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Acknowledgement

This project would not have been possible without the guidance and the help of several
individuals who in one way or another contributed and extended their valuable assistance in the
preparation and completion of this project.

First and foremost, my utmost gratitude to Mr.Chaiyawat Thongintr, professor of the Mae Fah
Luang University whose sincerity and encouragement we will never forget. Mr.Chaiyawat has been our
inspiration as we hurdle all the obstacles in the completion this project.

-Miss Supannika Khwanmuang, doctor's degree student of Chulalongkorn University


who had kind concern and consideration regarding to give our project requirements the
suggestion;

-Mr. Saroj Inthep, the owner of Coffee hut café for his patience to give all his business
information and steadfast encouragement to complete this project;

-Work@home café, Le petit, Lalar, U-Hu, Era 127 for give us the opportunity to learn
their business and compassionate concern for our project;

-The Chaingrai schools student, people and tourist who kind to answer our questionnaire
and interview;

-Chiang Rai Tourism Service Center for generous to give the tourist information;

Last but not the least, Business administration colleagues and our team, for kind and their
patience to work in this project and encourage us in completion this project

Chureemart Tibkaew

Wanwisa Sanboonrat

Supansa Donlao

Sakuna Chitnoi

Atitaya Ruengroeng
Table of Contents
Chapter 1................................................................................................................................................. 1
INTRODUCTION ....................................................................................................................................... 1
1.1Background and Significance of the project ..................................................................................... 2
1.2Project Objectives ........................................................................................................................... 3
1.3 Benefit of project ........................................................................................................................... 3
1.4 Activities/Time Frame .................................................................................................................... 4
Chapter 2................................................................................................................................................. 5
INDUSTRY PROFILE .................................................................................................................................. 5
2.1 Nature of Industry .......................................................................................................................... 6
2.2 Situation of Industry ....................................................................................................................... 8
2.3 Product and Service ..................................................................................................................... 12
2.3.1 Product ................................................................................................................................. 12
2.3.2 Service................................................................................................................................... 16
2.4 Vision ........................................................................................................................................... 17
2.5 Mission ........................................................................................................................................ 17
2.6 Strategy ....................................................................................................................................... 18
2.6.1 Corporate Level ..................................................................................................................... 18
2.6.2 Business Strategy................................................................................................................... 18
2.6.3 Functional Level .................................................................................................................... 19
Chapter 3............................................................................................................................................... 20
Marketing Feasibility Study .................................................................................................................... 20
3.1 Marketing Analysis ...................................................................................................................... 21
3.1.1 General Environment Analysis ............................................................................................... 21
3.1.2 Competition Analysis (3Cs) Analysis ....................................................................................... 29
3.2 STP Analysis ................................................................................................................................. 47
3.2.1 Market Segmentation ............................................................................................................ 47
3.2.2 Target Analysis ...................................................................................................................... 48
3.2.3 Position Analysis .................................................................................................................... 49
3.3 Marketing Mix Strategy ................................................................................................................ 50
3.3.1 Product strategy .................................................................................................................... 50
3.3.2 Price Strategy ........................................................................................................................ 53
3.3.3 Place Strategy ........................................................................................................................ 56
3.3.4 Promotion Strategy ............................................................................................................... 57
3.4 Sales Forecast/Profit Estimation ................................................................................................... 58
Forecast Sale Year 1 (2011) ............................................................................................................ 63
Forecast Sale Year 2 (2012) ............................................................................................................ 64
Forecast Sale Year 3 (2013) ............................................................................................................ 65
Forecast Sale Year 4 (2014) ............................................................................................................ 66
Forecast Sale Year 5 (2015) ............................................................................................................ 67
3.5 Marketing Expenses (Sale Incentive) ............................................................................................ 68
3.6 Conclusion in market feasibility .................................................................................................... 78
Chapter 4............................................................................................................................................... 80
Technical Feasibility Analysis.................................................................................................................. 80
4.1 Production and Operation Analysis .............................................................................................. 81
4.1.1 Product Characteristics .......................................................................................................... 81
4.1.2 Services Process .................................................................................................................... 87
4.1.3 Location ................................................................................................................................ 90
4.1.4 Facility Layout ....................................................................................................................... 91
4.1.5 Machine/Tools/Equipment .................................................................................................... 95
4.1.6 Logistics Management ......................................................................................................... 108
4.1.7 Facility Management ........................................................................................................... 110
4.1.8 Machine/Tools/Equipment .................................................................................................. 112
4.2 Cost of investment ..................................................................................................................... 120
4.2.1 Pre-Operating cost .............................................................................................................. 120
4.3 Investment Cost ......................................................................................................................... 131
4.3.1 Equipment and tool ............................................................................................................. 131
4.3.2 Depreciation........................................................................................................................ 134
4.4Management Analysis ................................................................................................................. 141
4.4.1 Organization Management .................................................................................................. 141
4.4.2 Organization Chart .............................................................................................................. 141
4.4.3. Administration Cost ............................................................................................................ 145
4.5 Technical Feasibility Conclusion.................................................................................................. 157
Chapter 5............................................................................................................................................. 158
Financial Statements............................................................................................................................ 158
5.1 Statement of Income.................................................................................................................. 158
5.2 Statement of Cash Flow.............................................................................................................. 164
5.3 Statement of Balance Sheet ....................................................................................................... 169
Chapter 6............................................................................................................................................. 175
Risk Management ................................................................................................................................ 175
6.1 Risk Analysis ............................................................................................................................... 176
6.1.1 External risk......................................................................................................................... 176
6.1.2 Internal Risk ........................................................................................................................ 178
6.2 Conclusion of Risk management ................................................................................................. 186
Chapter 7............................................................................................................................................. 187
Summary ............................................................................................................................................. 187
7.1 Summary of Project Feasibility Study.......................................................................................... 188
Bibliography ........................................................................................................................................ 192
Appendixes .......................................................................................................................................... 195
Appendix 1 ...................................................................................................................................... 196
Company Limited Registration ......................................................................................................... 196
Appendix 2....................................................................................................................................... 206
Fire Insurance .................................................................................................................................. 206
Appendix 3....................................................................................................................................... 211
Financial Risk ................................................................................................................................... 211
Appendix4 ....................................................................................................................................... 302
Interview Format ............................................................................................................................. 302
1

Chapter 1

INTRODUCTION
2

1.1Background and Significance of the project


Thai People are now increasing interesting in bakery. One of that reasons is getting
influential from the western like French or America even though in Asia nation like Japan or
Korea (BCC 2010). The trend of the beauty and delicious bakery are becoming popular
especially in Bangkok where is highly leading trend in Thailand.

This bakery is identifying to the new form. It is not be exactly cake or ice cream, it is mainly
mixes of Bread, Ice Cream and Fruity and it’s become the beautiful form of design and makes it
unique with the other bakeries. Additional with the decoration of the bakery shop, people now
like the modern style or the unique styles, they like to building sociality, network or relax time to
meet with each other. As a result, this business is becoming popular now.

Normally, people still just know as cake, ice cream or Thai desert. This one is a development and
adaptation form generally bakery (KungThaiBank 2010). Chiang Rai is the target location when
considerations to open this kind of bakery shop because the trend is coming to as notice that
there are a few shops opened there. Now it has 4 directly shop. There are Le patite, Work at
home café, Au Ho and Layla. It means that few competitors if comparable with the other
locations.

Moreover, form survey resulted in the old shop in Ching rai have been adapting the menu like a
mixing bread, fruit and ice cream together but having different in our menu style.

Additionally political, economical also supported. Chiang Rai where is far away form the
violation like the protestor protest in Bangkok and Chiang Rai is the final destination for the
tourist who are one part of our target group and continuously growth (Tourism,
Tourismchiangrai 2009). Moreover, Coffee shop have continuously been opened in Chiang Rai
and bakery always come along with them by itself but still show up on the original one like
cakes. Thus, this is an opportunity for us to making a development one and creates the difference
of both product and the atmosphere of the shop.
.
3

1.2Project Objectives
- To analyze the risk which possibility happened when doing bakery business.

-To analyze trend of bakery in Chiang Rai.

- To study the feasibility of market share expendable.

-To study customer behavior who prefer to buy bakery.

- To Summary of the feasibility of Bakery business in Chiang Rai

1.3 Benefit of project


- Students can identify the opportunity to do a project which based on reality

information.

- Students can apply all knowledge of business management for using in this
project.

- Knowing the current situation and how to run the bakery business in the future.

- Getting the opportunity to do the dummy business before run the real
business and work in team.
4

1.4 Activities/Time Frame


Table 1: Time frame November 2010 to February 2011

November December January February

Operations Methods W W W W W W W W W W W W W W W W

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

1. To study the general of


bakery business in Chiangrai.

2. To study management in
bakery business.

3. To study competition
analysis and marketing
feasibility.

4. To study the technical


process in bakery business.

5. To study the financial


feasibility of bakery business.

6. To study and analysis risk


of bakery business in
Chiangrai.

7. Making advertising to
promote the shop.

8. Grand opening the shop.

9. To Summary the feasibility


of bakery business in Chiang
Rai.
5

Chapter 2

INDUSTRY PROFILE
6

2.1 Nature of Industry


Despite the historical role of bread in a number of culinary cultures, the bakery products
market is generally benefiting from a global trend towards the breakdown of traditional eating
patterns. The trend towards urbanization resulted in accelerated consumer lifestyles, increasing
numbers of women in the workforce, the fragmentation of traditional family structures and an
increase in single-occupancy households. Recent new product developments are indicative of
consumer demand for products that ease the effects of increasingly busy lifestyles and the
consequent constraints on food preparation and shopping time that affect consumers.
One could say unnecessary, but indispensable may be the best definition to describe
bakery products that have provided pleasure to the consumer for a long time. Meanwhile the
industry continues to grow. Due to factors of each region, the segment expansion and product
development portfolio are different. According to the Business Insight, the expected average
growth during 2008-2012 is approximately 2.9% per year. Emerging markets in the Eastern
Europe and Asia will show an important role. Consumers will increasingly focus on health,
ethical and environmental issues. Healthy and premium confectionery products will provide an
opportunity for manufacturers. (Business Insights,2009)
The bakery manufacturers attempt to deliver products with new flavors with a variety of
appearances and tastes. According to a report of the National Confectioners Association (NCA
in 2009), outstanding products in such trend include chocolate products, healthy products, fruit,
Ice cream, flavor combination products and exotic flavors.

Generation Y and baby boomers are interesting in new flavors of fruits from around the
world such as mango, and banana. In addition, consumers show interest with innovations such
as salted caramel and chocolate flavor. More recently, spiced ingredients became popular in
bakery (especially chocolate and Ice cream), such as cardamom and ginger. Current consumption
of natural products still plays a role in bakery. New products and ingredients are developed
based on the naturalness. Popular fruits are berries; raspberry and cranberry, while other
ingredients such as honey and lemon follow (NCA in 2009),
Young generations are not only need a good taste food but they still want to feed their
heart. By the atmosphere of a restaurant they can sit and eat for a long time. It is considered as a
place to relax when tired after the finished work. Restaurants need to decorated and create a
7

"theme" and "character" to meet the lifestyle of customers. Give them delicious meal in every
meal to attract the customers. "Concept" has become a core strategy for today's restaurant. If
comparable restaurant is the "product" So it must have "flavored" Packaging or Design to look
pretty to attract the customers. After the 3-4 years ago, the restaurant business is high-end
Market type. Restaurants must have clear "themes" and a character. The shop service is
determined by the shop design. Casual atmosphere or the third place is the trendy decoration
shops and very popular to entice customers to spend time in the shop longer. Cause effected to
customers to increased spending. In addition, “the style of food” will determine the format of the
stores clearly. More firmly concept and theme can make the brand is trendy in customers’ heart
easily.(BizWeek, 2006)
In general, the shop is separately types of bakery like some shops provide only cake;
some shops provide only bakery and some shops provide only ice cream. Moreover, there are
much of shops where provide as the same things which can not identify as their shop. For
example, Blueberry Sheet cake if think about it, it easy to find in wherever because there are a
little bit in test and character. So, we can say that it does not mush of differentiations. But in
recently, many shops are becoming adaptation by mixing of these bakeries together according to
the trend of consumer behavior.
The trend of the beauty and delicious bakery are becoming popular especially in Bangkok
where is highly leading trend in Thailand. Recently, it is coming to Chiang Rai which now there
are 4 shops continuously opened which provide both citizen and foreigners. So, it showed that
people in Chiang Rai province are interesting consumed this desert.
The popularity of bakery has changed over the years. It must be a combination of fruits
and bakery to be interesting and palatable. Therefore Cherbet house cerate this bakery is
identifying to the new form. It is not be exactly cake or ice cream, it is mainly mixes of Bread,
Ice Cream and Fruity and it’s become the beautiful form of design and makes it unique with the
other bakeries. Additional with the decoration of the bakery shop, people now like the modern
style or the unique styles, they like to building sociality, network or relax time to meet with each
other. As a result, this business is becoming popular now.
(Fusion Foods 2008)
8

Figure 2.1 The generally nature of bakery

2.2 Situation of Industry


Nowadays there are m
many Bakery cafés in Thailand. This business is relatively
popular and has a lot of customers to consume these products. Because presently the Bakery
cafés is responding to customer needs by providing Cake, Ice-Cream,
Cream, Fruits, Drinks and
decorated the shop like the studio to support the customers feel relax and take a photos suitable
for customer lifestyle. Moreover
oreover customer can use the shop like a office to working by Wi
Wi-Fi is
provided and Social network to meeting with friends
friends,, relax and take the photo base on acceptable
price of products. From the popular make the Bakery cafés have high competitive. Many
companies try hardly to create their own strategies and style to compete with each other such as
competition in Taste, Style of café’s decoration, Price and the created of dessert to motivate the
customers.

Bakery cafés business is high competition, especi


especially
ally in Thonglor and Siam Square
where are the center of competition of Bakery cafés.. Thonglor and Siam Square are the location
that the customer is higher purchasing power when compared with other areas. Because there are
many Bakery cafés approximate 200 stores there. The competitive market of more than 50% is
in the middle and above market. But potential of new competitors to entering the market are
becoming increased.. Moreover most of newer register in market will came with the medium size
stores. For the
he main products in each café are Cake, Toast, Ice-Cream,
Cream, Drinks and decorate the
café attractively. (Kasikorn, 2008). Actually, There are many cafe where sell the dessert, cake,
ice-cream which very popular and acceptable in the market such as After you, Sfree cafe, The
Fabulous Bar & Dessert Café.. These café have a good taste bakery and good atmosphere to make
customers happy with the dessert and relax with the café. Anyway, for the products No one sell
Cake, ice-cream
cream and fruit in the term of mixed in same plate
plate.
9

Source: (Limited 2009)


Source: (center, K-Econ Analysis 2008)
Figure 2.2 The popular dessert café in Bangkok

Figure 2.3 The Dessert from Café’

(center 2008)

From statistics the market value of the bakery is increasing every years because of the
people’s favor and the expanding of the bakery shop

Source: (center, K-Econ Analysis 2006)

Source: (center, K-Econ Analysis 2007)

Source: (center, K-Econ Analysis 2008)


10

Figure 2.4 Total market value of Bakery in Thailand

10000 9200
8200
8000 7200 7500
6500
6000
Market value
4000

2000

0
2006 2007 2008 2009 2010

Table 2.1 Total market value of Bakery in Thailand

Year 2006 2007 2008 2009 2010

Increase 10.8 % 5% 9% 12 %

Market 6,500 7,200 7,500 8,200 9,200


value Million bath Million bath Million bath Million bath Million bath

Moreover in 2010 bakery market is expanding quickly with all size of café, big medium
and small to serve premium and normal market. Nowadays Dessert cafe has full service in term
of products with good looking design and set the café to Third place for relax from work and be
social network to chatting with friends in modern or created style of atmosphere. And in 2010
was Sweet stories event to stimulate dessert business market in Thailand (N. newspaper 2009).

Sweet Stories by Central plaza is the exhibition and sell in comprehensive matrimony
and largest in Thailand which the first and only of the One Stop Shopping is of people who want
11

to buy the Sweet and Bakery. Centralize of entrepreneurs about Sweet and Bakery business
approximate 40 shops. And expect the number of visitors about 25,000 persons. Most of
entrepreneurs will select products which is high quality, good taste and beautiful design to
distribute in promotions price. For the concept in 2010 is “Serve happiness with sweet” which
means the customers will enjoy with the sweet and dessert in lovely image. And expected total
market in this year will grow better than in 2008. (Central plaza, 2010)

Source: (plaza 2010)

Figure 2.5 Sweet stories fair in 2010

For Bakery cafés business in Chiang Rai have a lot entrepreneur in 2-3 years, especially
in the main road from Viang Par Pao-Chiang Rai-Mae Sai. For the Chiang Rai city, there are 200
Cafés and those Café s are not Dessert Café actually but they are Coffee or Cake Cafe, and
provide a customer just in basic of Bakery and Cake. However from the trends and customers’
needs (Students, Officers, and travelers) Bakery cafés business in Chiang Rai trends to very
popular soon. (Chiang Rai chamber, 2010)

Source: (P. newspaper 2010)


12

2.3 Product and Service


2.3.1 Product

• Cake
Figure 2.6 Cake
13

• Bread
Figure 2.7 Bread

• Confectionary
Figure 2.8 Confectionary
14

• Ice Cream
Figure 2.9 Ice Cream

• Dessert
Figure 2.10 Dessert
15

• Beverage
Figure 2.11 Beverage
16

2.3.2 Service
Inside of service, there have employees ready for serving.

Figure 2.12 Employees

Normally of desert shop provide water or tea for all customers.

Figure 2.13 Water & Tea

Internet Wi-Fi is now mostly provided inside the shop.

Figure 2.14 Internet service


17

Some shops provide taking photo for the customer too when having the special events li
like a birth
day or anniversary.

Figure 2.15 Photo taking service

2.4 Vision
“Try our high Fashion Bakery with the Best Dressing in Town”

2.5 Mission
Cherbet House provides the happiness for the customers both of our beautiful testy
bakery and modern studio which very good atmosphere. Fulfilling with our expert trai
trained
employees by providing excellence services. All of our ingredients will be sourced form
fo where is
high quality. We concern with the customers want by mixing of product an
and mix & match our
shop trendy inn order to meet our every customer expectation.
18

2.6 Strategy
2.6.1 Corporate Level
Cherbet House is bakery business that will opening in Chiang Rai. We open the Cherbet
House for the new way of bakery for the customer. The Cherbet House use integration strategy
in term of forward integration strategy. We fulfill the customer want by we create the new
menu of bakery for the customer satisfaction. The product of Cherbet House is different from the
other shop. For the menu of Cherbet House the customer can not see in the other shop because
the Cherbet House has decorated product in the new style and mix the bakery in every kind
together. Cherbet shop will be sourced from the quality material from the many places such as
bread will be sourced from Work AT HOME Café, ice cream will be sourced from Happy Plus
and fruit will be sourced from Nunsawat.

For our service has more comfortable, has a good atmosphere that appropriate for rest in
the long time. We decorate our shop to meet the customer's style because we decorate in many
styles. The customer can take the photo in every corner of the shop. Our shop looks like studio
that have beverage to provide.

Cherbet House will expand the business in the horizontal. Cherbet House will add the
diversity of product, add the new menu, add more kind of products, create the good atmosphere
in the shop and increase quality of service.

2.6.2 Business Strategy


Cherbet House is the new bakery business that entry to the Chiang Rai market.

The Cherbet House have selling point that different from the competitors. The Cherbet Houses
have to create the new menu and new atmosphere for attract the customer and compete with
competitor in the market. Then The Cherbet House use the differentiation strategy such
different both product and atmosphere.

The difference about Cherbet House products is the menus of Cherbet House don’t have
in the other shop in Chiang Rai. The product have create in the new look it mix everything such
as bread, ice cream, honey and whipping cream.
19

The difference about Cherbet House atmosphere is our shop has many style for the
customer can take the photo it is different from competitor that have the limit the area for the
customer to take the photo. By Cherbet House has decorate in mix and match in many style
[Chic Chic].

2.6.3 Functional Level

Marketing Strategy

Product

- In term of our bakery name as Cherbet House, we fulfill the gap of Bakery like a
mixing of Bread, Fruit and Ice Cream mainly. The characteristic will be beautiful
feature in differences of each case.

Price

- Estimate price follow the cost of product.


- Setting price of product compare with competitor.

Place

- Cherbet House has shop at the city in Chiang Rai. It is near the Night Plaza. Our
shop emphasizes marketing strategy as pull strategy because that has many people in
the area so it can attractive the customer.

Promotion

- Advertising the Cherbet shop and product on brochure and venue.


20

Chapter 3

Marketing Feasibility Study


21

3.1 Marketing Analysis


3.1.1 General Environment Analysis
Politic

The expanded business have been effecting mainly from the political. When the political
unstable it tend to effect over all the whole country. It could break off the settlement of
governmental policy. As a result, the investment have delayed to invest their businesses and slow
down development in many cases which both have been set and can not set the new one of
policy. Moreover, according to the political crisis started at the quarter 1-2 of the year 2010, it
was intensely violation on April to May which mad the economic strongly slow down. (Channel
2008) The one who mostly effected is tourism industry and trending both inside and outside
country even though the SME or the citizen was getting an affected. So, the Economic and
Business Forecasting Center, University of Thai Chamber of Commerce is estimating the effect
of losing when there has the rally at that period of crisis time as follow; (Industry.com 2010).

Table 3.1 Estimate the impact of the Thai political to economy.


From the date of 13 March 2553 onwards.

Rally 1 month Rally continuously 3


months

The impact of consumption per GDP (million) is affected 10,000-16,000 20,000-30,000


500-800 million baht per day.

The impact of direct investment per GDP (million baht). 1,000-2,000 10,000-20,000
Moderate impact.

Effect on Tourism (million), affect 200-500 million baht 10,000-20,000 40,000-50,000


per day.

Impact on the economy as a whole (million). 21,000-38,000 70,000-100,000

Impact on the rate of economic growth (percent). 0.1-0.2 0.3-0.5


22

However, Thai political is still continuously perform to the quarter 3-4. Dr, Narong
Akrasanee Chairman Serani Holdings said in the seminar of “the way of Thai economic in 2011”
that the expended of economic will be decreased if the government can not solve the problem of
Thai political. Any how, it’s depending on the management of both government and private
sectors under the political changes. If there is no effect too much violence so the Thai economic
in 2011 will grow 3.5-4% from the last year 7.9% (thailand-business-news 2010).

According to Bakery business is also getting an effected because when the political
unstable, people use less spend of their money, getting less consumption and spend less of
unnecessary products. So, both government and Private have to accelerate supporting marketing
activities to boost tourism and consumer spending.
23

Economic

The economy of Thailand is an emerging economy which is heavily export


export-dependent
with exports accounting for more than two thirds of gross domestic product (GDP)
(GDP in 2009 made
Thailand one of East Asia's best performers. Thailand has a GDP worth 8.5 trillion Baht (on
purchasing power parity) (PPP).

Household income or consumption by percentage share: 2009

 lowest 10%: 2.7%


 highest 10%: 33.4%

Figure 3.1 GDP Growth rate

The Gross Domestic Product (GDP) in Thailand contracted at an annual rate of 0.2
percent in the third quarter of 2010. From 1993 until 2010, Thailand's average quarterly GDP
Growth was 1.01 percent reaching an historical high of 7.10 percent in September of 1993 and a
record low of -5.10
5.10 percent in March of 1998.

Economic Indicators

Figure 3.2 Economic indicators


24

With a well developed infrastructure, a free-enterprise economy, generally pro-


investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to
2004 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-
98. Since 2005, however, a prolonged political crisis has weakened the economy; average annual
growth dipped to a little more than 3% from 2005 to 2008. Investor and consumer confidence
eroded, and Thailand's international image was damaged. Thai exports - mostly machinery and
electronic components, agricultural commodities, and jewelry - continued to drive the economy,
accounting for as much as three-quarters of GDP. The global financial crisis of 2008-09 severely
cut Thailand's exports, however, with most sectors experiencing double-digit drops. In 2009, the
economy contracted about 3.5%. The Thai government is focusing on financing domestic
infrastructure projects and stimulus programs to revive the economy, as external trade remains
weak and the persistent internal political crisis dampens foreign direct investment prospects.

