditional Thai Ayurvedic Medicine, Aachan Sintorn Chaichgun.
Aacharn Sintorn presided over daily classes for over 30 years until
his death in 2005. His family and elder sons Suthat and Wasson
carry on to the present day. Aacharn Sintorn was a product of the
Wat Po System in the 50's. The Old Medicine school was a pioneer
in teaching non-Thais a short form and ten-day program called
"Nuad Boran" which was easy for the non-Thai speakers to learn.
The course was primarily technique with little acknowledgement to
theory, as a result of the language difficulty. Unfortunately, many
non-Thai farangs obtained the mistaken impression that the 10-day
program was the sum total of traditional Thai Medicine... not true!
The hands-on portion for traditional expert or doctor of massage is about two years full time.
However, the basic form of Nuad Boran can be said to be representative and a fair introduction to
the hands on healing as a distinctive modality.
There are as many as 7 to 10 regional variations of Thai massage. Many of these traditions claim
exclusivity and compete with the others for students and notoriety, although today the Royal Thai
is seeking to establish parity and common standards between all of the various schools.
The receiver is put into yoga-like positions during the course of the massage. In the northern style
there are a lot of stretching movements whereas the southern style emphasis is given to
acupressure.
The massage recipient changes into pajamas and lies on a mat or firm mattress on the floor. (It can
be done solo or in a group of a dozen or so patients in the same large room.) The massage giver
leans on the recipient's body using hands and forearms to apply firm rhythmic pressure to almost
every part of the receiver's body. The massage generally follows the Sen Energy lines on the body
(the Sen are comparable to Chinese meridians). In some gestures, the legs and feet of the giver are
used to fixate the body or limbs of the recipient. In other gestures, hands fixate the body, while the
feet do the massaging action. Usually no oil is applied, but sometimes a hot herbal compress is used
to warm and sooth the receiver's body. A full course of Thai massage typically lasts two hours or
more, and includes pulling fingers, toes, ears etc., cracking the knuckles, walking on the recipient's
back, arching the recipient's back in a rolling action etc. There is a standard procedure and rhythm
to the massage.
Reference: (http://kobkun.com/history.htm)
Situation of Industry
Type of massage
1) Swedish Massage Therapy
This is the most common type of massage therapy in the United

States. It is also known as Swedish massage or simply massage
therapy.
Massage therapists use long smooth strokes, kneading, and circular

movements on superficial layers of muscle using massage lotion or oil.
Swedish massage therapy can be very gentle and relaxing. If you've

never had massage before, this is a good one to try first. To learn more,
read the full article on Swedish massage.
2) Aromatherapy Massage
Aromatherapy massage is massage therapy with the

addition of one or more scented plant oils called essential
oils to address specific needs.
The massage therapist can select oils that are relaxing,

energizing, stress-reducing, and balancing, etc. One of the
most common essential oils used in aromatherapy massage
is lavender.
Aromatherapy massage is particularly suited to stress-related conditions or conditions with an

emotional component. To learn more, read the full article on aromatherapy massage.
3) Hot Stone Massage
Heated, smooth stones are placed on certain points on the

body to warm and loosen tight muscles and balance energy
centers in the body.
The massage therapist may also hold stones and apply gentle
pressure with them. The warmth is comforting. Hot stone massage
is good for people who have muscle tension but prefer lighter
massage. To learn more, read the full article on hot stone massage.
4) Deep Tissue Massage
Deep tissue massage targets the deeper layers of muscle

and connective tissue. The massage therapist uses slower strokes
or friction techniques across the grain of the muscle.
Deep tissue massage is used for chronically tight or painful

muscles, repetitive strain, postural problems, or recovery from
injury. People often feel sore for one to two days after deep tissue
massage. To learn more, read the full article on deep tissue
massage.
5) Shiatsu
Shiatsu is a form of Japanese bodywork that uses localized

finger pressure in a rhythmic sequence on acupuncture meridians.
Each point is held for for two to eight seconds to improve the flow
of energy and help the body regain balance.
People are normally pleasantly surprised when they try shiatsu for
the first time. It is relaxing yet the pressure is firm, and there is
usually no soreness afterwards. To learn more, read the full article
on shiatsu.
6) Thai Massage
Like shiatsu, Thai massage aligns the energies of the body

using gentle pressure on specific points. Thai massage also
includes compressions and stretches.
You don't just lie there--the therapist moves and stretches you into
a sequence of postures. It's like yoga without doing any work.
Thai massage is more energizing than other forms of massage. It
is also reduces stress and improves flexibility and range of
motion. To learn more, read the full article on thai massage. Also,
see photos of a Thai massage session.
7) Pregnancy Massage
Also called prenatal massage, pregnancy massage is

becoming increasingly popular with expectant mothers. Massage
therapists who are certified in pregnancy massage know the
proper way to position and support the woman's body during the
massage, and how to modify techniques.
Pregnancy massage is used to reduce stress, decrease swelling,

relieve aches and pains, and reduce anxiety and depression. The
massage is customized to a woman's individual needs. To learn
more, read the full article on pregnancy massage.
8) Reflexology
Although reflexology is sometimes called foot massage,

it is more than simple foot massage. Reflexology involves
applying pressure to certain points on the foot that correspond to
organs and systems in the body. Reflexology is very relaxing,
especially for people who stand on their feet all day or just have
tired, achy feet. To learn more, read the full article on
reflexology.
9) Sports Massage
Sports massage is specifically designed for people who

are involved in physical activity. But you don't have to be a
professional athlete to have one-it's also used by people who
are active and work out often. The focus isn't on relaxation but
on preventing and treating injury and enhancing athletic
performance.
Combinations of techniques are used. The strokes are generally

faster than Swedish massage. Facilitated stretching is a
common technique. It helps to loosen muscles and increase
flexibility.
10) Back Massage
Some massage clinics and spas offer 30-minute back

massages. If a back massage is not expressly advertised, you can also
book a 30- or 40-minute massage and ask that the massage therapist to
focus on your back. Massage for Neck and Back Pain?
Reference: (http://altmedicine.about.com/od/massage/a/massage_types.htm)
Type of massage In Thailand
1. General Massage
General Massage Type is the way with original people who no position. They usually step
on by foot including stretch out, bend. It has many ways to massage. Almost the massage should be
thresh from foot to above which the way to massage for ordinary people. In the present time, the
general massage has covered the massage institution. People can direct apply to institute. It is not to
examination. The course rate is base on short syllabus and long syllabus. The general learning is
person to person by demonstrated and practices to perform. The content of learning usually to
inform from experience’ teacher all the same time training ethic by the important morals. For the
beginning to start, not ready to study in the same time. On the other hand, it is due to study; the
teacher might to test for student by testing with student massage to teacher. If the student can do it
right, teacher will give certificate of guarantee of Thai massage for them. But in the same case, if
the students do it wrong, they have to more practice later except pay for class.
The General Massage
1. Before massage, you have to perform a ceremony of paying respect to one’s instructor.
2. The masseuse can sit with relax style.
3. The manner of masseuse has a polite less than King’s court Massage Type.
4. The person who was massaged has to lie down on the floor.
5. The massaging to treat like this, they have to ask for symptom before.
6. The massaging started from foot to all over the body.
2. King’s court Massage
King’s court Massage Type is the massaging by experts almost the government. They will
massage especially king. This is a confer title of noble rank doctor. The learning are continue later
like the general massage. It has different a little to choose student to study. The teacher will pick
out the student since interview for understand the background’ student. If they considerate that this
student cannot do it, they will not pick out this student to come in class. In addition, If the teacher
not sure in candidate, they will let student to student at the same time being. This way can help the
teacher know that some student who not to patients, they will get from this class with themselves.
After that the person who pass the test, the teacher will teach in the next step. The way to teach in
class such as demonstration, practice, including test also. The content of learning started with
manner to join with sick person, all standard body massage principle, old descriptive anatomy, put
the hand on that position, suitable for position and direct disease including experience’ teacher like
this above. It shows that both of 2 types has familiar in principle of treatment for people and
difference in some way also.
King’s court Massage
1. Don’t to perform a ceremony of paying respect to one’s instructor. But they have to salute
person who was massage for apologize.
2. The masseuse should be a polite sideways sitting posture in which both legs are flexed
backwards one on the top of the other.
3. The manner to massage is emphasize polite’ masseuse (different in the hand’ position )
4. The material for people who was massage has to more than soft.
5. Fumble in impulse at the both wrist for check symptom
6. The massaging usually start from the top of the body before.
Reference: (http://www.thaiblogonline.com/thailand_massage.blog?PostID=5217)
3. Reflexology (Foot Massage)
History of Reflexology
The origins of Reflexology evidently reach back

to ancient Egypt as evidenced by inscriptions found in
the physician’s tomb at Saqqara in Egypt. The
translations of the hieroglyphics are as follows: "Don’t
hurt me." The practitioner’s reply:- " I shall act so you
praise me. " We cannot determine the exact relationship
between the ancient art as practiced by the early
Egyptians and Reflexology as we know it today.
Different forms of working the feet to effect health have been used all over the ancient world. Dr.
Riley maintained that this form of healing spread from Egypt via the Roman Empire.
The Zone Theory was the precursor to modern Reflexology which began with Dr. William H.
Fitzgerald, M.D. whom Dr. Edwin Bowers, M.D., encouraged to publish the many articles he had
written on the subject of Zone Analgesia. In the forward to their combined book, "Relieving Pain
At Home" published in, 1917, he wrote, "Humanity is awakening to the fact that sickness, in a large
percentage of cases, is an error - of body and mind". How true this has proved to be. Dr. Fitzgerald
was an Ear, Nose and Throat specialist working at the Boston City Hospital, as well as at St Francis
Hospital in Connecticut. He called his work Zone Analgesia where pressure was applied to the
corresponding bony eminence or to the zones corresponding to the location of the injury. He also
used pressure points on the tongue, palate and the back of the pharynx wall in order to achieve the
desired result of pain relief or analgesia. He made use of the following tools: elastic bands, clothes
pegs and aluminum combs, on the hands, surgical clamps for the tongue, nasal probes and a regular
palpebral retractor for the pharynx, He was responsible for formulating the first chart on the
longitudinal zones of the body.
Dr. Fitzgerald discovered a very interesting fact, that the application of pressure on the zones not
only relieved pain but in the majority of cases also relieved the underlying cause as well. The same
result is experienced through Reflexology today, which is based partially on the Zone Theory.
Dr. Shelby Riley, M.D. worked closely with Dr. Fitzgerald and developed the Zone Theory further.
It seems that he added horizontal zones across the hands and feet, together with the longitudinal
zones and thus determining individual reflexes according to the Zone Theory. He, like Fitzgerald,
espoused continual pressure on the reflex or point of contact.
Eunice D. Ingham, a Physical Therapist, worked closely with Dr.

Riley and was fascinated by the concept of Zone Therapy and started
developing her foot reflex theory in the early 1930's. She had the
opportunity to treat hundreds of patients where each reflex point of contact
had been carefully and thoughtfully checked and rechecked until with all
confidence she was able to determine that the reflexes on the feet were an
exact mirror image of the organs of the body. Dr. Riley encouraged her to
write her first book entitled "Stories the Feet Can Tell" where she
documented her cases and carefully mapped out the reflexes on the feet as
we know them today. This book was published in 1938 and was later
translated into seven foreign languages which spread the benefits of
Reflexology way beyond the borders of the States. The confusion between
Reflexology and Zone Therapy started at this point because the foreign
publisher changed the name of Eunice’s book, “The Stories The Feet Can
Tell" to "Zone Therapy" and in some parts of the world it is still thought of as Zone
Therapy. However, there is a distinct difference between the two therapies. Zone Therapy relies
solely on the zones to determine the area to be worked, whereas Reflexology takes the zones as
well as the anatomical model to determine the area or areas to be worked.
After the publication of her book Eunice Ingham found herself on the program at many health
workshops. She traveled around the country giving book reviews. Only sick and dilapidated people
attended these book reviews/ workshops where she would teach people by working on them and
discuss their particular health problems. As these sick people, whom everyone else had given up
on, got better the word spread and Reflexology became better known amongst the medical
fraternity as well as lay people.
In the late 50's Dwight Byers started helping Eunice Ingham at her workshops. In 1961 Dwight
Byers and his sister Eusebia Messenger, RN joined their Aunt Eunice teaching at workshops on a
full time basis. Seven years later they became responsible for the continued teaching of
Reflexology under the banner of The National Institute of Reflexology. In the mid 70's Eusebia
retired and Dwight Byers formed The International Institute of Reflexology®, where the theories
and techniques of Reflexology were further refined.
Eunice Ingham died in 1974 at the age of 85 still thoroughly convinced that Reflexology could aid
in easing the suffering of mankind. She was on the road with that message until the age of 80.
Eunice Ingham’s undisputable contributions to the world of Reflexology are as follows:
1. The discovery that the reflexes on the feet are a mirror image of all the organs, glands and parts
of the body - the charted map of the reflexes according to the anatomical model.
2. The alternating pressure, has a stimulating effect on the body rather than a numbing effect as
demonstrated by Dr. Fitzgerald.
3. Bringing Reflexology to the public and the non-medical community, as

well as Naturopaths, Chiropodists, Osteopaths, Massage Therapist and
Physiotherapists.
Dwight Byers and his wife Nancy have been responsible for
formulating and consolidating the teachings of Eunice Ingham through The
International Institute of Reflexology®. Dwight authored the book, "Better
Health with Foot Reflexology The Original Ingham Method®", in 1983,
revised 2001. Dwight Byers has shown the same dedication as his Aunt
Eunice Ingham by promoting Reflexology and a healthier way of life in all
states in the USA and many countries as far abroad as Australia, New
Zealand, Singapore, Europe, Israel, South Africa and South America.
What is reflexology?
Reflexology, the fastest growing holistic therapy in the health and wellness field, is safe,
non-invasive and drug free. It utilizes sensitive hand techniques for a unique, individualized
therapy that benefits the entire body. Reflexology is on the cutting edge of modalities offering to
assist in health maintenance and support for the body's own healing process.
Reflexology has been practiced by many cultures for millennia. This technique has long been
known to promote relaxation and to have other therapeutic benefits. It is a therapy backed by
scientific research and is based on the premise that there are zones and reflex points in the feet,
hands and ears that correspond to the entire body. The trained reflexology therapist applies pressure
using the thumb, finger and hand techniques to these reflex areas stimulating the related body
regions or organs to promote relaxation, stimulate circulation, and reduce stress.
Reflexology is represented by professional organizations, by the Reflexology Association of

America, and the American Reflexology Certification Board.
Difference between reflexology and massage

Foot reflexology is not foot massage. Foot massage is designed to benefit the feet.
Reflexology should not be confused with body massage either. Massage therapy is applied to the
whole body for total local muscular relaxation, to improve circulation and to reduce muscle tension.
The reflexology that is being practiced today is a direct descendant of medical research conducted
at the end of the nineteenth century in Europe and additional research conducted in the United
States at the beginning of the twentieth century. Reflexology is applied to the reflex points in the
feet, hands or ears using specific hand and finger techniques in order to affect the corresponding
body part or organ.
Reference: (http://www.reflexology-usa.net/history.htm), (http://www.solefultouch.com/whatis.html)

Vision
Our massage shop will be the most famous and popular in centre of ChiangRai province and gain
market share more than 30% within 1 year.
Mission
Greeting customer with warm and comfortable feel. Serve herbal drink to welcome customer.
Coordinate with hotel and travel agencies near by the shop to gain more customers and make good
relationship with them. Always do research for new trend of business and customer, need and want of
customer to improve our service and quality to add more value and make customer satisfy. Examine of all
staff every month to control standard and quality of service and train more new skill and technical. To be
the best quality and standard massage shop brand by guarantee from Ministry of Health of Thailand. Within
5 years our brand will blanch out at less 3 blanches in popular destination such as Pattaya, Phuket,
ChiangMai.
Strategy
Corporate Strategy:
Foreword integration we will open training massage class in green season. In green season we will
get a problem about fewer customers so, that will help our business to solve this problem.
Business Strategy:
Our service will be difference from competitors by set the shop to be massage shop in Lanna style.
Relax with best atmosphere and Thai classic music. The shop will be decorated by wood and Thai linen in
wood color ton.
Function Strategy:
Market and Sale
Marketing machinery of shop focus on customers need. The way to respond follow: Thai
customers are more interesting foot massage than Thai massage but foreigner customers are more
interesting Thai massage than foot massage because foreigner sensitive touch your body. The shop
is different from the other shop for attract customers and make first impression by with warm
welcome.
Marketing focus: Ma-Li Thai massage focuses both Thai tourist and foreigner tourist. Thai tourists
come on long festival period, so the shop provides enough equipment and employees. The most
foreigner tourist is European. Who come just a period and other tourist is Asian. The Asian tourists
come all year. The reason which we locate shop near night Braza because here is centre of tourist.
Human
Our business was hired employees from a massage job training center, because they
have been trained professionally to be a massager. All of them must have a certificate to guarantee
their massaging skill. This is for keep our business reputation in the high class of these businesses.
Thus, all of our customers will have confident for buying our service.
The benefit of hiring employees from the training center is saving of time and cost to train
one massager from the beginning level. And it will cut down the operating expense of our business
and the profit will increase. In addition, our business is also train new massager by ourselves. The
cause that we choose to training massager is we need to make a job for local people who are
unemployed people. In the future if they have a good skill of massaging, they can have a test for
receiving a certificate from Thai ministry of public health. It will make our business can stand on
high class of this business and we can give a high quality of service to our customers.
Financial
The business has investment 8,000,000 baht by investment from borrows to investor. Pay
interest from borrow 7% to investor. Pay interest every month by pay 35,667 baht everything until
20 years. Investment fund divide 3 groups:
- Build rent
- Equipment
- Decorate shop
Chapter 3
Market Feasibility Study
Chapter 3:
Market Feasibility Study
Market Analysis
Political: Thai government encourage travel by set theme in every month as follow
1. January – Thai Extravaganza
2. February – Flower Paradise
3. March – Summer Music & Sports
4. April – Songkran Splendours
5. May – Thai Fruit
6. June – Lively Green Journey
7. July – Timeless Thai Elegance
8. August – Family Festival
9. September – International Boat Races
10. October – The Magnigicent Mekhong River
11. November – Loi Krathong Festival
12. December – Siam Sanook

Thai government encourage travel to foreigners by 4 strategy
1. The strategy builds strength with brand “Thailand”.
2. The strategy expands market to quality market.
3. Leisure.
4. The strategy build potential and capability in competitive.
Each strategy will promote through TV (National Geographic) and Internet. When tourist see the
advertise and the beauty of Thailand. Tourists come to Thailand.
Reference: http://www.tourismthailand.org/
From data of Tourism Authority of Thailand we found Thai government encourages to travel both
Thai tourist and Foreigner tourist. Nowadays Thailand government support a tourist comes to tour
in Thailand by Thailand government policy support to travel in Thailand (Company 12 month 7
star 9 sun) and exhibition to travel in Thailand special price. The advantage of our business (get
income)
Economy: Northern economic growth during the years 2543-2549 averaged 3.4 per cent. 5.0
Lower than the national average of 5.0 percent. 2549 Economic structure in the northern
agricultural sector is important in the agricultural sector in 2549 accounted for 19.3 percent of
product sector. However, industry growth is 20.1 per cent respectively as the trade sector 15.7
percent and transportation and communications 7.5 percent of major. Upper North consists of 9
provinces, including Chiang Mai, Chiang Rai, Mae Hong Son, Nan, Phrae, Lampang and Lamphun,
Phayao, Tak area of approximately 60 per cent of the Northern region. That more than 50 percent
of the area on the northern forest. The area suitable for cultivation, but less than 15 per cent in
tourism resources and climate characteristics that can attract visitors to relax and stay from time to
time and permanent residents. Business services such as hotel and resort souvenirs. Is an important
economic branch of the Upper North so, decries by table.
Internal Tourism in Chiang Rai
Year Number ∆ (%)
1997 1,006,149 + 1.91
1998 1,025,912 + 1.96
1999 1,034,597 + 0.85
2000 1,122,533 + 8.50
2001 1,084,870 - 3.36
2002 1,082,056 - 0.26
2003 1,052,591 - 2.72
2004 1,149,101 + 9.17
2005 1,148,173 - 0.08
2006 1,332,518 + 16.06
Average Growth rate 1997 - + 3.17

2006 %
+ 5.34
Average Growth rate 2002 - 2006
%
Profile 2006 2005 %∆ 2006 2005 %∆
Visitors Sex
+
Thai 1,043,161 864,860 Male 612,414 642,672 - 4.71
20.62
Foreigners 289,357 283,313 + 2.13 Female 720,104 505,501 + 42.45
Age Travel Arrangement

+
Under 25 319,513 262,762 Group Tour 267,080 317,638 - 15.92
21.60
-
25 - 34 348,559 404,708 Non Group Tour 1,065,438 830,535 + 28.28
13.87
+
35 - 44 355,053 264,821
34.07 Region of Residence
45 - 54 174,049 158,393 + 9.88 1. Thai
+
55 and over 135,344 57,489 - Bangkok 236,244 225,410 + 4.81
135.43
- Central Region 139,345 73,448 + 89.72
Mode of transport - Western Region 30,059 27,911 + 7.70
Plane 239,760 234,409 + 2.28 - Eastern Region 67,730 47756 + 41.83
Train - - - - Northern Region 390,036 387,920 + 0.55

+
Bus 386,172 326,453 - Southern Region 91,205 47,529 + 91.89
18.29
+
Automobile 702,750 587,073 - Northeastern Region 88,542 54,886 + 61.32
19.70
+
Others 3,836 238 1511.76
2. Foreigners
Purpose of Visit - The Americas 32,270 40,495 - 20.31
Holiday 1,073,249 984,408 + 9.02 - Europe 151,453 145,038 + 4.42

+
Business 110,438 64,878 - Oceania 10,021 13,879 - 27.80
70.22
+ -
Official Visit 40,040 29,632 69,427 58,976 + 17.72
35.12 ASIA
+ +
Convention 80,547 50,520 - Middle East 25,974 7,380
59.44 251.95
+
Others 28,244 18,735 - Africa 212 17,545 - 98.79
50.76
From data of Internal Tourism in Chiang Rai describe visitor come to Thailand, Sex, Age, travel
arrangement, mode of transport, purpose of visit, and region of residence so, number of visitor
increase every year. Make us choose open business in Chiang Rai so, best effect to own business
and get income in the future.
Reference: http://thai.tourismthailand.org/
,http://www.bot.or.th/Thai/EconomicConditions/Thai/North/EconConditions/EconomicStructure/Pa
ges/Econstructure.aspx
Social: Thai social is the most relation and everyone in social help to everyone. Habits of Thai
people are polite, lovely, Siamese smile, honest etc. and trend of people to take care health. The
foreigner behavior prefer comfortable like to strange, challenge, service and take care more than
foreign country. Neat all of that effect to our business advantage to growth.
Competition Analysis (3C Analysis)
Competitor Analysis:
Survey to competitor around location of our business (our business build at Nigh Braza)
competitors 10 shop. Each shop have style as follow:
1. Arisara Thai Massage
The advantage point of shop, the shop

was decorated with Lanna style. And, they use
massage bed. As, most of massage shops
usually use massage mattress.
The shop offers 3 type of massage. It is

oil massage, Thai massage and foot massage.
The massage bed cost is 11,400 baht per

bed by the order it from Bangkok. The shop has
15 staffs work by change a shift. Staff’s wage is 70 baht per hour for Thai massage, 90 baht per
hour for foot massage and 150 baht per hour for oil massage. Target group of shop is local patron.
2. Highway ancient massage
Advantage point of shop is location.