(world 2011)

Index forecast business environment quarter 4/2010by inquiring business of 1,870


revenue is expected to increase of 45.2% indicates a line of business confidence in the overall
economy. But still they are concerned about politics and the baht is too strong. Impact is on
exports.

Expectations for business in 2011 that the economy would be better 58.6 percent and
market share of food like a bakery will be better than in year 2010.

Overall business conditions improve. But entrepreneurs are not sure of the political
situation. Economic are recovery of the Year 2010 at revivals in some sectors such as agro-
industrial exports, etc., and the appreciation of the Baht. Affect competition in the global market.

(indices 2011)

From the information, the economic will grow in the year 2011. However, it is the sign of
business opportunity for starting investment further because people tend to be more
consumption, going outside their house and will have more power of purchasing. Therefore, the
business doing about food and bakery are getting an opportunity too if doing factor that
25

appropriate for the customer want and also setting price not high or low so, the customer in every
class and everyone can buy a product.

Social

Social and environment factors of Thai society are a group of people living together.
There is Thai tradition and unique cultural identity different from other society’s nation,
including spoken language, writing, dress, beliefs, manners, food and lifestyle, etc. The
environment determines the nature of society including natural environment and cultural
environment. There are 2 parts. First is culture that creates by their own which is often consistent
with the natural environment. Second is they have been influenced from other social. Then it was
modified to suitable with living in society. (ido, 2009)

People in Thai society have value that they belief in social trust. It’s widely considered a
guideline for appropriate behavior. The aim is, in order to live together, feel involve within that
society. Inside society have the once group who have the power or the influencer so, that make
the other people desire or making them want to be. That is the value of Thai people. (Social and
Value, Bangkok, 2006)

In present we often hear that Thai people concern about values and favor of social.
Values are associated with response to stimuli in a way that a standard where people will be
encouraged to participate in behaviors to achieve values. A value is relevance to consumer
behavior and marketing strategy. While each layer of society is the nature of values and behavior
of consumers is different way. (Social and Value, Bangkok, 2006) Bakery is a popular current
consumption. The consumers want a sweet taste that they used to eat as a child, but must contain
healthy ingredients. Current consumption of natural products still plays a role in
confectionery. New products and ingredients are developed based on the naturalness. Popular
fruits are berries; mango and strawberry, while other ingredients such as honey and lemon
follow. (Business Insights, 2009)

Young generations are not only need a good taste food but they still want to feed their
heart. By the atmosphere of a restaurant they can sit and eat for a long time. It is considered as a
26

place to relax when tired after the finished work. Restaurants need to decorated and create a
"theme" and "character" to meet the lifestyle of customers. Give them delicious meal in every
meal to attract the customers. (BizWeek, 2006) Therefore Cherbet house cerate this dessert is
identifying to the new form in order to meet the need of customers. It is not be exactly cake or
ice cream, it is mainly mixes of Bread, Ice Cream and Fruity and it’s become the beautiful form
of design and makes it unique with the other bakeries. Additional with the decoration of the
desert shop, people now like the modern style or the unique styles, they like to building sociality,
network or relax time to meet with each other (business 2008).

Technology

Nowadays, technology is very important and become a rule of a daily life of human. In
the other hand, technology is complex, rapidly changed and developed continuously.

Generally, technology which have been using is computer, internet, mobile phone,
camera etc., especially computer and internet is something that cannot live without it. It will help
to manage information, storage database etc., it can helps to reduce costs, reduce time and
process easier.

And the internet is a large computer networks connected to the world. There are a large
number of users and popularity continued. Internet can fasted exchanges the information, make
people closely by can connect and communicate with each other around the world. It’s suitable
with urgent life. So, Wi-Fi is the comfortable tool that can be used with standard wireless
computer network (WLAN) to facilitate the users with a greatly.

So we can see in many shops using tool above, particularly in business of coffee, cake
dessert, etc. This is a strategy for provide the convenience to customers which can satisfy the
customer so much.
It not just facilitates for the customers but inside of business also use it. Because of it can
help while doing business in many way such online marketing, survey, getting feedback, get
more information, doing their own website for keep contact with the customers and also
communicate with the supplier. Moreover, 3G are coming soon that is designed to be available in
27

the fully form of multimedia. It makes we see the always changed and development of
technology.
Additionally, more technology device which usedd in a Bakery shop will include the
Checolate Fecntain, sweet flush machines, digital scales, cutting edge of cake or bread, beaten
egg automatic machines, ice--cream
cream machines, dough mixes, blender ice snowflakes, mixers
purpose (can
can be mixed with either fl
flour, egg, etc.), machine-rolled
rolled pie, machine cut bread, roll
machine bread sandwich, oven baked bread (aa oven gas, oven electric, oven use a paddle).
paddle These
are all things making the operator convenient, quick and easy to make it bakery.

Thus, technology tends


nds to play the importance rule when doing business. We have to
trendy changed of technology in order to gain the competitive advantage.

Figure 3.3 Technology’s equipment

Oven baked bread Oven use a puddle Oven electric

Cutting cake and


cutting edge bread Refrigerator Machine of Chocolate
machine
28

Maker-whipping
3G
Wi-Fi

(Yokintertrade 2008)
29

3.1.2 Competition Analysis (3Cs) Analysis

Competitor Analysis

Direct Competitor

1. Work @ home Café

Figure 3.4 Product

Product
- The highlight of this shop is toast bread such as Bruschetta and Tapenade with toast
bread menus, and the other menus emphasized on mixing of fruits such as Mix fruit
trifle and Ala Mod serve with ice cream.
- The test tend to be delicious because their bread is home made style and the other
menu like yoghurt, wive cream, ice cream and cake tend to be not too sweet because
all product in this shop provide directly to the foreigners.
- Almost the products in this shop provide supporting good health too.
30

- There are one case of Brownie is provided in package for buying it back home and
also sources home made bread for other company who prefer to.

Service

Figure 3.5 Service

- This shop also support providing service too like Ticket reservation, Car rental,
Internet café and Seminar Room for both the foreigner and Officers who are their
main target group.

Price
Figure 3.6 menus with price
31

- Price tends to be expensive for one person with one piece because the target group in
mainly foreigners.
- Their menus have clearly picture of products which can make customer are quickly
decide what they want to eat.
- The menu of bread started highly from 125B. – 85.B, Yogurt mix with fruit and
Bread mix with fruits are normally 75B. , and small piece of Cakes is 65B. Additional
of beverage is also high price with the rate between 50B.-55B. , like fruit juice, fruit
shack and Beer per glass.

Place

Figure 3.7 Location


545 Rattanakat Road, Meung, Chiang Rai

- This location is the heart of downtown where is the center of many companies around
there such as SCB office, Court of justice, CR mall and close to the Night Bazaar
where is lots of tourist and foreigners.
- Inside of this place is roomy and comfortable. There have good atmosphere in whole
day which suitable working relaxes in there as same as their slogan Work @ Home
Café.
32

Promotion

- This shop are providing free for Internet Wi-Fi.


- There have nothing about promotion with related to their products because they
ensure that their core competitive advantage about the good test and good quality of
products. They are still healing high price of product which make the customer
perception that they have premium brand image.

2. Layla
Product

Figure 3.8 Product

This is menu recommend of this shop. It has the many menus such as Honey toast and
larva it mix between bread, ice cream and whipping cream. The Layla shop will show the
menu recommend at in front of the shop.

For the menu of Layla shop has many menus. In the menu don’t show the picture
it shows just only the name of bakery and price of it and in the menu has the patch when
33

they modify the price of bakery. For the product of Layla shop has the product is about
bread, bakery and fruit juice they have many menus.

For the service of layla, the employee in the Layla has about 2 people the most of
employee is the kid. For the time to make the order is about 30 minute/order because the
equipment for cooking is general it don’t’ high technology.. The dishes of the shop is the
general, the glass of this shop that they use the plastic glass don’t have pattern. But some
menus of bakery they have beautiful pattern.

Price

The price of Layla shop is low price comparable because it suitable with their
target which mainly the student in front of Samakee school.

Place

Figure 3.9 Address: Near the Samakee School.


34

Layla shop is small shop and has parking less. The Layla shop is in opposite with
Samakee school. Layla shop is emphasizing in the student. In the shop have more colorful have
decorated in many style such as style natural, modern, Europe and cartoon the customer can take
the photo and in front of the shop have counter for service customer. In the shop have 2 floor for
the customer can sit, but when the customer go to sit in the floor 2 they will pass the cooking
room[follower the picture show]. In the shop have narrow area and have less the table. For the
advertising of Layla shop there is not promotes via internet and don’t have brochure. They use
strategy in word to word.

Promotion

When the customer buys more than 100 baht the customer can get randomly coupons for
some gift or discount that can be reduced when come to eat next time.

3. Le Petit Café
Product

Figure 3.10 Product of Le Petit Café


35

The products and services of Le Petit Cafe are including drinks cake and ice-cream, cake.
In addition their products is more comprehensive, take home products etc which is the high
quality products.

Le Petit Café is an direct competitor in the market because they sell Bakery and products
resemble Cherbe’t House and well-know in Chiang Rai

-The products of this Le Petit Café is acceptable for Chiang Rai customer

- They always provided new products to satisfy the customers.

Price

Figure 3.11 Menu

Le Petit Café provides products at a reasonable price. The prices range from 45 Baht to
100 Baht for all products. Compared to other Bakery Café in Chiang Rai, Le Petit Café is priced
at the similar price to target the teenage and adult market as well.
36

Place

Figure 3.12 Place

- The store is Big and good decorated.

- The store decorated in 2 style 1.Modern and comfortable 2.Relax with nature.

- The store located in the City

- There have no promoted via internet.

Promotion

Le Petit Café’s promotional activities are including reduced prices for buying more ice
cream.
37

4. U-HU shop

Figure 3.13 U-Hu shop

(Brighten your day add color to your life)

Product

The U-HU shop is the dessert and bakery shop. This shop has the main menu is ice-
cream. After that they try to improving and adapting the menu by add the menu more than before
such as Shibuya honey toast, Milo toast, Waffle, Nama toast Monkey, Smoothie fruit, Coffee and
beverage, menu for healthy (smoothies & yogurt )etc. These are about the bread for the customer
needs. And this shop has the other product such as the accessories for the women and some
alcohol.

Figure 3.14 product


38

Price

The menu price of U-HU shop

Menu: Shibuya honey toast Price:  89 -.

Milo toast  69 -.

Waffle  69-89 -.

Nama toast Monkey (bread + banana + ice-cream)  89 -.

Smoothie fruit (follow size)  29-39 -.

Coffee and beverage  29 -.

It’s price is stay middle rate if comparable with the other direct competitors.

Place

U-HU shop stay near the clock tower of Chiangrai. Parking of this shop is inconvenience.
The space for walking in the shop is narrow. Not have the highlight in front of the shop for
customer can know this shop stay on here. The shop is decorating style by using the bright color
such as red, blue and yellow. In the shop have the other product (are not the bakery and dessert)
it result to the space in the shop is narrow.

U-HU shop open 10.00 a.m. – 10.00 p.m. every day. The customer can call to U-HU shop
on number 081-1349998 and 085-8268444.

Promotion

U-HU shop doesn’t have the any at all of promotion for the customer.
39

Indirect Competitor

1. Era 127
Product: Main product is Spinny Ice

Figure 3.15 Product

Era 127 shop sells Spinny ice that is the main product at hears. Spinny Ice is Ice fluffy
snow and adds topping put on the cup. The topping are fruit, bread, and jelly act. Moreover, this
shop has food, dessert, and alcohol adds in the menu. The customers are to joint with era 127
shop for eating dinner, eating Spinny ice, and drinking alcohol. The fruit of topping are frozen
fruit, not fresh fruit. This shop has more menus but do not focus on bakery. So this shop is
indirect competitor.
40

Price:

Figure 3.16 Menu

The prices of Spinny Ice product are set by size of cup and when add the topping. The
small size 1 topping is 20 bath and large size 3 topping is 35 bath and when add 1 topping is just
ad 5 bath pet 1 topping. The prices are not expensive.

Place:

Figure 3.17

Address: Sanambin Rd, Wieng, Chiang Rai, Thailand, 57000


41

The ear 127 shop is large but has parking less. The shop stays nearly the street. The
opportunity of this shop is point to attract people driving through a lot of time over. In the shop is
decorative older period that all things in shop bring in ancient times. There are many corners in
the shop to take photographs. The customer can take the photo and in front of the shop have
counter for service customer.

Promotion:

Figure 3.18 Promotion Brochure

Era 127 shop they have a lot of promotion for offer and serve to customers. The era 127
shop have special promotion such as when customers buy the second large size cup they will get
5 topping free the price just 35 bath. The era 127 shop they will change promotion every month.
42

2. Swensens

Product

Figure 3.19 Product of Swensens

The products and services of Swensen’s are including ice-cream, cake and drinks. In
addition their products is more comprehensive, they also have festive products and take home
products etc which is the products that are beyond other competitor.

- Swensen’s is an indirect competitor in the market because they sell Ice cream and dessert and
well-known in Chiang Rai

-The products of this Swensen’s is agreeable from customer well known for Chiang rai and
Thais people.

-The location is closed to Cherbe’t House, The customers can hesitate to choosing the Café

- They always provided a comprehensive products and variety of products to the customers to
make their customer feel satisfaction and enjoy.
43

Price

Figure 3.20 Menu

Swensen’s provides products at a reasonable price. The prices range from 35

Baht for one scoop of ice cream to over 250 Baht for large sundaes ice cream. Compared to other
premium ice cream companies, Swensen’s is priced at the lower-end to target the teenage market
as well.

Place

Figure 3.21 Place


44

- The store is Big and good decorated.

- The store located in economic street and closed to Cherbe’t House,

- There are promote via internet of own website and Facebook fan page.

Promotion

Figure 3.22 Brochure of promotion

Swensen’s has a variety of ways to promote and advertise it products and brand name
effectively

-Advertising is done through TV commercials, website, magazines, flyers, and store banners

-Promotional activities include reduced prices for festive ice cream

-Privilege Card where at 129 baht, a customer can receive discounts from any Minor Food Group
food company for a year.

-Swensen’s also distributes coupons for discounts and offers a Swensen’s gift voucher.
45

Customer Analysis

When doing business in Chiang Rai where have totally population of 1,194,933 people
divided into male 588,850 and female 606,083 (Thaienergydata 2009).But when we analysis
with our customer so, Cherbet House located at the heart of economic area in Chiang Rai so, the
customer will be focused on the downtown of Chiang Rai which there will have the percentage
to go around and see our shop frequently. Then, the population in downtown has 116,341 people
and they was divided into male 56,399 and female 59,942 (Tourism, TourismChiangrai
2009)However, when we have done about our interview by choosing the sampling population in
this downtown 100 people, then our segmentation tend to category as Behavior Segmentation. It
is divided customers like an attitude of 4 segmentations as Favorite, Like, So so and Dislike of
our bakery.

Favorite means very like of our bakery by eating 8 times per month and they have power
of purchasing per time about 80-100 Baht. Like means they often eating bakery 4 times per
month and they have power of purchasing per time about 60 – 79Baht. So means they eat
sometimes of bakery like 1 time per month and they have power of purchasing per time about
40-59Baht. And Dislike means they do not totally like some kinds of bakery. Someone does not
like bread because they really concern on their healthy. So, our target segmentation would be the
best outcome like a Favorite and like.

Then, what our target groups want is that our new style of product like a mixing of bread,
ice cream and fruits. They perceive that it will be interesting, look like differentiate and yummy.

Moreover, they not just want the core product but they want the comfortable, friendly,
and classic corner atmosphere for relaxing and enjoyable with their friend or family in there.

Additionally, the customers will enjoy and satisfaction more if we let them involve with
our shop. As a result, that why we will create one of menu for the customer can do it by
themselves. This is the way we create more value and satisfaction for the customers.
46

Competitive Analysis

In Thailand, The bakery shops are popular that many entrepreneurs turn to open the shop
and have more competing as well. Bakery business is low capitals investment but the business
will survive or not that depends on the quality of products and services that are different from the
competitions. As well as the bakery shop should have target that appropriate with product
because if the product is not significantly different in consumers mind. Nowadays this business
is very popular with new various bakeries and be appetizing. The demands of eating bakery
trends have been changed as a consequent of structure bakery industry change too. Profitability
for individual companies is determined by efficiency of operations. Small companies can
compete by offering specialty goods or superior local distribution services. The set of strategic is
very important when doing business. The bakery shop create new product and improve the
product in order to attract and satisfy customers and compete with competitors.
In Chiang Rai the bakery business has more competitive as well because Chiang Rai is
tourist city and have a lot of bakery shop like coffee houses both open for s long time ago and
just start opened. Each shop has different strategies for attract the customers such price, decorate
shop, variety of menu and different in taste. Each shop has highlight and weakness differently.
Cherbet house will be open in the Chiang Rai is about bakery but Cherbet house will use the
different strategy for competition. For the bakery of our shop are different from other shop. We
mix between bread, ice cream and fruit we mix it in the new style that are beautiful, attractive
and the taste has delicious because trend of health has popular so we confirm what the customer
want. And Cherbet house uses customize strategy, it is we have material of product already that
the customer can mix and do it by themselves. This can give the customer happy in their bakery
fulfill what customers want and it can complete with competitors too.
47

3.2 STP Analysis

3.2.1 Market Segmentation

Behavior Segmentation: Attitude (Favorite, Like, So so, Dislike)


-Behavior

Market segmentation of Cherbet House divided customer segment into Niche Marketing
relies on Behavior segmentation to identify its main cu
customers
stomers which each niche looking for
unique benefits. The Niche marketing can better help to understand the market trend and
customer needs. Then, it can penetrate into each sub market.

From interview from 13 - 14 December 2010, Cherbet House can divide the market
segmentation by pie chart for easily to understand. We have 4 types of classifications. The first
group is primary customer segment which can generating the most revenues for Ch
Cherbet House
include Bakery lover. The second group is the customers who like to eat bakery which can
generate secondary revenues. The third group is normal costumers who can eat bakery and the
last group is the customers who do not like the bakery and othe
other.
r. So, we have been survey for 2
groups of customers which 100 interviewee per group. The first group is University students
and another group is High school students.

Dislike
5%

Favourite Favourite
So so
28% Like
30%
So so
Dislike

Like
37%

Figure 3.23 Behavior Segmentation: Attitude


48

Behavior Segmentation: Buyer – Readiness


-Behavior

This customer group is who have power of purchasing or demand that have effort to pay.
There is Officer both private and government sectors, and Tourist both Thais and foreigners. In
term of Officer we just classify who working around Muang Chian
Chiangg rai. And in term of Tourist,
we just classify who rest in the hotel around our shop. With both tend to have more percentage to
come to our shop.

Buyer - Readiness Tourist


6%

Officer
94%

Figure 3.24 Behavior Segmentation: Buyer – Readiness

3.2.2 Target Analysis


Bakery business can expand and popular with customers, customers think now bakery
café is the more than restaurant but it can be the third place to make social network with
delicious bakery. For Cherbet House create a product specialization. We serve the products in
same style to all customers.
ustomers. In this market of Chiang Rai, Cherbet House provided 4 target
groups.. First, the Customers who are Bakery lover, who very like and have capability to
purchase products which mostly University students.. They look for modern place and social
networkk to relax with friends. Second, the Customers which like to eat and enjoy to spending the
time at bakery shop and capability to purchase products lower than the first group, they look for
quality and delicious products with good atmosphere which mostly High school students.
students
Thirdly, the Tourist who rest in the hotel where is near our shop. So, they tend to have more
percentage to come to our shop because it’s convenience. Moreover, they have much of power
49

purchasing. Lastly, the officers, who are both government and private sectors. But we choose
just only around Mueng Chiang Rai.

Segment

Favorite Like Buyer-


Readiness

Coffee

Product Our
bakery

Ice-
cream

Figure 3.25 product specializations.

3.2.3 Position Analysis

We position our bakery shop to be the studio one where we not just enjoy beautiful testy
eating with our differentiate bakery but the customer will be happiness of our shop providing the
comfortable, friendly, and different corner to take the photo. Cherbet House where is the
customers can be service freedom by themselves. But however, our trained staff will be ready for
serving. It is suitable for coming to even enjoy with friend, lover and family which there will
create society in there. When customers think about our Cherbet House shop so, thing that come
up in their mind is, about enjoy beautiful testy eating and getting happiness in relax atmosphere
place.
50

3.3 Marketing Mix Strategy

3.3.1 Product strategy

Product Differentiation would be used as our strategy. Differentiate in product form of bakery
to be the modern bakery by mixing with Bread, Ice cream and Fruits. So, it will get the new test
of full-flavored.
flavored. Differentiate in style, it comes form beautiful Japanese and French look. Now,
we have 9 menus in case. However, we have planed to make new design every month by 2
designs at lease per month by always adapt and change with demand of our customers. Thus, the
older menu will be moved out after they showed lower sale in tern by analyzing from ccomputer
program. Moreover, we offer the Customerization by set one of menu for the customers do it by
themselves , they can choose or mix whatever they want inside that set. So, it strategy will make
the customer feel involve and create the value for them.

There are 9 menus differentiate as follow:

1. Le Bristol
ol Honey Toast 2. Choc Lava cove with strawberry
51

3.Panoffee 4. Orange Passion Buttermilk

5. Angel & Demon 6. Costa Rica

7. Blanc Manger 8. Anis Pear Tart


52

9. Pancake Melba, Jamaican Banana

This menu are provided to the customers can do it by themselves. We provide the
space in front of bar. The customer can does pancake first. Then choose the flavor of ice
cream and fruit which they want.

Branding Strategy,

Figure 3.26 The logo of Cherbet House

We set brand name in English. It is short and easy to remember with pretty word. The
brand name is “Cherbet House”. This brand sound like sherbet word means fruit ice, but we
change how to spell for show we change bakery style to new thin
things
gs also. Therefore, we create
the logo for identify to our brand name. Logo use Pink and brown color for presenting to
cheerfulness and loveliness of Cherbet House. This logo looks like the ice cream and cherry on
cupcake to show that we mix cake ice cream and fruit together to be our product.
53

3.3.2 Price Strategy

Price Strategy

Cherbet house use the cost - base strategy and compare the price with competitor. For the
cost base strategy we calculate the cost of material. And we setting moderate price
comparing with competitor, such as layla, U-Hu, work at home and Le bates so our
product have price nearly with competitor.

Price of product

1 Choc Lava cove with strawberry 95 baht


2 Le Bristol Honey Toast 95 baht
3 Blanc Manger 75 baht
4 Anis Pear Tart 75 baht
5 Pancake Melbel 95 baht
6 Panoffee 85 baht
7 Orange Passion Buttermilk 85 baht
8 Angel & Demon 85 baht
9 Costa Rica 85 baht

Comparable with competitors

Layla shop

The location of this shop is near with Samakkhi School. In the Layla shop have more
product about toast. The price of product in the many menus have lower price because the target
group of Layla is the student in Samakkhi School so they have less power purchasing.

The most expensive price is about 49-59 baht.

1. Honey toast 59 baht


54

2. Chocolates larva 49 baht

Layla shop has the price of beverage start at 20-25 baht.

1. Strawberry smoothies’ 20 baht

2. Strawberry yogurt smoothies 25baht

3. Kiwi smoothies’ 20 baht

4. Kiwi yogurt smoothies 25baht

U-HU shop

This location is the heart of down tow. In the U-HU shop have more product about
bakery. The price of product in the many menus have medium to high price because the target
group of U-HU is everyone so they have more power purchasing.

The menu price of U-HU shop start at 69baht

1. Milo toast 69 baht

2. Waffle 69-89 baht

The most expensive price is about 89 baht.

1. Shibuya honey toast 89 baht

2. Nama toast Monkey (bread + banana + ice-cream) 89 baht

The beverage price of U-HU shop is about 29-39 baht.

1. Smoothie fruit (follow size) 29-39 baht

2. Coffee and beverage 29 baht


55

Work at Home

The menu of bread started highly from 125B. – 85.B, Yogurt mix with fruit and Bread
mix with fruits are normally 75B. , and small piece of Cakes is 65B. Additional of beverage is
also high price with the rate between 50B.-55B. , like fruit juice, fruit shack and Beer per glass.
Price of product
1. Ala mode 75 baht
2. Fresh fruit salad 65 baht
3. Chocolate fudge cake 65 baht
4. Brownie 65 baht
5. Raspberry chocolate 65 baht
6. Lemon cheese pie 65 baht
7. Custard with fruit salad 65 baht

Le Petit Café

The store located in the City. The store decorated in 2 style 1.Modern and comfortable 2.Relax
with nature. The products and services of Le Petit Cafe are including drinks cake and ice-cream,
cake. In addition their products is more comprehensive, take home products etc which is the high
quality products. Le Petit Café provides products at a reasonable price. The prices range from 45
Baht to 100 Baht for all products. Compared to other Bakery Café in Chiang Rai, Le Petit Café is
priced at the similar price to target the teenage and adult market as well.

Price of product

1. Honey toast 89 baht

2. Fresh fruit salad 89 baht

3. Waffle 75 baht

4. Burry cheese pie 70 baht

5. Brownie 70 baht

6. Strawberry cheese cake 70 baht


56

7. Chocolate cake 70 baht

For the product of Cherbet house the customer can get the value of product relative with
price or get price equal value because the product and service are more valuable for respond
customer need. It make the customer satisfactions and popular in group of customer.

The price of Cherbet house has nearly with competitor but tend to a little bit higher than
direct competitors because the quality of product have higher cost than competitor so Cherbet
house is the new way in side of bakery for the customer that can make the customer satisfaction
in the product and that have reasonable price.

3.3.3 Place Strategy

We use Pull Marketing strategy to attract the customer to know our place first. By
emphasizing advertising like promote both shop and product that tend to decoration both inside
and outside shop to be interesting and focus on our positioning style. In such the target group
said that one part which makes them change their mind from the regular shop to try a new one is
the shop would be attractive first and then the test of bakery will be follow to make the customer
loyalty.

In term of distribution channel, we provide order to made and serve finished inside the
shop. Moreover, Location is very important when doing business because it depending on our
target group area as well. So, our location state at economic area in Chiang Rai province. It
located at 868 Phahonyotin road, Mueng, Chiang Rai 57000.
57

3.3.4 Promotion Strategy

Promotion strategic:

Cherbet House uses Pull Strategy to attract the customer come to our shop. By
emphasizing created the advertising to promote our brand name first, knowing what our product
is, and style of our shop. So, our shop does not have sale promotion like a discount but we will
make the consumer happiness with our atmosphere and beautiful testy products. Then we will
offer the customers statistician and doing a special promotion to customer’s loyalty and finding
new customers too.

-Advertising

Informative advertising for introduce people to know our shop and products / services.
Our shop has brochure and venue for advertising.

-Grand opening

Our shop have grand opening on Monday 14 February 2011. Therefore our shop has
promotion to promote and attractive customers. The promotions have 2 set, first for the couples
we are going to serve this type of customers with a special set of bakery called “Angle and
Demon” and there will be the photo taken for the couples, which there will be 2 copies of
photographs, one will be posted on Cherbet House and another one will be given to the customer
as a gift from our bakery. For the second set for the customers, who have visited our bakery
house as a group, which are going to take one of a picture for that group of customers, which the
customer can choose whether to take this photo as a souvenir or post it in the bakery house.

-Special promotion

Our shop have the special promotion for special day such ac Valentine Day, Birthday,
and Anniversary Day.
58

-Facebook

Our shop has the Facebook that is social network in order to promote our shop and
product. Customers can know about our activities and they can share information, feel, and
impression toward to our Facebook any people can see. Our shop is use strategic tha
that by word to
word of the regular customers on online, in order to attractive other or new customers.

3.4 Sales Forecast/Profit Estimation


All below target segment was calculated based on Behavioral segmentation. We will estimate by
interview that has survey
vey in Muang District, Chaing Rai which near and convenience to go to our
shop.

First Target Segment is University students in bachelor degree.


Second Target Segment is High school students.
Third Target Segment is Tourism both Thais and foreigners.
Fourth
urth Target Segment is Officer both government and private sectors.

The first target Segment is University students in bachelor degree with survey 100
interviewees and the second target Segment is High school students with 100
interviewees as well.

Dislike
5%

Favourite Favourite
So so 28% Like
30%
So so
Dislike

Like
37%

Figure 3.27: Four types of Behavior Segmentation: Attitude


59

1. The number of sampling that Favorite is 28 people


2. The number of sampling that Like is 37 people
3. The number of sampling that So so 30 people
4. The number of sampling that Dislike 5 people

So, we choose 2 target groups of Favorite and Like who both have power of purchasing.

The first target group is University students in bachelor degree who frequently go to buy the
bakery 2 times per week or 8 times per month and they spend their money 80-120 Baht per
time.There are 28%. (University 2010) (CRU 2010)

Table 3.2 The amount of university student

8,585
Mae Fah Luang University people
18,225
Ratchapat Chiang Rai University people
26,810
Total people
*the number base on year 2010

26,810 X 28%= 7,507 people per year.

The second target group is often going to buy the bakery 1 time per week or 4 times per month
and they spend their money 60-79 Baht per time. There are 37%. (C. V. School 2010) (D.
School 2011) (Kyoto-san 2010)

Table 3.3 The amount of school student

Samakkhi Wittayakom School 3,900


Damrongratsongkroh School 3,154
Chiengrai Vidhayakhome School 1,294
Total 8,348
*the number base on year 2010

8.348 X 37% = 3,089 people per year.


60

The third target group is Tourist who has more demand or effort to purchase. The tourist
all around Muang Chiang Rai who was calculated when rest in hotels. (Tourism 2009)

Table 3.4 The amount of tourism

Year Tourists Amont % Change


2007 Thais 1,135,159
Foreigners 300,776
Tolal 1,435,935
2008 Thais 1,339,190
Foreigners 402,056
Tolal 1,741,246 9.61
2009 Thais 1,430,375
Foreigners 249,873
Tolal 1,680,248 9.59

Table 3.5 Forecast sale of the amount of tourism

2010 Thais
Foreigners
Tolal 1,848,273 10
2011 Thais -
Foreigners -
Tolal 2,033,100 10
2012 Thais
Foreigners -
Tolal -
2013 Thais 2,236,410 10
Foreigners
Tolal -
2014 Thais -
Foreigners 2,460,051 10
Tolal
2015 Thais -
Foreigners -
Tolal 2,706,056 10

But However we chooses just 5 hotels where’s near our shop. There is Nim See Seng
Hotel, Weang in hotel, Orkid Hut hotel, Wung Cum hotel and Sanpu place hotel, who is rest near
our shop that surely convenience to see and come to our shop.
61

Table 3.6 The amount of tourism in five hotel

2011 12,814

2012 15,376

2013 18,452

2014 22,142

2015 26,570

Year 1 started at 5% which is minimum rat estimation which is 954 people per year.

Summary of the customer for 4 target group which will be increasingly 5% in year two, 10% in
year tree, 15% in year four and 20% in year five.

Table 3.7 The percentage increasing in next 4 year.

The number of customer


2012 2013 2014 2015

Forecast 2011 2012 Increase 2013 Increase 2014 Increase 2015 Increase
High school stydnt 3,089 3,243 5% 3,568 10% 4,103 15% 4,924 20%
University student 7,507 7,882 5% 8,670 10% 9,971 15% 11,965 20%
Tourism 954 1,001 5% 1,101 10% 1,267 15% 1,520 20%
Employee 13940 14,637 5% 16,101 10% 18,516 15% 22,219 20%
Total 25,489 26,764 29,440 33,856 40,627
.
62

According form the interview, the rat that our targets like to eat our bakery in 9 types.

Table 3.8 : 9 types of bakery which was classified by raging like.

9 types %

302 36
12

302 29
10

302 29
10

302 38
13

302 35
12

302 39
13

302 39
13

302 29
10

302 28
9

Table 3.9 The amount of customers

Year1 Year2 Year3 Year4 Year5


Number Piece Number Piece Number Piece Number Piece Number Piece
% of of of of of of of of of of of
purchasing customer bakery customer bakery customer bakery customer bakery customer bakery

13% 25489 276 26,764 290 29,440 319 33,856 367 40,627 440

13% 25489 276 26,764 290 29,440 319 33,856 367 40,627 440

12% 25489 255 26,764 268 29,440 294 33,856 339 40,627 406

10% 25489 212 26,764 223 29,440 245 33,856 282 40,627 339

12% 25489 255 26,764 268 29,440 294 33,856 339 40,627 406

11% 25489 234 26,764 245 29,440 270 33,856 310 40,627 372

10% 25489 212 26,764 223 29,440 245 33,856 282 40,627 339
63

10% 25489 212 26,764 223 29,440 245 33,856 282 40,627 339

9% 25489 191 26,764 201 29,440 221 33,856 254 40,627 305

Forecast Sale Year 1 (2011)

Table 3.10 Forecast of the pieces of bakery in 2011.

Year
2011 Product Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

1 Choc Lava cove with strawberry 95 138.07 276 278 311 312 314 315 317 319 286 353 388 3,777

2 Le Bristol Honey Toast 95 138.07 276 278 311 312 314 315 317 319 286 353 388 3,777

3 Blanc Manger 75 127.45 255 256 289 291 292 294 295 297 264 331 366 3,517

4 Anis Pear Tart 75 106.20 212 213 247 248 249 250 252 253 220 287 322 2,998

5 Pancake Melbel 95 127.45 255 256 289 291 292 294 295 297 264 331 366 3,517

6 Panoffee 85 116.82 234 235 268 269 271 272 273 275 242 309 344 3,258

7 Orange Passion Buttermilk 85 106.20 212 213 247 248 249 250 252 253 220 287 322 2,998

8 Angel & Demon 85 106.20 212 213 247 248 249 250 252 253 220 287 322 2,998

9 Costa Rica 85 95.58 191 192 225 226 228 229 230 231 198 265 299 2,739

1,062.04 2,124 2,135 2,433 2,445 2,458 2,470 2,482 2,495 2,198 2,804 3,115 29,580

Table 3.11 Forecast of the income in 2011.

Year
2011 Product Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry - 13,116 26,364 29,514 29,662 29,662 29,959 30,109 30,260 27,125 33,546 36,849 316,164

2 Le Bristol Honey Toast - 13,116 26,364 29,514 29,662 29,662 29,959 30,109 30,260 27,125 33,546 36,849 316,164

3 Blanc Manger - 9,558 19,212 21,700 21,808 21,808 22,027 22,137 22,248 19,773 24,834 27,433 232,538

4 Anis Pear Tart - 7,965 16,010 18,498 18,590 18,590 18,777 18,870 18,965 16,490 21,535 24,117 198,407

5 Pancake Melbel - 12,107 24,336 27,486 27,624 27,624 27,901 28,040 28,180 25,045 31,456 34,749 294,548

6 Panoffee - 9,930 19,959 22,779 22,892 22,892 23,122 23,238 23,354 20,549 26,275 29,212 244,202

7 Orange Passion Buttermilk - 9,027 18,145 20,964 21,069 21,069 21,280 21,386 21,493 18,688 24,406 27,333 224,861

8 Angel & Demon - 9,027 18,145 20,964 21,069 21,069 21,280 21,386 21,493 18,688 24,406 27,333 224,861

9 Costa Rica - 8,125 16,330 19,150 19,245 19,245 19,438 19,535 19,633 16,828 22,536 25,454 205,520

- 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,265
64

Forecast Sale Year 2 (2012)

Table 3.12 Forecast of the pieces of bakery in 2012.

Year
2012 Product Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 95 325 290 291 326 328 329 331 333 334 300 371 407 3,966

2 Le Bristol Honey Toast 95 325 290 291 326 328 329 331 333 334 300 371 407 3,966

3 Blanc Manger 75 302 268 269 304 305 307 308 310 311 277 348 384 3,693

4 Anis Pear Tart 75 258 223 224 259 260 262 263 264 266 231 301 338 3,148

5 Pancake Melbel 95 302 268 269 304 305 307 308 310 311 277 348 384 3,693

6 Panoffee 85 280 245 247 281 283 284 286 287 288 254 325 361 3,421

7 Orange Passion Buttermilk 85 258 223 224 259 260 262 263 264 266 231 301 338 3,148

8 Angel & Demon 85 258 223 224 259 260 262 263 264 266 231 301 338 3,148

9 Costa Rica 85 235 201 202 237 238 239 240 241 243 208 278 314 2,876

2,542 2,230 2,241 2,555 2,568 2,580 2,593 2,606 2,619 2,308 2,944 3,271 31,059

Table 3.13 Forecast income in 2012.

Year
2012 Product Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 30,836 27,544 27,682 30,990 31,145 31,145 31,457 31,614 31,773 28,481 35,223 38,691 376,580

2 Le Bristol Honey Toast 30,836 27,544 27,682 30,990 31,145 31,145 31,457 31,614 31,773 28,481 35,223 38,691 376,580

3 Blanc Manger 22,671 20,073 20,173 22,785 22,899 22,899 23,128 23,244 23,360 20,761 26,076 28,805 276,872

4 Anis Pear Tart 19,326 16,727 16,811 19,423 19,520 19,520 19,715 19,814 19,913 17,314 22,611 25,323 236,017

5 Pancake Melbel 28,717 25,425 25,552 28,861 29,005 29,005 29,296 29,442 29,589 26,298 33,029 36,486 350,705

6 Panoffee 23,798 20,853 20,957 23,917 24,037 24,037 24,278 24,399 24,521 21,576 27,589 30,672 290,637

7 Orange Passion Buttermilk 21,903 18,957 19,052 22,012 22,122 22,122 22,344 22,456 22,568 19,623 25,626 28,700 267,485

8 Angel & Demon 21,903 18,957 19,052 22,012 22,122 22,122 22,344 22,456 22,568 19,623 25,626 28,700 267,485

9 Costa Rica 20,007 17,062 17,147 20,107 20,208 20,208 20,410 20,512 20,615 17,669 23,663 26,727 244,334

219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,697
65

Forecast Sale Year 3 (2013)

Table 3.14 Forecast of the pieces of bakery in 2013.

Year
2013 Product Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 95 357 319 321 359 361 362 364 366 368 330 408 448 4,362

2 Le Bristol Honey Toast 95 357 319 321 359 361 362 364 366 368 330 408 448 4,362

3 Blanc Manger 75 333 294 296 334 336 338 339 341 343 304 382 422 4,062

4 Anis Pear Tart 75 283 245 247 285 286 288 289 291 292 254 332 371 3,463

5 Pancake Melbel 95 333 294 296 334 336 338 339 341 343 304 382 422 4,062

6 Panoffee 85 308 270 271 310 311 313 314 316 317 279 357 397 3,763

7 Orange Passion Buttermilk 85 283 245 247 285 286 288 289 291 292 254 332 371 3,463

8 Angel & Demon 85 283 245 247 285 286 288 289 291 292 254 332 371 3,463

9 Costa Rica 85 259 221 222 260 262 263 264 265 267 229 306 346 3,163

2,796 2,453 2,466 2,810 2,824 2,839 2,853 2,867 2,881 2,538 3,239 3,598 34,164

Table 3.15 Forecast income in 2013.

Year
2013 Product Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 33,919 30,298 30,450 34,089 34,259 34,259 34,603 34,776 34,950 31,329 38,745 42,560 414,239

2 Le Bristol Honey Toast 33,919 30,298 30,450 34,089 34,259 34,259 34,603 34,776 34,950 31,329 38,745 42,560 414,239

3 Blanc Manger 24,938 22,080 22,190 25,063 25,188 25,188 25,441 25,568 25,696 22,837 28,683 31,685 304,560

4 Anis Pear Tart 21,258 18,400 18,492 21,365 21,472 21,472 21,687 21,795 21,904 19,046 24,872 27,855 259,618

5 Pancake Melbel 31,589 27,968 28,108 31,747 31,905 31,905 32,225 32,386 32,548 28,927 36,332 40,135 385,776

6 Panoffee 26,178 22,939 23,053 26,309 26,441 26,441 26,706 26,839 26,974 23,734 30,348 33,740 319,701

7 Orange Passion Buttermilk 24,093 20,853 20,957 24,213 24,334 24,334 24,578 24,701 24,825 21,585 28,189 31,569 294,234

8 Angel & Demon 24,093 20,853 20,957 24,213 24,334 24,334 24,578 24,701 24,825 21,585 28,189 31,569 294,234

9 Costa Rica 22,008 18,768 18,862 22,118 22,228 22,228 22,451 22,563 22,676 19,436 26,029 29,399 268,767

241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,366
66

Forecast Sale Year 4 (2014)

Table 3.16 Forecast of the pieces of bakery in 2014.

Year
2014 Product Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 95 411 367 369 413 415 417 419 421 423 379 469 515 5,017

2 Le Bristol Honey Toast 95 411 367 369 413 415 417 419 421 423 379 469 515 5,017

3 Blanc Manger 75 382 339 340 384 386 388 390 392 394 350 440 486 4,672

4 Anis Pear Tart 75 326 282 284 328 329 331 333 334 336 292 381 427 3,982

5 Pancake Melbel 95 382 339 340 384 386 388 390 392 394 350 440 486 4,672

6 Panoffee 85 354 310 312 356 358 360 361 363 365 321 411 456 4,327

7 Orange Passion Buttermilk 85 326 282 284 328 329 331 333 334 336 292 381 427 3,982

8 Angel & Demon 85 326 282 284 328 329 331 333 334 336 292 381 427 3,982

9 Costa Rica 85 298 254 255 299 301 302 304 305 307 263 352 398 3,638

3,216 2,821 2,835 3,232 3,248 3,264 3,281 3,297 3,313 2,919 3,725 4,138 39,289

Table 3.17 Forecast of income in 2014.

Year
2014 Product Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 39,007 34,843 35,017 39,202 39,398 39,398 39,793 39,992 40,192 36,028 44,557 48,944 476,374

2 Le Bristol Honey Toast 39,007 34,843 35,017 39,202 39,398 39,398 39,793 39,992 40,192 36,028 44,557 48,944 476,374

3 Blanc Manger 28,679 25,392 25,519 28,823 28,967 28,967 29,257 29,403 29,550 26,263 32,986 36,438 350,244

4 Anis Pear Tart 24,447 21,160 21,266 24,570 24,692 24,692 24,940 25,065 25,190 21,902 28,603 32,034 298,561

5 Pancake Melbel 36,327 32,163 32,324 36,509 36,691 36,691 37,059 37,244 37,431 33,267 41,782 46,155 443,642

6 Panoffee 30,105 26,379 26,511 30,256 30,407 30,407 30,712 30,865 31,020 27,294 34,900 38,801 367,656

7 Orange Passion Buttermilk 27,707 23,981 24,101 27,845 27,985 27,985 28,265 28,407 28,549 24,823 32,417 36,305 338,369

8 Angel & Demon 27,707 23,981 24,101 27,845 27,985 27,985 28,265 28,407 28,549 24,823 32,417 36,305 338,369

9 Costa Rica 25,309 21,583 21,691 25,435 25,563 25,563 25,819 25,948 26,078 22,352 29,934 33,809 309,082

278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,671
67

Forecast Sale Year 5 (2015)

Table 3.18 Forecast of the pieces of bakery in 2015.

Year
2015 Product Price Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 95 493 440 442 495 498 500 503 505 508 455 563 618 6,020

2 Le Bristol Honey Toast 95 493 440 442 495 498 500 503 505 508 455 563 618 6,020

3 Blanc Manger 75 459 406 408 461 463 466 468 470 473 420 528 583 5,606

4 Anis Pear Tart 75 391 339 340 393 395 397 399 401 403 350 458 513 4,779

5 Pancake Melbel 95 459 406 408 461 463 466 468 470 473 420 528 583 5,606

6 Panoffee 85 425 372 374 427 429 431 434 436 438 385 493 548 5,193
Orange Passion
7 Buttermilk 85 391 339 340 393 395 397 399 401 403 350 458 513 4,779

8 Angel & Demon 85 391 339 340 393 395 397 399 401 403 350 458 513 4,779

9 Costa Rica 85 357 305 306 359 361 363 365 366 368 316 423 477 4,365

3,859 3,386 3,403 3,878 3,898 3,917 3,937 3,956 3,976 3,503 4,469 4,965 47,147

Table 3.19 Forecast income in 2015.

Year
2015 Product Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Choc Lava cove with
1 strawberry 46,809 41,812 42,021 47,043 47,278 47,278 47,752 47,991 48,231 43,234 53,469 58,733 571,649

2 Le Bristol Honey Toast 46,809 41,812 42,021 47,043 47,278 47,278 47,752 47,991 48,231 43,234 53,469 58,733 571,649

3 Blanc Manger 34,415 30,470 30,623 34,587 34,760 34,760 35,109 35,284 35,461 31,516 39,583 43,726 420,292

4 Anis Pear Tart 29,337 25,392 25,519 29,483 29,631 29,631 29,928 30,078 30,228 26,283 34,324 38,440 358,273

5 Pancake Melbel 43,592 38,596 38,789 43,810 44,029 44,029 44,471 44,693 44,917 39,920 50,138 55,386 532,370

6 Panoffee 36,126 31,655 31,813 36,307 36,488 36,488 36,854 37,038 37,223 32,753 41,880 46,561 441,187

7 Orange Passion Buttermilk 33,248 28,777 28,921 33,415 33,582 33,582 33,918 34,088 34,258 29,787 38,900 43,566 406,043

8 Angel & Demon 33,248 28,777 28,921 33,415 33,582 33,582 33,918 34,088 34,258 29,787 38,900 43,566 406,043

9 Costa Rica 30,371 25,900 26,029 30,522 30,675 30,675 30,983 31,137 31,293 26,822 35,920 40,571 370,899

333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,405
68

3.5 Marketing Expenses (Sale Incentive)

Sales promotions are on chosen festival by Cherbet House

Grand opening Day and Valentine’s Day events in 2011

Figure 3.33 Vinyl


69

Figure 3.34 Brochure

Brochure

- The first year of open the café, Cherbet House provide the events to celebrate the grand
opening Cherbet House and Valentine’s Day under the concept “We love Cherbet house”
It is hold on February 14th, 2011.
- The main objective of this arrangement is to promote the Cherbet House and make the
customers attend to our business.
- On February 14th, the expenses of the customers are about 100 baht per person. This
package is consists bakery drinks and photo. For the couple customers we will take 2
Polaroid’s photos, one stick at the Cherbet House board and another one give to the
customers. For group and single customers will take a Polaroid’s photo, and let they
choose to keep it or stick at our board.
● Cost for create Valentine’s Day event 2011

- Valentine’s Day Vinyl Billboard

Size 3.5 x 1.2 M include service is 450 baht


70

Size 50 x 150 CM x 2 include service is 300 baht

Handbill x 200 pieces include service is 1,400 baht

- Cost for balloons, Polaroid Camera, Polaroid film and accessory is 5,360 baht.

So, the total cost for Valentine’s Day event in 2011 is 7,510 baht

1 year anniversary of Cherbe’t House and Valentine’s Day Event in 2012

Figure 3.35 Vinyl

- It approaches the second year, Cherbe’t House celebrate 1 year anniversary of Cherbe’t
House and Valentine’s day, which is concept “Sweet stories at Cherbe’t House It is hold
on February 14th,, 2012.
- The main objective of this arrangement is to
1. Celebrate
te 1 year anniversary and promote the Cherbe’t House and make the
customers attend to our business.