There are many staffs. And, the shop has
good atmosphere.
There are 3 type of massage: Thai

massage, oil massage and foot massage.
The shop hire housekeeper 4,000

baht per month, pay tap water fee and
electricity fee about 10,000 baht per month, pay rent fee 16,000 baht per month, pay advertise fee
2,000 baht per month and pay salary for 4 clerk 5,000 baht per month per person.
Target group is local customer and tourist. The shop coordinates with tour agent and hotel
too
3. Kranda Massage
Advantage point of shop, the shop

emphasizes cleanness and polite uniform of staff.
There are 3 type of massage. The shop offer

foot massage, Thai massage and oil massage.
Special course is combo set. It includes foot
massage, Thai massage and oil massage. It is 500
baht per 1 combo set course.
Massage bed cost 12,000 baht. Mattress

massage cost 5,000 baht. Massage cloth for
customer cost 550 baht. The shop pays salary 10,000 baht for housekeeper. All of tax fee is 2,500
per month. First, owner pay for decorate 100,000 baht. The shop pay rent fee 20,000 baht per
month.
The average of income before deduct cost is 8,000 baht per day. The average of net income
per day is 1,500
Staff’s wage halve service fee with the shop. There are 20 staffs
Target group is tourist. Most of customer is foreigner. The shop coordinates with Dusit
hotel, Legent hotel and Ban Sring Lanna Resort.
4. Starbright Spa
The advantage point is good atmosphere.

The Starbright also is guest house and restaurant.
There are 2 type of massage. The shop

offer Thai massage and foot massage.
Staff’s wage is 150 baht per hour for Thai

massage. The shop has many customers in
November – December. The shop usually has 5 customers per day by average. Most of customer is
guest who comes to stay at their guest house too. Masseuse is not Starbright’ s staff. The shop will
call masseuse from other shop. Target group is walk in customer. They also coordinate with tour
agent.
Source: Mr.Naris Chaiya

5.Bou Tong
Advantage point of shop is massage for

health with hot stone. The stone is graven
stone. The shop was certified by ส.ป.ส (สถาน
ประกอบการเพือ่ สุขภาพ)
Disadvantage point of shop, the shop

has a litter staff. And, shop’s staff has not
enough knowledge about massage because
the staff was trained by owner. Size of shop is
small.
Staff’s wage halve service fee with owner. Tip from customer will be staff’s. There are 15
staffs. The staff is local people.
There are 3 type of massage. There are hot stone massage, oil massage and foot massage.
Massage chair cost 2500 baht. Massage lotion was made by owner. She buys from hold
seller. It cost 1000 per month. Tap water fee is about 500 baht per month. Electricity fee is about
2,000 baht per month
Target group of shop is tourist because the shop coordinates with hotel.
Source: Ms.Theerapron Chaimuangpan
6. Dok Kaw Thai Traditional Massage School
Advantage point of shop, the shop have

massage study course. The shop also was certified by
Ministry Of Public Health. And, the shop guarantees
to get job after finish course.
There are 3 type of massage. The shop offer

Thai massage, foot massage and aromatic massage for
health.
Staff’s wage halve service fee with the shop.

And, tip is staff’s who get the tip.Target group is tourist and group tour because the shop
coordinates with tour agent.
7.Pron ancient massage
Advantage point of shop, the shop was

decorated with Lanna style. It is idea of owner.
So, she want it look like a home. She wants her
shop different from other shop. The shop has
private rooms.
Staff’s wage halve service fee with

owner but not include private room fee. So, the
private room fee is for owner. There are 10
staffs.
The shop offers 3 type of massage. There are Thai massage, oil massage and foot massage.
If customers want private room, they have to pay increase 100 baht.
The shop has to pay tax to local government 1,000 per year, pay rent fee 8,000 baht per
month, pay electricity fee about 2,000 baht per month and tap water fee about 500 baht per month.
She pay 500,000 baht for decorate the shop
Target group is foreign traveler and guest of Wangcome hotel. She coordinates with
Wangcome hotel.
8. Sakura Thai Massage & Beauty Salon
Advantage point of shop, the shop

is both massage shop and beauty salon in
one shop. It is convenience for customer
who wants to use service all both.
Disadvantage point of shop, the

shop looks like a beauty salon more than
massage shop.
Staff’s wage halve service fee with owner. There are 3 type of massage. The shop offer Thai
massage, oil massage and foot massage. Target group is local customer.
9. Clean ancient Thai massage
Disadvantage point of shop is bad

atmosphere, not clean, staff is not Thai people
and low quality of massage chair, inside of shop
is not bright and not attractive.
There are 3 type of massage. The shop

offer ancient Thai massage, foot massage and
oil massage.
Staff’s wage halve service fee with

owner
Target group is local customer and foreigner
10.Fah Rung Rang
The disadvantage point of shop is bad

atmosphere. The shop has a litter staff, decorate
the shop with ordinary style and low quality of
massage chair.
There are 3 type of massage: Thai

massage, oil massage and foot massage.
The competitor in Chiang Rai characteristic is ordinary grade low quality and low price.
The decorate of each shop it similar. Non guarantee from THE UINON OF THAI TRADITIONAL
MEDICINE SOCIETY
Customer Analysis:
Foreigners
Europe: The most Europeans come to travel in Thailand. The period of time November-January
effect to increase income. Thai massage industry is new experience and show Thai tradition. The
most Europeans use to serve about Thai massage traditional, foot massage for relax and health.
Fareast: The Fareast people come to travel in Thailand all the year because near Thailand, whether
and temperature same Thailand. The Fareast people want to comfortable, luxury, interest in Thai
culture. Thai massage is their favorite and want to relax, health, and use free time to be use full.
The Fareast people use to serve more Thai massage than foot massage.
The American: The American comes to travel in Thailand all the year. The American like to Thai
culture, like service mind, not fussy and like to new experience so, The American like to Thai
massage (General massage or Cha-loai-sak) and foot massage a little bit.
Middle East: The Middle East people come to travel in Thailand. The period of time in summer
and winter (March-July and November- February). The Middle East people like to comfortable and
convince and relax. The Middle East people more power to pay. Thai massage can attract to Middle
East people but they interest specific foot massage only.
The Oceania: The Oceania people come to travel in Thailand all the year but in period of time
July-September. The Oceania people like to serve Thai massage more than foot massage.
Foreigners
- The Americas 32,270 40,495 - 20.31
- Europe 151,453 145,038 + 4.42
- Oceania 10,021 13,879 - 27.80
- ASIA 69,427 58,976 + 17.72
- Middle East 25,974 7,380 + 251.95
- Africa 212 17,545 - 98.79
Thai people
The Customer
European
Fareast
Thailand
American
Middle East
Oceania
Other
Thai people come to north all the year and more tourists in winter period. Thai people like
to serve Thai massage and foot massage for relax from work and care health.
Competitive Analysis:
The objective of guest uses to serve for happiness, the relax for the muscle, repair to
exhausted and for the health gives the blood circulates to improve and blood pressure is normal.
Competitive market for business, Thai massage is more current. Allows each store to create feature
unique selling points such as our business. The located in downtown Chiang Rai. The more visitors
come to travel of Northern in Thailand is popular. The shop is decorated of Lanna culture of North
and relaxing atmosphere for guests to use services. The first floor of foot massage pad to adjust the
body / shape of the guests at the service appropriately. Create atmosphere with water sound flows
that give the feeling arrives at nature closeness and Open music enchanted to relax. There is the
equipment that massage modern such as the wood massages, antiseptic, cream massages foot.
Bed massage, mattress massage and clean the place is important point one thing that attracts the
guests to use. Our staff to massage certification from THE UNION OF THAI TRADITIONAL
MEDICINE SOCIETY. The certificate guarantees show inside the shop. Employees’ wearing the
uniform is a completely unique style of Lanna to maintain fluency in the massage suite is made
from cotton for comfort and confidence. Second floor is private room of Thai massage are
furnished. The style is a northerner in a different room of approximately 10 to use up to 20 people.
Third floor have Thai massage rooms 5 rooms and a deposit of a massage class. The school for
those interested and training for a new massage. To test the massage of standard to staff.
The shop has a massage feature in 2 is a body massage and foot massage to bring the traditional
massage of massage into a royal divinity model and development to fit. Who use specific services
of health care. Massage for relaxation or reflexology to the true wishes and needs of the massage.
Competitive fight to make a guest impresses for the first time and attract featured of a shop and the
quality that transmit the happiness by serve massaging that are of good quality.
The mostly competitive of Thai Massage have of a shop style same thing such as decorated, bed
massage and etc. It’s not make the featured of the shop, not presentation for attract to customer.
Some employee not certificate and not train standard of massage. It’s not clean the equipment when
guest next use to serve have bacterial contaminated with the equipment.
STP Analysis
S = Segment
Segment
Thai massage
foot massage
oil massage
spa
The segmentation divide are group of demographic segmentation, geographic segmentation,

psychographic segmentation, benefit-sought segmentation, and behavior or usage segmentation. By
the segments of Massage Industry in Thailand divide are Thai massage, Foot massage, Oil
massage, and Spa. The business chooses demographic and behavior or usage segment.
Demographic divide are age, sex, occupation, revenue, education, region, nationality, family life
cycle, ands size of family. From data of statistics Chiang Rai as follow:
Visitors Sex
Thai 1,043,161 864,860 + 20.62 Male 612,414 642,672 - 4.71
Foreigners 289,357 283,313 + 2.13 Female 720,104 505,501 + 42.45
Age Travel Arrangement
Under 25 319,513 262,762 + 21.60 Group Tour 267,080 317,638 - 15.92

Non Group
25 - 34 348,559 404,708 - 13.87 1,065,438 830,535 + 28.28
Tour
35 - 44 355,053 264,821 + 34.07 Region of Residence
45 - 54 174,049 158,393 + 9.88 1. Thai
+
55 and over 135,344 57,489 - Bangkok 236,244 225,410 + 4.81
135.43
- Central Region 139,345 73,448 + 89.72
Mode of
- Western Region 30,059 27,911 + 7.70
transport
Plane 239,760 234,409 + 2.28 - Eastern Region 67,730 47756 + 41.83
Train - - - - Northern Region 390,036 387,920 + 0.55
Bus 386,172 326,453 + 18.29 - Southern Region 91,205 47,529 + 91.89

- Northeastern
Automobile 702,750 587,073 + 19.70 88,542 54,886 + 61.32
Region
Others 3,836 238 + 1511.76
2. Foreigners
- The Americas 32,270 40,495 - 20.31
Purpose of Visit
Holiday 1,073,249 984,408 + 9.02 - Europe 151,453 145,038 + 4.42
Business 110,438 64,878 + 70.22 - Oceania 10,021 13,879 - 27.80

-
Official Visit 40,040 29,632 + 35.12 69,427 58,976 + 17.72
ASIA
Convention 80,547 50,520 + 59.44 - Middle East 25,974 7,380 + 251.95
Others 28,244 18,735 + 50.76 - Africa 212 17,545 - 98.79

Thai people travel to north Thailand in period of time October-February. Age between 35-
44 year old and travel is non group. We know information of Thai tourist serve. The most Thai
tourist to serve foot massage and Thai massage first thing and second oil massage in general
massages shop. Thai people interest spa because popular in time and use to serve in hotel.
Foreigners travel to north Thailand in period of time all the year. Age between 35-44 year
old and travel is non group. The most country come to Thailand is Europe second Americas, Asia,
Middle East, Oceania, and Africa. The foreigners first interest in Thai massage because like to new
experience. And second interest foot massage because some country has culture.
Behavior or Usage Segment divide are behavior. Thai people like comfortable so Thai
people use to serve more foot massage than Thai massage. Some groups of Thai people use to serve
oil massage and spa. Foreigner want try to new experience so foreigner use to serve more Thai
massage than foot massage. Some groups of country have culture such as Middle East. Middle East
doesn’t use to serve Thai massage and oil massage.
T = Target
Target
Thai massage
Foot massage
Both massage
The business chooses target 2 group are Thai massage and Foot massage by divide follow
popular in segment of customer. The business understand this target group both Thai people and
Foreigners. The access method to target group by we find target group want and we serve in target
group want and need. We research about massage both Thai massage and foot massage after the
customer serves for improves service for customer. All things are access method to target both
before serve and after serve. The quantity of equipment and employee. Equipment of business have
equal customer and equipment have quality and standard guarantee from THE UINON OF THAI
TRADITIONAL MEDICINE SOCIETY. The business has train to employees every week so
employees have high quality and have standard from THE UINON OF THAI TRADITIONAL
MEDICINE SOCIETY. The resource of business. The business have enough resource both
equipment and employees. The resource of business enough to customers.
P = Positioning
The positioning set high quality – price and emphasis tourist group (tourist from tour
agency coordinate with hotel). The position of shop built nearby Wang Come Hotel. The
satisfaction of our customer will be the firth thing that we focus to make customer loyalty. The
style of our shop is more attractive than nearly competitors and stand closely to shopping place and
tour agency so, that will affect our shop to be the most popular massage shop in Chiang Rai.
Marketing Mix Strategy
Product:
Ma-Li Thai massage is Thai massage shop. The business provides services to customers are
Thai massage, foot massage and course massage. Thai massage and foot massage are different
other shop because the business provide employees enough, material equipped, and standard
equipment. The business study customers want of each country and self of each country. The
business has train employees every week for service to customers and sent employees from train
test of standard (THE UINON OF THAI TRADITIONAL MEDICINE SOCIETY). So the business
has different from other Thai massage shop and attract customers come to serve.
Price:
We set price higher than competitor. We choose skimming price from pricing strategic.
Because, we quite sure that our shop is more special, more effective. Most of our customer is
tourist. So, they often worry cleanness, quantity, comfortableness and safety more than worry about
price which a little bit more expensive. And, other reason because our shop use high quality of
material and facility. We pay much for investment. We want our business pay back fast
Price is price per 1 course. We set period to depend on suitability of each type of service.
Our service lists are as follow
Massage Price
Foot Massage 200 baht/1 hour
Thai Massage 450bath/2 hour
Course Thai Massage 1,500/ 1 course
Course Foot Massage 2,500/ 1 course

Place:
Ma Li Thai Massage shop has located in downtown, nearly Night Braza, on Prasobsuk road.
It is opposite Wang Come hotel. On the left size of building close whit Thai away, on the right size
close with travel agency, the opposite is Thai restaurant and the back is small hotel. The reason is
choose place because it is center of tourist and tour agency. Around the shop has the place with
have more tourists. The customers are easier to encounter. It is convenient to transportation and the
place is most popular in Chiang Rai. We can distribute product both direct and indirect channel. We
have cooperated with tour agency and hotel, we have walk in customer and, make customer
member.
Promotion:
1. Postcard and contract with popular shop in Chiang Rai for promote business.
If we can do the contact with many popular shops, in

Chiang Rai to lay our free copy postcard in these shop. It is
one kind to promote our business to the customer to know
about our business.
2. Advertise and posters stick on bus.

Advertise and posters stick on bus, it like one advertisement , because a bus will move to go
to throughout a province which it make a tourist or general person notices the poster of our shop ,
which it is strange advertisement. Which this advertisement will may make foreign tourist and
general person will take an interest and want to try to come to use serve for once prove that , what
is our shop is ?
3. Pre-opening distribute leaflet at Night Braza

When we made a pre-opening distribute leaflet, absolutely we already had promoted our
traditional massage, It will show are there any traditional massage promotions, and Doing will like
this is making tourist knows our shop more and more and will take an interest to come to use serve
our.
4. High season set up boot and gives souvenirs such as water, fan, and cap. So it have logo of
our business for customer know and set boot at bus stop and test massage to interesting
people.
This strategy will benefit for our business because we can

contact directly to our target groups or our customers. To make
them have a positive thinking with our business. And it will make
the customer interest come to serve in our shop increasingly. Because
our shop has bring the product comes to promote can give a customer
sees for actually guarantee acting as us advertises to become the real.
5. Low season cast discount coupons 10 – 30 % for bring to use in next time.
Giving them a discount coupon for using next time if they come to use our service again. It
will make them feel that they want to come back again to keep their right of their discount coupon.
And it will make our business still have the customer even it is the low season
6. Membership
Membership is the way to make the