2. To say thank you to our customer

3. To attract the new customers

4. To attract the couple customers

- On February 14th, the expenses of the cust


customers are about 115 baht per person. This package
is consists bakery , drinks and photo. For the couple customers we will have activity under
71

name “Your love story at Cherbet House”, by let them take a photo to show about their love
story and give us the name of photo. For 3 winners we will give the Pancake melble (95
Baht) to them, they can cook it by themselves. For group and single customers we will have
activity under name “Your group story at Cherbet House”, by let them take a photo to show
about their group story and give us the name of photo. For 3 winners we will give the Le
Bristol honey toast (95 Baht) to them.

● Cost for create Valentine’s Day event 2012

- Valentine’s Day Vinyl Billboard

Size 50 x 150 CM x 2 include service is 300 baht

Handbill x 150 pieces include service is 1,050 baht

- Cost for bakery, balloons, Polaroid film and accessory is 2,790 baht.

So, the total cost for Valentine’s Day event in 2012 is 4,140 baht

2 year anniversary of Cherbet House and Valentine’s Day Event in 2013

Figure 3.36Vinyl
72

- It approaches the third year, Cherbet House celebrate 2 year anniversary of Cherbet
House and Valentine’s day, which is concept “Thanks for U ” It is hold on February
14th, 2013.
- The main objective of this arrangement is to
1. Celebrate 2 year anniversary and promote the Cherbet House and make the customers
impressed in our business.

2. To say thank you to our old customer.

3. To attract the new customers.

- On February 14th, the expenses of the customers are about 138 baht per person. This package
is consists bakery, drinks and photo. For the couple customers we will have activity under
name “Thanks your love”, Let them draw lots who got the corrects piece they will get Bristol
honey toast (95 Baht) free. For group and single customers we will have activity under name
“Thanks friend”, Let them draw lots who got the corrects piece they will get Bristol honey
toast (95 Baht) free, We provide 2 prizes for couple customers and 2 prizes for Group and
single customers.
● Cost for create Valentine’s Day event 2013

- Valentine’s Day Vinyl Billboard

Size 50 x 150 CM x 2 include service is 300 baht

Handbill x 150 pieces include service is 1,050 baht

- Cost for bakery, balloons and accessory is 780baht.

So, the total cost for Valentine’s Day event in 2013 is 1,350 bah

Remark;
 Calculating Over time; our shop has 3 employees for calculate paying over time at
rating 20.7 Baht per hour which paid at labor wage 166 Baht.
 Fore other expense is the materials of Special Day Promotion
73

Table 3.23 Market expense Year 2011

expense Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec Total
Over Time [20.75/hr.] 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 50,427
balloon 300 300
Accessory for 300 300
decorated
Polaroid camera 3,200 3,200
Film [Fuji] 1,560 1,560
vinyl 750 750
handbill 1,400 1,400
Total 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

Total
10,000

5,000

Total
0
Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec

Figure 3.37 Market expense Year 2011


74

Table 3.24 Market expense Year 2012

expense Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec Total

Over Time [20.75] 4,482 4,669 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,337
Bakery 570 570
Balloon 300 300
Film [Fuji] 1,820 1,820
Accessories for 100 100
decorated
vinyl 300 300
handbill 1,050 1,050
Total 4,482 8,809 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 61,477

Total
10,000
8,000
6,000
4,000 Total

2,000
0
Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec

Figure 3.38 Market expense Year 2012


75

Table 3.25 Market expense Year 2013

expense Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec Total

Over Time [20.75] 4,482 4,482 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,150
Bakery 380 380
Balloon 300 300
Accessories for 100 100
decorated
Vinyl 300 300
Handbill 1,050 1,050
Total 4,482 6,612 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 59,280

Total
8,000

6,000

4,000
Total
2,000

0
Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec

Figure 3.40 Market expense year 2013


76

Table 3.26 Market expense Year 2014

Expense Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec Total

Over Time [20.75] 4,482 4,482 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,150
Bakery 570 570
Balloon 300 300
Film [Fuji] 1,820 1,820
Accessories for 100 100
decorated
Vinyl 300 300
Handbill 1,050 1,050
Total 4,482 8,622 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 61,290

Total
10,000
8,000
6,000
4,000 Total

2,000
0
Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec

Figure 3.41 Market expense Year 2014


77

Table 3.27 Market expense Year 2015

Expense Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec Total

Over Time [20.75] 4,482 4,482 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,150
Bakery 380 380
Balloon 300 300
Accessories for 100 100
decorated
Vinyl 300 300
Handbill 1,050 1,050
Total 4,482 6,612 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 59,280

Total
8,000

6,000

4,000
Total
2,000

0
Jan Feb Mar Apr. May Jun Jul Aug Sept Oct Nov Dec

Figure 3.42 Market expense Year 2015


78

3.6 Conclusion in market feasibility


From general environment analysis, the political still have factor effecting continuously
to the last year both of the protesters and the changed of government policy. All of these are
effect to the investment and many companies while doing business. But in the next year the
situation of political will be better. In term of economic tend to be good by the expending of
GDP in next year. In sociality analysis, value is becoming influence in social group. When
starting interesting something in one group so, the other group will rapidly follow. Then when
we analysis it make we know how to do the promotion, what product we should to serve in the
market. Moreover, one thing which important is technology because it will facilitate when doing
business that now it always changed and development so, the entrepreneur have to follow and
adapt to suit with trend in order to gain the competitive advantage.

We are now having 4 direct competitors in Chiang Rai who doing bakery shop. That are
Work@home café, Layla, U-Ho and Le patit who located around downtown of Chiang Rai and
selling similarly product as our shop. Moreover there are 2 indirect competitors like Era127 and
Swensene where sale some kinds of desert like our bakery. We have analyzed product, price,
place and promotion and comparable about where is sale the highest price and the testy of
product, how they do the promotion and what their target group. From now on, Work@home
café is very good in product but they focus the foreigner to be the target group. So it make Le
Patit is the strengthen competitor for us now both of quality testy of product and price.

For customer analysis, we focus on the downtown in chiang rai first by focus on life
styles or behavior that he like or dislike about bakery. For competitive analysis, in Chiang Rai
now there 4 competitors. It means there have high competitive also, so the company have to find
the strategy which can gain the completive advantage like making differentiate from other
competitors.

About our target group, we divided into 4 segmentations as such University student, High
School student, Tourist and Officer. In University student and High school student we classified
by Behavioral segmentation who are really like to eat bakery and also have power of purchasing.
But in Tourist and Officer we classified by Buyer readiness who have more of power of
purchasing.
79

Our positioning is clearly as studio of enjoyable eating beautiful testy bakery. The
customer can create social and using time of happiness in there.

Marketing mix, we have 9 types of product which provide different styles as the customer
want and creat value to the customer by get them involve by have one menu for the customer can
do it themselves. About Pricing, we set on Cost base pricing and also compare with competitors
and also think about the maximum rat the customer willing to pay. So, we will not have sell
promotion. But tend to promote by using Pull strategy instead.

In the point of Sale Forecast, we estimate base on the sampling of population who are the
interviewee 200 people divided to University student 100 and School student 100.So, University
student who really like to eat bakery is 28% and School student who really like is 37%. And also,
the tourist target we forecast 5% base on face information and the officer who the last target
group we forecast 7% base on face information too. So, the forecast sale will get totally
2,257,265 Baht in the first year and it will increase 5%, 10 %, 15%, and 20% in the next 4 years
regularly.

The last one in marketing expense, it will different in each year because we will focus on
the special day promotion in each year. So, it depends on our each styles of promotion in each
year. So, the program and the expense have showed like above which on the February month will
have much of expense because it will be the grand opening of our shop and also have a valentine
day too.
80

Chapter 4

Technical Feasibility Analysis


81

4.1 Production and Operation Analysis


4.1.1 Product Characteristics
In term of our bakery name as Cherbet House, we fulfill the gap of Bakery like a mixing
of Bread, Fruit and Ice Cream mainly.

This bakery design is influenced from Japanese and French style. The characteristic will
be beautiful feature in differences of each case. We emphasize on mellow testy by the customers
will get the sweetie, soft of vanilla ice cream and scented.

So, All ingredients will be focused on the high quality by Bread will be soured from
home made of Work@home Café shop in Ching Rai which can guarantee stiff outside and soften
inside after bake . Ice Cream will be sourced from Nestle which is low cost but delicate test if
compare with some brand it highly cost. Fruit is easy to find cause Chiang Rai where place of
agriculture of many fruits like a Strawberry, Banana and Mango.

By the way, our menu will be started from 9 menus first but we have 2 menus mainly that
can identity as our shop. It is Le Bristol Honey Toast and Choc Lava cove strawberry.
82

Cherbet House offers these 9 menus as follow:

1. Le Bristol Honey Toast


This is the point of
our product that can
identify to our shop
when people think
about Cherbet House.
Le Bristol Honey
Toast consists of
bread bake with
butter, vanilla ice
cream, whipped
cream, almond and
se
serves with honey.
Price is 95.-Baht.
Figure 4.1 Le Bristol Honey Toast

2. Choc Lava cove strawberry

The main point is Bread Chocolate with


hot chocolate inside. The ingredients
consist of butter, semi sweet chocolate,
icing sugar, egg, and flour. Mixing its
together and then bake. In the processing
we focus on the time of baking and the
temperature control because we have to
make it unripe inside. Serve with vanilla
ice cream and flash strawberry.
Price is 95.-Baht.
Figure 4.2 Choc Lava cove strawberries
83

3. Panoffee
Chocolate pancake is the main
delicious. The ingredients are semi
chocolate, baking powder, egg, flour,
sugar, butter, salt, baking soda.
Mixing its together and fry vegetable
oil, Serve with freshly sliced banana
in butterscotch sauce and vanilla ice
ice-
cream. Price is 95.
95.-Baht.

Figure 4.3 Panoffee

4. Orange Passion Buttermilk

Buttermilk pancake ingredients are flour,


egg, sugar, baking powder, baking soda,
salt, buttermilk, unsalted butter and
vanilla. Mixing all together and fry in the
suitable temperature with vegetable oil.
Serve with mandarin orange and passion
fruit sauce. Served with vanilla ice
ice-cream
and whipped butter. Price is 95.-Baht.

Figure 4.4 Orange Passion Buttermilk


84

5. Angel & Demon

This is the special menu for the


couple with suitable for Valentine
Day. It is the Chocolate pancake.
The ingredients are semi chocolate,
egg, baking powder, flour, sugar,
butter, salt, baking soda. Mixing all
together and fry vegetable oil.
oil When
it is frying untill it tend to be ripe so,
bover it with chocolate. Serve with
Figure 4.5 Angel & Demon fresh strawberry and homemade
strawberry sauce, vanilla ice cream
and whipped cream.
Price is 95.-Baht.
Baht.

6.Costa Rica

Coffee cake Costa Rica aroma, the look is


layered. Each class will include a full Impact
lee teen biscuit as a first floor. The
second floor is almond biscuits. Third floor
chocolate barley and the top floor is Irish
cream on a Smooth create a coffee. Serve
with full-flavor costa rica coffee and vanilla
ice cream. Price is 95.-Baht
Baht.

Figure 4.6 Costa Rica


85

7. Blanc Manger

This cake smells of steam in the West, Due


to the combination of Coconut Mousse,
Peace, peach mousse and almond Biscuit.
The exterior is coated with a flake
coconut and the top mold decorated with a
berry and passion fruit jelly, bright colors
are reviewed. Price is 85.-Baht.

Figure 4.7 Blanc Manger

8. Anis Pear Tart

The special thing is cinnamon flavor unlike

other tart. So, the ingredient are egg, unsalted

butter, vanila, flour, water, milk and coconut.

Mixing all together and bake it with the

cinnamon. Price is 85.-Baht.


Baht.

Figure 4.8 Anis Pear Tar


Tart
86

9. Pancake Melban

Figure 4.9 DIY of Pancake Melban

This menu are provided to the customers can do it by themselves. We provide the space
in front of bar. The customer can does pancake first. By frying pancake powder which we have
mixing all ingredient all ready. There are 2 flavors that they can choose whi
which one are chocolate
and another one in buttermilk pancake flavor. Then choose the flavor of ice cream and fruit
which they want. The fruit provided are banana, orange, passion, strawberry, mango and other
more depending season of fruit fashion. Price is 95.-Baht.
87

4.1.2 Services Process

Figure 4.10 Service Process

Firstly, the colorfull menus with


prices will be provided in front of
our shop. The customer or anyone
who pass through will see and may
interesting for it.

Figure 4.11 Step1 customer seeing menus


88

Secondly, then when the customers come in our shop

they can go directly order in front of bar or seated

and waiting for the waiter come to make a suggestion

or introducing the main or special menus.

Figure 4.12 Step 2 Odering

Thurtly, waiting a
moment for a
processing of our
product.

Figure 4.13 Step3 Product Processing

Fouthly, so the customers can serve it themselve

with the water and tea which provide for

free inside our shop.

Figure 4.14 Step 4 Serving


89

Lastly, the customer can enjoy with their bakery and do relax whatever they want by we
providing them with Internet Wi-Fi, Music, Magazines and many corner to taking photo. The
customers can enjoy and getting happyness in there no matter he come alone, with friend, family
and couple of lover.

Figure 4.15 Step5 Eating and Payment


90

4.1.3 Location

Figure 4.16 Cherbet House location

Address: 868 Phahonyotin road Mueng Chiang Rai 57000


91

4.1.4 Facility Layout


92

Figure 4.17 Plan of Cherbet House

Figure 4.18 Plan of Cherbet House (in the front)

Figure 4.19 Plan of Cherbet House (in the front)


93

Figure 4.20 Plan of Cherbet House (beside)

Figure 4.21 Plan of Cherbet House (interior)


94

Figure 4.22 Plan of Cherbet House (decorate)


95

4.1.5 Machine/Tools/Equipment

Image description

Max
Price: 60 baht

Staple Max
Price: 65 baht

Punch Machine

• Two hole punch


• Punch size 5.70
• Punching capacity 2.2mm
• Punching distance 80mm
• Punch weight 291gms

Price: 320 ba

Scissors
Price: 70 baht
96

Bill spit
Price: 12 Baht

Pencil
Price: 5 bah

Eraser
Price: 3 baht

Pen
Price: 5 baht

Liquid Paper
Price: 50 baht

Scotch tape
Price: 28 baht
97

Plug
Price: 250 baht

Knife
Price: 65 baht

Telephone
- DTMF/DP Selectable
- Flash Selectable : 100/290/630 ms
- Handset Receiver Volume Selectable -Six Steps
- Incoming Call Indication
- Message Waiting Lamp
- Redial Key
- Adjustable Ring Tone Pitch - Three Positions
- Adjustable Ringer Volume - Four Levels
- Dynamic - Type Receiver in Handset
- Electret Condenser Microphone (ECM) in Handset
- Data Port for Modem / Fax
- Desk / Wall Mountable
- 8 One-touch / Speed dial Buttons
Price: 300baht
98

Elephant Pad Model 70G 50S.


Elephant Pad size A4 (210x297 mm)
Model P-101 lines, standard 8 Model P-102-mmlines
With standard 8-mm holes
in a line Model P104 bookmarks tear open the book.
Holes along the line bookmarks 70 lb
White meat in a paper of 50 gsm sheet
Binding with Miconet
Price: 25 baht

Screen resolution at Full HD 1920x1080p.


- Contrast Ratio 50,000:1.
- Response Time 4 ms.
- Super IPS Hard Panel LCD durable solid defense Dead
Pixel.
- AV Mode shortcut key to enter the mode for movies,
sports, games.
- Energy Saving Mode Power Saving Mode.
Sound
- Invisible Speaker design hidden speakers.
- System SRS TruSurround XT surround sound realism.
- Clear Voice II for voice conversations more clearly.
Design
- Stand Swivel left - right 20 degrees.
- Indicator light On / Off Moving LED.
Connection.
- 3 x HDMI V1.3.
- USB 2.0 supported image files, music,
Price: 20,990 baht
99

Lantern
Price: 1,500 baht

Lantern
Shannon De Lia luxury
The bottle is made from
more than 1,000 bottles of various colors
Price: 2,300 baht

Lantern
Price:3,100 baht

Lantern
Price:2,800 baht

Plastic glass
Plastic Tumbler
Clear 90z
Price: 18 baht
100

Jar
Express a water jug Stainless 11 cm
Wide, 21.5 cm high capacity to 1.9 liters
of waterto hold the handle easily.
A version without opening the lid
But with the lid closed so that only half the drinks
M not the six-spotted
Price: 414 baht

Modern Clock
Price: 1,350 baht

Modern Clock
Price: 1,200 baht
Sofa set
Price: 15,000 baht

Modern sofa 1 set


Price: 35,000 baht

Sofa 1 set
Color: Red
Price: 30,000 baht
101

Courter
Price: 10,000baht

Courter
Price: 10,000baht

Mini Chair
Price: 3,000baht

Bar Chair
Price: 4,000baht

Bar table
Price: 3,500baht

Sofa set on floor


-Table made from wood
Price:2,300 baht
102

Sofa set green


Price: 6,000 baht

Sofa set [Modern]


Price: 15,000baht

Air condition 12000 BTU


12,000 BTU Art Cool, Gold Fin Anti Corrosion,
Jet Cool, Natural Wind by Chaos Swing,
Full Function LCD Remote, Sleep Mode
Auto Operation, Anti Bacteria Filter, Auto Restart,
Neo Plasma Filter, Mirror Finish
Price: 18,000 baht

Air condition 18000 BTU


• Inverter

• R-410A Refrigerant

• Plasma Air Purifying System

• Self-cleaning indoor coil

• Dehumidifying mode

• Chaos Swing

• Jet Cool
103

• Auto restart

• Cooling/heating/fan mode

• Auto changeover

• Manual power switch

• Defrost control

• Temperature display on indoor unit

• Auto sleep mode

• Auto restart

• Built-in low ambient standard, down to 14 F (cooling


mode)

• 24-Hour on/off timer

• Evaporator frost control

• Gold Fin Anti-Corrosion

Price: 20,190 baht

Home Theater
Home Theater LG Model: HT762TZ
The 700W Champagne home cinema
System sound 700 watts (RMS) - Wed singing
HDMI output and functions sampling connector iPod
Price: 8,900 baht
104

Tissu paper
Price: 5 baht

Napkin
Price: 27 baht

Liquid Soap
Price: 65 baht

Doormat
Price: 199 baht

Light
Price: 110 baht
105

DELL Core 2 Duo Processor T6600 (2.2GHz


/800MHz)

2MB

2048MB (1x2048) DDR3

320GB HDD

DVD SuperMulti

LAN, Intel 5100 agn, BT

14.1" WXGA LED

1.3 MP Webcam

6 cells

Price: 27,900 baht

Cashier Machine
Price: 2,800

WiFi Machine
Price: 3,299baht
106

WiFi Machine
Price: 2,990baht

Bathroom
WC C-6532 Tennessee White Hinkle
Brand: COTTO
Category toilet bowl
Color: White
Code: 103439
Price 4,200 baht

Round glass bowl (complete set) BGS-002 white


Brand JSK
Category placed on the counter
Color: White
Code 99313
Price: 1,100

Shower spray head, pay + line PM605 # WH


(HM) and white.
Brand PREMA.
Category hose set pay
Color: White.
Code 98428
Price: 200
107

Shower Set 1 set of system B-3396D-I / C chromium

Brand LUZERN.
Category suite shower light.
Color chrome
Code 99957
Price: 300

MR014SL 60X45 cm glass shape curve

Brand SCANDECO.
Category flat glass
Code 99226
Price: 600
108

4.1.6 Logistics Management

Logistics management is that part of the supply chain which plans, implements and controls the
efficient, effective forward and reverse flow and storage of goods, services and related
information between the point of origin and the point of consumption in order to meet customer
& legal requirements. A professional working in the field of logistics management iis called a
logistician.

Figure 4.23 Supply Chain Flow

According to the flow above, Cherbet House Supply chain is standing at Manufacturing stage.
We get the main raw materials from the supplier, then produced and sale directly to the customer
by cutting
utting off the distribution and retailer stage. Our shop is sale fresh product day by day. So,
we have to manage well with our supplier. And also make sure that the raw materials are run
through the flow of quality management.

The two important raw materials


als are Bread and Ice cream.

Bread, we supply from Work @ home café, 545 Rattanakat Road, Muang, Chiang Rai 57000,
which they tried to source home made bakery for us. The bread is sold at 70 B. / roll.
109

Ice Cream, we supply from Nestle which are lower cost but high quality and delicious of
product. The cost is 279B/ 3.5 kk.

In term of transportation, we produce product day by day and by the customer order to make.
The products that have long term life like almond, flour, sugar, salt etc., we will stock it aand
purchase by bulk products. It will reduce cost of our transportation. But however, we have to
check and manage stock every day. For fruits, we have to buy day by day because we have to use
high fresh fruit to delivery the high value to the customers.

Forr the supplier about Bread and Ice cream, we order 1 time per weak. For the bread, we have to
buy and transport it by ourselves. But Nestle Ice cream, there already has a transportation
delivery to our shop because they completely have the transporters. Thee last ones are cake which
we order form Ban Krang Wiang bakery that ordering day by day.

So, This here is an our flow of Supply Chain.

Figure 4.24 Supply Chain flow of Cherbet House


110

4.1.7 Facility Management

Chertbat House has the facility management both providing the convenience for the
customers and protection our owe shop. Our shop has both general facility management and
identity our shop facility management following;

Wi-Fi service

Our shop that is provides the Wi


Wi-Fi in order to enjoy life and
convenient for the customer. Nowadays the Internet wirelessly
that is becoming increasingly popular in many places because
of the comfortable and affordable. Including PC notebook in the
current system wi-fi installed
nstalled then it has popular and good services of buildings,
some places may charge or let free in the case of a customer's location. Life enjoy with Wi
Wi-fi by
Matrix Network Wi-Fi
Fi internet and experience the unlimited online freedom with Wi
Wi-Fi high-
speed internet , now customer can enjoy sending and receiving E
E-mail,
mail, downloading data and
information or liaising with their business partner more rapidly and conveniently anywhere
anytime with 20-100
100 times faster than typical wireless internet. Wi
Wi-Fi
Fi by Matrix offers the
maximum sending and receiving signals of 6 Mbps and 1 Mbps respectively per one Wi
Wi-Fi
account.

Studio Zone
The studio zone that is identify of our shop facility management. Our shop is offer
the studio zones for customers enjoy to take a photo. Moreover when customers took a photo
then they upload the photo on public that is help to promote our shop.

Air-condition processing

condition processing will be done by the company that we will buy air
Ari-condition air-condition
because price of air-condition
condition processing already. So our shop provides air
air-condition about 5
machines that can separate 4 machines is 18,000btu and 1 ma
machine
chine is 12,000btu.
111

Electricity

Electricity will be plan by us but we will hire electrician to do the processing of


electricity of electricity follow our plan but we select characteristic of lamp or light for decorate
our shop.

True Vision

Our shop provides the television for the customers that is True Vision that we choose to
set up in our shop is knowledge package which has 56 channels. The true vision staffs will set up
equipment that relate with true vision signal within our shop by them.

(truepartner 2011)
112

4.1.8 Machine/Tools/Equipment

Bakery Equipment

Image Description

FAGOR electric Oven: Version 5H-103 X1

Price: 11,500 Baht.


Detail: - Can cook, 4 categories.
- There are the Rotary Timer with alarms
when to finish.
- Easy to clean by 'Top Slide Enamel'
- 2 layers thick glass doors for thermal
resistance.
- There are the system cooling fans.
- cooking area 51 liter capacity.
-Temperature from 50 to 250 degrees Celsius.
- Total power 700 w.
- Size oven, wide 592 x deep 529 x high 595
mm.
113

SANYO Freezer SCR-T100GTH (Curve glass)


Price: 16,990 Baht
Detail: - Size 9 Q.
-Imported from Italy, glass slide, there is a bare
margin
to see the product better.
- Tempered glass coating on Hard Low-E
thermal resistance
from outside 20 %
- There is POP lighting for Ad. (Supplement
equipment)

- Frosty on temperature -18 to -25 degree


Celsius.
- Thermal insulation on Cyclopentane (not
CFC 100%)
-RoHs restriction
- Hanging basket inside the cabinet 2 pieces
and highest 4 pieces standard.
- There is a lighting system (220-240 V., 50-
60 Hertz.)
-Size of Freezer wide 1000 x deep 650 x high
890 mm.
- Inside wide 875 x deep 525 x high 450 / 500
mm.
114

Refrigerator Cake

Price: 38,000 Baht.


Detail: - Size 79 x 70 x 135 cm.
-Curve glass 8 mm. for thick and the clear glass 10
mm.
for thick. The front of glass has the blowing hot vents
for prevent condensation.
- 2 Sliding rear glass prevent condenasion.
- Cooling and water evaporative system to
vaporization with automatic.
- With digital control system and show the
temperature on number, high accuracy and there
is a light system.
- The inside glass can be adjusted as needed.

Electric frying pan HOUSE WORTH HW-2131P


Price: 590 Baht.
Detail: Can cook many type such as grill, fired.
-The pan coated by Teflon
-Shape modern
-Power 700 w.
115

Scooping ice-cream (push ice-cream)

Price: 235 Baht.


Detail: - Diameter 5.5 cm.
-There is a pressure ice-cream
- using the spring mechanism for induced
pressur ice-cream

Spoon ice-cream (Twinrats)

Price: 94 Baht per dozen


Detail – Thick 0.6 mm.
-long 5 Inches.

Fork “ Chimera” (for dip fruit)

Price: 15 Baht.
Detail: - Produced from stainless 18/10 thick 2.0 mm.
-There are a durable for long time.
116

Knife peel fruit.

Price: 64 Baht.
Detail: - small size and lightweight.
-Sharp and nip.
-Produced from stainless special grade SUS
420J2.
-The structure of knife is a single layer handle
to tip.
- Knife sharpening system by Taper Grind
Blode is characterized by V, it results to easy
sharpening.
- The handle is firm and durable.

The clamp
Price: 40 Baht
Detail: -Produced by stainless 5 holes (long)

-Size of leaf’s clamp, there are wide 3.2 cm.,


long 22 cm.

Plate
Price: 10 Baht per piece
Detail: - Share into 4 square plates
-White colour (Stone ware)
117

Whipping-cream machine (MOSA)

Price: 2,100 Baht.


Detail: - Size 0.50 liter.
-high quality, there are the chemical coating
for protect
the spoiled milk remain.
- Squeeze head is a solid plastic.
-Plastic flower squeeze have 2 types, flower
bud and tulips.
-Plastic gas.
- The plastic cork closing for guard the gas
and needle puncture is corrosion.

Gas for Whipping-cream machine (MOSA)

Price: 180 Baht per box.

Detail: -There is a Food and drug Administration


standards.

-All tubes packed weight.


118

The Bakery cover and rectangular tray.

Prce: 245 Baht.

Detail: -Plastic tray cover + plastic tray

-Size tray 30 x 40 cm. high of cover 10 cm.

Jars

Price: 245 Baht.

Detail: - use for the milk, honey or syrup.

-Capacity 2 Oz.

-Produced from high quality of stainless and


thick.

-Size long 13 x high 15 x wide 5 cm.


119

Cake Cutter(Pack in dozen) Reangwa

Price: 55 Baht.

Detail: -Plastic cake cutter, suitable to come with


decorated cake.

-Size 6.5 inches at the cutting blade, handle


with 4.5 inches.

-Sell in a pack of dozen. This price is a dozen


prices.

Bakery equipment

No.
No Description Product Price/Unit Total
1 FAGOR electric Oven 1 11,500 11,500
2 SANYO Freezer SCR-T100GTH 1 16,990 16,990
3 Refrigerator Cake 1 38,000 38,000
4 Electric frying pan HOUSE WORTH HW-2131 1 590 590

5 Scooping ice-cream 4 235 940


6 Spoon ice-cream 60 94 5,640
7 Fork 60 15 900
8 Knife peel fruit 3 64 192
9 The clamp 3 40 120
10 Plate 100 10 1,000
11 Whipping-cream machine 1 2,100 2,100
12 Gas for Whipping-cream machine 1 180 180
13 The Bakery cover and rectangular tray 3 245 735
14 Jars 15 245 3,675
15 Tray 4 136 544

Total 258 70,444 83,106


120

4.2 Cost of investment


4.2.1 Pre-Operating cost
Billboard of company

Figure 4.25 Example of company’s billboard

Billboard of Company order from the (HAVANA MADE SHOP in 86 Sri saimool
Tambol Wiang Muang Chiangrai 57000 Tell. 0865877239. Type of billboard is fiber and the
color is pink and brown. The size of billboard is 2830 square centimeter (60 diameter 60
Centimeter ) and the background is white. The billboard is planted by the light. So the price is 6,
5000 include service.

Billboard tax

Because Cherbet House use Billboard to commerce so we have to pay for tax as
regulation. The billboard is circle with diameter 60 Centimeter so the size is 2830 square
centimeter from 3.1415 * 30* 30 include picture and English front. Calculate the billboard tax.
For the billboard with all English front rate is 40 Baht/ 500 square centimeter. So the tax is 2830
/ 500  6 * 40 = 240 Baht and pay at finance of Chiang rai municipality 59 Uttrakit Road
Tambol Wiang Muang Chiangrai 57000 Tell.053- 711333.
121

Document for paying tax

1) ID card

2) Copy of census

3) Register of value added tax

4) Certificate of company

5) Slip from plate shop

Stamp of company

Figure 4.26 Stamp of Cherbet House

Stamp is very important to juristic Person of Cherbet House Company Limited in


registration requisition document for Company Limited registration and present to Department of
Business Development in Chiangrai province. Stamp order from Phong
Phong-Trayang
Trayang shop, The
address is 156/20 Ratchasak Bamrungmuang road Tambol Samranrajh Pranakorn Distric
Bangkok 10200 Tell 02-2220379.
2220379. The website is http://www.phong
http://www.phong-trayang.com
trayang.com . The size
siz of
stamp is 4 x 4 centimeter, the price of first piece is 150 Baht and second one is 100 Baht and
Ems 50 Baht Total price is 300 Baht.
122

Registration

Juristic Person Registration

- Company Limited Registration


Submit the name’s company is Cherbet House for determine not same as the name reserved
other company.

List of the document and information are used below:

1. Registration document request for the new establish enterprise (50 Baht)
2. A copy of an entrepreneur identification card
3. A copy of an entrepreneur address
4. Proxy letter (if there is)
5. Name and address of a proxy identification card
6. Stamp of Company

Description for investment

Company is located at 868 Pahonyotin Road Muang Distric 57000 The capital investment
is 1,200,000 Baht No. of stock is 100 and the value is 12,000 per stock.

Shareholder as follow

1. Miss Churemart Tibkaow 22 years old, Thai Natioanlity

Address 245 Moo7 Tambol Nanglae Muang Distric Chiangrai 57100

Capital investment 240,000 Baht 20 percent and hold 20 stock

2. Miss Wanwisa Sanboonrat 22 years old, Thai Nationality

Address 44 Moo1 Tambol Nongdone Muang Distric Saraburi 18000


123

Capital investment 240,000 Baht 20 percent and hold 20 stock

3. Miss Artitaya Ruenroung 22 years old, Thai Nationality

Address 9 Moo8 Tambol Praputtabath Praputtabath Distric Saraburi 18120

Capital investment 240,000 Baht 20 percent and hold 20 stock

4. Miss Supansa Donlao 22 years old, Thai Nationality

Address 19 Moo12 Tambol Bandoo Muang Distric Chiangrai 57100

Capital investment 240,000 Baht 20 percent and hold 20 stock

5. Miss Sakuna Chitnoi 21 years old, Thai nationality

Address 129/2 Moo2 Tambol Natom Muang Distric Phattalung 93000

Capital investment 240,000 Baht 20 percent and hold 20 stock

The total capital investment is 1,200,000 Baht. No. of stock is 100 and the value is
12,000 per stock. So we have to borrow full amount of this money and give the interest rate 6%
and repayment within 5 years.

Benefit from investment

Benefit in this investment from hold stock of Cherbet House. The benefit is from the
profit of Cherbet House. The shareholder divided 100 percent by 5 is 20 percent and give this
benefit to shareholder.

Objective

Establish Cherbet House to manage and serve the product to customers in Bakery
business at 868 Pahonyotin Road Muang Distric 57000.
124

Sign’s name of shareholder

Miss Churemart Tibkaow

Miss Wanwisa Sanboonrat

Miss Artitaya Ruenroung

Miss Supansa Donlao

Miss Sakuna Chitnoi

Cherbet House must pay the total of Company Registration fee about

Table 4.2 Cost of in vestment

No Descript No. of Price Total


product

1 Billboard 1 6,500 6,500

2 Billboard tax 1 240 240

3 Stamp 2 150 and 100 300

4 Company Limited Registration 1 6,055 55

Total 13,095
125

Cost of transparent mirror

The mirror of living and reception zone

10*3.5 =35 square meter

4*3.50=14 square meter

3*3.50=10.5 square meter

Total 59.5  60 square meter

Area of living and reception zone by mirror is 60 square meter with 1 door.

Total cost 96,000 2

Air conditioner setting cost

Free

Because of the promotion of the air condition shop, they will set up free if buy the Air condition
from them.
126

Cost of Decoration

- Tile

Material and wage fee

Reception zone floor, area 4*12 meter = 48 square meter

Use Laminate

Material fee 550 " per square meter

Wage 150 " per square meter

Total 700 " per square meter

Total 700*48 square meter = 33,600 "

Living zone floor, area 10*4 meter = 40.00 square meter.


127

Use Granito (60*60 centimeter)

Material fee 250 " per square meter

Wage 150 " per square meter

Total 400 " per square meter

Total 400* 40 square meter = 16,000 "

Studio zone floor, area 5*4 meter = 20 square meter

Use polished concrete

Material fee 120 " per square meter

Wage 70 " per square meter

Total 190 " per square meter

Total 190* 20 square meter = 3,800 "


128

Out door floor, area 1.5*4= 6 square meter

Use hardwood1*2.54 Centimeter and paint with dye

Material fee 470 " per square meter

Wage 250 " per square meter

Total 750 " per square meter

Total 750*6 square meter = 4,350 "

Out door floor, area 1.50*4 = 6 square meter doorway)


129

Use tile 0.4*0.4)

Material fee 250 " per square meter

Wage 150 " per square meter

Total 400 " per square meter

Total 2,400 "

Studio zone room wall 10*2.50= 25 square meter

4 *4 = 16 square meter

Hired to paint and printing 41 square meter. Total is 12,000 2

Interior decoration

Hired to bamboo partition, paint wage. Total 5,000 "

Adjust toilet floor and wall

Total 12,000 square meter

600 " per square meter

Total 12,000*600=7,200 "


130

The roof in front of the shop

Polycarbonate shop, steel frame, area 8*1.25 = 12 square meter

2,000 " per square meter

Total 12*2000=24,000 "

The garden near the shop

Hired with wood groove, flowerer and gardener 3,500 "


131

Figure 4.3 Cost of Decoration

No Descript No. of Price Total


product

1 Tile + service 60,150

2 Wall 12,00

3 interior decoration 5,000

4 Toilet 72,000

5 Roof 24,000

6 Garden 3,500

Total 165,850

4.3 Investment Cost


4.3.1 Equipment and tool
Table 4.4 Total of office element

No Description No. Product Price/Unit Total

1 Telephone 1 300 300

2 Television 1 20,990 20,990

3 Lantern 1 2,300 2,300

4 Lantern 3 1,500 4,500

5 Lantern 4 3,100 12,400


132

6 Lantern 1 2,800 2,800

7 Sofa set red 3 30,000 90,000

8 Courter 2 10,000 20,000

9 Sofa set yellow 2 15,000 30,000

10 Modern sofa yellow 1 35,000 35,000

11 Bar table 1 3,500 3,500

12 Bar Chair 4 4,000 16,000

13 Mini Chair 3 3,000 9,000

14 Sofa set on floor 1 2,300 2,300

15 Sofa set green 2 6,000 12,000

16 Sofa set [Modern] 2 15,000 30,000

17 Air condiyion 18000 BTU 4 20,190 80,760

18 Air condiyion 12000 BTU 1 18,000 18,000

19 Hometeater 1 8,900 8,900

20 Computer Notebook DEL 1 27,900 27,900

21 Cashier Machine 1 2,800 2,800

22 Option for TRUE VISION 1 2,990 2,990

23 Wifi Machine 1 3,299 3,299

Total 435,739
133

Table 4.5 Total of bathroom equipment

No Description No. Product Price/Unit Total

1 Injection Line 2 200 400

2 Shower Bath 2 300 600

3 Basin 2 1,100 2,200

4 Mirror 2 600 1,200

5 Flush Toilet 2 4,200 8,400

Total 12,800
134

4.3.2 Depreciation

Administration Cost

Depreciation 2011

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

Telephone 300 5 60 5 5 5 5 5 5 5 5
5 5 5 5 60

Television 20,990 10 2,099 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92
2,099

Lantern 2,300 10 230 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17
230

Lantern 4,500 10 450 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50
37.50 37.50 37.50 37.50 450

Lantern 12,400 10 1,240 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33
103.33 103.33 103.33 103.33 1,240

Lantern 2,800 10 280 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33
23.33 23.33 23.33 23.33 280

Sofa set red 90,000 10 9,000 750 750 750 750 750 750 750 750
750 750 750 750 9,000

Courter 20,000 20 1,000 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33
83.33 83.33 83.33 83.33 1,000

Sofa set yellow 30,000 10 3,000 250 250 250 250 250 250 250 250
250 250 250 250 3,000

Modern sofa yellow 35,000 10 3,500 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67
291.67 291.67 291.67 291.67 3,500

Bar table 3,500 5 700 700 700 700 700 700 700 700 700 700 700 700 700
700

Bar Chair 16,000 10 1,600 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33
133.33 133.33 133.33 133.33 1,600

Mini Chair 9,000 10 900 75 75 75 75 75 75 75 75


75 75 75 75 900

Sofa set on floor 2,300 5 460 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33
38.33 38.33 38.33 38.33 460

Sofa set green 12,000 5 2,400 200 200 200 200 200 200 200 200
200 200 200 200 2,400

Sofa set [Modern] 30,000 10 3,000 250 250 250 250 250 250 250 250
250 250 250 250 3,000

Air condiyion 18000 BTU 80,760 5 16,152 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346
1,346 1,346 1,346 1,346 16,152

Air condiyion 12000 BTU 18,000 5 3,600 300 300 300 300 300 300 300 300
300 300 300 300 3,600

Hometeater 8,900 5 1,780 148.3333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333
1,780
135

Computer Notebook DEL 27,900 5 5,580 465 465 465 465 465 465 465 465 465 465 465 465 5580

Cashier Machine 2,800 3 933.3333333 77.77778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 933.3333333

Depreciation 2012

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

Telephone 5 5
240 60 5 5 5 5 5 5 5 5 5 5 5 120

Television 10 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92
18,891 2,099 4,198

Lantern 10 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17
2,070 230 460

Lantern 10 37.50
4,050 450 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 900

Lantern 10 103.33
11,160 1,240 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 2,480

Lantern 10 23.33
2,520 280 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 560

Sofa set red 10 750


81,000 9,000 750 750 750 750 750 750 750 750 750 750 750 18,000

Courter 20 83.33
19,000 1,000 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 2,000

Sofa set yellow 10 250


27,000 3,000 250 250 250 250 250 250 250 250 250 250 250 6,000

Modern sofa yellow 10 291.67


31,500 3,500 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 7,000

Bar table 5 700 700 700 700 700 700 700 700 700 700 700 700
2,800 700 1,400

Bar Chair 10 133.33


14,400 1,600 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 3,200

Mini Chair 10 75
8,100 900 75 75 75 75 75 75 75 75 75 75 75 1,800

Sofa set on floor 5 38.33


1,840 460 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 920

Sofa set green 5 200


9,600 2,400 200 200 200 200 200 200 200 200 200 200 200 4,800

Sofa set [Modern] 10 250


27,000 3,000 250 250 250 250 250 250 250 250 250 250 250 6,000

Air condiyion 18000 5 1,346


BTU 64,608 16,152 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 32,304

Air condiyion 12000 5 300


BTU 14,400 3,600 300 300 300 300 300 300 300 300 300 300 300 7,200

Hometeater 5 148.3333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333
7,120 1,780 3,560
136

Computer Notebook 5 465 465 465 465 465 465 465 465 465 465 465 465
DEL 27,900 5,580 11,160

Cashier Machine 3 933.3333333 77.77778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 1866.666667
2,800

Depreciation 2013
137

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

Telephone 5 5 5 5 5
180 60 5 5 5 5 5 5 5 5 180

Television 10 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92
16,792 2,099 6,297

Lantern 10 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17
1,840 230 690

Lantern 10 37.50 37.50 37.50 37.50


3,600 450 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 1,350

Lantern 10 103.33 103.33 103.33 103.33


9,920 1,240 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 3,720

Lantern 10 23.33 23.33 23.33 23.33


2,240 280 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 840

Sofa set red 10 750 750 750 750


72,000 9,000 750 750 750 750 750 750 750 750 27,000

Courter 20 83.33 83.33 83.33 83.33


18,000 1,000 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 3,000

Sofa set yellow 10 250 250 250 250


24,000 3,000 250 250 250 250 250 250 250 250 9,000

Modern sofa yellow 10 291.67 291.67 291.67 291.67


28,000 3,500 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 10,500

Bar table 5 700 700 700 700 700 700 700 700 700 700 700 700
2,100 700 2,100

Bar Chair 10 133.33 133.33 133.33 133.33


12,800 1,600 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 4,800

Mini Chair 10 75 75 75 75
7,200 900 75 75 75 75 75 75 75 75 2,700

Sofa set on floor 5 38.33 38.33 38.33 38.33


1,380 460 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 1,380

Sofa set green 5 200 200 200 200


7,200 2,400 200 200 200 200 200 200 200 200 7,200

Sofa set [Modern] 10 250 250 250 250


24,000 3,000 250 250 250 250 250 250 250 250 9,000

Air condiyion 18000 5 1,346 1,346 1,346 1,346


BTU 48,456 16,152 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 48,456

Air condiyion 12000 5 300 300 300 300


BTU 10,800 3,600 300 300 300 300 300 300 300 300 10,800

Hometeater 5 148.3333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333
5,340 1,780 5,340

Computer Notebook 5 465 465 465 465 465 465 465 465 465 465 465 465
DEL 27,900 5,580 16,740

Cashier Machine 3 933.3333333 77.77778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 2800
2,800

Depreciation 2014

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation
138

Telephone 5 5 5
120 60 5 5 5 5 5 5 5 5 5 5 240

Television 10 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92
14,693 2,099 8,396

Lantern 10 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17
1,610 230 920

Lantern 10 37.50 37.50


3,150 450 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 1,800

Lantern 10 103.33 103.33


8,680 1,240 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 4,960

Lantern 10 23.33 23.33


1,960 280 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 1,120

Sofa set red 10 750 750


63,000 9,000 750 750 750 750 750 750 750 750 750 750 36,000

Courter 20 83.33 83.33


17,000 1,000 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 4,000

Sofa set yellow 10 250 250


21,000 3,000 250 250 250 250 250 250 250 250 250 250 12,000

Modern sofa yellow 10 291.67 291.67


24,500 3,500 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 14,000

Bar table 5 700 700 700 700 700 700 700 700 700 700 700 700
1,400 700 2,800

Bar Chair 10 133.33 133.33


11,200 1,600 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 6,400

Mini Chair 10 75 75
6,300 900 75 75 75 75 75 75 75 75 75 75 3,600

Sofa set on floor 5 38.33 38.33


920 460 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 1,840

Sofa set green 5 200 200


4,800 2,400 200 200 200 200 200 200 200 200 200 200 9,600

Sofa set [Modern] 10 250 250


21,000 3,000 250 250 250 250 250 250 250 250 250 250 12,000

Air condiyion 18000 BTU 5 1,346 1,346


32,304 16,152 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 64,608

Air condiyion 12000 BTU 5 300 300


7,200 3,600 300 300 300 300 300 300 300 300 300 300 14,400

Hometeater 5 148.3333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333
3,560 1,780 7,120

Computer Notebook DEL 5 465 465 465 465 465 465 465 465 465 465 465 465
27,900 5,580 22,320

Cashier Machine 3 933.3333333 77.77778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 0
2,800

Depreciation 2015

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation
139

Telephone 5 5
60 60 5 5 5 5 5 5 5 5 5 5 5 300

Television 10 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92 174.92
12,594 2,099 10,495

Lantern 10 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17 19.17
1,380 230 1,150

Lantern 10 37.50
2,700 450 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 37.50 2,250

Lantern 10 103.33
7,440 1,240 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 103.33 6,200

Lantern 10 23.33
1,680 280 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 23.33 1,400

Sofa set red 10 750


54,000 9,000 750 750 750 750 750 750 750 750 750 750 750 45,000

Courter 20 83.33
16,000 1,000 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 83.33 5,000

Sofa set yellow 10 250


18,000 3,000 250 250 250 250 250 250 250 250 250 250 250 15,000

Modern sofa yellow 10 291.67


21,000 3,500 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 291.67 17,500

Bar table 5 700 700 700 700 700 700 700 700 700 700 700 700
700 700 3,500

Bar Chair 10 133.33


9,600 1,600 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 133.33 8,000

Mini Chair 10 75
5,400 900 75 75 75 75 75 75 75 75 75 75 75 4,500

Sofa set on floor 5 38.33


460 460 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 38.33 2,300

Sofa set green 5 200


2,400 2,400 200 200 200 200 200 200 200 200 200 200 200 12,000

Sofa set [Modern] 10 250


18,000 3,000 250 250 250 250 250 250 250 250 250 250 250 15,000

Air condiyion 18000 BTU 5 1,346


16,152 16,152 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 1,346 80,760

Air condiyion 12000 BTU 5 300


3,600 3,600 300 300 300 300 300 300 300 300 300 300 300 18,000

Hometeater 5 148.3333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333 148.333
1,780 1,780 8,900

Computer Notebook DEL 5 465 465 465 465 465 465 465 465 465 465 465 465
27,900 5,580 27,900

Cashier Machine 3 933.3333333 77.77778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 77.7778 0
2,800

Operating Cost

Depreciation 2011

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu. Depreciation
140

FAGOR electric Oven 11,500 5 2,300 192 2,300


192 192 192 192 192 192 192 192 192 192 192

SANYO Freezer SCR-T100GTH 16,990 5 3,398 283 3,398


283 283 283 283 283 283 283 283 283 283 283

Refrigerator Cake 38,000 5 7,600 633 7,600


633 633 633 633 633 633 633 633 633 633 633

Depreciation 2012

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

FAGOR electric Oven 5 2,300


11,500 192 192 192 192 192 192 192 192 192 192 192 192 4,600

SANYO Freezer SCR- 5 3,398


T100GTH 16,990 283 283 283 283 283 283 283 283 283 283 283 283 6,796

Refrigerator Cake 5 7,600


38,000 633 633 633 633 633 633 633 633 633 633 633 633 15,200

Depreciation 2013

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

FAGOR electric Oven 5


11,500 2,300 192 192 192 192 192 192 192 192 192 192 192 192 6,900

SANYO Freezer SCR- 5


T100GTH 16,990 3,398 283 283 283 283 283 283 283 283 283 283 283 283 10,194

Refrigerator Cake 5
38,000 7,600 633 633 633 633 633 633 633 633 633 633 633 633 22,800

Depreciation 2014

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation

FAGOR electric Oven 5


11,500 2,300 192 192 192 192 192 192 192 192 192 192 192 192 9,200

SANYO Freezer SCR- 5


T100GTH 16,990 3,398 283 283 283 283 283 283 283 283 283 283 283 283 13,592

Refrigerator Cake 5
38,000 7,600 633 633 633 633 633 633 633 633 633 633 633 633 30,400

Depreciation 2015

Description Price Year Depreciation Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Accu.
Depreciation
141

FAGOR electric Oven 5


11,500 2,300 192 192 192 192 192 192 192 192 192 192 192 192 11,500

SANYO Freezer SCR- 5


T100GTH 16,990 3,398 283 283 283 283 283 283 283 283 283 283 283 283 16,990

Refrigerator Cake 5
38,000 7,600 633 633 633 633 633 633 633 633 633 633 633 633 38,000

4.4Management Analysis

4.4.1 Organization Management

Cherbet House has to managing the organization by register Cherbet House to company
limited. We have to communicate with Register Partnership Department, which is located in
Office of Commercial Affairs Chiang Rai to establish the company limited, and then we have to
pay tax in form of corporate income tax.