customer who always using our service feels that
they have more important than other customer.
And member card also give them a special
promotion or service that can make them satisfy
with our service. For membership discount 10%
using service. The price of Member card 2,300
baht per person.
Sale forecast
Year1
Unit sale
product cost price JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC total
Foot massage 22 200 50 50 50 32 32 32 30 30 30 45 48 50 479
Thai massage 0 450 25 25 25 22 22 22 20 20 20 28 29 28 286
Course Thai massage 0 2,500 0 0 0 0 0 0 0 0 0 0 0 0 0
Course Foot massage 0 1,500 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 22 4,650 75 75 75 54 54 54 50 50 50 73 77 78 765
Year 2
Unit sale
Foot massage 22 200 72 65 60 50 52 43 45 41 48 55 58 71 660
Thai massage 0 450 45 42 40 35 31 30 28 31 29 41 50 42 444
Total 22 4,650 117 107 100 95 93 83 83 82 87 106 118 123 1,194
Year3
Unit sale
Foot massage 22 200 180 201 155 95 90 85 80 92 93 126 152 187 1,536
Thai massage 0 450 67 55 46 41 35 38 46 52 38 55 62 81 616
Total 22 4,650 267 276 221 156 145 143 146 164 151 201 234 288 2,392
Yaer 4
Unit sale
Foot massage 22 200 201 220 198 98 96 86 75 89 99 187 198 228 1,775
Thai massage 0 450 92 85 76 65 71 80 67 99 102 130 132 146 1,145
Total 22 4,650 310 325 291 178 183 184 162 208 219 333 345 388 3,126
Year 5
Unit sale
Foot massage 22 200 242 248 189 120 110 109 150 128 99 168 198 229 1,990
Thai massage 0 450 101 100 98 87 86 60 71 65 80 111 156 197 1,212
Total 22 4,650 358 365 306 223 213 186 241 211 197 296 369 445 3,410
Total sale
Year1
Total sale
product JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC total
Foot massage 10,000 10,000 10,000 6,400 6,400 6,400 6,000 6,000 6,000 9,000 9,600 10,000 95,800
Thai massage 11,250 11,250 11,250 9,900 9,900 9,900 9,000 9,000 9,000 12,600 13,050 12,600 128,700
Course Thai m 0 0 0 0 0 0 0 0 0 0 0 0 0
Course Foot m 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 21,250 21,250 21,250 16,300 16,300 16,300 15,000 15,000 15,000 21,600 22,650 22,600 224,500
Year 2
Total sale
Foot massage 14,400 13,000 12,000 10,000 10,400 8,600 9,000 8,200 9,600 11,000 11,600 14,200 132,000
Thai massage 20,250 18,900 18,000 15,750 13,950 13,500 12,600 13,950 13,050 18,450 22,500 18,900 199,800
Course Thai m 0 0 0 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 112,500
Course Foot m 0 0 0 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 67,500
Total 34,650 31,900 30,000 45,750 44,350 42,100 41,600 42,150 42,650 49,450 54,100 53,100 511,800
Year3
Total sale
Foot massage 36,000 36,180 31,155 14,725 8,550 7,650 6,800 7,360 8,556 11,718 19,152 28,424 287,232
Thai massage 20,250 1,890 1,680 1,400 1,085 930 840 868 899 1,189 2,050 2,100 18,648
Course Thai m 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 300,000
Course Foot m 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000
Total 96,250 78,070 72,835 56,125 49,635 48,580 47,640 48,228 49,455 52,907 61,202 70,524 731,451
Yaer 4
Total sale
Foot massage 40,200 44,220 43,560 19,404 9,408 8,256 6,450 6,675 8,811 18,513 37,026 45,144 404,700
Thai massage 41,400 7,820 6,460 4,940 4,615 5,680 5,360 6,633 10,098 13,260 17,160 19,272 167,170
Course Thai m 25,000 25,000 22,500 12,500 17,500 20,000 25,000 25,000 22,500 20,000 17,500 15,000 247,500
Course Foot m 10,500 15,000 12,000 15,000 13,500 15,000 15,000 15,000 13,500 12,000 12,000 12,000 160,500
Total 117,100 92,040 84,520 51,844 45,023 48,936 51,810 53,308 54,909 63,773 83,686 91,416 838,365
Year 5
Total sale
Foot massage 48,400 60,016 46,872 22,680 13,200 11,990 16,350 19,200 12,672 16,632 33,264 45,342 455,710
Thai massage 45,450 10,100 9,800 8,526 7,482 5,160 4,260 4,615 5,200 8,880 17,316 30,732 238,764
Course Thai m 25,000 22,500 25,000 22,500 22,500 20,000 25,000 20,000 20,000 22,500 20,000 25,000 270,000
Course Foot m 7,500 12,000 13,500 10,500 12,000 13,500 15,000 15,000 15,000 12,000 10,500 13,500 150,000
Total 126,350 104,616 95,172 64,206 55,182 50,650 60,610 58,815 52,872 60,012 81,080 114,574 924,139
Marketing Expense
Year1 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC total
Low season discount 10% 0 0 0 1,630 0 0 1,500 0 1,500 0 0 0 4,630
Low season discount 20% 0 0 0 0 0 3,260 0 3,000 0 0 0 0 6,260
Low season discount 30% 0 0 0 0 4,890 0 0 0 0 0 0 0 4,890
Membership 10% for Foot massag 140 0 20 0 40 20 0 40 60 100 120 140 680
Membership 10% for Thai massage 315 0 45 0 90 45 0 45 135 225 270 315 1,485
Total 455 0 65 1,630 5,020 3,325 1,500 3,085 1,695 325 390 455 17,945
Low season discount 10% 0 0 0 0 0 2,210 0 0 0 0 0 0 2,210
Low season discount 20% 0 0 0 5,150 0 0 4,320 4,430 4,530 0 0 0 18,430
Membership 10% for Thai massage 360 225 0 180 135 45 0 0 90 225 135 180 1,575
Total 520 0 0 5,410 7,500 2,275 4,320 4,430 4,660 325 195 0 29,635
Low season discount 10% 0 0 0 16,126 0 0 688 823 0 0 0 0 17,637
Low season discount 20% 0 0 0 0 0 1,716 0 0 946 0 0 0 2,662
Membership 10% for Thai massage 0 90 0 45 0 0 135 0 90 45 0 90 495
Total 0 130 0 16,191 2,891 1,716 883 823 1,076 65 0 130 23,904
Low season discount 10% 0 0 0 2,434 0 0 0 1,331 18,909 0 0 0 22,674
Low season discount 20% 0 0 0 0 2,805 2,787 0 0 0 0 0 0 5,592
Low season discount 30% 0 0 0 0 0 0 3,543 0 0 0 0 0 3,543
Membership 10% for Thai massage 45 0 0 0 90 0 0 0 0 45 0 0 180
Total 65 0 0 2,434 2,935 2,787 3,543 1,331 18,909 65 0 0 32,069
Low season discount 10% 0 0 0 3,121 2,068 0 0 0 1,787 0 0 0 6,976
Low season discount 20% 0 0 0 0 0 3,430 4,122 0 0 0 0 0 7,552
Low season discount 30% 0 0 0 0 0 0 0 7,145 0 0 0 0 7,145
Membership 10% for Thai massag 45 0 0 0 45 0 0 45 90 0 0 0 225
Total 65 0 0 3,121 2,133 3,430 4,122 7,210 1,917 0 0 0 21,998
High season
Low seasom
Chapter 4
Technical Feasibility Study
Chapter 4:
Technical Feasibility Study
Production and Operations Analysis

Product Characteristics
The business provides service to customers (Thai people and Foreigner). The most Product
characteristics are service by divide 3 type: foot massage, General massage, and King’s court
massage.
Method of foot massage

Massaging by hand
1. Spin of ankle.
2. Spin of tiptoe.
3. Grope alternates a hand that the foot back.
4. Grope alternate a hand that ligament [N letter Achilles tendon]
5. A thumb erects from heel to tiptoe.
6. Use back of the hand grope to go to follow the side of heel to tiptoe.
7. Knuckle feet fingertip rubs.
8. Massage foot with the wood press.
9. Rub inside of foot.
10. Slice of the tiptoe.
11. Feet fingertip erode toe rut (thumb - a little finger)
12. Rub outside of foot.

13. Outside foots erode toe rut gets back to (little finger - a thumb)
14. Rub encircle of toe.
15. Rub encircles foot.
16. Rub feet fingertip 3 line( middle finger line - the heel is ), ( thumb line - heel ),( little finger
line - the heel )
17 Rub the sole zigzags.
18. Rub v with heel.
19. Pierce the heel.
9. Helps the brain relax. Make sleep easier.
10. Increase brain power. Memory problems.
11. Has an impact and that tendon. Allow flexible movement good fit.
12. Treatment or alleviation of illness is not comfortable.
Method of body massage
1. Massage, using heavy presses down on all part , heavy at press this will give the muscle , tendon
is loosen and massaging that Thai , we will like to to use heavy in the body is the power presses
2. Squeezing, be using heavy presses down on all part, in 2 power characters press to meet.
3. Press, using heavy presses to press, be spread heavy presses on that part, pressing gives a result
in looseness, and use apply to the area quickly the touch, bone.
4. the rubbing , using heavy rubs , be bound for to give the skin is born stretching enlarges , the
pore opens .this way use to with a medicine for seep put in the body
5. the rolling , using heavy turns to roll , give born the power presses continual go to through an
organ , both of still stretching and muscle
6. The whirl, using heavy turns the part that can move joint and tendon around to stretch loosen, the
movement improves
7. Twisting, using heavy twists the part that can move such as joint for tendon around joint stretch
loosen can move improve.
8. Bending, using heavy stretches bend the muscle, tendon stretch more something usual work for
nerve loosen.
9. The hammering, using heavy pounds, slap, chop down on the muscle for spread the flexibility of
the muscle to all body.
10. The shake, using heavy shakes the muscle for spread the flexibility of the muscle gives
throughout the body.
Characteristics of Thai massage feature:
Thai massage has since ancient times to the present. Massage Thai massage characteristic of
themselves. Thai massage has many special features follow:
The press
The press use parent-inch hand down in parts of the body to help muscles relax, blood
issues from being driven around the press. It makes the system of blood flow act better and help to
repair the wear faster.
The roll is use the thumb press of muscles around the roll to move a
Compression
Compression is to touch muscles full palm and squeeze the muscle is increasing blood flow
to muscles. It helps to reduce of exhausted and reduce muscle contraction.
Extraction
Extraction is stretch the muscle or tendon to extend the membrane of joints for the muscle is
working normally. To extraction the joints often hear in any crash. Show that the extract is effective
and should not pull to next time. In the case does not need shouldn’t to do.
Bending
Bending it to exert an interruption to the normal bending motion has to exercise more. So
should carefully consider and age of customer that will muscle flexibility or not. If patient is
paralysis not bending because muscles are not strong. May be made to move from an original
position and should not bend when the symptoms of muscle inflammation.
Pound
The pound is stimulating of muscles exert a rhythmic and use the pound back on the
massage area. It helps back pain and neck pain.
Tread
The tread is popular way to do. Massage in families use children to tread on the back. This must be
very careful if children have more weight because it have injure to backbone or rib.
Life Time: Life time: have 2 type
1. Service massage: it have 2 type, foot massage and body massage. The propose of
massage is relax to target group and general people who want to use service.
2. Training Massage: The employee have certificate from Ministry of Public Health teach
to interesting people and apply in the future for them.
Production/Services Process
Organization Chart
The Owner
Manager
Secretary Accountant Head Housekeeping
Cashier Employees
From organization chart:
The owner has to administrative of business. The lower level of manager has function to
control every department and employees. Check budget, check standard, check performance of
employees. The manager analysis customers want and need. The manager improves and develops
new things. The manager motivates each department for increase sale. The manager creates special
promotions of each season. The manager coordinates with hotel and tour agency. The last the
manager take care all employees. The secretary makes report to manager. The report about
performance of each department. The accountant makes report and check account. The cashier has
to receive money from customers and pay bill. The head of employees should to know about
traditional Thai massage and control performance of employees. The head has function to train
employees. The head is professor teach student interest course of massage. The employees has
function massage for customer satisfy and standard of massage. The housekeeping has function to
clean around shop.
Service process
1. Receptionist, they has uniform is silk cloth.
2. Take care customer what they want to use service.
3. Lead customer to service area and serve herb drink which is

better service than another shop.
4. Employees have efficiency and experience.
5. Guest complain and evaluate satisfy of customer.
6. Give souvenir to guest for they come back service again.
7. Record working of employee and criticism in each day for improve in next month.
Location
Facility Layout
1st Floor
2nd floor
3rd floor
Equipment
Picture Name Price ฿
Massage mattress 2,400
Chair massages foot 4,750
Pillow 120
Bed sheet 90
Towel 60
Wood massage foot 15
Cream 480/dozen
Aroma 200
Picture Name Price
Foot washing liquid 120/buttle
Squab 200/pair
Sofa 10,000
Counter cashier 12,000
Wood curtain 5,700
Basket 59
Lamp 380
Price
Picture Name
Cotton cloth 150
Lanna trousers 99
Slipper 100/pair
Locker 7,900
Calculator 350
Lay the shoes 499
Air conditioner 176,000
2 wall type and
4 cassette type
Picture Name Price
Telephone 499
Stereo 4,500
Oil lamp 239
Electric light bulb 78
Cash bill 15
Stationery 129
Plant 1,200
Picture Name Price
Vase 190
Flower 200/week
Carpet 57,600
Picture frame 350
25 x 15 inch
Curtain 30,000
Surveillance camera 13,500
Uniform 250
Picture Name Price
Mirror 70,000
The Facilities Management
The Facilities Management of Thai massage shop is developing effective and comfortable
in the standard. To reduce costs and increase profits. Care to the environment around the area the
shop such as security. The shop will be assets patrol before services to massage. Security for the
safety in the conflicting with steals or shop has lockers for your keep important thing and safe to
guest surveillance camera 4 machines for check complete of shop. We care to clean the shop is
important factor that is attractive for remember of a guest in using serves the next time. Our shop
has permanent housekeeper stays for offer the convenience in cleaning every 2 hour and linen have
been washing company to achieve durability in maintaining heterogeneous fabrics. Creating the
atmosphere of the shop is a small fountain flow near the central shop to feel close to nature. There
is air conditioning is to adjust the temperature and air purification. Electrical equipment must be
certified Industrial Standards and safety when an accident the emergency. Water filtration systems
from treats the water for uses in consuming water to the goods. We buy drinking water from the
area are from the Department of Health standards in Chiang Rai that is high quality. The last factor
is communication systems. Currently, there are contacts to customers and advertisers. We must use
technology to help in the work such as doing poster advertising on buses, tuk tuk with car phone
use in contact with the hotel guests comes to tell my day / time. / place certainly. We will know in
advance so that staffs prepare equipment and facilities for guests in order to fully in the serve and
visitor guest.
Pre- Operating Cost
Pre-Operating Cost
Forward Rental 60,000
Decoration 3,000,000
Equipment expense 70,804
Total 3,130,804
Investment cost
Investment Amount Depreciation Annual Dept Monthly Dept
Massage mattress 72,000 10 years 7,200 600
Chair massages foot 95,000 10 years 9,500 791.70
Sofa 10,000 8 years 1,250 104.20
Counter cashier 12,000 15 years 800 66.70
Carpet 57,600 10 years 5,760 480
Air conditioner 176,000 30 years 5,866.70 488.90
Surveillance camera 54,000 10 years 5,400 450
Total depreciation of 5 years