Below is total name of partnership that to invest in Cherbet House as follow

1. Miss Chureemart Tibkwao


2. Miss Wanwisa Sangboorat
3. Miss Atitaya Rounroeng
4. Miss Sakuna Chitnoi
5. Miss Supansa Donlao
Five partnerships of Cherbet House have to vote and make agreement to appoint Miss
Chureemart Tibkwao
ao to be the Cherbet House limited’s manager. She has responsible to
register establish company limited office of Commercial Affairs Chiang Rai. Moreover she must
to oversee and maintain uniformity in the company. She get the authority to inspect every
document
ument that related with the company and she is the delegate of Cherbet House who will sign
agreement when do business with other company.

4.4.2 Organization Chart

Manager of Cherbet
House
1 position

Accounting and Sale and Marketing Product and operating Public relation and
Financing Department Department Department customer service
(1 position) (1 position) (1 position) (1 position)
142

Figure 4.27 Organization Chart

People in the organization

Cherbet House café have told of employee amount 8 people, and below is to descript the
characteristic and task of employee in each position.

1. Cherbet house manager (1 position)

Task

- Oversee all document form each department and along with to sign in that agreement
documents
Characteristic

- Male and female, Age 23 up


- Bachelor degree of business administration or related up and work experience more than
2 years
- Good at Microsoft office
- Good at management skill and English skill

2. Account department (1 position)

Task
143

- Financial and accounting working


- Analysis liquidity of the finance
- Planning finance
- Manage and control budget of company
Characteristic

- Female, age 23-30


- Bachelor degree in accounting major
- More than 1 year of work experience that related to finance
- Good at computer skill especially Excel and express
- Can analysis liquidity and finance of company
- Be honest to working

3. Sale and Marketing department


Task

- Do marketing plan and advertising

- Analysis market trend

- Planning stimulate sale plan

Characteristic

- Male / Female, age 23-30

- Bachelor degree in marketing major or related

- Good at Computer skill


- High negotiation skill
- Good personality and friendly

4. Product and operating Department (1 position)

Task
144

- Look after all process of product


- Look after for material buying
- Train the bakery maker
- Develop the products to company
Characteristic

- Male/ Female, age 23-30


- Bachelor degree in food science or related
- Good in making bakery
- Good in negotiation skill
- Friendly

5. Bakery maker and staff (3 positions)

Task

- Make the bakery


- Welcome the customer
- Calculate
- Clean the café
Characteristic

- Male/ Female, age 18-25


- High school or vocational certificate up
- Good in making bakery
- Good personality
- Friendly and concentrate in job

5. Public relation and customer service (1 position)

Task
145

- Promote the shop in public


- Design the theme of shop and shop’s events
- Contact with sponsor and customers
- Take care customers
Characteristic

- Male/ Female, age 23-28


- Bachelor degree in public relation or related
- Good at computer skill and English skill
- Good personality and negotiation
- Friendly and concentrate in job

4.4.3. Administration Cost

1. Employee Salary

Wage rate for our organization

-Manager 1 person 2,000 baht.

-Accounting and finance department 1 person 2,000 baht.

-Sale and Marketing department 1 person 2,000 baht.

-Product and operating department 1 person 2,000 baht.

-Public relation and customer service 1 person 2,000 baht.

Employee 3persons (3x5,935) 17,805 baht.

Total salary expense/month 27,805baht.

*Employee was calculated base on the minimum rate (157+9) plus overtime.

(Chiangraicenter 2011)

2. Rental Fee.

The building that we will rent, there is the 1 floor. About size in the building is 8 x 15
meters and the high have 2 size, the first size is 4 meter for high and the second size is a 2 meters
for high.
146

From the rental fee we have make contract agreement to rent the building on year per
year by we must prepayment rental fee 100,000 baht of deposit and we will get the money for
prepare when we end the business. We will pay the rental fee in every February. So, for the first
beginning we must pay the rental fee is 300,000 per year and prepayment on the beginning
100,000 bath. The total of rental fee on beginning is 300,000+100,000 = 400,000 baht.

3. Stationary Expense

No Description No. Product Price/Unit Total

1 Max 2 60 120

2 Staple Max 1 65 65

3 Punch Machine 1 320 320

4 Scissors 5 70 350

5 Bill Spit 5 12 60

6 Pencil 10 5 50

7 Eraser 10 3 30

8 Pen 10 5 50

9 Liquid Paper 5 50 250

10 Scotch tape 5 28 140

11 Plug 5 250 1,250

12 Knife 5 65 325

13 Tablet 50 25 1,250

14 Plastic glass 50 18 900

15 Jar 5 414 2,070

16 Modern Clock 1 1,200 1,200

17 Modern Clock 1 1,350 1,350

18 Picture 4 1,200 4,800

19 Tissue Paper 50 5 250


147

20 Napkin 10 27 270

21 Liquid Soap 20 65 1300

22 Doormat 10 199 1,990

23 Light 4 110 440

Total 18,830

4. Electric Expense3984

For electricity expense of administration 1981.64 baht

Remark: Used the power is 521.768 units

For electricity expense of operation 2403.19 baht

Remark: Used the power is 622.696 units

Estimate total of electricity 1,144.464 unit 4,384.83 baht

5. Water Expense

Forecast use the water 25 cu.m/month x 15.45 baht 387 baht

General Service 30 baht


148

Vat 7 % 27.0375 baht

Total water expense/month 445 baht

 
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Cum./month Connection Official and Small Business State Enterprise,Industrial and large Business
(@8I/?@.A.) Z\86^_/?U\9 (@8I/?@.A.) Z\86^_/?U\9 (@8I/?@.A.) Z\86^_/?U\9
baht/cum. satang/litre baht/cum. satang/litre baht/cum. satang/litre
(#$% &'()'*+,'-&.-'/$*+ %0,' 50 1'2) (#$%&'()'*+,'-&.-'/$*+ %0,' 100 1'2) (#$% &'()'*+,'-&.-'/$*+ %0,' 200 1'2)
Low Level Rate 50 Baht Low Level Rate 100 Baht Low Level Rate 200 Baht
0 - 10 10.20 1.020 11.45 1.145 12.50 1.250

11 - 20 10.95 1.095 14.20 1.420 15.50 1.550

21 - 30 13.20 1.320 15.45 1.545 18.50 1.850

31 - 50 15.20 1.520 16.45 1.645 21.50 2.150

51 - 80 16.45 1.645 16.85 1.685 23.50 2.350

81 - 100 16.95 1.695 16.95 1.695 23.75 2.375

101 - 300 - - 17.05 1.705 24.00 2.400

301 - 1,000 - - 17.15 1.715 24.25 2.425

1,001 - 2,000 - - 17.25 1.725 24.00 2.400

2001 - 3,000 - - 17.35 1.735 23.75 2.375

>3,000 - - 17.45 1.745 23.50

(Autority 2010)

6. Internet and telephone expense/month

Internet expense 600 Baht

*Remake: 400 hr/month


149

Telephone expense 600 Baht

*Remark: 1 baht/3 minutes in the local and the domestic long distance and mobile phone
following the rate of domestic long distance.

Total 1,200 Baht.

(TOT 2010)

7. Television Expense

True Vision 340 Baht

*Remark: There are 56 channels

Total 340 Baht

(TruePartner 2011)

Explanation Administration Cost

-Employee Salary

In the Cherbet House, the total employee salary has 8 persons. It’s about
27,805 baht. It is a fixed cost that we will pay in every month. We set the rate wage for manager
in each department is 2,000 baht per person because each manager has not doing every day. But
the employees do normally work.

-Rental Fee

Our rental fee we must pay in term of one year, it is a fixed cost. We must pay the
rental fee on February of every year about 300,000 baht per year. (and for the deposit on
beginning is 100,000 baht)
150

-Stationary Expense

We don’t have to purchase equipment in the office every month because some
stationary equipment less much of using such as max, pen, paper etc. The total of stationary
expense is 18,830 baht. We will purchase stationary equipment every 4 month.

-Electricity Expense

We separate the electricity expense two types; there are the electricity expense of
Administration and electricity expense of Operation. Our electricity Expense use change follows
the season such as on the summer we have more electricity expense because we must open the
air conditioner more than other season. But the winter and rain open the air conditioner less than
summer but we will open the light more. Sometime we will close the air conditioner and light for
save the cost. Total electricity expense is 4,384.83 baht.

Year 2011, it is the first year that we open the shop, so our total in this year total
electricity expense may more than the next years.

Year 2012 to 2015, in these years we want to reduce total electricity expense less
than the first year but not too much because we want to same standard in every year.
Electricity expense of operation

The first 150 units (1-150) = 1.8047 baht per unit = 270.705 baht
250 next unit (151-400) = 2.7781 baht per unit = 694.525 baht
over 400 unit (401-&) 2.9780 baht per unit = used 222.696 unit = 663.19 baht

This show the electricity equipment for first 3 items use the most electricity expense.

The first is Refrigerator Green used the power electricity 48.08 %

The second is Refrigerator used the power electricity 37.31 %

And the third is electric pan used the power electricity 14.61%

other percent = -0 %

If we close the Refrigerator Green on 1 hour we can save cost 48.14 baht

Electricity expense of administration

The first 150 units (1-150) = 1.8047 baht per unit = 270.705 baht
250 next unit (151-400) = 2.7781 baht per unit = 694.525 baht
over 400 unit (401-&) 2.9780 baht per unit = used 121.768 unit = 362.63 baht

This show the electricity equipment for first 3 items use the most electricity expense.

The first is Air condition Green has the power electricity 60.39 %

The second is Refrigerator Green has the power electricity 20.03 %


151

-Water Expense

Our water expense use for the toilet and wash the equipment in the shop. The estimate
total water expense is 445 baht per month.

-Internet and telephone Expense

Our internet and telephone expense, we use the internet on Wi-Fi.

Year 2011, it is a first year that we open the shop. So, our total internet and telephone
expense are paying more because we must connect with the supplier for understand the order the
equipment, product, etc.

Year 2012 it is a second year for our shop, the total internet and telephone expense may
be paying less than the first year because we connected with supplier for business, it is easy to
understand between both.

Year 2013, we have the experience from the before two year. We try to reduce the
telephone expense by use the internet more than such as when we purchase the product we will
purchase on e-mail instead used the telephone.

Year 2014 to 2015, we expect to reduce total internet and telephone expense more than
three years before because we connected with the supplier more than two year. It‘s easy the
negotiation and understand between both.

-Television Expense

Our shop has the True vision, there are 56 channels is 340 baht by free for setting. Total
television expense is 340 baht per month.
152

-Fire Insurance

BANN VRMITTARE INSURANCE

We do agreement fire insurance with Bann VRmittare insurance by limits protection is


1,000,000 baht and insurance rate is 8 baht per day, total is 8 x 30 day = 240 baht per month.
This insurance make one time, we can get to protection the robbery, too.

(VRmittare, VRmittare 2010)

Employee Motivation

We concern about the employee to work happily and satisfaction to work. We get the
intangible reward to employees when they do something to good of work or do the customer’s
satisfy. We get the appreciation for employees, teaching job for employees when they don’t
understand something when they work, development employee’s weakness such as there are a
foreign customer some employee don’t speak English, we will sending the employees to training
for get more knowledge and send to training get more about the detail of work. And we will talk
with the employees and inquire happiness and sorrow of employee that we collectively
recognition. All of above get the meaning to us take care about the feeling and behavior of
employees.

And the tangible reward, the first, we may be give the bonus when become to anniversary
of shop and second the normally, the employee provide excellent performance to the customers
and the customers are satisfy, too. The second the employees may get the bonus or not, it
depends on the performance of employees. We plan give the bonus 1,000 baht per person and per
times.

So both the tangible and intangible reward is a factor of employee motivates to work
willingly and satisfy in the shop.

Total employee motivation expense per year is 3,000 baht by not include the bonus from
employees performance.
153

Employee Shirt.

The Cherbet House makes the employee Shirt for 3 persons. We will make every 2 year it
is the first year, third year and fifth year by each person must have at least 2 pieces. Total
employee shirt is 6 pieces for first year. The cost for shirt is 200 baht per piece. So, the total cost
for make the shirt is 1,200 baht per each time.

On the shirt we design the logo on the shirt because when the customer come to shop or
the employee go out door, the customer can see our logo and our company name. it may result to
the customer can remember to Cherbet House.

Modern ac shirt shop, this is produces our employee shirt.

Address: 765/15, King Meng Rai the great Monument junction, the way go to sport
central filed, Nong bauo road, Weang distric, Chiang Rai 57000.

Email : modern_act1@hotmail.com
Telephone : 053-712395

Fax : 053-742699
154

Administration Cost
Year 2011

No. Description Base Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Employee salary 10,000 0 5,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2 Rental fee 300,000 0 400,000 0 0 0 0 0 0 0 0 0 0

3 Stationary expense 18,830 0 18,830 0 0 0 9,415 0 0 0 9,415 0 0

4 Electricity expense 0 1,100 2,200 2,200 2,400 2,100 2,200 2,000 2,000 2,100 1,990 2,000

5 Water expense 0 223 445 450 450 445 450 445 440 430 430 430

6 Internet and telephone expense 0 900 1,200 1,200 1,100 1,200 1,050 1,100 1,200 1,050 1,050 1,200

7 Television expense 340 0 340 340 340 340 340 340 340 340 340 340 340

8 Fire insurance 240 0 112 248 240 248 240 248 248 240 248 240 248

10 Employee shirt expense 1,200 0 1,200 0 0 0 0 0 0 0 0 0 0

Total
427,705 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 589,338

Year 2012

No. Description Base Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Employee salary 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2 Rental fee 300,000 0 300,000 0 0 0 0 0 0 0 0 0 0

3 Stationary expense 18,830 0 9,415 0 0 0 9,415 0 0 0 9,415 0 0

4 Electricity expense 1,990 2,300 2,200 2,400 2,200 2,000 2,000 2,100 2,000 1,990 1,990 1,990

5 Water expense 445 500 440 445 450 430 445 445 445 420 420 425

6 Internet and telephone expense 1100 1,200 1,000 980 1,100 1,200 1,200 1,200 1,000 1,100 1,200 1,200

7 Television expense 340 340 340 340 340 340 340 340 340 340 340 340 340

8 Fire insurance 240 248 232 248 240 248 240 248 248 240 248 240 248

9 Motivation expense 3,000 0 3,000 0 0 0 0 0 0 0 0 0 0

Total
14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203
155

Year 2013

No. Description Base Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Employee salary 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2 Rental fee 300,000 0 300,000 0 0 0 0 0 0 0 0 0 0

3 Stationary expense 18,830 0 9,415 0 0 0 9,415 0 0 0 9,415 0 0

4 Electricity expense 2,000 2,400 2,200 2,400 2,100 2,000 2,000 2,000 1,990 1,990 2,000 2,000

5 Water expense 440 460 445 460 450 440 445 445 445 450 420 425

6 Internet and telephone expense 1,100 1,100 1,150 1,000 1,200 1,150 1,100 1,000 990 1,000 1,200 1,150

7 Television expense 340 340 340 340 340 340 340 340 340 340 340 340 340

8 Fire insurance 240 248 224 248 240 248 240 248 248 240 248 240 248

9 Motivation expense 3,000 0 3,000 0 0 0 0 0 0 0 0 0 0

10 Employee shirt expense 1,200 0 1,200 0 0 0 0 0 0 0 0 0 0

Total
14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990

Year 2014

No. Description Base Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Employee salary 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2 Rental fee 300,000 0 300,000 0 0 0 0 0 0 0 0 0 0

3 Stationary expense 18,830 0 9,415 0 0 0 9,415 0 0 0 9,415 0 0

4 Electricity expense 2,000 2,300 2,100 2,400 2,300 2,200 2,000 2,100 2,000 1,990 1,990 2,100

5 Water expense 410 445 440 450 420 445 445 450 420 420 445 420

6 Internet and telephone expense 1,000 1,200 1,100 980 980 1,000 1,100 1,150 980 980 990 1,150

7 Television expense 340 340 340 340 340 340 340 340 340 340 340 340 340

8 Fire insurance 240 248 224 248 240 248 240 248 248 240 248 240 248

9 Motivation expense 3,000 0 3,000 0 0 0 0 0 0 0 0 0 0

Total
13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545
156

Year 2015

No. Description Base Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Employee salary 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2 Rental fee 300,000 0 300,000 0 0 0 0 0 0 0 0 0 0

3 Stationary expense 18,830 0 9,415 0 0 0 9,415 0 0 0 9,415 0 0

4 Electricity expense 2,100 2,400 2,300 2,400 2,400 2,200 2,100 2,000 1,990 2,000 2,100 1,990

5 Water expense 445 450 455 460 445 455 440 445 430 420 420 435

6 Internet and telephone expense 1200 1,200 1,000 980 980 1,000 1,150 980 980 1,200 1,100 1,100

7 Television expense 340 340 340 340 340 340 340 340 340 340 340 340 340

8 Fire insurance 240 248 224 248 240 248 240 248 248 240 248 240 248

9 Motivation expense 3,000 0 3,000 0 0 0 0 0 0 0 0 0 0

10 Employee shirt expense 1,200 0 1,200 0 0 0 0 0 0 0 0 0 0

Total
14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595
157

4.5 Technical Feasibility Conclusion


Sherbets House provide modern bakery product which doing order to make. There is 9
differentiate styles with the main in each menus consist of bread, ice cream and fruits with the
rate of price is 4 menus for 95 baht, 3 menus for 85 baht and 2 menus for 75 baht. Our shop
opens 10.00 – 23.00 every day except Wednesday.

Our location is located in the heart of economic area of Chiang Rai in the Nigh Bazaar zone.
About our flow of logistic, it doesn’t difficult because almost of raw material we can easy find
buy ourselves, but just two of bread and ice cream that we have to particular concern because it
have to be good test for the customer satisfaction.

According to the facility layout, we have set the pattern as our positioning which like the studio
and have a great atmosphere with our target group want. We also provide the service like free
Wi-Fi inside and created the entertainment by having true vision and classic music providing
which depend on our customer like.

Also, the decoration will be modern and classic style in each corner. So, it may lots of Cost of
investment when plus with other cost like all of pre-investment cost, machine/equipment/tools,
operation cost and administration cost. Thus, it leads to 1,200,000 baht for needed to investment.
However, we will borrow this amount for outside sector because we doesn’t have the assets to
guarantee when borrow with the bank. Therefore, in this amount we will give more interest to
whom giving us loan the money about 8% and also faster repayment the principle within 5 years.
158

Chapter 5

Financial Statements

5.1 Statement of Income


159

Cherbet House
Income Statement
For the year ending December, 31 2011

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenues

Sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labor cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Gross income 49,833 130,603 151,681 149,968 149,440 152,491 153,452 155,189 133,759 177,218 204,487 1,608,121

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative - 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

-
Income before interest and - -
tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 180,140 930,582

Interest expense 8% - - - - - - - - - - - 96,000 96,000


Income [Loss] before - -
income tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 84,140 834,582
Provision [benefit] for - -
income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375
Net income [Loss] for the - -
year 9,210 243,782 73,967 88,724 87,449 80,638 89,390 90,171 91,326 69,771 106,865 58,898 584,207
- - - - -
Retained Earnings 9,210 252,992 179,025 90,301 2,852 77,786 167,176 257,347 348,673 418,444 525,309 584,207 584,207
160

Cherbet House
Income Statement
For the year ending Decembe, 31 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Gross income 175,691 149,918 138,136 160,282 158,476 157,916 161,132 162,131 163,960 141,463 187,081 215,725 1,971,911

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904

-
-
Income before interest and tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 191,393 1,344,007

Interest expense 8% - - - - - - - - - - - 76,000 76,000


-
Income [Loss] before income tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 115,393 1,268,007
-
Provision [benefit] for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402
-
Net income [Loss] for the year 103,888 129,470 79,383 94,762 93,544 86,652 95,477 96,107 97,602 75,213 113,671 80,775 887,605

Retained Earnings 688,095 558,625 638,009 732,770 826,315 912,966 1,008,443 1,104,550 1,202,153 1,277,366 1,391,037 1,471,812 887,605

Cherbet House
161

Income Statement
For the year ending Decembe, 31 2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Gross income 195,278 166,930 153,969 178,330 176,344 175,728 179,266 180,365 182,377 157,630 207,809 239,318 2,193,344

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691

-
-
Income before interest and tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 215,026 1,564,653

Interest expense 8% - - - - - - - - - - - 56,000 56,000


Income [Loss] before income -
tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 159,026 1,508,653
Provision [benefit] for income -
tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596
-
Net income [Loss] for the year 117,595 118,368 90,358 107,371 106,052 99,148 108,241 109,080 110,508 86,579 128,174 111,318 1,056,057

Retained Earnings 1,589,407 1,471,039 1,561,397 1,668,769 1,774,821 1,873,969 1,982,209 2,091,290 2,201,798 2,288,377 2,416,551 2,527,869 1,056,057
162

Cherbet House
Income Statement
For the year ending Decembe, 31 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Gross income 227,601 195,001 180,096 208,111 205,827 205,120 209,187 210,451 212,765 184,306 242,011 278,247 2,558,723

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937
General and
Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246

-
Income before interest -
and tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 253,860 1,931,477

Interest expense 8% - - - - - - - - - - - 36,000 36,000


Income [Loss] before -
income tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 217,860 1,895,477
Provision [benefit] for -
income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643
Net income [Loss] for -
the year 140,312 97,868 108,756 128,239 126,725 119,684 129,185 129,962 131,797 105,287 152,252 152,502 1,326,834

Retained Earnings 2,668,181 2,570,314 2,679,069 2,807,308 2,934,034 3,053,717 3,182,903 3,312,865 3,444,662 3,549,949 3,702,201 3,854,703 1,326,834
163

Cherbet House
Income Statement
For the year ending Decembe, 31 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Gross income 277,163 238,043 220,157 253,776 251,034 250,185 255,065 256,583 259,359 225,209 294,456 337,938 3,118,968

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937
General and
Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296

-
Income before interest -
and tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 313,696 2,489,672

Interest expense 8% - - - - - - - - - - - 16,000 16,000


Income [Loss] before -
income tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 297,696 2,473,672
Provision [benefit] for -
income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102
Net income [Loss] for -
the year 174,771 68,652 136,718 160,197 158,283 151,222 161,199 162,447 164,413 133,758 188,827 208,387 1,731,571

Retained Earnings 4,029,474 3,960,822 4,097,540 4,257,737 4,416,020 4,567,242 4,728,441 4,890,888 5,055,302 5,189,060 5,377,887 5,586,274 1,731,571
164

5.2 Statement of Cash Flow


Cherbet House Company Limited
Statement of Cash Flow
For the year ended December,31 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539
- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
Net cash flow from opreating - -
activity 3,563 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 160,545 747,971

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating 83,106 83,106
Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 677,592 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 185,455 1,083,126

Beginning cash 0 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 0

Ending cash 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,083,126 1,083,126
165

Cherbet House Company Limited


Statement of Cash Flow
For the year ended December,31 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904

Cash paid for income tax 44,523 - 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
Net cash flow from opreating
activity 109,535 - 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 162,422 1,031,369

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

Net increase / decrease in cash 109,535 - 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 - 163,578 705,369

Beginning cash 1,083,126 1,192,661 1,068,838 1,153,869 1,254,278 1,353,469 1,445,768 1,546,891 1,648,645 1,751,895 1,832,755 1,952,073 1,083,126
-
Ending cash 1,192,661 1,068,838 1,153,869 1,254,278 1,353,469 1,445,768 1,546,891 1,648,645 1,751,895 1,832,755 1,952,073 1,788,495 377,758
166