Investment Year 1 Year 2 Year 3 Year 4 Year 5
Massage mattress 46,800.00 133,200 219,600 306,000 392,400
Chair massages foot 61,752.20 175,752.20 289,752.20 403,756.60 517,761
Sofa 108,552.20 308,952 509,352 709,757 910,161
Counter cashier 5,202.20 14,802.20 24,402.60 34,002 43,602
Carpet 37440.00 106,560 175,680 244,800 313,920
Air conditioner 42,642.20 121,362.20 200,082.60 278,802 357,522
Surveillance camera 35,100.00 99,900 164,700 229,500 294,300
Total 337,488.80 960,529 1,583,569 2,206,618 2,829,666
Depreciation
YEAR 1 January February March April May June July August September October November December Total
Massage mattress 600 1,200 1,800 2,400 3,000 3,600 4,200 4,800 5,400 6,000 6,600 7,200 46,800
Chair massages foot 791.70 1,583.40 2,375.10 3,166.80 3,958.50 4,750.20 5,541.90 6,333.60 7,125.30 7,917 8,708.70 9,500 61,752.20
Sofa 104.20 208.40 312.60 416.80 521 625.20 729.40 833.60 937.80 1,042 1,146.20 1,250 108,552.20
Counter cashier 66.70 133.40 200.10 266.80 333.50 400.20 466.90 533.60 600.30 667 733.70 800 5,202.20
Carpet 480.00 960 1,440 1,920 2,400 2,880 3,360 3,840 4,320 4,800 5,280 5,760 37,440
Air conditioner 488.90 977.80 1,466.70 1,955.60 2,444.50 2,933.40 3,422.30 3,911.20 4,400.10 4,889 5,377.90 5,866.70 42,642.20
Surveillance camera 450.00 900.00 1,350 1,800 2,250 2,700 3,150 3,600 4,050 4,500 4,950 5,400 35,100
Massage mattress 7,800 8,400 9,000 9,600 10,200 10,800 11,400 12,000 12,600 13,200 13,800 14,400 133,200
Chair massages foot 10,291.70 11,083.40 11,875.10 12,666.80 13,458.50 14,250.20 15,041.90 15,833.60 16,625.30 17,417 18,208.70 19,000 175,752.20
Sofa 1,354.20 1,458.40 1,562.60 1,666.80 1,771 1,875.20 1,979.40 2,083.60 2,187.80 2,292 2,396.20 2,500 308,952
Counter cashier 866.70 933.40 1,000.10 1,066.80 1,133.50 1,200.20 1,266.90 1,333.60 1,400.30 1,467 1,533.70 1,600 14,802.20
Carpet 6,240 6,720 7,200 7,680 8,160 8,640 9,120 9,600 10,080 10,560 11,040 11,520 106,560
Air conditioner 6,355.60 6,844.50 7,333.40 7,822.30 8,311.20 8,800.10 9,289 9,777.90 10,266.80 10,755.70 11,244.60 11,733.40 121,362.20
Surveillance camera 5,850 6,300 6,750 7,200 7,650 8,100 8,550 9,000 9,450 9,900 10,350 10,800 99,900
Chair massages foot 19,791.70 20,583.40 21,375.10 22,166.80 22,958.50 23,750.20 24,541.90 25,333.60 26,125.30 26,917 27,708.70 28,500 289,752.20
Sofa 2,604.20 2,708.40 2,812.60 2,916.80 3,021 3,125.20 3,229.40 3,333.60 3,437.80 3,542 3,646.20 3,750 509,352
Counter cashier 1,666.70 1,733.40 1,800.10 1,866.80 1,934 2,000.20 2,066.90 2,133.60 2,200.30 2,267 2,333.70 2,400 24,402.60
Carpet 12,000 12,480 12,960 13,440 13,920 14,400 14,880 15,360 15,840 16,320 16,800 17,280 175,680
Air conditioner 12,222.30 12,711.20 13,200.10 13,689 14,177.90 14,666.80 15,155.70 15,644.60 16,133.50 16,622.40 17,111.30 17,600.10 200,082.60
Chair massages foot 29,292.10 30,083.80 30,875.50 31,667.20 32,458.90 33,250.60 34,042.30 34,834 35,625.70 36,417.40 37,209.10 38,000 403,756.60
Sofa 3,854.20 3,958.40 4,062.60 4,166.80 4,271 4,375.20 4,479.40 4,583.60 4,687.80 4,792 4,896.20 5,000 709,757
Counter cashier 2,467 2,533.40 2,600.10 2,666.80 2,733.50 2,800.20 2,866.90 2,933.60 3,000.30 3,067 3,133.70 3,200 34,002
Carpet 17,760 18,240 18,720 19,200 19,680 20,160 20,640 21,120 21,600 22,080 22,560 23,040 244,800
Air conditioner 18,089 18,577.90 19,066.80 19,555.70 20,044.60 20,533.50 21,022.40 21,511.30 22,000.20 22,489.10 22,978 23,466.80 278,802
Chair massages foot 38,792.50 39,584.20 40,375.90 41,167.60 41,959.30 42,751 43,542.70 44,334.40 45,126.10 45,917.80 46,709.50 47,500 517,761
Sofa 5,104.20 5,208.40 5,312.60 5,416.80 5,521 5,625.20 5,729.40 5,833.60 5,937.80 6,042 6,146.20 6,250 910,161
Counter cashier 3,267 3,333.40 3,400.10 3,466.80 3,533.50 3,600.20 3,666.90 3,733.60 3,800.30 3,867 3,933.70 4,000 43,602
Carpet 23,520 24,000 24,480 24,960 25,440 25,920 26,400 26,880 27,360 27,840 28,320 28,800 313,920
Air conditioner 23,955.70 24,444.60 24,933.50 25,422.40 25,911.30 26,400.20 26,889.10 27,378 27,866.90 28,355.80 28,844.70 29,333.50 357,522
Production cost
Year 2010
Direct Material Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480 5,760
Foot washing liquid 1,440 0 0 0 1,440 0 0 0 0 0 0 1,440 4,320
Total 1,920 480 480 480 1,920 480 480 480 480 480 480 1,920 10,080
Direct Labour
Salaries and Wages 87,675 90,800 90,575 84,725 81,525 80,150 78,325 81,750 86,500 93,775 100,050 111,400 1,067,250
Total 87,675 90,800 90,575 84,725 81,525 80,150 78,325 81,750 86,500 93,775 100,050 111,400 1,067,250
MFG Over head
Decoration Cost 3,000,000 0 0 0 0 0 0 0 0 0 0 0 3,000,000
Total 3,000,000 0 0 0 0 0 0 0 0 0 0 0 3,000,000
Year 2011
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960 2,880
Foot washing liquid 0 0 0 0 0 1,440 0 0 0 1,440 0 1,440 4,320
Total 480 480 480 0 0 1,440 0 0 0 1920 0 2400 7,200
Direct Labour
Total 116,200 117,850 124,825 110,075 104,750 104,900 101,825 103,350 110,000 121,325 130,850 138,100 1,384,050
Year 2012
Foot oil 960 0 0 480 0 480 0 0 0 960 0 960 3,840
Foot washing liquid 0 0 0 0 0 1,440 0 0 0 1440 0 1,440 4,320
Total 960 0 0 480 0 1920 0 0 0 2400 0 2400 8,160
Direct Labour
Total 144,875 152,375 157,725 142,275 134,275 132,225 131,375 133,550 141,675 154,325 158,300 164,750 1,747,725
Year 2013
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960 6,720
Foot washing liquid 0 0 0 0 1,440 0 0 1,440 0 0 0 0 2,880
Total 960 480 960 480 1,920 0 0 1,920 480 480 960 960 9,600
Direct Labour
Total 200,125 205,050 194,875 161,225 157,025 142,025 152,525 152,725 165,900 209,375 216,300 225,700 2,182,850
Year 2014
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960 10,080
Foot washing liquid 1,440 0 0 0 0 0 0 0 1,440 0 0 1,440 4,320
Total 2400 960 960 960 480 960 480 960 1920 960 960 2400 14,400
Direct Labour
Total 233,350 234,250 236,100 216,050 208,125 207,875 208,700 206,575 220,800 239,350 250,300 252,925 2,714,400
Advertise
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC total
Advertise 5,500 5,432 5,222 4,900 4,874 4,778 4,432 4,412 4,000 5,300 5,390 5,490 59,730
total 5,500 5,432 5,222 4,900 4,874 4,778 4,432 4,412 4,000 5,300 5,390 5,490 59,730
Advertise 5,532 5,611 5,557 5,379 5,200 4,200 4,199 3,990 3,899 4,566 4,988 5,409 58,530
total 5,532 5,611 5,557 5,379 5,200 4,200 4,199 3,990 3,899 4,566 4,988 5,409 58,530
Advertise 5,100 5,300 5,200 4,900 4,200 4,300 3,988 3,766 3,988 4,999 5,120 5,299 56,160
total 5,100 5,300 5,200 4,900 4,200 4,300 3,988 3,766 3,988 4,999 5,120 5,299 56,160
Advertise 5,500 5,500 5,200 4,800 4,200 3,900 3,789 3,778 3,990 4,799 5,123 4,910 55,489
total 5,500 5,500 5,200 4,800 4,200 3,900 3,789 3,778 3,990 4,799 5,123 4,910 55,489
Advertise 5,000 5,000 5,200 3,900 2,999 3,777 3,890 3,987 4,100 4,899 5,120 5,300 53,172
total 5,000 5,000 5,200 3,900 2,999 3,777 3,890 3,987 4,100 4,899 5,120 5,300 53,172
Electricity
Year 1
Description JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC total
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790 91,640
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190 14,333
Telephone 300 320 322 290 310 330 300 260 289 299 310 300 3,630
Total 10,065 10,784 10,656 8,811 8,277 6,809 7,176 7,581 8,263 10,406 10,495 10,280 109,603
Year 2
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290 106,917
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897 27,804
Telephone 300 300 299 159 150 250 300 250 299 300 300 300 3,207
Total 12,723 12,534 11,689 10,547 9,145 9,020 9,564 9,896 9,953 15,184 13,186 14,487 137,928
Year 3
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888 123,106
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589 25,791
Telephone 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Total 14,645 14,529 14,377 12,076 11,244 10,411 10,357 10,106 10,669 14,555 14,751 14,777 152,497
Year 4
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780 135,390
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246 24,127
Telephone 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Total 15,599 15,934 15,879 13,510 12,157 12,077 10,965 10,754 10,851 14,487 15,578 15,326 163,117
Year 5
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010 140,502
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308 26,605
Telephone 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Total 15,938 16,256 15,910 14,390 14,359 12,282 11,415 11,686 12,397 14,759 15,697 15,618 170,707
Chapter 5
Financial Analysis
Profit – Loss
Ma-Li Thai Massage
Profit / Loss Statement Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Less Cash Discount 455 0 65 1,630 5,020 3,325 1,500 3,085 1,695 325 390 455
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Cost of Goods Sold :
Beginning inventory 0 1,160 750 750 520 1,980 1,980 2,015 2,004 1,986 1,890 1,685
Merchandise purchases 1,920 480 480 480 1,920 480 480 480 480 480 480 1,920
Cost of Goods Available For Sale 1,920 1,640 1,230 1,230 2,440 2,460 2,460 2,495 2,484 2,466 2,370 3,605
Less ending inventory 1,160 760 750 890 750 480 520 710 1,980 460 1,980 480 2,015 445 2,004 491 1,986 498 1,890 576 1,685 685 2,986 619
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Foot washing liquid 1,440 0 0 0 1,440 0 0 0 0 0 0 1,440
Advertising cost 5,500 5,432 5,222 4,900 4,874 4,778 4,432 4,412 4,000 5,300 5,390 5,490
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Administrative Expenses
Salaries and Wages 87,675 90,800 90,575 84,725 81,525 80,150 78,325 81,750 86,500 93,775 100,050 111,400
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Electric light bulb 5,850 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 234,074 3,241,494 0 163,029 168,941 0 162,876 168,578 0 155,181 160,561 0 151,447 158,241 0 148,604 153,862 0 158,075 162,987 0 150,976 155,868 0 156,408 160,888 0 165,826 171,606 0 172,190 178,060 0 183,325 190,735
EBIT -3,167,959 -88,831 -83,623 -94,051 -99,921 -97,967 -108,882 -96,544 -90,681 -85,557 -79,635 -69,809
Less General Expenses:
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,203,626 -124,498 -119,290 -129,718 -135,588 -133,634 -144,549 -132,211 -126,348 -121,224 -115,302 -105,476
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,203,626 -124,498 -119,290 -129,718 -135,588 -133,634 -144,549 -132,211 -126,348 -121,224 -115,302 -105,476
Ma-Li Thai Massage
2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Beginning inventory 2,986 2,828 2,668 2,495 1,880 1,345 2,261 1,756 1,254 738 1,985 1,198
Merchandise purchases 480 480 480 0 0 1,440 0 0 0 1,920 0 2,400
Less ending inventory 2,828 638 2,668 640 2,495 653 1,880 615 1,345 535 2,261 524 1,756 505 1,254 502 738 516 1,985 673 1,198 787 2,784 814
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Foot washing liquid 0 0 0 0 0 1,440 0 0 0 1,440 0 1,440
Advertising cost 5,532 6,012 5,611 6,091 5,557 6,037 5,379 5,379 5,200 5,200 4,200 5,640 4,199 4,199 3,990 3,990 3,899 3,899 4,566 6,486 4,988 4,988 5,409 7,809
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Electric light bulb 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 237,377 243,389 0 191,829 197,920 0 198,159 204,196 0 182,267 187,646 0 175,540 180,740 0 175,565 181,205 0 183,963 188,162 0 174,891 178,881 0 181,598 185,497 0 198,154 204,640 0 205,681 210,669 0 214,232 222,041
EBIT -112,747 -63,785 -55,799 -54,121 -59,875 -54,804 -69,937 -57,713 -49,273 -43,588 -30,551 -27,255
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -148,414 -99,452 -91,466 -89,788 -95,542 -90,471 -105,604 -93,380 -84,940 -79,255 -66,218 -62,922
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -148,414 -99,452 -91,466 -89,788 -95,542 -90,471 -105,604 -93,380 -84,940 -79,255 -66,218 -62,922
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Less Cash Discount 0 130 0 16,191 2,891 1,716 883 823 1,076 65 0 130
Net Revenues 229,150 244,020 254,850 207,759 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Beginning inventory 2,784 2,910 2,060 1,194 1,135 746 2,214 1,769 1,319 789 2,551 1,871
Merchandise purchases 960 0 0 480 0 1,920 0 0 0 2,400 0 480
Less ending inventory 2,910 834 2,060 850 1,194 866 1,135 539 746 389 2,214 452 1,769 445 1,319 450 789 530 2,551 638 1,871 680 1,647 704
Gross Margin 228,316 243,170 253,984 207,220 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Foot washing liquid 0 0 0 0 0 1,440 0 0 0 1,440 0 0
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Electric light bulb 0 0 5,850 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 221,294 227,354 0 228,349 233,649 0 239,597 244,797 0 215,996 221,376 0 207,164 211,364 0 204,281 210,501 0 203,506 207,494 0 205,301 209,067 0 213,989 217,977 0 230,525 237,924 0 234,696 239,816 0 241,172 246,951
EBIT 962 9,521 9,187 -14,156 -6,694 -8,819 -6,672 -3,840 3,167 9,423 15,504 21,115
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT - 34,705 - 26,146 -26,480 -49,823 - 42,361 -44,486 -42,339 -39,507 -32,500 -26,244 -20,163 -14,552
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 34,705 - 26,146 - 26,480 -49,823 - 42,361 -44,486 -42,339 -39,507 -32,500 -26,244 -20,163 -14,552
Ma-Li Thai Massage
2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Beginning inventory 1,647 1,609 1,094 1,108 888 2,104 1,500 854 2,120 1,789 1,389 1,475
Merchandise purchases 960 480 960 480 1,920 0 0 1,920 480 480 960 960
Less ending inventory 1,609 998 1,094 995 1,108 946 888 700 2,104 704 1,500 604 854 646 2,120 1,654 1,789 811 1,389 880 1,475 874 1,500 935
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Foot washing liquid 0 0 0 0 1,440 0 0 1,440 0 0 0 0
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Electric light bulb 0 5,850 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 324,178 330,638 0 288,279 294,259 0 272,399 278,559 0 236,380 241,660 0 230,827 236,947 0 215,747 219,647 0 236,064 239,853 0 225,124 230,822 0 238,396 242,866 0 285,507 290,786 0 293,523 299,606 0 302,671 308,541
EBIT 1,449 48,246 42,145 14,556 11,364 412 408 11,043 4,614 58,419 68,520 90,324
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -34,218 12,579 6,478 -21,111 -24,303 -35,255 -35,259 -24,624 -31,053 22,752 32,853 54,657
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -34,218 12,579 6,478 -21,111 -24,303 -35,255 -35,259 -24,624 -31,053 22,752 32,853 54,657
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Beginning inventory 1,500 2,910 2,879 2,845 2,810 2,200 2,176 1,700 1,680 2,700 2,790 2,740
Merchandise purchases 2,400 960 960 960 480 960 480 960 1,920 960 960 2,400
Less ending inventory 2,910 990 2,879 991 2,845 994 2,810 995 2,200 1,090 2,176 984 1,700 956 1,680 980 2,700 900 2,790 870 2,740 1,010 3,895 1,245
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Foot washing liquid 1,440 0 0 0 0 0 0 0 1,440 0 0 1,440
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 371,022 378,422 0 311,951 317,911 0 313,655 319,815 0 292,085 296,945 0 284,129 287,608 0 281,802 286,539 0 292,689 297,059 0 279,906 284,853 0 294,842 300,862 0 315,754 321,613 0 327,642 333,722 0 330,188 337,888
EBIT 25,123 83,498 89,291 67,939 59,319 62,697 54,663 54,507 72,321 90,117 98,768 104,617
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -10,544 47,831 53,624 32,272 23,652 27,030 18,996 18,840 36,654 54,450 63,101 68,950
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -10,544 47,831 53,624 32,272 23,652 27,030 18,996 18,840 36,654 54,450 63,101 68,950
Cash Flow
Ma-Li Thai Massage

Indirect Cash Flow
2010
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Cash Flow From Operating
Net Earnings -3,203,626 -124,498 -119,290 -129,718 -135,588 -133,634 -144,549 -132,211 -126,348 -121,224 -115,302 -105,476
Additions to Cash
Depreciation 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982
Increase in Inventories -1,160 1,822 410 3,392 0 2,982 230 3,212 -1,460 1,522 0 2,982 -35 2,947 11 2,993 18 3,000 96 3,078 205 3,187 -1,301 1,681
Net Cash from (used by)Operating Activities -3,201,804 -121,106 -116,308 -126,506 -134,066 -130,652 -141,602 -129,218 -123,348 -118,146 -112,115 -103,795
Cash Flow From Investing
Furniture and Fixtures -435,066 0 0 0 0 0 0 0 0 0 0 0
Equipment -224,650 0 0 0 0 0 0 0 0 0 0 0
Net Cash From (used by)Investing Activities -659,716 0 0 0 0 0 0 0 0 0 0 0
Cash Flow From Financing
Bank Loans - Long Term 8,000,000 0 0 0 0 0 0 0 0 0 0 0
Net Cash From (used by)Financing Activities 8,000,000 0 0 0 0 0 0 0 0 0 0 0
Net increse in cash 4,138,480 -121,106 -116,308 -126,506 -134,066 -130,652 -141,602 -129,218 -123,348 -118,146 -112,115 -103,795
Cash at the beginning of the reporting period 0 4,138,480 4,017,374 3,901,066 3,774,560 3,640,494 3,509,842 3,368,240 3,239,022 3,115,674 2,997,528 2,885,413
Cash at the end of the reporting period 4,138,480 4,017,374 3,901,066 3,774,560 3,640,494 3,509,842 3,368,240 3,239,022 3,115,674 2,997,528 2,885,413 2,781,618
Ma-Li Thai Massage

Indirect Cash Flow
2011
Net Earnings -148,414 -99,452 -91,466 -89,788 -95,542 -90,471 -105,604 -93,380 -84,940 -79,255 -66,218 -62,922
Additions to Cash
Depreciation 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982
Increase in Inventories 158 3,140 160 3,142 173 3,155 615 3,597 535 3,517 -916 2,066 505 3,487 502 3,484 516 3,498 -1,247 1,735 787 3,769 -1,586 1,396
Net Cash from (used by)Operating Activities -145,274 -96,310 -88,311 -86,191 -92,025 -88,405 -102,117 -89,896 -81,442 -77,520 -62,449 -61,526
Furniture and Fixtures 0 0 0 0 0 0 0 0 0 0 0 0
Equipment 0 0 0 0 0 0 0 0 0 0 0 0
Net Cash From (used by)Investing Activities 0 0 0 0 0 0 0 0 0 0 0 0
Bank Loans - Long Term 0 0 0 -10,672 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667
Net Cash From (used by)Financing Activities 0 0 0 -10,672 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667
Net increse in cash -145,274 -96,310 -88,311 -96,863 -127,692 -124,072 -137,784 -125,563 -117,109 -113,187 -98,116 -97,193
Cash at the beginning of the reporting period 2,781,618 2,636,344 2,540,034 2,451,723 2,354,860 2,227,168 2,103,096 1,965,312 1,839,749 1,722,640 1,609,453 1,511,337
Cash at the end of the reporting period 2,636,344 2,540,034 2,451,723 2,354,860 2,227,168 2,103,096 1,965,312 1,839,749 1,722,640 1,609,453 1,511,337 1,414,144
Ma-Li Thai Massage
Indirect Cash Flow
2012
Net Earnings - 34,705 -26,146 -26,480 -49,823 - 42,361 -44,486 -42,339 -39,507 -32,500 -26,244 -20,163 -14,552
Additions to Cash
Depreciation 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982
Increase in Inventories -126 2,856 850 3,832 866 3,848 59 3,041 389 3,371 -1,468 1,514 445 3,427 450 3,432 530 3,512 -1,762 1,220 680 3,662 224 3,206
Net Cash from (used by)Operating Activities -31,849 -22,314 -22,632 -46,782 -38,990 -42,972 -38,912 -36,075 - 28,988 -25,024 -16,501 -11,346
Equipment 0 0 0 0 0 0 0 0 0 0 0 0
Bank Loans - Long Term -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667
Net Cash From (used by)Financing Activities -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667 -35,667
Net increse in cash -67,516 -57,981 -58,299 -82,449 -74,657 -78,639 -74,579 -71,742 - 64,655 -60,691 -52,168 -47,013
Cash at the beginning of the reporting period 1,414,144 1,346,628 1,288,647 1,230,348 1,147,899 1,073,242 994,603 920,024 848,282 783,627 722,936 670,768
Cash at the end of the reporting period 1,346,628 1,288,647 1,230,348 1,147,899 1,073,242 994,603 920,024 848,282 783,627 722,936 670,768 623,755
Ma-Li Thai Massage

Indirect Cash Flow
2013
Net Earnings -34,218 12,579 6,478 -21,111 -24,303 -35,255 -35,259 -24,624 -31,053 22,752 32,853 54,657
Additions to Cash
Depreciation 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982
Increase in Inventories 38 3,020 515 3,497 -14 2,968 220 3,202 -1,216 1,766 604 3,586 646 3,628 -1,266 1,716 331 3,313 400 3,382 -86 2,896 -25 2,957
Net Cash from (used by)Operating Activities -31,198 16,076 9,446 -17,909 -22,537 -31,669 - 31,631 -22,908 -27,740 26,134 35,749 57,614
Equipment 0 0 0 0 0 0 0 0 0 0 0 0
Net increse in cash -66,865 -19,591 -26,221 -53,576 -58,204 -67,336 - 67,298 -58,575 -63,407 -9,533 82 21,947
Cash at the beginning of the reporting period 623,755 556,890 537,299 511,078 457,502 399,298 331,962 264,664 206,089 142,682 133,149 133,231
Cash at the end of the reporting period 556,890 537,299 511,078 457,502 399,298 331,962 264,664 206,089 142,682 133,149 133,231 155,178
Ma-Li Thai Massage
Indirect Cash Flow
2014
Net Earnings -10,544 47,831 53,624 32,272 23,652 27,030 18,996 18,840 36,654 54,450 63,101 68,950
Additions to Cash
Depreciation 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982 2,982
Increase in Inventories -1,410 1,572 31 3,013 34 3,016 35 3,017 610 3,592 24 3,006 476 3,458 20 3,002 -1,020 1,962 -90 2,892 50 3,032 -1,155 1,827
Net Cash from (used by)Operating Activities -8,972 50,844 56,640 35,289 27,244 30,036 22,454 21,842 38,616 57,342 66,133 70,777
Equipment 0 0 0 0 0 0 0 0 0 0 0 0
Net increse in cash -44,639 15,177 20,973 -378 -8,423 -5,631 -13,213 -13,825 2,949 21,675 30,466 35,110
Cash at the beginning of the reporting period 155,178 110,539 125,716 146,689 146,311 137,888 132,257 119,044 105,219 108,168 129,843 160,309
Cash at the end of the reporting period 110,539 125,716 146,689 146,311 137,888 132,257 119,044 105,219 108,168 129,843 160,309 195,419
Balance Sheet
Ma-Li Thai Massage

Balance Sheet
2010
Jan Feb Mar Apr May Jun Jul Aug Sep O ct Nov Dec
Assets
Current Assets:
Cash 4,138,480 4,017,374 3,901,066 3,774,560 3,640,494 3,509,842 3,368,240 3,239,022 3,115,674 2,997,528 2,885,413 2,781,618
Merchandise Inventory 1,160 750 750 520 1,980 1,980 2,015 2,004 1,986 1,890 1,685 2,986
Total Current Assets 4,139,640 4,018,124 3,901,816 3,775,080 3,642,474 3,511,822 3,370,255 3,241,026 3,117,660 2,999,418 2,887,098 2,784,604
Fixed Assets:
Furniture and Fixtures 435,066 433,476 431,886 430,296 428,706 427,116 425,526 423,936 422,346 420,756 419,166 417,576
Less depreciation 1,590 433,476 1,590 431,886 1,590 430,296 1,590 428,706 1,590 427,116 1,590 425,526 1,590 423,936 1,590 422,346 1,590 420,756 1,590 419,166 1,590 417,576 1,590 415,986
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Less depreciation 1,392 223,258 656,734 1,392 221,866 653,752 1,392 220,474 650,770 1,392 219,082 647,788 1,392 217,690 644,806 1,392 216,298 641,824 1,392 214,906 638,842 1,392 213,514 635,860 1,392 212,122 632,878 1,392 210,730 629,896 1,392 209,338 626,914 1,392 207,946 623,932
Total Assets 4,796,374 4,671,876 4,552,586 4,422,868 4,287,280 4,153,646 4,009,097 3,876,886 3,750,538 3,629,314 3,514,012 3,408,536
Liabilities and Capital

Non Current Liability :
Long-Term Liability
Long T erm Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
T otal Long-term Liability 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Total Liabilities 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Retained earnings -3,203,626 -3,328,124 -3,447,414 -3,577,132 -3,712,720 -3,846,354 -3,990,903 -4,123,114 -4,249,462 -4,370,686 -4,485,988 -4,591,464
Total Capital 4,796,374 4,671,876 4,552,586 4,422,868 4,287,280 4,153,646 4,009,097 3,876,886 3,750,538 3,629,314 3,514,012 3,408,536
Ma-Li Thai Massage

Balance Sheet
2011
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets
Current Assets:
Cash 2,636,344 2,540,034 2,451,723 2,354,860 2,227,168 2,103,096 1,965,312 1,839,749 1,722,640 1,609,453 1,511,337 1,414,144
Merchandise Inventory 2,828 2,668 2,495 1,880 1,345 2,261 1,756 1,254 738 1,985 1,198 2,784
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,260,122 3,160,670 3,069,204 2,968,744 2,837,535 2,711,397 2,570,126 2,441,079 2,320,472 2,205,550 2,103,665 2,005,076

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Total Long-term Liability 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Total liabilities & Equity 3,260,122 3,160,670 3,069,204 2,968,744 2,837,535 2,711,397 2,570,126 2,441,079 2,320,472 2,205,550 2,103,665 2,005,076
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,346,628 1,288,647 1,230,348 1,147,899 1,073,242 994,603 920,024 848,282 783,627 722,936 670,768 623,755
Merchandise Inventory 2,910 2,060 1,194 1,135 746 2,214 1,769 1,319 789 2,551 1,871 1,647
Total Current Assets 1,349,538 1,290,707 1,231,542 1,149,034 1,073,988 996,817 921,793 849,601 784,416 725,487 672,639 625,402
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,934,704 1,872,891 1,810,744 1,725,254 1,647,226 1,567,073 1,489,067 1,413,893 1,345,726 1,283,815 1,227,985 1,177,766
Non Current Liabilities:

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,934,704 1,872,891 1,810,744 1,725,254 1,647,226 1,567,073 1,489,067 1,413,893 1,345,726 1,283,815 1,227,985 1,177,766
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 556,890 537,299 511,078 457,502 399,298 331,962 264,664 206,089 142,682 133,149 133,231 155,178
Merchandise Inventory 1,609 1,094 1,108 888 2,104 1,500 854 2,120 1,789 1,389 1,475 1,500
Total Current Assets 558,499 538,393 512,186 458,390 401,402 333,462 265,518 208,209 144,471 134,538 134,706 156,678
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 1,107,881 1,084,793 1,055,604 998,826 938,856 867,934 797,008 736,717 669,997 657,082 654,268 673,258
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Retained earnings -6,132,440 -6,119,861 -6,113,383 -6,134,494 -6,158,797 -6,194,052 - 6,229,311 -6,253,935 -6,284,988 -6,262,236 -6,229,383 -6,174,726
Total Capital 1,107,881 1,084,793 1,055,604 998,826 938,856 867,934 797,008 736,717 669,997 657,082 654,268 673,258
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash 110,539 125,716 146,689 146,311 137,888 132,257 119,044 105,219 108,168 129,843 160,309 195,419
Merchandise Inventory 2,910 2,879 2,845 2,810 2,200 2,176 1,700 1,680 2,700 2,790 2,740 3,895
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 627,047 639,211 657,168 653,773 641,758 633,121 616,450 599,623 600,610 619,393 646,827 680,110

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital 627,047 639,211 657,168 653,773 641,758 633,121 616,450 599,623 600,610 619,393 646,827 680,110
Chapter 6
Risk Management
Chapter 6:
Risk Management
Methodology of risk management
Identify:
The problems of business Thai massage. The business lack of experience employees
because Chiang Rai is fewer Traditional Thai Massage School. The mental of employee problem
effect to customer. The season; high season the customer increase may be effect t business may be
lack of employee and low season business has decrease revenue. Competitor; some competitor
open occultation business effect to decrease customers come to our business. The business is new
market of Thai massage effect to accept less of customer. The last thing, the safe of employee;
some customer want assault employee and contagion from customer to employees.
Asses:
The business hope to corporate with tour agency and hotel in second year. If the business
cannot cooperate with tour agency and hotel effect to business lack of income, decrease revenue,
error sale forecast and delay repayable.
Determine:
The big problem of business is lack of experience employees. This problem effect to
business because employees is factor to business if lack of experience employees effect to business
not standard. The customer decrease to serve. The second problem is mental of employees because
this problem effect to direct customer. If employees have discourteous effects to customer not come
to shop next time. The third problem season. Season has effect to business because among of
customer depend on season. The competitor has open occultation business effect to business by
disadvantage image of shop because the shop builds around that. The business is new market of
Thai massage effect to accept less of customer. Because customer not belief to serve of business.
The last problem, the safe of employee from customer as customer don’t know real to serve of
business and contagion from customer to employees.
Identify ways to reduce risk:
• Training employees from people who have more knowledge and more experience and
evaluate after done.
• In high season and low season period. If employees are working in high season, they will
have a bonus and more wage. In low season we make potential development of substitute
products such as oil massage.
• The business has high standard and quality effect to customer has customer loyalty.
• The business has promote every local have target for acquainted.
• The employees use mass in work and clean hand after work.
Prioritize risk:
• The business lack of experience employees because Chiang Rai is fewer Traditional Thai
Massage School.
• The season; high season the customer increase may be effect t business may be lack of
employee and low season business has decrease revenue. The mental of employee problem
effect to customer.
• Competitor; some competitor open occultation business effect to decrease customers come
to our business.
• The business is new market of Thai massage effect t accept less of customer.
• The safe employee; some customer want assault employee and contagion from customer to
employees.
Implement:
1. Identify risks that are expected to occur with the business.

2. Evaluate the potential risk to occur with the business.
3. Find method to solve the problem in each case.
4. Take action by start at case has more risk. Estimate of successful
Continuous Monitoring of Risk Containment Task:
• The business chooses employees before admit work and select employee have guarantee.
• The business have plan in every season for reduce risk in business. Such as in high season
set employee enough with customer and if employees not come reduce salary of them. Low
season set promotion to customer such as decrease sale etc.
• Have plan for competitor such as train employee, access from ministry of public health.
• The business has planned to promote business in pre opening for increase sale in first time
open business.
• The business sent employee checkup every month and when employee ails.
External Risk
Political:
Political in Thailand is the external factor with we can’t control, so this problem is effect to
grow business. In Thailand has problem about politic it is effect to travel of tourist because they
think to safety of themselves such as demonstrate against, Political system in Thailand don’t stable
and Thai emigration.
Demonstrate against between Yellow shirts with Red shirts. It make Thailand don’t stable,
separate two group and mob. Foreigner or Thai people don’t certitude in Thai political and don’t
safety in themselves, so it has more effect in our business because tourist don’t come to Thailand. It
make flat in business and has many problem in next time.
Political system in Thailand doesn’t stable. It is effect to government no plan support in

travel. Foreigner or Thai people don’t know about tourist place. Political system is effect to people
serious for people decrease come to Thailand.
Thai emigration, Thailand is support tourist travel to Thailand by not VISA pass to
Thailand. It can’t to check profile of customer effect to disadvantage bandit easy come to Thailand.
It make to bad image of Thailand. Tourist will decrease come to Thailand.
Economic:
Economic affect direct to tourist industry and hospitality industry. Stable economic is a reason
which effect to happiness of people. So, good economic, people would like to travel, would like to relax
after work hard. And, when bad economic, most people have seriousness in their mind. They think about
financial, think about stability. They don’t want to spend money. They want to save money to be reserve
money in uncertain economic. And also, investor doesn’t want to invest in tourist industry and hospitality
industry when bad economic. It makes this industry dull.
Exchange rate effects foreign tourist. Foreign like to travel in Thailand because if they travel in
Thailand they spend less than other place with same service.
And, value of Thai baht is also less than value of some monetary so if value of Thai baht increase. Foreigner
who wants to travel is less interest to travel in Thailand. Because, they will choose other place that cheaper.
Therefore, tourist is lesser.
Oil price is a factor that makes people doesn’t want to travel. Sine, oil prices increase. Product price
will increase. It makes people want to save money. Moreover transportation price will follow to increase too.
So, people don’t want to travel.
From the previous reason, Economic is the factor make people don’t want to travel. Therefore,
massage business that garget group is tourist will dull when bad economic too.
Social Factor:
The social factors have social, cultural, demographic, and environment. So each factor
depends on behavior of customer. Social factor depend on trend of social. In the past, social has
small structure. The relationship of persons have small group. But in currently, social has
developed from in the past. Social has big structure; persons in social have relation both in country
and other country. Trend of social has change everything changes because persons have behavior
have followed social trend. For example if trend of peoples interest part of beauty the most people
have interest beauty. Culture divide 3 groups are high culture, lower culture, and local culture. So
each group of culture effect to behavior of customers. High culture is belief about high class, high
quality, high standard etc. The customers choose everything is high. Such as if the customer come
to the massage shop they choose shop high quality, high standard, and high everything etc. lower
culture is belief about lower class. The customer want product and service have lower price and
normal standard and quality so different from high culture. For example if the business set shop is
high these customers don’t come to shop effect to income of business because business loses these
customers. Local culture is belief of hometown. The customers want everything similar hometown.
These customers don’t use product and service different from hometown. So these beliefs more
effect to business because that these can’t change and depend on satisfy of customers. Demographic
have age, sex, occupation, revenue, education, region, and national. Age of customers is the most
factors because shop must set theme appropriate with age of customer. If shop set theme of shop
not appropriate with target effect to customer don’t come to shop. Occupation and revenue are
secondary factor because occupation and revenue is factor in to serve. For example if the customer
has poor they don’t come to serve in shop high price. The customers have high education choose to
serve product and service have standard and high value. Environment of social is another the most
factor because environment effect to customer want and need to serve business. All of thing each
factor of social are the most factor of serve of customers and everything depend on want and want
of customer so we don’t control.
Technology:
Advertising media have much in internet. Or, they create their website to promote their business. It
is a low price choice to promote their business. It make customer well know about shop. And it invests once
time can appear long time. Our business doesn’t have a website to promote our business. Sine, we still have
not staff to create website for us. We are unfavorable competitor in this factor much. Because, our customer
is tourist who may never come to Chiang Rai before. They never know massage shop at here. They may
know massage shop from advertising media in the internet. They may know other shop better than our shop
or plan to go other shop when they come here because this reason. It makes us lose opportunity to gain
customer.
Now, we still don’t have enough knowledge about information technology to manage our business
organization. We still do not choose information technology system which suit with our shop. Wage of
install information technology system to our shop is quite high. And, it makes cost increase if we select
unsuitable. From the not enough knowledge reason, we will afraid that if have objections with system we
cannot repair it by myself. It make problem with run business. It may delay to run business. We don’t know
good way to prevent information. So, our information may leak to competitive or modified or defalcated by
employee who has knowledge about information technology better. The information technology change fast.
To learn new information technology system may can not for us. And. if employee has not known
information technology system. We lose money to train them too.
Internal Risk
The internal risk of business. The business lack of employees by employees doesn’t to
work, employee death, and employees leave vacation, employee throe, employees defraud,
employees not manner, employee not good English language employees not function responsibility,
and employees have conflict with co-worker. The problem about machine (air-condition,
electricity, water, equipment, Surveillance camera, computer, and stereo).
The Five - Forces Model of Competition
From diagram describe substitute product in 1 year divide 2 seasons (High season – low
season). High season many customers and more income but low season decrease customer. We
build course Thai massage and foot massage for increase income. Power of supplier effect to
advantage of budget. If buy big lot you pay low price and order specific product from supplier.
New competitor of Thai massage. The business set high standard and special for membership effect
to customer loyalty.
Balance Sheet sale decrease 5%
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,139,127 4,018,511 3,902,457 3,776,745 3,643,565 3,513,935 3,373,447 3,245,171 3,122,528 3,004,723 2,892,635 2,788,500
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,797,021 4,673,013 4,553,977 4,425,053 4,290,351 4,157,739 4,014,304 3,883,035 3,757,392 3,636,509 3,521,234 3,415,418

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,797,021 4,673,013 4,553,977 4,425,053 4,290,351 4,157,739 4,014,304 3,883,035 3,757,392 3,636,509 3,521,234 3,415,418
Ma-Li Thai Massage
Balance Sheet
2011
Assets
Current Assets:
Cash 2,642,446 2,545,273 2,455,751 2,357,415 2,228,515 2,103,228 1,964,383 1,837,682 1,719,003 1,603,780 1,503,151 1,403,083
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,266,224 3,165,909 3,073,232 2,971,299 2,838,882 2,711,529 2,569,197 2,439,012 2,316,835 2,199,877 2,095,479 1,994,015

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,331,354 1,268,785 1,205,630 1,119,098 1,040,758 958,538 880,421 805,031 736,323 670,946 613,893 561,672
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,919,430 1,853,029 1,786,026 1,696,453 1,614,742 1,531,008 1,449,464 1,370,642 1,298,422 1,231,825 1,171,110 1,115,683

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,919,430 1,853,029 1,786,026 1,696,453 1,614,742 1,531,008 1,449,464 1,370,642 1,298,422 1,231,825 1,171,110 1,115,683
Ma-Li Thai Massage
Balance Sheet
2013
Assets
Current Assets:
Cash 488,156 461,642 429,083 370,601 307,651 236,244 164,350 101,169 32,697 16,126 8,573 21,815
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 1,039,147 1,009,136 973,609 911,925 847,209 772,216 696,694 631,797 560,012 540,059 529,610 539,895
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Retained earnings -6,201,174 -6,195,518 -6,195,378 -6,221,395 -6,250,444 -6,289,770 ####### -6,358,855 -6,394,973 -6,379,259 -6,354,041 -6,308,089
Total Capital 1,039,147 1,009,136 973,609 911,925 847,209 772,216 696,694 631,797 560,012 540,059 529,610 539,895
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash -31,387 -24,618 -12,345 -20,371 -35,895 -48,814 -69,432 -90,305 -95,116 -82,104 -60,798 -35,229
Total Current Assets -28,477 -21,739 -9,500 -17,561 -33,695 -46,638 -67,732 -88,625 -92,416 -79,314 -58,058 -31,334
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 485,121 488,877 498,134 487,091 467,975 452,050 427,974 404,099 397,326 407,446 425,720 449,462

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital 485,121 488,877 498,134 487,091 467,975 452,050 427,974 404,099 397,326 407,446 425,720 449,462
Profit – Loss sale decrease 5%
Ma-Li Thai Massage

2010
Revenues 71,013 76,950 81,225 65,408 60,610 56,715 53,248 59,755 68,780 82,603 94,525 116,090
Net Revenues 70,558 76,950 81,160 63,778 55,590 53,390 51,748 56,670 67,085 82,278 94,135 115,635
Gross Margin 69,798 76,060 80,680 63,068 55,130 52,910 51,303 56,179 66,587 81,702 93,450 115,016
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 229,690 3,237,110 0 158,489 164,401 0 158,347 164,049 0 150,945 156,325 0 147,371 154,165 0 144,597 149,855 0 154,159 159,071 0 146,889 151,781 0 152,083 156,563 0 161,138 166,918 0 167,188 173,058 0 177,755 185,165
EBIT -3,167,312 -88,341 -83,369 -93,257 -99,035 -96,945 -107,768 -95,602 -89,976 -85,216 -79,608 -70,149
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,202,979 -124,008 -119,036 -128,924 -134,702 -132,612 -143,435 -131,269 -125,643 -120,883 -115,275 -105,816
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,202,979 -124,008 -119,036 -128,924 -134,702 -132,612 -143,435 -131,269 -125,643 -120,883 -115,275 -105,816
Ma-Li Thai Massage
2011
Revenues 125,210 128,345 141,598 132,573 122,455 122,740 116,898 119,795 134,330 153,948 172,045 185,820
Net Revenues 124,690 128,020 141,598 127,163 114,955 120,465 112,578 115,365 129,670 153,623 171,850 185,820
Gross Margin 124,052 127,380 140,945 126,548 114,420 119,941 112,073 114,863 129,154 152,950 171,063 185,006
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 231,567 237,579 0 185,937 192,028 0 191,918 197,955 0 176,763 182,142 0 170,303 175,503 0 170,320 175,960 0 178,872 183,071 0 169,724 173,714 0 176,098 179,997 0 192,088 198,574 0 199,139 204,127 0 207,327 215,136
EBIT -113,527 -64,648 -57,010 -55,594 -61,083 -56,019 -70,998 -58,851 -50,843 -45,624 -33,064 -30,130
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -149,194 -100,315 -92,677 -91,261 -96,750 -91,686 -106,665 -94,518 -86,510 -81,291 -68,731 -65,797
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -149,194 -100,315 -92,677 -91,261 -96,750 -91,686 -106,665 -94,518 -86,510 -81,291 -68,731 -65,797
Ma-Li Thai Massage
2012
Revenues 217,693 231,943 242,108 212,753 197,553 193,658 192,043 196,175 211,613 235,648 243,200 255,455
Net Revenues 217,693 231,813 242,108 196,562 194,662 191,942 191,160 195,352 210,537 235,583 243,200 255,325
Gross Margin 216,859 230,963 241,242 196,023 194,273 191,490 190,715 194,902 210,007 234,945 242,520 254,621
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 214,050 220,110 0 220,730 226,030 0 231,711 236,911 0 208,882 214,262 0 200,450 204,650 0 197,670 203,890 0 196,937 200,925 0 198,624 202,390 0 206,905 210,893 0 222,809 230,208 0 226,781 231,901 0 232,935 238,714
EBIT -3,251 4,933 4,331 -18,239 -10,377 -12,400 -10,210 -7,488 -886 4,737 10,619 15,907
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT - 38,918 - 30,734 -31,336 -53,906 - 46,044 -48,067 -45,877 -43,155 -36,553 -30,930 -25,048 -19,760
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 38,918 - 30,734 - 31,336 -53,906 - 46,044 -48,067 -45,877 -43,155 -36,553 -30,930 -25,048 -19,760
Ma-Li Thai Massage
2013
Revenues 316,493 326,325 305,568 246,383 239,353 212,278 232,228 232,608 253,840 332,643 350,550 379,810
Net Revenues 316,428 326,325 305,568 243,949 236,418 209,491 228,685 231,277 234,931 332,578 350,550 379,810
Gross Margin 315,430 325,330 304,622 243,249 235,714 208,887 228,039 229,623 234,120 331,698 349,676 378,875
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 314,172 320,632 0 278,027 284,007 0 262,655 268,815 0 228,319 233,599 0 222,976 229,096 0 208,646 212,546 0 228,438 232,227 0 217,488 223,186 0 230,101 234,571 0 275,038 280,317 0 282,708 288,791 0 291,386 297,256
EBIT -5,202 41,323 35,807 9,650 6,618 -3,659 -4,188 6,437 -451 51,381 60,885 81,619
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -40,869 5,656 140 -26,017 -29,049 -39,326 -39,855 -29,230 -36,118 15,714 25,218 45,952
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -40,869 5,656 140 -26,017 -29,049 -39,326 -39,855 -29,230 -36,118 15,714 25,218 45,952
Ma-Li Thai Massage
2014
Revenues 384,370 382,280 389,595 350,550 332,643 335,968 338,960 330,173 357,200 391,970 411,825 421,563
Net Revenues 384,305 382,280 389,595 347,429 330,510 332,538 334,838 322,963 355,283 391,970 411,825 421,563
Gross Margin 383,315 381,289 388,601 346,434 329,420 331,554 333,882 321,983 354,383 391,100 410,815 420,318
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 359,355 366,755 0 300,239 306,199 0 301,850 308,010 0 281,283 286,143 0 273,723 277,202 0 271,408 276,145 0 282,254 286,624 0 269,577 274,524 0 283,802 289,822 0 303,787 309,646 0 315,127 321,207 0 317,542 325,242
EBIT 16,560 75,090 80,591 60,291 52,218 55,409 47,258 47,459 64,561 81,454 89,608 95,076
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -19,107 39,423 44,924 24,624 16,551 19,742 11,591 11,792 28,894 45,787 53,941 59,409
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -19,107 39,423 44,924 24,624 16,551 19,742 11,591 11,792 28,894 45,787 53,941 59,409
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,139,772 4,019,646 3,903,845 3,778,926 3,646,632 3,518,025 3,378,650 3,251,317 3,129,379 3,011,915 2,899,855 2,795,180
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,797,666 4,674,148 4,555,365 4,427,234 4,293,418 4,161,829 4,019,507 3,889,181 3,764,243 3,643,701 3,528,454 3,422,098

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,797,666 4,674,148 4,555,365 4,427,234 4,293,418 4,161,829 4,019,507 3,889,181 3,764,243 3,643,701 3,528,454 3,422,098
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,648,346 2,550,311 2,459,577 2,359,766 2,229,659 2,103,157 1,963,250 1,835,412 1,715,163 1,597,903 1,494,762 1,391,819
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,272,124 3,170,947 3,077,058 2,973,650 2,840,026 2,711,458 2,568,064 2,436,742 2,312,995 2,194,000 2,087,090 1,982,751

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,315,875 1,248,716 1,180,704 1,090,087 1,008,062 922,260 840,603 761,566 688,803 618,739 556,801 499,373
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,903,951 1,832,960 1,761,100 1,667,442 1,582,046 1,494,730 1,409,646 1,327,177 1,250,902 1,179,618 1,114,018 1,053,384

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,903,951 1,832,960 1,761,100 1,667,442 1,582,046 1,494,730 1,409,646 1,327,177 1,250,902 1,179,618 1,114,018 1,053,384
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 419,205 385,769 346,870 283,481 215,784 140,305 63,814 -3,974 -77,511 -101,122 -116,310 -111,773
Total Current Assets 420,814 386,863 347,978 284,369 217,888 141,805 64,668 -1,854 -75,722 -99,733 -114,835 -110,273
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 970,196 933,263 891,396 824,805 755,342 676,277 596,158 526,654 449,804 422,811 404,727 406,307
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Total Capital 970,196 933,263 891,396 824,805 755,342 676,277 596,158 526,654 449,804 422,811 404,727 406,307
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash -173,537 -175,175 -171,602 -187,275 -209,901 -230,110 -258,133 -286,056 -298,627 -294,277 -282,131 -266,104
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 342,971 338,320 338,877 320,187 293,969 270,754 239,273 208,348 193,815 195,273 204,387 218,587

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital 342,971 338,320 338,877 320,187 293,969 270,754 239,273 208,348 193,815 195,273 204,387 218,587
Ma-Li Thai Massage