Cherbet House Company Limited


Statement of Cash Flow
For the year ended December,31 2013

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128
Cash paid
Cash paid for cost of
goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020
Cash paid for operating
expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from -
opreating activity 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 172,965 1,179,821

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000


Total cash paid 306000 306000
Net cash flow from
financing activity -306000 -306000

Net increase / decrease in - -


cash 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 133,035 873,821

Beginning cash 1,788,495 1,911,737 1,799,016 1,895,021 2,008,040 2,119,739 2,224,534 2,338,422 2,453,149 2,569,304 2,661,530 2,795,351 1,788,495
167

Cherbet House Company Limited

Statement of Cash Flow


For the year ended December,31 2014

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 3,466,436

Cash paid

Cash paid for cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Cash paid for operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 2,035,838
Net cash flow from opreating -
activity 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 194,149 1,430,598

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from financing
activity -286000 -286000

- -
Net increase / decrease in cash 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 91,851 1,144,598

Beginning cash 2,662,316 2,808,275 2,716,055 2,830,457 2,964,343 3,096,716 3,222,046 3,356,879 3,492,488 3,629,932 3,740,866 3,898,765 2,662,316
-
Ending cash 2,808,275 2,716,055 2,830,457 2,964,343 3,096,716 3,222,046 3,356,879 3,492,488 3,629,932 3,740,866 3,898,765 3,806,914 1,517,718
168

Cherbet House Company Limited

Statement of Cash Flow


For the year ended December,31 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid

Cash paid for cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Cash paid for operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 230,034 1,815,335

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from financing
activity -216000 -216000

-
Net increase / decrease in cash 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 14,034 1,599,335

Beginning cash 3,806,914 3,987,332 3,924,327 4,066,692 4,232,536 4,396,466 4,553,336 4,720,181 4,888,275 5,058,336 5,197,741 5,392,215 3,806,914
-
Ending cash 3,987,332 3,924,327 4,066,692 4,232,536 4,396,466 4,553,336 4,720,181 4,888,275 5,058,336 5,197,741 5,392,215 5,406,249 2,207,580
169

5.3 Statement of Balance Sheet


Cherbet House Company Limited
Statement of Balance Sheet
For the year ended December,31 2011

jan feb mar apr may jun jul aug sep oct nov dec

Asset

Current asset

Cash 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,083,126

Total current asset 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,083,126

Fixed Asset

Operating and admin fixed asset 513,198 507,551 501,904 496,257 490,610 484,963 479,316 473,669 468,022 462,375 456,728 451,081

Total fixed asset 513,198 507,551 501,904 496,257 490,610 484,963 479,316 473,669 468,022 462,375 456,728 451,081

Total asset 1,190,790 947,008 1,020,975 1,109,699 1,197,148 1,277,786 1,367,176 1,457,347 1,548,674 1,618,444 1,725,310 1,534,207

Liability and Equity

Liability

Long term note payable 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 950000

Other 0 0 0 0 0 0 0 0 0 0 0 0

Total Liability 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 1200000 950000

Equity
-
Retain earning 9,210 - 252,992 - 179,025 - 90,301 - 2,852 77,786 167,176 257,347 348,673 418,444 525,309 584,207

Owner equity 0 0 0 0 0 0 0 0 0 0 0 0
-
Total equity 9,210 - 252,992 - 179,025 - 90,301 - 2,852 77,786 167,176 257,347 348,673 418,444 525,309 584,207

Total Liability and Equity 1,190,790 947,008 1,020,975 1,109,699 1,197,148 1,277,786 1,367,176 1,457,347 1,548,673 1,618,444 1,725,309 1,534,207

ROI = Net Income


Capital investment

584,207
1,534,207

0.38078779
~ 38.0787794 %
170

Cherbet House Company Limited


Statement of Balance Sheet
For the year ended December,31 2012

jan feb mar apr may jun jul aug sep oct nov dec

Asset

Current asset

Cash 1,192,661 1,068,838 1,153,869 1,254,278 1,353,469 1,445,768 1,546,891 1,648,645 1,751,895 1,832,755 1,952,073 1,788,495

Total current asset 1,192,661 1,068,838 1,153,869 1,254,278 1,353,469 1,445,768 1,546,891 1,648,645 1,751,895 1,832,755 1,952,073 1,788,495

Fixed Asset

Operating and admin fixed asset 445,434 439,787 434,140 428,493 422,846 417,199 411,552 405,905 400,258 394,611 388,964 383,317

Total fixed asset 445,434 439,787 434,140 428,493 422,846 417,199 411,552 405,905 400,258 394,611 388,964 383,317

Total asset 1,638,095 1,508,625 1,588,009 1,682,771 1,776,315 1,862,967 1,958,443 2,054,550 2,152,153 2,227,366 2,341,037 2,171,812

Liability and Equity

Liability

Long term note payable 950000 950000 950000 950000 950000 950000 950000 950000 950000 950000 950000 700000

Other 0 0 0 0 0 0 0 0 0 0 0 0

Total Liability 950000 950000 950000 950000 950000 950000 950000 950000 950000 950000 950000 700000

Equity

Retain earning 688,095 558,625 638,009 732,770 826,315 912,966 1,008,443 1,104,550 1,202,153 1,277,366 1,391,037 1,471,812

Owner equity 0 0 0 0 0 0 0 0 0 0 0 0

Total equity 688,095 558,625 638,009 732,770 826,315 912,966 1,008,443 1,104,550 1,202,153 1,277,366 1,391,037 1,471,812

Total Liability and Equity 1,638,095 1,508,625 1,588,009 1,682,770 1,776,315 1,862,966 1,958,443 2,054,550 2,152,153 2,227,366 2,341,037 2,171,812

ROI = Net Income


Capital investment

887,605
2,171,812

0.40869318
~ 40.8693175 %
171

Cherbet House Company Limited


Statement of Balance Sheet
For the year ended December,31 2013

jan feb mar apr may jun jul aug sep oct nov dec

Asset

Current asset

Cash 1,911,737 1,799,016 1,895,021 2,008,040 2,119,739 2,224,534 2,338,422 2,453,149 2,569,304 2,661,530 2,795,351 2,662,316

Total current asset 1,911,737 1,799,016 1,895,021 2,008,040 2,119,739 2,224,534 2,338,422 2,453,149 2,569,304 2,661,530 2,795,351 2,662,316

Fixed Asset
Operating and admin fixed
asset 377,670 372,023 366,376 360,729 355,082 349,435 343,788 338,141 332,494 326,847 321,200 315,553

Total fixed asset 377,670 372,023 366,376 360,729 355,082 349,435 343,788 338,141 332,494 326,847 321,200 315,553

Total asset 2,289,407 2,171,039 2,261,397 2,368,769 2,474,821 2,573,969 2,682,210 2,791,290 2,901,798 2,988,377 3,116,551 2,977,869

Liability and Equity

Liability

Long term note payable 700000 700000 700000 700000 700000 700000 700000 700000 700000 700000 700000 450000

Other 0 0 0 0 0 0 0 0 0 0 0 0

Total Liability 700000 700000 700000 700000 700000 700000 700000 700000 700000 700000 700000 450000

Equity

Retain earning 1,589,407 1,471,039 1,561,397 1,668,769 1,774,821 1,873,969 1,982,209 2,091,290 2,201,798 2,288,377 2,416,551 2,527,869

Owner equity 0 0 0 0 0 0 0 0 0 0 0 0

Total equity 1,589,407 1,471,039 1,561,397 1,668,769 1,774,821 1,873,969 1,982,209 2,091,290 2,201,798 2,288,377 2,416,551 2,527,869

Total Liability and Equity 2,289,407 2,171,039 2,261,397 2,368,769 2,474,821 2,573,969 2,682,209 2,791,290 2,901,798 2,988,377 3,116,551 2,977,869

ROI = Net Income


Capital investment

1,056,057
2,977,869

0.35463512
~ 35.4635117 %
172

Cherbet House Company Limited


Statement of Balance Sheet
For the year ended December,31 2014

jan feb mar apr may jun jul aug sep oct nov dec

Asset

Current asset

Cash 2,808,275 2,716,055 2,830,457 2,964,343 3,096,716 3,222,046 3,356,879 3,492,488 3,629,932 3,740,866 3,898,765 3,806,914

Total current asset 2,808,275 2,716,055 2,830,457 2,964,343 3,096,716 3,222,046 3,356,879 3,492,488 3,629,932 3,740,866 3,898,765 3,806,914

Fixed Asset

Operating and admin fixed asset 309,906 304,259 298,612 292,965 287,318 281,671 276,024 270,377 264,730 259,083 253,436 247,789

Total fixed asset 309,906 304,259 298,612 292,965 287,318 281,671 276,024 270,377 264,730 259,083 253,436 247,789

Total asset 3,118,181 3,020,314 3,129,069 3,257,308 3,384,034 3,503,717 3,632,903 3,762,865 3,894,662 3,999,949 4,152,201 4,054,703

Liability and Equity

Liability

Long term note payable 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000 200000

Other 0 0 0 0 0 0 0 0 0 0 0 0

Total Liability 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000 450000 200000

Equity

Retain earning 2,668,181 2,570,314 2,679,069 2,807,308 2,934,034 3,053,717 3,182,903 3,312,865 3,444,662 3,549,949 3,702,201 3,854,703

Owner equity 0 0 0 0 0 0 0 0 0 0 0 0

Total equity 2,668,181 2,570,314 2,679,069 2,807,308 2,934,034 3,053,717 3,182,903 3,312,865 3,444,662 3,549,949 3,702,201 3,854,703

Total Liability and Equity 3,118,181 3,020,314 3,129,069 3,257,308 3,384,034 3,503,717 3,632,903 3,762,865 3,894,662 3,999,949 4,152,201 4,054,703

ROI = Net Income


Capital investment

1,326,834
4,054,703

0.32723337
~ 32.7233374 %
173

Cherbet House Company Limited


Statement of Balance Sheet
For the year ended December,31 2015

jan feb mar apr may jun jul aug sep oct nov dec

Asset

Current asset

Cash 3,987,332 3,924,327 4,066,692 4,232,536 4,396,466 4,553,336 4,720,181 4,888,275 5,058,336 5,197,741 5,392,215 5,406,249

Total current asset 3,987,332 3,924,327 4,066,692 4,232,536 4,396,466 4,553,336 4,720,181 4,888,275 5,058,336 5,197,741 5,392,215 5,406,249

Fixed Asset

Operating and admin fixed asset 242,142 236,495 230,848 225,201 219,554 213,907 208,260 202,613 196,966 191,319 185,672 180,025

Total fixed asset 242,142 236,495 230,848 225,201 219,554 213,907 208,260 202,613 196,966 191,319 185,672 180,025

Total asset 4,229,474 4,160,822 4,297,540 4,457,737 4,616,020 4,767,243 4,928,441 5,090,888 5,255,302 5,389,060 5,577,887 5,586,274

Liability and Equity

Liability

Long term note payable 200000 200000 200000 200000 200000 200000 200000 200000 200000 200000 200000 0

Other 0 0 0 0 0 0 0 0 0 0 0 0

Total Liability 200000 200000 200000 200000 200000 200000 200000 200000 200000 200000 200000 0

Equity

Retain earning 4,029,474 3,960,822 4,097,540 4,257,737 4,416,020 4,567,242 4,728,441 4,890,888 5,055,302 5,189,060 5,377,887 5,586,274

Owner equity 0 0 0 0 0 0 0 0 0 0 0 0

Total equity 4,029,474 3,960,822 4,097,540 4,257,737 4,416,020 4,567,242 4,728,441 4,890,888 5,055,302 5,189,060 5,377,887 5,586,274

Total Liability and Equity 4,229,474 4,160,822 4,297,540 4,457,737 4,616,020 4,767,242 4,928,441 5,090,888 5,255,302 5,389,060 5,577,887 5,586,274

ROI = Net Income


Capital investment

1,731,571
5,586,274

0.30996881
~ 30.996881 %

Payback Period = 1.17 Years

NPV = 03031096.31
174

5.4 Conclusion

From all these statement, we can conclude that Cherbet House status is positive in
Financial management according to we analyze through Return On Investment (ROI), Net
Present Value (NPV) and Payback Period. These tools can help to tall the investors or inside and
outside sectors that the project chooses are accepted or rejected. So, being analysis at the first
one is Payback Period that measure how long does it take to be return on investment. The
number showed that 1.17 years it means too sorter return on investment. Next is NPV, showed
that positive sign or more than zero it means this project should be accepted. The last one is ROI,
form year 1 to year 5 it showed that 38.08%, 40.87%, 35.46%, 32.72% and 31%. These numbers
can better tell the efficiency on investment.
This part of analysis can make sure the proposition financial status tend to be
great way of doing this type of business.
175

Chapter 6

Risk Management
176

6.1 Risk Analysis


The future is uncertainty. All businesses can be faced with risk all the time. So, we have
to prepare the worst case scenario both external and external risks. It can happen both when the
environment effect to the company and/or the business can not operate well inside.

6.1.1 External risk

External risk means the outside risks of company that affect the company and the
company can not control it. They are from economic, technology, social and competitors;
however the company can find the solution to reduce and resolve these problems. The external
risks for Cherbet House are below:

1. Changing in Technology

Nowadays, there are many technology devices which used in a Bakery cafe to making the
operator convenient, quick and easy to make it bakery. Technology tends to play the importance
rule when doing Bakery café and changing to better one all the time.

Solution

For this risk, Cherbet House needs to analysis the machine and find the most appropriate
machine to use in Cherbet House. After analysis Cherbet House need to change some technology
devices that appropriate with our products and cost in order to gain the competitive advantage.

2. Changing in Trends in term of declined trend

Nowadays, there are many fashion of desert and bakery is coming to Thailand and Thais
love to try the new things and more elements such as boring, trend out, changing in life style etc.
So this is the direct effect to Cherbet House for our sale and income.
177

Solution

For this risk, Cherbet House have to use the marketing strategy to analysis customer’s
trend, what kind of bakery that the customer prefer now, then when we found that we change
style of bakery to follow that trend and change or adapt style of Cherbet House such as interior
decoration, promotion, advertise to attract the customers.

3. The Economic Condition

This problem is very importance for Thailand and all business effect both of customer
and owner because it’s effect to power buying for customer and cost of the business. If the
economic going to bad that’s will effect to Cherbet House directly.

Solution

For this risk, Cherbet House has to take risk management in two ways. First for the sale,
we will make the promotion to attract the customer such as reduce the price, give the gift to
customers. Second for the cost, Cherbet House have to analysis what the company have to
reduce but the business still survives. Then use the analysis to the guide when doing business.

4. The competitors

This problem is quite importance for Cherbet House because now Cheing Rai have many
Bakery cafés which are direct and in direct competitor. So they can get our customers to get high
market share. Moreover there are the new Café is going to open the shop so this is the problem
also.

Solution

For this risk, Cherbet House have to analysis the competitors to found their SWOT then
use Marketing strategy to fix the problem by use competitor advantage to compete with the
competitor and attract the customers such as create new products, promotion and advertisement.
178

6.1.2 Internal Risk

It is the risk that occurs within the organization which will affect to the business to get a
direct loss or affect on internal management such as; the loss that is from the operation, the loss
that is from the finance and the loss that from human resource etc.

1. The risk of operation time management

This type of risk of the operation that our shop has to make the dessert by order to order
so, we have to make the dessert follow the customer order that is home made bakery; do not keep
it. So, when make the dessert each menu use the time different some menu use long time to
make it. It makes loss time to make other menu. The shortage or spoil of raw material, impairing
of stock keeping can affect to the losing of the business as well.

Solution

Our shop determine how much dessert each time in order to manage time to make every
menu on time that follow customer order and in order to not to lose some menu from costumer
order. And our shop deal with suppler for send raw material on time for not late and for reduce
time to delivery.

2. The operation risk

Operation risks are risks that arise from an error in the operation in our shop. So our shop
can separate operation risks into three major characteristics include failure of work three are
Employees (Human Error), of the fraud (Fraud), and hindrance to the technical (Technical
Failure).
179

2.1 Human Error

In our shop have the error employee if employees that may be due to a lack of caution or
lack of knowledge. So, some effect of error could be difficult to resolve. Our shop is home make
bakery that is making by customers order therefore when employees make some may be mistake
or error on process. Our shop just only have three employees in our shop when have more
customer may be occur that slowly for service or serve so, it make customer feel dissatisfied. In
addition, result from low employee they will have to work everything together and some time
they have to rotate to work together. It makes tired and keep employees in the conflict.

Solution

Our shop has training the employee and to provide knowledge and understanding to the
process when make the dessert and our shop recruit the employee that have knowledge with
the ability to make dessert. Our shop have identify the responsibility, control and monitoring of
work with each responsibility of employee. In addition our shop has the manual operation or
process to make the dessert and guide problem-solving for the employee.

2.2 Employee Fraud

In our shop may be caused by deliberate action to damage by employees within an


organization or a third party. The employees of each position have duty to responsibility for
working. However, each employee should honest of their assignment. If there is employee frauds
which it affects to organization such as some occur our employee cooperate on fraud with
supplier by supplier provide the low quality of raw material and low cost then employee
corruption our shop.

Solution

Our shop has to concern about employee that what they want and return on equity our
shop not taken advantage of employee. So, our shop provide quarterly legislative updates
regarding identity theft as well as information breaches, to meet the demanding need for
awareness that may affect the our employee.
180

2.3 Technical Failure

Our shop has electronics equipment so, may be caused by electronics equipment in
failure the system those are Refrigerator Cake, Electric frying pan, and Freezer. When have
technical failure on electronics equipment through the device for causing material damage
because some raw material of dessert have to freezer all time or still in cold temperatures then
causing on process to make the dessert and make dessert low quality. If serious problem on
electronics equipment that are causing chain risk characteristics.

Solution

Our shop has equipped with enough electricity to power with short circuit protection and
power backup systems and our shop buy them from nice vendors serving good post-service that
they can check and fix very well if there is some problem generated and then follow-up. It is also
very good for having office equipments warrantee. We have to train all staff for using office
equipments together with maintenances in the right way and appropriate purposes to be more
long-lasting used.

3. The risk of desserts’ Taste

Our shop is differentiating in product form of bakery to be the modern bakery by mixing
with Bread, Ice cream and Fruits. So, it will get the new test of full-flavored. Differentiate in
style, it comes from beautiful Japanese and French look. But, our shop has to adapt the test of
dessert to appropriate the Thai people. In addition Thai people have different favor on test of
dessert someone favors on very sweet or little sweet. Our shop have four target that may be show
each target have different favor on test of dessert if our shop don’t adapt test of dessert are
delicious and appropriate that all target can eat and love it so, our shop can lose our customer
that effect on our shop.
181

Solution

Our shop also has a variety of fresh, clean and a flavor in raw material. So, that the
people are who have eating delicious dessert shop. Always our shop use a modify the materials
then make the dessert feel all that good taste and quality. Our shop wills exploration and
observation customer are when they ate finished and notice that customer often to come to our
shop or ask customer what taste that customer want then improve the taste of our shop. Our shop
has to concern what the customer want in order to attractive customer for good taste.

4. The risk of cost

Our shop used more and high quality raw material that sure cost of material is high so, if
our set higher price when buying at higher cost affecting sales may be decreased due to less
customer buying power. Sometime our cost depend on economic if the cost will be high then our
shop set high price that effect to demand of customer.

Solution

Our shop has to usually concern and check raw material in market price continuously to
benefit for our business. Our shop has to negotiate with suppler for contract on price and quality
of raw material that to attract benefit and quality our shop.
182

5. Financial Risk

Financial management is so significant. We have to think about the worst case scenarios
because no matter we have efficiency performance but the future situation is uncertainty like
increasing of interest rate, the price of materials tend to be high as a result our cost tend to be
high as well and our sale decrease according the trend or seasonal. So, we have to prepare and
think about it prior that
hat if these worst case scenarios happened we will lost or not and how much
it will lost. It can tell how much of risk which we will face to. Thus, the tools that help us
measure how much of risk is Payback period and Net present value (NPV).

Interest Rate Increase

If the Interest rate increase 2%, that will be 10%. So, the Payback Period will be 1.21 Year.

If the Interest rate increase 4%, that will be 12%. So, the Payback Period will be 1.25 Year.

If the Interest rate increase 6%, that will be 14%. So, the Payback Period will be 1.29 Year.

Payback Period / Year

1.3
1.2 Year
1.1
10% 12% 14%

Figure 6.1 Payback Period of Interest rate increase

10%. So, The NPV is 2742291.54.


If the Interest rate increase 2%, that will be 10% 2742291.54.

If the Interest rate increase 4%, that will be 12%. So, The NPV is 2477220.56.
2477220.56.

If the Interest rate increase 6%, that will be 14%. So, The NPV is 2233426.94.
2233426.94.
183

NPV

4000000

2000000 NPV
0
10% 12% 14%

Figure 6.2 Net Present Values of Interest rate increase

However, these interest rate increasing are not effect too much of our company. Including the
NPV is still positive sign. Thus, even though the interest rate increases so this case still should be
accepted.

Cost/Expense Increase

If the company cost increase 5%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow iis  1,020,181.

Year 2012, Net Cash Flow is  641,622

Year 2013, Net Cash Flow is  807,674.

Year 2014, Net Cash Flow is  1,074,627.

Year 2015, Net Cash Flow is  1,523,286.

So, the Payback Period will be 1.28 Year and NPV will be  2,762,462.

If the company cost increase 10%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow is  957,235.

Year 2012, Net Cash Flow is  577,876.

Year 2013, Net Cash Flow is  741,526.

Year 2014, Net Cash Flow is  1,004,655.

Year 2015, Net Cash Flow is  1,447,238.


184

So, the Payback Period will be 1.42 Year and NPV will be  2,493,828.

If the company cost increase 15


15%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow is  894,289.

Year 2012, Net Cash Flow is  514,130.

Year 2013, Net Cash Flow is  675,379.

Year 2014, Net Cash Flow is  934,684.

Year 2015, Net Cash Flow is  1,371,189.

So, the Payback Period will be 1.59 Year and NPV will be  2,225,195.

Payback Period / Year


2

1
Payback Period / Year
0
5% 10% 15%

Figure 6.3 Payback Period of Cost/Expenses increase

Therefore, if the cost/expense is increase dramatically, the payback period will be longer further.

NPV
3,000,000
2,000,000
1,000,000 NPV
0
5% 10% 15%

Figure 6.3 NPV of Cost/Expenses increase

The NPV is decreasing but that not much. It’s still the positive sign so this case should be
accepted.
185

Sale Decrease

If the company sale decreases 5%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow is  970,263.

Year 2012, Net Cash Flow is  571,034.

Year 2013, Net Cash Flow is  726,053.

Year 2014, Net Cash Flow is  974,665.

Year 2015, Net Cash Flow is  1,395,414.

So, the Payback Period will be 1.40 Year and NPV will be  2,430,429.

If the company sale decreases 10%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow is  857,400.

Year 2012, Net Cash Flow is  436,699.

Year 2013, Net Cash Flow is  578,285.

Year 2014, Net Cash Flow is  804,731.

Year 2015, Net Cash Flow is  1,191,494.

So, the Payback Period will be 1.78 Year and NPV will be  1,829,761.

If the company sale decreases 15%, it will affect company cash flow as follow:

Year 2011, Net Cash Flow is  744,537.

Year 2012, Net Cash Flow is  302,364.

Year 2013, Net Cash Flow is  430,516.

Year 2014, Net Cash Flow is  634,797.

Year 2015, Net Cash Flow is  987,574.

So, the Payback Period will be 2.36 Year and NPV will be  1,229,093.
186

Payback Period / Year


3
2
1 Payback Period / Year
0
5% 10% 15%

Figure 6.3 Payback Period of Sale Decrease

Thus, if the sale decreases dramatically, the payback period tends to be longer.