2010
Revenues 67,275 72,900 76,950 61,965 57,420 53,730 50,445 56,610 65,160 78,255 89,550 109,980
Net Revenues 66,820 72,900 76,885 60,335 52,400 50,405 48,945 53,525 63,465 77,930 89,160 109,525
Gross Margin 66,060 72,010 76,405 59,625 51,940 49,925 48,500 53,034 62,967 77,354 88,475 108,906
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 225,307 3,232,727 0 153,949 159,861 0 153,819 159,521 0 146,709 152,089 0 143,295 150,089 0 140,589 145,847 0 150,243 155,155 0 142,801 147,693 0 147,758 152,238 0 156,449 162,229 0 162,185 168,055 0 172,185 179,595
EBIT -3,166,667 -87,851 -83,116 -92,464 -98,149 -95,922 -106,655 -94,659 -89,271 -84,875 -79,580 -70,689
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,202,334 -123,518 -118,783 -128,131 -133,816 -131,589 -142,322 -130,326 -124,938 -120,542 -115,247 -106,356
Less Taxes 0 0 0 0 0 0 #REF! 0 0 0 0 0
Net Profit -3,202,334 -123,518 -118,783 -128,131 -133,816 -131,589 #REF! -130,326 -124,938 -120,542 -115,247 -106,356
Ma-Li Thai Massage
2011
Revenues 118,620 121,590 134,145 125,595 116,010 116,280 110,745 113,490 127,260 145,845 162,990 176,040
Net Revenues 118,100 121,265 134,145 120,185 108,510 114,005 106,425 109,060 122,600 145,520 162,795 176,040
Gross Margin 117,462 120,625 133,492 119,570 107,975 113,481 105,920 108,558 122,084 144,847 162,008 175,226
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 225,757 231,769 0 180,044 186,135 0 185,677 191,714 0 171,260 176,639 0 165,065 170,265 0 165,075 170,715 0 173,781 177,980 0 164,556 168,546 0 170,598 174,497 0 186,022 192,508 0 192,596 197,584 0 200,422 208,231
EBIT -114,307 -65,510 -58,222 -57,069 -62,290 -57,234 -72,060 -59,988 -52,413 -47,661 -35,576 -33,005
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -149,974 -101,177 -93,889 -92,736 -97,957 -92,901 -107,727 -95,655 -88,080 -83,328 -71,243 -68,672
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -149,974 -101,177 -93,889 -92,736 -97,957 -92,901 -107,727 -95,655 -88,080 -83,328 -71,243 -68,672
Ma-Li Thai Massage
2012
Revenues 206,235 219,735 229,365 201,555 187,155 183,465 181,935 185,850 200,475 223,245 230,400 242,010
Net Revenues 206,235 219,605 229,365 185,364 184,264 181,749 181,052 185,027 199,399 223,180 230,400 241,880
Gross Margin 205,401 218,755 228,499 184,825 183,875 181,297 180,607 184,577 198,869 222,542 229,720 241,176
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 206,807 212,867 0 213,112 218,412 0 223,825 229,025 0 201,769 207,149 0 193,737 197,937 0 191,059 197,279 0 190,369 194,357 0 191,946 195,712 0 199,822 203,810 0 215,093 222,492 0 218,866 223,986 0 224,697 230,476
EBIT -7,466 343 -526 -22,324 -14,062 -15,982 -13,750 -11,135 -4,941 50 5,734 10,700
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT - 43,133 - 35,324 -36,193 -57,991 - 49,729 -51,649 -49,417 -46,802 -40,608 -35,617 -29,933 -24,967
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 43,133 - 35,324 - 36,193 -57,991 - 49,729 -51,649 -49,417 -46,802 -40,608 -35,617 -29,933 -24,967
Ma-Li Thai Massage
2013
Revenues 299,835 309,150 289,485 233,415 226,755 201,105 220,005 220,365 240,480 315,135 332,100 359,820
Net Revenues 299,770 309,150 289,485 230,981 223,820 198,318 216,462 219,034 221,571 315,070 332,100 359,820
Gross Margin 298,772 308,155 288,539 230,281 223,116 197,714 215,816 217,380 220,760 314,190 331,226 358,885
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 304,166 310,626 0 267,774 273,754 0 252,912 259,072 0 220,258 225,538 0 215,125 221,245 0 201,545 205,445 0 220,812 224,601 0 209,852 215,550 0 221,806 226,276 0 264,570 269,849 0 271,893 277,976 0 280,101 285,971
EBIT -11,854 34,401 29,467 4,743 1,871 -7,731 -8,785 1,830 -5,516 44,341 53,250 72,914
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -47,521 -1,266 -6,200 -30,924 -33,796 -43,398 -44,452 -33,837 -41,183 8,674 17,583 37,247
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -47,521 -1,266 -6,200 -30,924 -33,796 -43,398 -44,452 -33,837 -41,183 8,674 17,583 37,247
Ma-Li Thai Massage
2014
Revenues 364,140 362,160 369,090 332,100 315,135 318,285 321,120 312,795 338,400 371,340 390,150 399,375
Net Revenues 364,075 362,160 369,090 328,979 313,002 314,855 316,998 305,585 336,483 371,340 390,150 399,375
Gross Margin 363,085 361,169 368,096 327,984 311,912 313,871 316,042 304,605 335,583 370,470 389,140 398,130
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 347,687 355,087 0 288,526 294,486 0 290,045 296,205 0 270,480 275,340 0 263,317 266,796 0 261,015 265,752 0 271,819 276,189 0 259,249 264,196 0 272,762 278,782 0 291,819 297,678 0 302,612 308,692 0 304,896 312,596
EBIT 7,998 66,683 71,891 52,644 45,116 48,119 39,853 40,409 56,801 72,792 80,448 85,534
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -27,669 31,016 36,224 16,977 9,449 12,452 4,186 4,742 21,134 37,125 44,781 49,867
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -27,669 31,016 36,224 16,977 9,449 12,452 4,186 4,742 21,134 37,125 44,781 49,867
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,140,419 4,020,783 3,905,236 3,781,112 3,649,705 3,522,120 3,383,860 3,257,469 3,136,236 3,019,114 2,907,081 2,801,866
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,798,313 4,675,285 4,556,756 4,429,420 4,296,491 4,165,924 4,024,717 3,895,333 3,771,100 3,650,900 3,535,680 3,428,784

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,798,313 4,675,285 4,556,756 4,429,420 4,296,491 4,165,924 4,024,717 3,895,333 3,771,100 3,650,900 3,535,680 3,428,784
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,654,252 2,555,354 2,463,410 2,362,126 2,230,811 2,103,094 1,962,127 1,833,151 1,711,332 1,592,037 1,486,383 1,380,565
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,278,030 3,175,990 3,080,891 2,976,010 2,841,178 2,711,395 2,566,941 2,434,481 2,309,164 2,188,134 2,078,711 1,971,497

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,300,408 1,228,661 1,155,794 1,061,094 975,386 886,004 800,809 718,124 641,308 566,559 499,736 437,100
Total Current Assets 1,303,318 1,230,721 1,156,988 1,062,229 976,132 888,218 802,578 719,443 642,097 569,110 501,607 438,747
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,888,484 1,812,905 1,736,190 1,638,449 1,549,370 1,458,474 1,369,852 1,283,735 1,203,407 1,127,438 1,056,953 991,111

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,888,484 1,812,905 1,736,190 1,638,449 1,549,370 1,458,474 1,369,852 1,283,735 1,203,407 1,127,438 1,056,953 991,111
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 350,282 309,923 264,686 196,392 123,950 44,401 -36,685 -109,078 -187,680 -218,329 -241,152 -245,320
Total Current Assets 351,891 311,017 265,794 197,280 126,054 45,901 -35,831 -106,958 -185,891 -216,940 -239,677 -243,820
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Total Capital 901,273 857,417 809,212 737,716 663,508 580,373 495,659 421,550 339,635 305,604 279,885 272,760
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash -315,647 -325,693 -330,820 -354,141 -383,867 -411,364 -446,792 -481,763 -502,094 -506,407 -503,421 -496,934
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 200,861 187,802 179,659 153,321 120,003 89,500 50,614 12,641 -9,652 -16,857 -16,903 -12,243

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital 200,861 187,802 179,659 153,321 120,003 89,500 50,614 12,641 -9,652 -16,857 -16,903 -12,243
Ma-Li Thai Massage

2010
Revenues 63,538 68,850 72,675 58,523 54,230 50,745 47,643 53,465 61,540 73,908 84,575 103,870
Net Revenues 63,083 68,850 72,610 56,893 49,210 47,420 46,143 50,380 59,845 73,583 84,185 103,415
Gross Margin 62,323 67,960 72,130 56,183 48,750 46,940 45,698 49,889 59,347 73,007 83,500 102,796
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 220,923 3,228,343 0 149,409 155,321 0 149,290 154,992 0 142,472 147,852 0 139,218 146,012 0 136,582 141,840 0 146,326 151,238 0 138,714 143,606 0 143,433 147,913 0 151,760 157,540 0 157,183 163,053 0 166,615 174,025
EBIT -3,166,020 -87,361 -82,862 -91,669 -97,262 -94,900 -105,540 -93,717 -88,566 -84,533 -79,553 -71,229
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,201,687 -123,028 -118,529 -127,336 -132,929 -130,567 -141,207 -129,384 -124,233 -120,200 -115,220 -106,896
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,201,687 -123,028 -118,529 -127,336 -132,929 -130,567 -141,207 -129,384 -124,233 -120,200 -115,220 -106,896
Ma-Li Thai Massage
2011
Revenues 112,030 114,835 126,693 118,618 109,565 109,820 104,593 107,185 120,190 137,743 153,935 166,260
Net Revenues 111,510 114,510 126,693 113,208 102,065 107,545 100,273 102,755 115,530 137,418 153,740 166,260
Gross Margin 110,872 113,870 126,040 112,593 101,530 107,021 99,768 102,253 115,014 136,745 152,953 165,446
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 219,947 225,959 0 174,152 180,243 0 179,435 185,472 0 165,756 171,135 0 159,828 165,028 0 159,830 165,470 0 168,689 172,888 0 159,389 163,379 0 165,098 168,997 0 179,955 186,441 0 186,054 191,042 0 193,517 201,326
EBIT -115,087 -66,373 -59,432 -58,542 -63,498 -58,449 -73,120 -61,126 -53,983 -49,696 -38,089 -35,880
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -150,754 -102,040 -95,099 -94,209 -99,165 -94,116 -108,787 -96,793 -89,650 -85,363 -73,756 -71,547
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -150,754 -102,040 -95,099 -94,209 -99,165 -94,116 -108,787 -96,793 -89,650 -85,363 -73,756 -71,547
Ma-Li Thai Massage
2012
Revenues 194,778 207,528 216,623 190,358 176,758 173,273 171,828 175,525 189,338 210,843 217,600 228,565
Net Revenues 194,778 207,398 216,623 174,167 173,867 171,557 170,945 174,702 188,262 210,778 217,600 228,435
Gross Margin 193,944 206,548 215,757 173,628 173,478 171,105 170,500 174,252 187,732 210,140 216,920 227,731
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 199,563 205,623 0 205,493 210,793 0 215,938 221,138 0 194,655 200,035 0 187,023 191,223 0 184,447 190,667 0 183,800 187,788 0 185,269 189,035 0 192,738 196,726 0 207,376 214,775 0 210,951 216,071 0 216,460 222,239
EBIT -11,679 -4,245 -5,381 -26,407 -17,745 -19,562 -17,288 -14,783 -8,994 -4,635 849 5,492
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT - 47,346 - 39,912 -41,048 -62,074 - 53,412 -55,229 -52,955 -50,450 -44,661 -40,302 -34,818 -30,175
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 47,346 - 39,912 - 41,048 -62,074 - 53,412 -55,229 -52,955 -50,450 -44,661 -40,302 -34,818 -30,175
Ma-Li Thai Massage
2013
Revenues 283,178 291,975 273,403 220,448 214,158 189,933 207,783 208,123 227,120 297,628 313,650 339,830
Net Revenues 283,113 291,975 273,403 218,014 211,223 187,146 204,240 206,792 208,211 297,563 313,650 339,830
Gross Margin 282,115 290,980 272,457 217,314 210,519 186,542 203,594 205,138 207,400 296,683 312,776 338,895
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 294,159 300,619 0 257,522 263,502 0 243,168 249,328 0 212,196 217,476 0 207,273 213,393 0 194,443 198,343 0 213,185 216,974 0 202,215 207,913 0 213,511 217,981 0 254,101 259,380 0 261,078 267,161 0 268,816 274,686
EBIT -18,504 27,478 23,129 -162 -2,874 -11,801 -13,380 -2,775 -10,581 37,303 45,615 64,209
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -54,171 -8,189 -12,538 -35,829 -38,541 -47,468 -49,047 -38,442 -46,248 1,636 9,948 28,542
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -54,171 -8,189 -12,538 -35,829 -38,541 -47,468 -49,047 -38,442 -46,248 1,636 9,948 28,542
Ma-Li Thai Massage
2014
Revenues 343,910 342,040 348,585 313,650 297,628 300,603 303,280 295,418 319,600 350,710 368,475 377,188
Net Revenues 343,845 342,040 348,585 310,529 295,495 297,173 299,158 288,208 317,683 350,710 368,475 377,188
Gross Margin 342,855 341,049 347,591 309,534 294,405 296,189 298,202 287,228 316,783 349,840 367,465 375,943
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 336,020 343,420 0 276,814 282,774 0 278,240 284,400 0 259,678 264,538 0 252,910 256,389 0 250,621 255,358 0 261,384 265,754 0 248,920 253,867 0 261,722 267,742 0 279,852 285,711 0 290,097 296,177 0 292,249 299,949
EBIT -565 58,275 63,191 44,996 38,016 40,831 32,448 33,361 49,041 64,129 71,288 75,994
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -36,232 22,608 27,524 9,329 2,349 5,164 -3,219 -2,306 13,374 28,462 35,621 40,327
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -36,232 22,608 27,524 9,329 2,349 5,164 -3,219 -2,306 13,374 28,462 35,621 40,327
Balance Sheet Interest increase 5%
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,139,147 4,018,708 3,903,067 3,777,228 3,643,829 3,513,844 3,372,909 3,244,358 3,121,677 3,004,198 2,892,750 2,774,622
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,797,041 4,673,210 4,554,587 4,425,536 4,290,615 4,157,648 4,013,766 3,882,222 3,759,541 3,635,984 3,521,349 3,401,540

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 7,985,000
Capital:
Total Capital 4,797,041 4,673,210 4,554,587 4,425,536 4,290,615 4,157,648 4,013,766 3,882,222 3,756,541 3,635,984 3,521,349 3,401,540
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,595,015 2,464,372 2,341,728 2,221,204 2,094,846 1,972,108 1,835,658 1,711,429 1,595,654 1,483,801 1,387,019 1,291,160
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,218,793 3,085,008 2,959,209 2,835,088 2,705,213 2,580,409 2,440,472 2,312,759 2,193,486 2,079,898 1,979,347 1,882,092

Long-Term Liability
Long Term Debt 7,950,000 7,915,000 7,880,000 7,845,000 7,810,000 7,775,000 7,740,000 7,705,000 7,670,000 7,635,000 7,600,000 7,565,000
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,224,978 1,168,331 1,111,366 1,030,251 956,928 879,623 806,378 735,970 672,649 613,292 562,458 516,779
Total Current Assets 1,227,888 1,170,391 111,256 1,031,386 957,674 881,837 808,147 737,289 673,438 615,843 564,329 518,426
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,813,054 1,752,575 1,691,762 1,607,606 1,530,912 1,452,093 1,375,421 1,301,581 1,234,748 1,174,171 1,119,675 1,070,790

Long-Term Liability
Long Term Debt 7,530,000 7,495,000 7,460,000 7,425,000 7,390,000 7,355,000 7,320,000 7,285,000 7,250,000 7,215,000 7,180,000 7,145,000
Capital:
Total Capital 1,813,054 1,752,575 1,691,762 1,607,606 1,530,912 1,452,093 1,375,421 1,301,581 1,234,748 1,174,171 1,119,675 1,070,790
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 451,248 432,991 408,104 337,862 298,992 232,990 167,026 109,785 47,712 39,513 40,929 64,210
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 1,002,239 980,485 952,630 879,186 838,550 768,962 699,370 640,413 575,027 563,446 561,966 582,290
Total Assets

Long-Term Liability
Long Term Debt 7,110,000 7,075,000 7,040,000 7,005,000 6,970,000 6,935,000 6,900,000 6,865,000 6,830,000 6,795,000 6,760,000 6,725,000
Capital:
Total Capital 1,002,239 980,485 952,630 897,186 838,550 768,962 699,370 640,413 575,027 563,446 561,966 582,290
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash 20,905 37,416 59,723 60,679 53,590 49,293 37,414 24,923 29,206 52,215 84,015 120,459
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 537,413 550,911 570,202 568,141 557,460 550,157 534,820 519,327 521,648 541,765 570,533 605,150

Long-Term Liability
Long Term Debt 6,690,000 6,655,000 6,620,000 6,585,000 6,550,000 6,515,000 6,480,000 6,445,000 6,410,000 6,375,000 6,340,000 6,305,000
Capital:
Total Capital 537,413 550,911 570,202 568,141 557,460 550,157 534,820 519,327 521,648 541,765 570,533 605,150
Profit – Loss Interest Increase 5%
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 234,074 3,241,494 0 163,029 168,941 0 162,876 168,578 0 155,181 160,561 0 151,447 158,241 0 148,604 153,862 0 158,075 162,987 0 150,976 155,868 0 156,408 160,888 0 165,826 171,606 0 172,190 178,060 0 183,325 190,735
EBIT -3,167,959 -88,831 -83,623 -94,051 -99,921 -97,967 -108,882 -96,544 -90,681 -85,557 -79,635 -69,809
Interest 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
EBT -3,202,959 -123,831 -118,623 -129,051 -134,921 -132,967 -143,882 -131,544 -125,681 -120,557 -114,635 -104,809
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,202,959 -123,831 -118,623 -129,051 -134,921 -132,967 -143,882 -131,544 -125,681 -120,557 -114,635 -104,809
Ma-Li Thai Massage
2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 237,377 243,389 0 191,829 197,920 0 198,159 204,196 0 182,267 187,646 0 175,540 180,740 0 175,565 181,205 0 183,963 188,162 0 174,891 178,881 0 181,598 185,497 0 198,154 204,640 0 205,681 210,669 0 214,232 222,041
EBIT -112,747 -63,785 -55,799 -54,121 -59,875 -54,804 -69,937 -57,713 -49,273 -43,588 -30,551 -27,255
Interest 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
EBT -147,747 -98,785 -90,799 -89,121 -94,875 -89,804 -104,937 -92,713 -84,273 -78,588 -65,551 -62,255
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -147,747 -98,785 -90,799 -89,121 -94,875 -89,804 -104,937 -92,713 -84,273 -78,588 -65,551 -62,255
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 254,850 207,759 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 207,220 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 221,294 227,354 0 228,349 233,649 0 239,597 244,797 0 215,996 221,376 0 207,164 211,364 0 204,281 210,501 0 203,506 207,494 0 205,301 209,067 0 213,989 217,977 0 230,525 237,924 0 234,696 239,816 0 241,172 246,951
EBIT 962 9,521 9,187 -14,156 -6,694 -8,819 -6,672 -3,840 3,167 9,423 15,504 21,115
Interest 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
EBT - 34,038 - 25,479 -25,813 -49,156 - 41,694 -43,819 -41,672 -38,840 -31,833 -25,577 -19,496 -13,885
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 34,038 - 25,479 - 25,813 -49,156 - 41,694 -43,819 -41,672 -38,840 -31,833 -25,577 -19,496 -13,885
Ma-Li Thai Massage
2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 324,178 330,638 0 288,279 294,259 0 272,399 278,559 0 236,380 241,660 0 230,827 236,947 0 215,747 219,647 0 236,064 239,853 0 225,124 230,822 0 238,396 242,866 0 285,507 290,786 0 293,523 299,606 0 302,671 308,541
EBIT 1,449 48,246 42,145 14,556 11,364 412 408 11,043 4,614 58,419 68,520 90,324
Interest 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
EBT -33,551 13,246 7,145 -20,444 -23,636 -34,588 -34,592 -23,957 -30,386 23,419 33,520 55,324
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -33,551 13,246 7,145 -20,444 -23,636 -34,588 -34,592 -23,957 -30,386 23,419 33,520 55,324
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 371,022 378,422 0 311,951 317,911 0 313,655 319,815 0 292,085 296,945 0 284,129 287,608 0 281,802 286,539 0 292,689 297,059 0 279,906 284,853 0 294,842 300,862 0 315,754 321,613 0 327,642 333,722 0 330,188 337,888
EBIT 25,123 83,498 89,291 67,939 59,319 62,697 54,663 54,507 72,321 90,117 98,768 104,617
Interest 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000 35,000
EBT -9,877 48,498 54,291 32,939 24,319 27,697 19,663 19,507 37,321 55,117 63,768 69,617
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -9,877 48,498 54,291 32,939 24,319 27,697 19,663 19,507 37,321 55,117 63,768 69,617
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,137,480 4,015,374 3,898,066 3,770,560 3,635,494 3,503,842 3,361,240 3,231,022 3,106,674 2,987,528 2,874,413 2,769,618
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,795,374 4,669,876 4,549,586 4,418,868 4,282,280 4,147,646 4,002,097 3,868,886 3,741,538 3,619,314 3,503,012 3,396,536

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,795,374 4,669,876 4,549,586 4,418,868 4,282,280 4,147,646 4,002,097 3,868,886 3,741,538 3,619,314 3,503,012 3,396,536
Ma-Li Thai Massage
Balance Sheet
2011
Assets
Current Assets:
Cash 2,623,344 2,526,034 2,436,723 2,349,532 2,256,507 2,167,102 2,063,985 1,973,089 1,890,647 1,805,453 1,705,337 1,606,144
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,247,122 3,146,670 3,054,204 2,963,416 2,866,874 2,775,403 2,668,799 2,574,419 2,488,479 2,401,550 2,297,665 2,197,076

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 7,993,326 7,956,659 7,919,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,536,628 1,476,647 1,416,348 1,331,899 1,255,242 1,174,603 1,098,024 1,024,282 957,627 894,936 840,768 791,755
Total Current Assets 1,539,538 1,478,707 1,417,542 1,333,034 1,255,988 1,176,817 1,099,793 1,025,601 958,416 897,487 842,639 793,402
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 2,124,704 2,060,891 1,996,744 1,909,254 1,829,226 1,747,073 1,667,067 1,589,893 1,519,726 1,455,815 1,397,985 1,345,766

Long-Term Liability
Long Term Debt 7,883,325 7,846,658 7,809,991 7,773,324 7,736,657 7,699,990 7,663,323 7,626,656 7,589,989 7,553,322 7,516,655 7,479,988
Capital:
Total Capital 2,124,704 2,060,891 1,996,744 1,909,254 1,829,226 1,747,073 1,667,067 1,589,893 1,519,726 1,455,815 1,397,985 1,345,766
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 722,890 701,299 673,078 617,502 557,298 487,962 418,664 358,089 292,682 281,149 279,231 299,178
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 1,273,881 1,248,793 1,217,604 1,158,826 1,096,856 1,023,934 951,008 888,717 819,997 805,082 800,268 817,258
Total Assets

Long-Term Liability
Long Term Debt 7,443,321 7,406,654 7,369,987 7,333,320 7,296,653 7,259,986 7,223,319 7,186,652 7,149,985 7,113,318 7,076,651 7,039,984
Capital:
Total Capital 1,273,881 1,248,793 1,217,604 1,158,826 1,096,856 1,023,934 951,008 888,717 819,997 805,082 800,268 817,258
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash 252,539 265,716 284,689 282,311 271,888 264,257 249,044 233,219 234,168 253,843 282,309 315,419
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 769,047 779,211 795,168 789,773 775,758 765,121 746,450 727,623 726,610 743,393 768,827 800,110

Long-Term Liability
Long Term Debt 7,003,317 6,966,650 6,929,983 6,893,316 6,856,649 6,819,982 6,783,315 6,746,648 6,709,981 6,673,314 6,636,647 6,599,980
Capital:
Total Capital 769,047 779,211 795,168 789,773 775,758 765,121 746,450 727,623 726,610 743,393 768,827 800,110
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 234,074 3,241,494 0 163,029 168,941 0 162,876 168,578 0 155,181 160,561 0 151,447 158,241 0 148,604 153,862 0 158,075 162,987 0 150,976 155,868 0 156,408 160,888 0 165,826 171,606 0 172,190 178,060 0 183,325 190,735
EBIT -3,167,959 -88,831 -83,623 -94,051 -99,921 -97,967 -108,882 -96,544 -90,681 -85,557 -79,635 -69,809
Interest 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667
EBT -3,204,626 -125,498 -120,290 -130,718 -136,588 -134,634 -145,549 -133,211 -127,348 -122,224 -116,302 -106,476
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,204,626 -125,498 -120,290 -130,718 -136,588 -134,634 -145,549 -133,211 -127,348 -122,224 -116,302 -106,476
Ma-Li Thai Massage
2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 237,377 243,389 0 191,829 197,920 0 198,159 204,196 0 182,267 187,646 0 175,540 180,740 0 175,565 181,205 0 183,963 188,162 0 174,891 178,881 0 181,598 185,497 0 198,154 204,640 0 205,681 210,669 0 214,232 222,041
EBIT -112,747 -63,785 -55,799 -54,121 -59,875 -54,804 -69,937 -57,713 -49,273 -43,588 -30,551 -27,255
Interest 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667
EBT -149,414 -100,452 -92,466 -90,788 -96,542 -91,471 -106,604 -94,380 -85,940 -80,255 -67,218 -63,922
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -149,414 -100,452 -92,466 -90,788 -96,542 -91,471 -106,604 -94,380 -85,940 -80,255 -67,218 -63,922
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 254,850 207,759 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 207,220 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 221,294 227,354 0 228,349 233,649 0 239,597 244,797 0 215,996 221,376 0 207,164 211,364 0 204,281 210,501 0 203,506 207,494 0 205,301 209,067 0 213,989 217,977 0 230,525 237,924 0 234,696 239,816 0 241,172 246,951
EBIT 962 9,521 9,187 -14,156 -6,694 -8,819 -6,672 -3,840 3,167 9,423 15,504 21,115
Interest 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667
EBT - 35,705 - 27,146 -27,480 -50,823 - 43,361 -45,486 -43,339 -40,507 -33,500 -27,244 -21,163 -15,552
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 35,705 - 27,146 - 27,480 -50,823 - 43,361 -45,486 -43,339 -40,507 -33,500 -27,244 -21,163 -15,552
Ma-Li Thai Massage
2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 324,178 330,638 0 288,279 294,259 0 272,399 278,559 0 236,380 241,660 0 230,827 236,947 0 215,747 219,647 0 236,064 239,853 0 225,124 230,822 0 238,396 242,866 0 285,507 290,786 0 293,523 299,606 0 302,671 308,541
EBIT 1,449 48,246 42,145 14,556 11,364 412 408 11,043 4,614 58,419 68,520 90,324
Interest 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667
EBT -35,218 11,579 5,478 -22,111 -25,303 -36,255 -36,259 -25,624 -32,053 21,752 31,853 53,657
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -35,218 11,579 5,478 -22,111 -25,303 -36,255 -36,259 -25,624 -32,053 21,752 31,853 53,657
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 371,022 378,422 0 311,951 317,911 0 313,655 319,815 0 292,085 296,945 0 284,129 287,608 0 281,802 286,539 0 292,689 297,059 0 279,906 284,853 0 294,842 300,862 0 315,754 321,613 0 327,642 333,722 0 330,188 337,888
EBIT 25,123 83,498 89,291 67,939 59,319 62,697 54,663 54,507 72,321 90,117 98,768 104,617
Interest 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667 36,667
EBT -11,544 46,831 52,624 31,272 22,652 26,030 17,996 17,840 35,654 53,450 62,101 67,950
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -11,544 46,831 52,624 31,272 22,652 26,030 17,996 17,840 35,654 53,450 62,101 67,950
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 4,135,814 4,012,042 3,893,068 3,763,896 3,627,164 3,493,846 3,349,578 3,217,694 3,091,690 2,970,868 2,856,087 2,749,626
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,793,708 4,666,544 4,544,588 4,412,204 4,273,950 4,137,650 3,990,435 3,855,558 3,726,544 3,602,654 3,484,686 3,376,544

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,601,686 2,502,710 2,411,733 2,322,876 2,228,185 2,132,114 2,027,292 1,937,736 1,850,661 1,770,475 1,705,360 1,641,168
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 3,225,464 3,123,346 3,029,214 2,936,760 2,838,552 2,740,415 2,632,115 2,536,099 2,448,493 2,366,572 2,297,688 2,232,100

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 1,606,653 1,581,673 1,556,375 1,506,927 1,465,271 1,419,633 1,378,055 1,312,658 1,242,671 1,176,648 1,119,148 742,970
Total Current Assets 1,609,563 1,583,733 1,557,569 1,508,062 1,466,017 1,421,847 1,379,824 1,313,977 1,243,460 1,179,199 1,121,019 744,617
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 2,194,729 2,165,917 2,136,771 2,084,282 2,039,255 1,992,103 1,947,098 1,878,269 1,804,770 1,737,527 1,676,365 1,296,981

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 7,973,344 7,935,011 7,896,678 7,858,345 7,820,012
Capital:
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 994,606 969,683 938,130 562,053 815,686 743,018 670,388 606,481 537,742 522,877 517,627 534,242
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 880,110 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 1,545,597 1,517,177 1,482,656 1,420,546 1,355,244 1,278,990 1,202,732 1,137,109 1,065,057 1,046,810 1,038,664 1,052,322
Total Assets

Long-Term Liability
Long Term Debt 7,781,679 7,743,346 7,705,013 7,666,680 7,628,347 7,590,014 7,551,681 7,513,348 7,475,015 7,436,682 7,398,349 7,360,016
Capital:
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash 484,271 494,116 509,757 504,047 490,292 479,329 460,784 441,627 439,244 455,587 480,721 210,459
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 1,000,779 1,007,611 1,020,236 1,011,509 994,162 980,193 958,190 936,031 931,686 945,137 967,239 695,150

Long-Term Liability
Long Term Debt 7,321,683 7,283,350 7,245,017 7,206,684 7,168,351 7,130,018 7,091,685 7,053,352 7,015,019 6,976,686 6,938,353 6,900,020
Capital:
Total liabilities & Equity 1,000,779 1,007,611 1,020,236 1,011,509 994,162 980,193 958,190 936,031 931,686 945,137 967,239 695,150
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
Operating expenses:
Sales Expense
Foot oil 480 480 480 480 480 480 480 480 480 480 480 480
Decoration cost 3,000,000 3,007,420 0 5,912 0 5,702 0 5,380 0 6,794 0 5,258 0 4,912 0 4,892 0 4,480 0 5,780 0 5,870 0 7,410
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 7,865 8,765 8,834 7,321 6,987 5,589 5,987 6,532 6,987 8,987 8,996 8,790
Water 1,900 1,699 1,500 1,200 980 890 889 789 987 1,120 1,189 1,190
Telephone cost 300 320 322 290 310 330 300 260 289 299 310 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 8,750 234,074 3,241,494 0 163,029 168,941 0 162,876 168,578 0 155,181 160,561 0 151,447 158,241 0 148,604 153,862 0 158,075 162,987 0 150,976 155,868 0 156,408 160,888 0 165,826 171,606 0 172,190 178,060 0 183,325 190,735
EBIT -3,167,959 -88,831 -83,623 -94,051 -99,921 -97,967 -108,882 -96,544 -90,681 -85,557 -79,635 -69,809
Interest 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333
EBT -3,206,292 -127,164 -121,956 -132,384 -138,254 -136,300 -147,215 -134,877 -129,014 -123,890 -117,968 -108,142
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -3,206,292 -127,164 -121,956 -132,384 -138,254 -136,300 -147,215 -134,877 -129,014 -123,890 -117,968 -108,142
Ma-Li Thai Massage
2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
Operating expenses:
Sales Expense
Foot oil 480 480 480 0 0 0 0 0 0 480 0 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 9,989 9,998 8,990 8,199 6,756 6,790 7,276 7,769 7,865 11,897 10,098 11,290
Water 2,434 2,236 2,400 2,189 2,239 1,980 1,988 1,877 1,789 2,987 2,788 2,897
Telephone cost 300 300 299 159 150 250 300 250 299 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 237,377 243,389 0 191,829 197,920 0 198,159 204,196 0 182,267 187,646 0 175,540 180,740 0 175,565 181,205 0 183,963 188,162 0 174,891 178,881 0 181,598 185,497 0 198,154 204,640 0 205,681 210,669 0 214,232 222,041
EBIT -112,747 -63,785 -55,799 -54,121 -59,875 -54,804 -69,937 -57,713 -49,273 -43,588 -30,551 -27,255
Interest 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333
EBT -151,080 -102,118 -94,132 -92,454 -98,208 -93,137 -108,270 -96,046 -87,606 -81,921 -68,884 -65,588
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -151,080 -102,118 -94,132 -92,454 -98,208 -93,137 -108,270 -96,046 -87,606 -81,921 -68,884 -65,588
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 254,850 207,759 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 207,220 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
Operating expenses:
Sales Expense
Foot oil 960 0 0 480 0 480 0 0 0 960 0 480
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 11,890 11,907 11,889 9,877 8,956 8,245 8,167 8,007 8,600 11,789 11,891 11,888
Water 2,455 2,322 2,188 1,899 1,988 1,866 1,890 1,799 1,769 2,466 2,560 2,589
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 0 0 0 0 0 0 0 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 0 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 0 0 0 0 0 0 0 0 0 0 0 0
Slipper 0 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 221,294 227,354 0 228,349 233,649 0 239,597 244,797 0 215,996 221,376 0 207,164 211,364 0 204,281 210,501 0 203,506 207,494 0 205,301 209,067 0 213,989 217,977 0 230,525 237,924 0 234,696 239,816 0 241,172 246,951
EBIT 962 9,521 9,187 -14,156 -6,694 -8,819 -6,672 -3,840 3,167 9,423 15,504 21,115
Interest 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333
EBT - 37,371 - 28,812 -29,146 -52,489 - 45,027 -47,152 -45,005 -42,173 -35,166 -28,910 -22,829 -17,218
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit - 37,371 - 28,812 - 29,146 -52,489 - 45,027 -47,152 -45,005 -42,173 -35,166 -28,910 -22,829 -17,218
Ma-Li Thai Massage
2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
Operating expenses:
Sales Expense
Foot oil 960 480 960 480 480 0 0 480 480 480 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,100 13,378 13,389 11,222 9,980 9,877 8,900 8,887 8,997 11,900 12,980 12,780
Water 2,199 2,256 2,190 1,988 1,877 1,900 1,765 1,567 1,554 2,287 2,298 2,246
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 0 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 0 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 0 0 0 0 0 0 0 0 0 0 0 0
Basket 0 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 324,178 330,638 0 288,279 294,259 0 272,399 278,559 0 236,380 241,660 0 230,827 236,947 0 215,747 219,647 0 236,064 239,853 0 225,124 230,822 0 238,396 242,866 0 285,507 290,786 0 293,523 299,606 0 302,671 308,541
EBIT 1,449 48,246 42,145 14,556 11,364 412 408 11,043 4,614 58,419 68,520 90,324
Interest 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333
EBT -36,884 9,913 3,812 -23,777 -26,969 -37,921 -37,925 -27,290 -33,719 20,086 30,187 51,991
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -36,884 9,913 3,812 -23,777 -26,969 -37,921 -37,925 -27,290 -33,719 20,086 30,187 51,991
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
Operating expenses:
Sales Expense
Foot oil 960 960 960 960 480 960 480 960 480 960 960 960
Rent 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Electricity 13,339 13,380 13,400 11,990 11,999 9,982 9,127 9,399 9,877 11,899 13,100 13,010
Water 2,299 2,576 2,210 2,100 2,060 2,000 1,988 1,987 2,220 2,560 2,297 2,308
Telephone cost 300 300 300 300 300 300 300 300 300 300 300 300
Flower cost 1,000 800 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Pillow 3,600 0 0 0 0 0 0 0 0 0 0 0
Bed sheet 4,500 0 0 0 0 0 0 0 0 0 0 0
Towel 10,800 0 0 0 0 0 10,800 0 0 0 0 0
Aroma 600 600 600 600 600 600 600 600 600 600 600 600
Squab 4,000 0 0 0 0 0 0 0 0 0 0 0
Basket 1,180 0 0 0 0 0 0 0 0 0 0 0
Cotton clothes 18,000 0 0 0 0 0 0 0 0 0 0 0
Lanna trousers 11,880 0 0 0 0 0 0 0 0 0 0 0
Slipper 6,000 0 0 0 0 0 0 0 0 0 0 0
Cash bill 45 45 45 45 45 45 45 45 45 45 45 45
Stationery 129 0 0 0 0 0 129 0 0 0 0 0
Uniform 0 371,022 378,422 0 311,951 317,911 0 313,655 319,815 0 292,085 296,945 0 284,129 287,608 0 281,802 286,539 0 292,689 297,059 0 279,906 284,853 0 294,842 300,862 0 315,754 321,613 0 327,642 333,722 0 330,188 337,888
EBIT 25,123 83,498 89,291 67,939 59,319 62,697 54,663 54,507 72,321 90,117 98,768 104,617
Interest 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333 38,333
EBT -13,210 45,165 50,958 29,606 20,986 24,364 16,330 16,174 33,988 51,784 60,435 66,284
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -13,210 45,165 50,958 29,606 20,986 24,364 16,330 16,174 33,988 51,784 60,435 66,284
Balance Sheet cost increase 5%
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 3,976,405 3,846,852 3,722,115 3,587,581 3,447,115 3,308,770 3,159,019 3,022,008 2,890,616 2,763,890 2,642,872 2,531,052
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,634,299 4,501,354 4,373,635 4,235,889 4,093,901 3,952,574 3,799,876 3,659,872 3,525,480 3,395,676 3,271,471 3,157,970

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,634,299 4,501,354 4,373,635 4,235,889 4,093,901 3,952,574 3,799,876 3,659,872 3,525,480 3,395,676 3,271,471 3,157,970
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,373,608 2,267,402 2,168,878 2,062,633 1,925,904 1,792,772 1,645,580 1,511,073 1,384,689 1,261,270 1,152,620 1,044,325
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 2,997,386 2,888,038 2,786,359 2,676,517 2,536,271 2,401,073 2,250,394 2,112,403 1,982,521 1,857,367 1,744,948 1,635,257

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 965,441 895,777 825,238 747,911 662,686 573,522 488,568 406,373 330,819 258,232 194,073 134,712
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,553,517 1,480,021 1,405,634 1,325,266 1,236,670 1,145,992 1,057,611 971,984 892,918 819,111 751,290 688,723

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,553,517 1,480,021 1,405,634 1,325,266 1,236,670 1,145,992 1,057,611 971,984 892,918 819,111 751,290 688,723
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 81,481 47,177 7,028 -58,631 -128,682 -207,000 280,855 -356,407 -431,957 -456,029 -470,927 -464,407
Total Current Assets 83,090 48,271 8,136 -57,743 -126,578 -205,500 281,709 -354,287 -430,168 -454,640 -469,452 -462,907
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Total Capital 632,472 594,671 551,554 482,693 410,876 328,972 246,053 174,221 95,358 67,904 50,110 53,673
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash -527,967 -528,686 -523,704 -538,929 -561,732 -581,690 -609,756 -637,824 -649,918 -644,324 -630,544 -612,328
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets -11,459 -15,191 -13,225 -31,467 -57,862 -80,826 -112,350 -143,420 -157,476 -154,774 -144,026 -127,637

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital -11,459 -15,191 -13,225 -31,467 -57,862 -80,826 -112,350 -143,420 -157,476 -154,774 -144,026 -127,637
Profit – Loss cost increase 5%
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
Less Operating expenses: 3,403,569 177,388 177,007 168,589 164,641 161,555 171,136 163,661 168,932 180,186 186,963 198,760
EBIT -3330034 - 97,278 - 92,052 -102,079 -106,321 -105,660 -117,031 -104,337 -98,725 -94,137 -88,538 -77,834
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,365,701 - 132,945 - 127,719 -137,746 -141,988 -141,327 -152,698 -140,004 -134,392 -129,804 -124,205 -113,501
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
-3,365,701 - 132,945 - 127,719 -137,746 -141,988 -141,327 -152,698 -140,004 -134,392 -129,804 -124,205 -113,501
Net Profit
Ma-Li Thai Massage

2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
Less Operating expenses: 255,559 207,816 214,409 197,028 189,777 190,265 197,570 187,825 194,772 214,872 221,203 233,143
EBIT -124,917 -73,681 -66,012 -63,503 -68,912 -63,864 -79,345 -66,657 -58,548 -53,820 -41,085 -38,357
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -160,584 -109,348 -101,679 -99,170 -104,579 -99,531 -115,012 -102,324 -94,215 -89,487 -76,752 -74,024
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -160,584 -109,348 -101,679 -99,170 -104,579 -99,531 -115,012 -102,324 -94,215 -89,487 -76,752 -74,024
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 223,411 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
EBIT -10,406 -2,162 -3,053 -9,034 -17,262 -19,344 -17,047 -14,293 -7,732 -2,473 3,513 8,767
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -46,073 -37,829 -38,720 -44,701 -52,929 -55,011 -52,714 -49,960 -43,399 -38,140 -32,154 -26,900
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -46,073 -37,829 -38,720 -44,701 -52,929 -55,011 -52,714 -49,960 -43,399 -38,140 -32,154 -26,900
Ma-Li Thai Massage

2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
EBIT -15,083 33,533 28,217 2,473 -483 -10,570 -11,585 -498 -7,529 43,880 53,540 74,897
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -20,584 -2,134 -7,450 -33,194 -36,150 -46,237 -47,252 -36,165 -43,196 8,213 17,873 39,230
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -20,584 -2,134 -7,450 -33,194 -36,150 -46,237 -47,252 -36,165 -43,196 8,213 17,873 39,230
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
EBIT 6,202 67,602 73,300 53,092 44,939 48,370 39,810 40,264 57,278 74,036 82,082 87,723
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -29,465 31,935 37,633 17,425 9,272 12,703 4,143 4,597 21,611 38,369 46,415 52,056
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -29,465 31,935 37,633 17,425 9,272 12,703 4,143 4,597 21,611 38,369 46,415 52,056
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 3,844,631 3,706,631 3,573,465 3,430,903 3,281,013 3,134,975 2,977,074 2,832,269 2,692,832 2,557,525 2,427,604 2,304,735
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 4,502,525 4,361,133 4,224,985 4,079,211 3,927,799 3,778,779 3,617,931 3,470,133 3,327,696 3,189,311 3,056,203 2,931,653

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,502,525 4,361,133 4,224,985 4,079,211 3,927,799 3,778,779 3,617,931 3,470,133 3,327,696 3,189,311 3,056,203 2,931,653
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 2,132,122 2,019,020 1,910,289 1,794,661 1,648,895 1,506,702 1,350,102 1,206,651 1,070,992 944,476 825,293 705,896
Total Current Assets 2,134,950 2,021,688 1,912,784 1,796,541 1,650,240 1,508,963 1,351,858 1,207,905 1,071,730 946,461 826,491 708,680
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 2,755,900 2,639,656 2,527,770 2,408,545 2,259,262 2,115,003 1,954,916 1,807,981 1,668,824 1,540,573 1,417,621 1,296,828

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 615,645 534,299 451,520 363,124 267,331 167,642 72,314 -20,335 -106,788 -191,271 -267,421 -339,129
Total Current Assets 618,555 536,359 452,714 364,259 268,077 169,856 74,083 -19,016 -105,999 -188,720 -265,550 -337,482
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 1,203,721 1,118,543 1,031,916 940,479 841,315 740,112 641,357 545,276 455,311 369,608 289,796 214,882

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 1,203,721 1,118,543 1,031,916 940,479 841,315 740,112 641,357 545,276 455,311 369,608 289,796 214,882
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash -375,828 -424,845 -478,922 -556,664 -638,563 -727,864 280,855 -894,536 -982,230 -1,020,842 -1,050,721 -1,059,628
Total Current Assets -374,219 -423,751 -477,814 -555,776 -636,459 -726,364 281,709 -892,416 -980,441 -1,019,453 -1,049,246 -1,058,128
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 175,163 122,649 65,604 -15,340 -99,005 -191,892 -286,803 -363,908 -454,915 -496,909 -529,684 -541,548
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Total Capital 175,163 122,649 65,604 -15,340 -99,005 -191,892 -286,803 -363,908 -454,915 -496,909 -529,684 -541,548
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash -1,142,109 -1,158,723 -1,169,732 -1,199,805 -1,236,989 -1,271,274 -1,314,193 -1,356,503 -1,383,640 -1,394,126 -1,397,032 -1,395,711
Total Current Assets -1,139,199 -1,155,844 -1,166,887 -1,196,995 -1,234,789 -1,269,098 -1,312,493 -1,354,823 -1,380,940 -1,391,336 -1,394,292 -1,391,816
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets -625,601 -645,228 -659,253 -692,343 -733,119 -770,410 -816,787 -862,099 -891,198 -904,576 -910,514 -911,020

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital -625,601 -645,228 -659,253 -692,343 -733,119 -770,410 -816,787 -862,099 -891,198 -904,576 -910,514 -911,020
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
EBIT -3,461,808 - 105,725 - 100,481 -110,107 -115,745 -113,353 -125,181 -112,131 -106,770 -102,718 -97,441 -88,883
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,497,475 - 141,392 - 136,148 -145,774 -151,412 -149,020 -160,848 -147,798 -142,437 -138,385 -133,108 -124,550
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
-3,497,475 - 141,392 - 136,148 -145,774 -151,412 -149,020 -160,848 -147,798 -142,437 -138,385 -133,108 -124,550
Net Profit
Ma-Li Thai Massage

2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
EBIT -137,086 -83,577 -76,219 -72,886 -77,949 -72,925 -88,753 -75,601 -67,823 -56,917 -51,618 -49,459
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -172,753 -119,244 -111,886 -108,553 -113,616 -108,592 -124,420 -111,268 -103,490 -92,584 -87,285 -85,126
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -172,753 -119,244 -111,886 -108,553 -113,616 -108,592 -124,420 -111,268 -103,490 -92,584 -87,285 -85,126
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 223,411 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
EBIT -21,773 -13,844 -15,293 -20,103 -27,830 -29,869 -27,421 -24,747 -18,631 -14,369 -8,478 -3,580
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -57,440 -49,511 -50,960 -55,770 -63,497 -65,536 -63,088 -60,414 -54,298 -50,036 -44,145 -39,247
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -57,440 -49,511 -50,960 -55,770 -63,497 -65,536 -63,088 -60,414 -54,298 -50,036 -44,145 -39,247
Ma-Li Thai Massage

2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
EBIT -31,615 18,820 14,289 -9,610 -12,331 -21,553 -23,577 -5,771 -19,673 29,340 38,559 59,470
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -4,052 -16,847 -21,378 -45,277 -47,998 -57,220 -59,244 -41,438 -55,340 -6,327 2,892 23,803
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -4,052 -16,847 -21,378 -45,277 -47,998 -57,220 -59,244 -41,438 -55,340 -6,327 2,892 23,803
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
EBIT -12,719 51,707 57,309 38,244 30,558 34,043 24,957 26,022 42,235 57,956 65,396 70,828
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -48,386 16,040 21,642 2,577 -5,109 -1,624 -10,710 -9,645 6,568 22,289 29,729 35,161
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -48,386 16,040 21,642 2,577 -5,109 -1,624 -10,710 -9,645 6,568 22,289 29,729 35,161
Ma-Li Thai Massage

Balance Sheet
2010
Assets
Current Assets:
Cash 7,342,106 7,345,498 7,348,480 7,351,692 7,353,214 7,356,196 7,359,143 7,362,136 7,365,136 7,368,214 7,371,401 7,373,082
Fixed Assets:
Equipment 224,650 223,258 221,866 220,474 219,082 217,690 216,298 214,906 213,514 212,122 210,730 209,338
Total Assets 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Capital:
Total Capital 4,310,150 4,160,311 4,015,734 3,861,932 3,702,608 3,542,895 3,373,898 3,218,307 3,067,826 2,920,861 2,778,850 2,644,764
Ma-Li Thai Massage

Balance Sheet
2011
Assets
Current Assets:
Cash 7,376,222 7,379,364 7,382,519 7,375,444 7,343,294 7,309,693 7,277,513 7,245,330 7,213,161 7,179,229 7,147,331 7,113,060
Fixed Assets:
Equipment 207,946 206,554 205,162 203,770 202,378 200,986 199,594 198,202 196,810 195,418 194,026 192,634
Total Assets 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992

Long-Term Liability
Long Term Debt 8,000,000 8,000,000 8,000,000 7,989,328 7,953,661 7,917,994 7,882,327 7,846,660 7,810,993 7,775,326 7,739,659 7,703,992
Capital:
Total liabilities & Equity 2,459,842 2,330,702 2,208,607 2,080,000 1,921,680 1,768,361 1,598,866 1,442,987 1,294,555 1,148,937 1,015,452 883,557
Ma-Li Thai Massage
Balance Sheet
2012
Assets
Current Assets:
Cash 7,080,249 7,048,414 7,016,595 6,983,969 6,951,673 6,917,520 6,885,280 6,853,045 6,820,890 6,786,443 6,754,438 6,721,977
Fixed Assets:
Equipment 191,242 189,850 188,458 187,066 185,674 184,282 182,890 181,498 180,106 178,714 177,322 175,930
Total Assets 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988

Long-Term Liability
Long Term Debt 7,668,325 7,632,658 7,596,991 7,561,324 7,525,657 7,489,990 7,454,323 7,418,656 7,382,989 7,347,322 7,311,655 7,275,988
Capital:
Total Capital 779,082 682,222 583,355 480,850 371,117 249,389 140,259 33,725 -67,139 -164,739 -256,541 -343,403
Ma-Li Thai Massage

Balance Sheet
2013
Assets
Current Assets:
Cash 6,689,330 6,657,160 6,624,461 6,591,996 6,558,095 6,526,014 280,855 6,460,024 6,427,670 6,395,385 6,362,614 6,329,904
Total Current Assets 6,690,939 6,658,254 6,625,569 6,592,884 6,560,199 6,527,514 281,709 6,462,144 6,429,459 6,396,774 6,364,089 6,331,404
Fixed Assets:
Equipment 174,538 173,146 171,754 170,362 168,970 167,578 166,186 164,794 163,402 162,010 160,618 159,226
Total Fixed Assets 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Total Assets

Long-Term Liability
Long Term Debt 7,240,321 7,204,654 7,168,987 7,133,320 7,097,653 7,061,986 7,026,319 6,990,652 6,954,985 6,919,318 6,883,651 6,847,984
Capital:
Total Capital -462,884 -530,111 -601,084 -694,111 -789,623 -893,492 -1,000,396 -1,095,310 -1,198,460 -1,254,993 -1,302,748 -1,330,039
Ma-Li Thai Massage
Balance Sheet
2014
Assets
Current Assets:
Cash 6,295,809 6,263,155 6,230,504 6,197,854 6,165,779 6,133,118 6,100,909 6,068,244 6,034,539 6,001,764 5,969,129 5,935,289
Fixed Assets:
Equipment 157,834 156,442 155,050 153,658 152,266 150,874 149,482 148,090 146,698 145,306 143,914 142,522
Total Assets 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980

Long-Term Liability
Long Term Debt 6,812,317 6,776,650 6,740,983 6,705,316 6,669,649 6,633,982 6,598,315 6,562,648 6,526,981 6,491,314 6,455,647 6,419,980
Capital:
Total Capital -1,433,013 -1,468,536 -1,498,551 -1,546,488 -1,601,644 -1,653,262 -1,714,492 -1,774,047 -1,818,189 -1,847,648 -1,870,272 -1,887,672
Ma-Li Thai Massage

2010
Revenues 74,750 81,000 85,500 68,850 63,800 59,700 56,050 62,900 72,400 86,950 99,500 122,200
Net Revenues 74,295 81,000 85,435 67,220 58,780 56,375 54,550 59,815 70,705 86,605 99,110 121,545
Gross Margin 73,535 80,110 84,955 66,510 58,320 55,895 54,105 59,324 70,207 86,049 98,425 120,926
EBIT -3,654,183 - 114,172 - 108,910 -118,135 -123,657 -121,046 -133,330 -119,924 -114,814 -111,298 -106,344 -98,419
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -3,689,850 - 149,839 - 144,577 -153,802 -159,324 -156,713 -168,997 -155,591 -150,481 -146,965 -142,011 -134,086
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
-3,689,850 - 149,839 - 144,577 -153,802 -159,324 -156,713 -168,997 -155,591 -150,481 -146,965 -142,011 -134,086
Net Profit
Ma-Li Thai Massage

2011
Revenues 131,800 135,100 149,050 139,550 128,900 129,200 123,050 126,100 141,400 162,050 181,100 195,600
Net Revenues 131,280 134,775 149,050 134,140 121,400 126,925 118,730 121,670 136,740 161,725 180,905 195,600
Gross Margin 130,642 134,135 148,397 133,525 120,865 126,401 118,225 121,168 136,224 161,052 180,118 194,786
EBIT -149,255 -93,473 -86,428 -82,268 -86,986 -81,985 -98,161 -84,545 -77,098 -74,284 -62,151 -60,561
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -184,922 -129,140 -122,095 -117,935 -122,653 -117,652 -133,828 -120,212 -112,765 -109,951 -97,818 -96,228
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -184,922 -129,140 -122,095 -117,935 -122,653 -117,652 -133,828 -120,212 -112,765 -109,951 -97,818 -96,228
Ma-Li Thai Massage
2012
Revenues 229,150 244,150 254,850 223,950 207,950 203,850 202,150 206,500 222,750 248,050 256,000 268,900
Net Revenues 229,150 244,020 205,059 202,134 201,267 205,677 221,674 247,985 256,000 268,770
Gross Margin 228,316 243,170 253,984 223,411 204,670 201,682 200,822 205,227 221,144 247,347 255,320 268,066
EBIT -33,141 -25,526 -27,533 -31,171 -38,399 -50,394 -37,796 -35,200 -29,530 -26,266 -20,468 -15,928
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -68,808 -61,193 -63,200 -66,838 -74,066 -86,061 -73,463 -70,867 -65,197 -61,933 -56,135 -51,595
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -68,808 -61,193 -63,200 -66,838 -74,066 -86,061 -73,463 -70,867 -65,197 -61,933 -56,135 -51,595
Ma-Li Thai Massage

2013
Revenues 333,150 343,500 321,650 259,350 251,950 223,450 244,450 244,850 267,200 350,150 369,000 399,800
Net Revenues 333,085 343,500 321,650 256,916 249,015 220,663 240,907 243,519 248,291 350,085 369,000 399,800
Gross Margin 332,087 342,505 320,704 256,216 248,311 220,059 240,261 241,865 247,480 349,205 368,126 398,865
EBIT -48,147 4,107 361 -21,693 -24,178 -32,535 -35,570 -23,580 -31,816 14,801 23,579 44,043
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -83,814 -31,560 -35,306 -57,360 -59,845 -68,202 -71,237 -59,247 -67,483 -20,866 -12,088 8,376
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -83,814 -31,560 -35,306 -57,360 -59,845 -68,202 -71,237 -59,247 -67,483 -20,866 -12,088 8,376
Ma-Li Thai Massage
2014
Revenues 404,600 402,400 410,100 369,000 350,150 353,650 356,800 347,550 376,000 412,600 433,500 443,750
Net Revenues 404,535 402,400 410,100 365,879 348,017 350,220 352,678 340,340 374,083 412,600 433,500 443,750
Gross Margin 403,545 401,409 409,106 364,884 346,927 349,236 351,722 339,360 373,183 411,730 432,490 442,505
EBIT -31,640 35,811 41,319 23,397 16,178 19,716 10,104 11,779 27,192 41,875 48,710 53,934
Interest 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667 35,667
EBT -67,307 144 5,652 -12,270 -19,489 -15,951 -25,563 -23,888 -8,475 6,208 13,043 18,267
Less Taxes 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit -67,307 144 5,652 -12,270 -19,489 -15,951 -25,563 -23,888 -8,475 6,208 13,043 18,267
Chapter 7
Summary
Chapter 7:
Summary
Summary
Business Name: Ma-Li Thai massage
Business Location: Ma Li Thai Massage shop has located in downtown, nearly Night Braza, on
Prasobsuk road. It is opposite Wang Come hotel. On the left size of building close whit Thai away,
on the right size close with travel agency, the opposite is Thai restaurant and the back is small
hotel. The reason is choose place because it is center of tourist and tour agency. Around the shop
has the place with have more tourists. The customers are easier to encounter. It is convenient to
transportation and the place is most popular in Chiang Rai. We can distribute product both direct
and indirect channel. We have cooperated with tour agency and hotel, we have walk in customer
and, make customer member.
Product & Service: Ma-Li Thai massage is Thai massage shop. The business provides services to
customers are Thai massage, foot massage and course massage. Thai massage and foot massage are
different other shop because the business provide employees enough, material equipped, and
standard equipment. The business study customers want of each country and self of each country.
The business has train employees every week for service to customers and sent employees from
train test of standard (THE UINON OF THAI TRADITIONAL MEDICINE SOCIETY). So the
business has different from other Thai massage shop and attract customers come to serve.
Purpose of Business: Our massage shop will be the most famous and popular in centre of
ChiangRai province and gain market share more than 30% within 1 year.
Financial: We spend 8,000,000 Baht of investment. We get on loan money for investment 100
percent. Interest rate is 7percent per year. Repayment plan is 20 years by we have to repay 35,667
Baht every month. At the beginning, we will lose until end of second year. The second year we
coordinate with tour agent and hotel. So, we forecast that the end of second year when high season
and we coordinate with tour agent and hotel already. We will have profit.
Members
Profile
Name : NADDA
Surname : NORA
Nickname : BELL
ID : 5031207007
Date of Birth : 07/09/1988
Place of Birth : Chiang Mai
Address to contact: 167 M. 10 Tumbol. Wiang ka long
Amphur. Wiang pa pao Chiangrai province 57260
Tel : 0814683220
Email : Dorame_bell@hotmail.com
Hi5 : http://nonnoi-bell.hi5.com
Life style : I like to live in city. The city have anything and civilization. I’m
happy when go to shopping and party with my friends. I would like travel in
all Thailand (76 province) and unseen in Thailand any more.
Profile
Name – Surname : MissTanaporn Pinsuwan
Nickname : Veaw
Birthday : April 29, 1989
Age : 20
Blood : B
Nationality : Thai
Religion : Buddhism
Address : 194 M.9 Bangkhan, Bangkhan
Nakhonsrithummarat 80360
Telephone number : 085-7195028
E-mail address : veaw_bear@hotmail.com
Hobby : Reading books and play internet

Profile
Name : Ms. Rungtip Boonkrong
Nickname : Chompoo
Nationality : Thai
Race : Thai
Religion : Buddhism
Birthday : Sunday 15 January 1989
ID. : 5031207031
Year : Third year
Major : Hospitality Industry Management
School : School Of Management
University : Mae Fah Lung University
Hometown : Chonburi
Present Address: 333 m.1 Thasud, Muang, Chiang Rai 57100
Dormitory : Boon Song Dormitory
E-mail : sh_poeiiz@hotmail.com
Favorite food : Sea food, sushi and bakery
Favorite activity: shopping

Profile
My name : Jirapa Prempinthong
My nickname : Aom
My birthday : Tuesday 21 March 1989
My place of birthday : Bangkok
My blood group : O
My School : School of Management
My major : Hospitality Industry Management
ID. : 5031207078
My address : Poo Thong Apartment
My phone number : 087 – 0701376
My E – mail : pygmy_z@hotmail.com
My HI5 : http://aoomoom.hi5.com
My interesting : music, comic book, and fashion
My favorite food : Japan food, Thai food
My hobby : play game, play Internet, and accumulate paper

Profile
My Name : Miss Chorthip Toworakajonkun
Nickname : Mean
Date of Birth : 4 March 1989
Place of Birth : Bangkok
My address : 8/17 m.7 soi.phetkasame 52 Bangkok 10160.
E-mail : boomerang_07_mean@hotmail.com
Telephone : 089-7009105
Weight : 53 kgs.
Height : 166 cms.
My hobby : I’m like play “Badminton” (I am university athlete)
My favorite movie start : Pierce Brosnan
My favorite color : Purple
My favorite food : Tom yam kung
My future plane : I want to be a world class chef.
I’m study “school of Management” Major : H.I.M Id : 5031207085

Profile
Name : Miss Janya Promanee
Nickname : Bow
ID. : 5031207140
Date of Birth : May 10th 1988
Age : 20 years
Marital Status : Single
Nationality : Thai
Religion : Buddhism
Permanent Address : 377 M.8 Nanglea Muang Chiang Rai 57100
Telephone Number : 083-8681053
E-mail address : bobo-bow@hotmail.com
Hobbies : See the movie, play internet and read book

Profile
Name : Mr. Sakda Pukerdpim
Nickname : Uo
ID : 5031207149
Age : 20 years
Marital Status : Single
Nationality : Thai
Religion : Buddhism
My School : School of Management
My major : Hospitality Industry Management
E-mail : u_nosp@hotmail.com

Project Feasibility Study and Evaluation (1203302)

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Feasibility Project

Ma-Li Thai massage

Ma-Li Thai Massage

Aj. Chaiyawat Thongintr

Mea Fah Luang University

1. To study behavior of customers.

2. To study potential of business.

4. To study customers want and need.

5. To study feasibility of market.

6. To study massage business in Chiang Rai province.

7. To study planning budget of business.

8. To study segment of customer.

9. To study chrematistics of product.

10. To study growth of business.

1. To understand behavior of customers.

2. To understand potential of business.

4. To understand customers want and need.

5. To understand feasibility of market

6. To understand massage business in Chiang Rai province.

7. To understand planning budget of business.

8. To understand segment of customer.

9. To understand chrematistics of product.

10. To understand growth of business.

Study the massaging process.

Survey the customer interested in our business.

Set budget and financial to appropriate in business.

Choose located to building company.

Survey competitor and learn our business to win the competitor.

Evaluate after building business.

No. Detail Date By RREMARK

1 Group member 10/Nov/09 -

2 Name of Project 17-23/Nov/ 09 Send to Email AJ

5 Process of management CH1-3 1-5/Dec/10 Send to Email AJ

6 Analysis financial 8-13/Dec/10 -

Miss. Nadda Nora ID: 5031207007

Anyway my local zoo has an enclosure for chimpanzees, and a family

Hippocrates, the founding father of medicine, lived in Thessalay

History of Thai massage

1) Swedish Massage Therapy

This is the most common type of massage therapy in the United

Massage therapists use long smooth strokes, kneading, and circular

Swedish massage therapy can be very gentle and relaxing. If you've

Aromatherapy massage is massage therapy with the

The massage therapist can select oils that are relaxing,

Aromatherapy massage is particularly suited to stress-related conditions or conditions with an

3) Hot Stone Massage

Heated, smooth stones are placed on certain points on the

Deep tissue massage targets the deeper layers of muscle

Deep tissue massage is used for chronically tight or painful

Shiatsu is a form of Japanese bodywork that uses localized

Like shiatsu, Thai massage aligns the energies of the body

Also called prenatal massage, pregnancy massage is

Pregnancy massage is used to reduce stress, decrease swelling,

Although reflexology is sometimes called foot massage,

Sports massage is specifically designed for people who

Combinations of techniques are used. The strokes are generally

Some massage clinics and spas offer 30-minute back

The General Massage

2. The masseuse can sit with relax style.

6. The massaging started from foot to all over the body.

2. King’s court Massage

difference in some way also.

King’s court Massage

person who was massage for apologize.