NPV
3,000,000
2,000,000
1,000,000 NPV
0
5% 10% 15%

Figure 6.3 NPV of Sale Decrease

However, the NPV are positive sign so, this case should be accepted as well.

6.2 Conclusion of Risk management


The future is uncertainty. All businesses can be faced with risk all the time. So, this
chapter we conclude both external and external risks. It can happen both when the
environment effect to the company and/or the business can not operate well inside. The
external risk is difficult to control like economic, politic, technology and especially social
trend with always changed. But however, the tthingshings which we chose do are always follow
up the news and can adept in each situation like change the obstacle to be an opportunity. In
the other hand, internal risk is we can control inside like human resource, operation
management. Additionally, the impoimportant
rtant one is financial risk like a interest rat increase or
cost/expense increase. However, we have prepared already that estimate how much will
effect to our company. So, the result shows that not much to effect with our company. The
payback period is not longer that much and the NPV in all cases above showed that each
worst case still should be accepted.
187

Chapter 7

Summary
188

7.1 Summary of Project Feasibility Study

We cannot deny that the trends of beauty are booming especially in Bangkok where the
heard leading trend of Thailand. It was influenced in many countries like and Western nations or
around Asia like and Korea and Japan. Regarding to bakery, it now becoming popular as well but
it was development a lot. As we have seen from now on there are the trend of modern bakery like
a mixing of Bread, Ice cream and Fruit become very popular. We can see the new form of this
kind of bakery in many shops in Bangkok for instate After you, Pancake Café etc., where a lot of
customers waiting queue so long. The development of this kind of bakery have influenced from
French and Japan. It emphasizes not just the test of bakery but also the beautiful designs are very
required. So, Chiang Rai is the target location when considerations to open this kind of bakery
shop because the trend are coming to as notice that there are a few shops opened there. Now it
has 4 directly shop. There are Le patite, Work at home café, Au Ho and Layla. It means that few
competitors if comparable with the other locations and additionally political, economical also
supported. Chiang Rai where is far away from the violation like the protestor protest in Bangkok
and Chiang Rai is the final destination for the tourist who are one part of our target group.
Moreover, Coffee shop have continuously been opened in Chiang Rai and bakery always come
along with them by itself but still show up on the original one like cakes. Thus, this is an
opportunity for us to making a development one and creates the difference of both product and
the atmosphere of the shop. So, the strategies which suitable to use with are Forward Integration
on Cooperate Level and Differentiation on Business function.

In term of marketing feasibility study, From general environment analysis next year the
situation of political will be better. In term of economic tend to be good by the expending of
GDP in next year. In sociality analysis, value is becoming influence in social group. When
starting interesting something in one group so, the other group will rapidly follow. Then when
we analysis it make we know how to do the promotion, what product we should to serve in the
market. Moreover, one thing which important is technology because it will facilitate when doing
business that now it always changed and development so, the entrepreneur have to follow and
adapt to suit with trend in order to gain the competitive advantage.
189

We are now having 4 direct competitors in Chiang Rai who doing bakery shop. That are
Work@home café, Layla, U-Ho and Le patit who located around downtown of Chiang Rai and
selling similarly product as our shop. Moreover there are 2 indirect competitors like Era127 and
Swensene where sale some kinds of desert like our bakery. We have analyzed product, price,
place and promotion and comparable about where is sale the highest price and the testy of
product, how they do the promotion and what their target group. From now on, Work@home
café is very good in product but they focus the foreigner to be the target group. So it make Le
Patit is the strengthen competitor for us now both of quality testy of product and price.

For customer analysis, we focus on the downtown in chiang rai first by focus on life styles or
behavior that he like or dislike about bakery. For competitive analysis, in Chiang Rai now there
have 4 competitors. It means there have high competitive also, so the company have to find the
strategy which can gain the completive advantage like making differentiate from other
competitors.

About our target group, we divided into 4 segmentations as such University student, High School
student, Tourist and Officer. In University student and High school student we classified by
Behavioral segmentation who are really like to eat bakery and also have power of purchasing.
But in Tourist and Officer we classified by Buyer readiness who have more of power of
purchasing.

Our positioning is clearly as studio of enjoyable eating beautiful testy bakery. The customer can
create social and using time of happiness in there.

Marketing mix, we have 9 types of product which provide different styles as the customer want
and creat value to the customer by get them involve by have one menu for the customer can do it
themselves. About Pricing, we set on Cose base pricing and also compare with competitors and
also think about the maximum rat the the customer willing to pay. So, we will not have sell
promotion. But tend to promote by using Pull strategy instead.

In the point of Sale Forecast, we estimate base on the sampling of population who are the
interviewee 200 people divided to University student 100 and School student 100.So, University
student who really like to eat bakery is 28% and School student who really like is 37%. And also,
The tourist target we forecast 5% base on face information and the officer who the last target
190

group we forecast 7% base on face information too. So, the forecast sale will get totally
2,257,265 Baht in the first year and it will increase 5%, 10 %, 15%, and 20% in the next 4 years
regularly.

The last one in marketing expense, it will different in each year because we will focus on the
special day promotion in each year. So, it depends on our each styles of promotion in each year.
So, the program and the expense have showed like above which on the February month will have
much of expense because it will be the grand opening of our shop and also have a valentine day
too.

Sherbets House provide modern bakery product which doing order to make. There is 9
differentiate styles with the main in each menus consist of bread, ice cream and fruits with the
rate of price is 4 menus for 95 baht, 3 menus for 85 baht and 2 menus for 75 baht. Our shop
opens 10.00 – 23.00 every day except Wednesday.

Our location is located in the heart of economic area of Chiang Rai in the Nigh Bazaar zone.
About our flow of logistic, it doesn’t difficult because almost of raw material we can easy find
buy ourselves, but just two of bread and ice cream that we have to particular concern because it
have to be good test for the customer satisfaction.

According to the facility layout, we have set the pattern as our positioning which like the studio
and have a great atmosphere with our target group want. We also provide the service like free
Wi-Fi inside and created the entertainment by having true vision and classic music providing
which depend on our customer like.

Also, the decoration will be modern and classic style in each corner. So, it may lots of Cost of
investment when plus with other cost like all of pre-investment cost, machine/equipment/tools,
operation cost and administration cost. Thus, it leads to 1,200,000 baht for needed to investment.
However, we will borrow this amount for outside sector because we doesn’t have the assets to
guarantee when borrow with the bank. Therefore, in this amount we will give more interest to
whom giving us loan the money about 8% and also faster repayment the principle within 5 years.
191

After calculation in statement of 3 types like statement of Income, Cash Flow and
Balance Sheet, It showed that Cherbet House status is positive in Financial management
according to we analyze through Return On Investment (ROI), Net Present Value (NPV) and
Payback Period. These tools can help to tall the investors or inside and outside sectors that the
project chooses are accepted or rejected. So, being analysis at the first one is Payback Period that
measure how long does it take to be return on investment. The number showed that 1.17 years it
means too sorter return on investment. Next is NPV, showed that positive sign or more than zero
it means this project should be accepted. The last one is ROI, form year 1 to year 5 it showed that
38.08%, 40.87%, 35.46%, 32.72% and 31%. These numbers can better tell the efficiency on
investment.

This part of analysis can make sure the proposition financial status tend to be great way of doing
this type of business.

In the other hand, the future is uncertainty. All businesses can be faced with risk all the
time. So, this chapter we conclude both external and external risks. It can happen both when the
environment effect to the company and/or the business can not operate well inside. The external
risk is difficult to control like economic, politic, technology and especially social trend with
always changed. But however, the things which we chose do are always follow up the news and
can adept in each situation like change the obstacle to be an opportunity. In the other hand,
internal risk is we can control inside like human resource, operation management. Additionally,
the important one is financial risk like a interest rat increase or cost/expense increase. However,
we have prepared already that estimate how much will effect to our company. So, the result
shows that not much to effect with our company. The payback period is not longer that much and
the NPV in all cases above showed that each worst case still should be accepted.
192

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(accessed january 15, 2011).

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2010).

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January 10, 2011).

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(accessed January Friday, 2011).

TruePartner. Truevision-ubc. - -, 2011. http://www.truevisions-


ubc.com/product.detail_420991_th_1844950?headername=TrueVisions%20(UBC) (accessed January
Monday, 2011).

University, Mae Fah Luang. The number of student. June 30, 2010.
http://reg.mfu.ac.th/registrar/statistics/RepStudent1.asp?acadyear=2554&maxsemester=1&d1=1&sem
ester=1. (accessed January 2, 2011).

VRmittare. Address. Bangkok: http://www.vrmittare.com/web/02contactus.php, 2010.

—. Fire Insurance. Bangkok: http://www.vrmittare.com/web/details.php?id=78, 2010.

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2011).

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Friday, 2011).
195

Appendixes
196

Appendix 1

Company Limited Registration


197

Company Limited Registration


According to the Civil and Commercial Code
Company Limited
Is that kind of company which is formed with a capital divided into egual shares, the liability
of the shareholders being limited to the amount unpaid on the shares respectively held by them.

Establishment of Company Limited


To establish the company limited, shall process according to the following :
1. Must have at least 3 persons signing together in order to prepare Memorandum and then
register. Upon receiving the amount of shares, the director must register as the company within 3
months from the date of company’s meeting to establish the company.

The promoters must have the following qualifications :


(1) Be ordinary person, not juristic person
(2) Be 12 years old or more
(3) Must reserve to buy at least 1 share

Information used to register the Memorandum


(1) Company’s name (the same as the name reserved)
(2) Location of head office (located at which province)
(3) Objective of the company
(4) Registered capital must be divided into each share with the same value (share’s value
must be at least 5 Baht)
(5) Name, address, age, occupation and number of shares that persons who start up the
company reserve to buy the shares)
(6) Name, address, age of 2 witnesses
2. When the Memorandum has been registered, shall perform the following:
(1). every promoter manages to reserve and buy all the shares
(2). When all the shares are reserved, the promoters must with out delay hold a general
meeting of subscribers which shall be called the statutory meeting.
198

3. Meeting agenda.
(1) The adoption of the regulations of the company, if any.
(2) The ratification of any contracts entered into and any expenses incurred by the
promoters in promoting the company.
(3) The fixing of the amount, if any, to be paid to the promoters.
(4) The fixing of the number of preference shares, if any, to be issued, and the nature and
extent of the preferential rights accruing to them.
(5) The fixing of the number of ordinary shares or preference shares to be allotted as fully
or partly paid-up otherwise than in money, if any, and the amount up to which they shall be
considered as paid-up.
The description of the services or property in return for which such ordinary shares or
preference shares shall be allotted as paid-up shall be expressly laid down before the meeting
(6) The appointment of the first directors and auditors and the fixing of their respective
powers.
No resolutions of the statutory meeting are valid unless passed by a majority including at
least one half of the total number of subscribers entitled to vote, and representing at least one half
of the total number of shares to such subscribers.
4. The promoters shall over the business to the directors.
5. The directors shall the respond cause the promoters and subscribers to pay forth with upon
each share payable in money such amount, not less than twenty-five percents of the share's value.
6. When the collection of share’s price is complete, the authorized director shall prepare the
request for the registration of company’s establishment and submit to the registrar.
Regarding the submission for registration, the authorized director shall sign the name on the
request and must submit to register within 3 months from the date of company statutory meeting.
If not registered within the specified period, the company statutory meeting shall be void and if
would like to register to establish the company, shall arrange the meeting for persons who
reserve to buy the shares again.
3. Regarding the company establishment, if can perform every step as follows within the same
day that the promoters prepare the Memorandum, and the director can request to register the
Memorandum and register the company within the same day.
(1) Shall have the persons reserve to buy all the shares that the company can be registered.
199

(2) Arrange the meeting to establish the company to consider various affairs according to
the Civil and Commercial Code, section 1108, and all the persons who start up the company and
all the persons who reserve to buy the shares shall attend the meeting, and all of them shall agree
in the affairs in the meeting.
(3) Persons who start up the company assign all the affairs to the director.
(4) The director call the person who reserves to buy the shares to pay the shares according
to the Civil and Commercial Code, section 1110, section 2 and such share’s price has already
been paid.
Registration
the Company limited’s registration shall be divided into 2 steps as follows:
1. Registering the Memorandum.
2. Registering the company limited’s establishment
The registration of the modification / change or liquidation of the company limited
In case that the company limited agrees to modify or change any registered transactions or
the shareholders would like to liquidate the business, shall request for the registration of the
modification / change of such transactions or registration of the company’s liquidation at the
company and partnership registration office that the head office of the company is located on.
The registration to establish and modify any transactions shall be performed according to the
method and criteria specified by the law and the government’s rules.
Registered Transaction that the Company has to register to Modify or Change
1. The modification or changing of memorandum before the company’s establishment.
2. Extraordinary resolution to
(1) Increase capital
(2) Decrease capital
(3) Merge the company
3. The Company’s merger.
4. The modification or change of memorandum of association after the company’s
establishment
5. Capital increase
6. Capital decrease
7. Regulation’s modification
200

8. Director
9. Number or name of authorized directors
10. Location of head office and / or branches
11. Company’s seal
12. Other transactions that should be publicized

Place for Registration (the same as partnership)

Registration Procedure
1.Submit in person can perform according to the following :
(1) In case of registering for the establishment or changing the company’s name, the
persons who start up the company or company’s director shall request for verifying and reserving
the company’s name to confide that such name is not duplicated or similar to other names
pervious registered. Upon reserving the name, shall request for the registration of memorandum
of association within 30 days by reserving the name in person or via internet at www.dbd.go.th .
(2) Purchase the request and form from the Department of Business Development or any
of 7 business development office or provincial business development office or download from
internet from www.dbd.go.th .
(3) Prepare the request for registration and other attachments to the registrar for
consideration.
(4) Pay the fee according to the officer’s order
(5) If aiming to issue the certificate of registered transactions, shall submit the request
and pay the fee to the officers.
(6) Receive the certificate of registration.
2. Steps for registering partnership and company via internet (see the steps in partnership)
Criteria of Signing the Signature on the Request for Registration
(1) The signature in the request and the attachments, the person shall sign by him / herself.
(2) The signature in the request, the person shall sign in front of the registrar and demonstrate
the ID card to the registrar for verification.
In case that the person cannot sign the name in front of the registrar, the person who request
201

shall sign the name in front of the following person :


2.1 In case of signing in the country
(1) Administration Officer or Senior Police in the area of the person who requests.
(2) Member of Thai BAR or
(3) Other persons as notified by the central registrar are
- Certified Public Account
- Committee member or officer of the Thai chamber of commerce or provincial
chamber of commerce who can certify the signature of persons who request for the registration
of partnership / company with the head office located in the province that the Chamber is located
according to the notification of the Central Partnership Registration Office.
2.2 In case of signing in foreign countries
(1) Authorized officer of the Thai embassy or consulate, or head of the office under the
Minister of Commerce responsible for the operations in any country or other officers authorized
to perform on behalf of such abovementioned person
(2) Person who can completely certify according to the law of that country and
(3) 2 Reliable persons who can certify in front of the registrar that the signature is such
person’s signature.

Duties of Company

(1) The company limited must prepare the financial statement once a month in every 12
months and at least one auditor shall audit to propose to the ordinary shareholder’s meeting to
approve the financial statement within 4 months from the closing date, and submit the financial
statement to the business information service office, department of business development, or any
provincial business development office within 1 month from the date of financial statement’s
approval although such businesses have not yet been started or have not ceased temporarily;
otherwise, they shall have the fine penalty of no more than 50,000 Baht.
(2) The director shall prepare the copy of list of all shareholders’ names that are holding the
share at the time of the annual shareholders’ meeting and the list of persons who are not the
shareholders from the date of the last shareholders’ meeting and submit to the department of
business development or any provincial business development office within 14 days from the
202

date of the meeting; otherwise, they shall have the fine penalty of no more than 10,000 Baht.
(3) Must arrange the annual shareholders’ meeting within 6 months from the juristic person’s
registration date, and arrange the next meeting of at least one time for every 12 months;
otherwise, they shall have the fine penalty of no more than 20,000 Baht.The invitation for the
shareholders’ meeting shall be advertised on the local newspaper for at least one time of at least
7 days before the meeting date, and shall send via reply mail to every shareholder named in the
company’s registration for at least 7 days before the meeting date, except the invitation for the
shareholders’ meeting to vote for the extraordinary resolution shall be sent for at least 14 days
before the meeting date.
(4) Must prepare share certificate to the company’s shareholders; otherwise, they shall have
the fine penalty of no more than 10,000 Baht.
(5) Must prepare the book of shareholders’ registration of the company; otherwise, they shall
have the fine penalty of no more than 20,000 Baht.
(6) Any companies that relocate the location of head office must request for the registration
to the registrar; otherwise, they shall have the fine penalty of no more than 20,000 Baht.
In case that the juristic person does not submit the yearly financial statement as specified by
the law, such juristic person has offense, and the managing director or authorized director on
behalf of the juristic person shall also have the offense too.

Businesses that the Law specifies the period of time of submitting the registration

1) Request for registering the company’s establishment shall be submitted within 3 months
from the date of company’s establishment.
2) Request for registering the appointment of new directors or the resignation of directors
shall be submitted within 14 days from the date of appointment or date of resignation
3) Request for registering the extraordinary resolution of capital increase or capital decrease
of the company limited or the company’s merger shall be submitted within 14 days from the
extraordinary resolution date
4) Request for registering the new regulation or modification of the company limited’s
regulation must be submitted with 14 days from the extraordinary resolution date
5) Request for registering the company’s merger shall be submitted within 14 days from the
203

date of merger
6) Request for registering the company’s liquidation shall be submitted within 14 days from
the liquidation date
7) Request for registering the change of liquidator shall be submitted within 14 days from the
date of change
8) Request for registering the modification of liquidator’s authority shall be submitted within
14 days from the date that the meeting has the resolution or the court has the decision
9) Request for registering the completeness of the company’s liquidation shall be submitted
within 14 days from the date that the meeting has the resolution
10) The submission of the report of partnership’s liquidation shall be submitted every 3
months and the liquidator shall submit the report within 14 days from the date that the 3-month
period expires.

Fee Rate for Registering Company Limited

Registration Company Limited Baht

1. Registering the memorandum of association 500.-

1.1 Registered capital of no more than 1,000,000 Baht 50.-

1.2 Every 100,000 Baht of the increase of registered


capital
50.-
(fraction of 100,000 Baht shall be counted as
100,000 Baht)

1.3 Registered capital of more than 50,000,000 Baht 25,000.-

2. Register for company limited’s establishment 5,000.-

2.1 Registered capital of no more than 1,000,000 Baht 500.-

2.2 Every 100,000 Baht of the increase of registered 500.-


capital
204

(fraction of 100,000 Baht shall be counted as


100,000 Baht)

2.3 Registered capital of more than 50,000,000 Baht 250,000.-

3. Registering the company’s merger 5,000.-

4. Registering the medication 250,000.-

4.1 Registering the extraordinary resolution


(capital increase / capital decrease / company’s 400.-
merger)

4.2 Registering the capital increase


(calculate according to every 100,000 Baht of the 500.-
increase)

(Increase for more than 50,000,000 Baht) 250,000.-

4.3 Registering the capital decrease 400.-

4.4 Registering the modification of every clause of the


memorandum 400.-
of association

4.5 Registering the modification of every clause of the


400.-
regulation

4.6 Registering for new directors per person 400.-

4.7 Registering for partners’ resignation (no limit) 400.-

4.8 Registering the modification of directors’ authority 400.-


205

4.9 Registering the change of location of head office


400.-
and / or branches

4.10 Registering the modification of seal 400.-

4.11 Register other transactions that should be


400.-
publicized

5. Registering the company’s liquidation 400.-

6. Registering the change of liquidators 400.-

7. Registering the modification of liquidator’s power and


400.-
authority

8. Registering the modification of liquidation office 400.-

9. Registering the completeness of liquidation 400.-

Source: (development 2010)


206

Appendix 2

Fire Insurance
207

Fire insurance of shop includes burglary.

Protection the building and property inside the storage building.

Cause of the fire, strike, explosion (from gas using for light or benefit for residents),
burglary that shown stain or evidence, robbery, spoliation, refection’s expense of building,
doors or windows that originate in robbery.

The assets can be insured of fire insurance.

1. Building (without foundation) such as house, townhouse, commercial building (using


for the shop and it is the all concrete of building), flat and condominium.

2. Furniture, garnishes, shop’s equipments, electric appliances, kitchen’s equipments and


other assets that use for resident inside the shop 0f assured or person.

The property can be insured of burglary insurance.

Furniture, Shop’s equipments, electric appliances, kitchen’s equipment and other assets
that use for resident inside the shop 0f assured or assured of product and stock.

Amount insured.

Fire Insurance.

: Capital insurance must not less 70 % on value of assets.

Burglary Insurance. (Limit of liability)

1. Amount of 5,000 Baht per time for refection’s expense of building, doors or
windows.

2. Amount of 10,000 Baht per unit and per time for assets of be stolen.

Limit of liability follow 1 and 2 together on maximum amount of liability that in the
policy
208

Benefit!!!

• Receive coverage worth the premium on you paid.


• You can make once the fire insurance but you will get the protection of robbery too.
• Save your expense and insurance on separate policy

Just only 8 Baht per day.

You will get the coverage total 1,000,000 Baht.!!!

(VRmittare, Fire Insurance 2010)


209

Insurance statement

(VRmittare, Information of Assured 2010)


210

Address
VRmittare network office

Office:

31/109 Sintanee 18, Rangsit – Nakorn nayok Road, Tanyaburi, Phatumtanee

Bann Phakunpai (Bann Insurance):

339/164 Sukumwit 101/1, Sukumwit Road, Bangjak phakanong, Bangkok

***บริการสอบถามขอมูลทางเว็บไชต กรุณากรองขอมูลและเบอร ติดตอกลับใหครอบ ***


***เพื่อเปนประโยชนแกทานในการใหขอมูลติดตอกลับ !***

(VRmittare, Address 2010)


211

Appendix 3
Financial Risk
212

Cash flow Interest Increase


Interest increase 2 % ( 10 % )

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
Net cash flow from opreating - -
activity 3,563 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 160,545 747,971

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106


Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest - - - - - - - - - - - 120,000 120,000

Total cash paid 0 370000 370000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -370000 830000

- -
Net increase / decrease in cash 677,592 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 209,455 1,059,126

Beginning cash 0 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 0

Ending cash 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,059,126 1,059,126
213

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
Net cash flow from opreating -
activity 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 162,422 1,031,369

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 95,000 95,000

Total cash paid 345,000 345000


Net cash flow from financing -
activity 0 0 0 0 0 0 0 0 0 0 0 345,000 -345000

- -
Net increase / decrease in cash 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 182,578 686,369

Beginning cash 1,059,126 1,168,661 1,044,838 1,129,869 1,230,278 1,329,469 1,421,768 1,522,891 1,624,645 1,727,895 1,808,755 1,928,073 1,059,126

-
Ending cash 1,168,661 1,044,838 1,129,869 1,230,278 1,329,469 1,421,768 1,522,891 1,624,645 1,727,895 1,808,755 1,928,073 1,745,495 372,758
214

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 172,965 1,179,821

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 70,000 70,000

Total cash paid 320000 320000


Net cash flow from financing
activity -320000 -320000

- -
Net increase / decrease in cash 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 147,035 859,821

Beginning cash 1,745,495 1,868,737 1,756,016 1,852,021 1,965,040 2,076,739 2,181,534 2,295,422 2,410,149 2,526,304 2,618,530 2,752,351 1,745,495
-
Ending cash 1,868,737 1,756,016 1,852,021 1,965,040 2,076,739 2,181,534 2,295,422 2,410,149 2,526,304 2,618,530 2,752,351 2,605,316 885,674
215

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

3,398,67
Cash received on cash sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 2

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

3,466,43
Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 6

Cash paid
Cash paid for cost of goods
sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949
Cash paid for operating
expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

2,035,83
Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 8

Net cash flow from opreating - 1,430,59


activity 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 194,149 8

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 45,000 45,000

Total cash paid 295000 295000


Net cash flow from financing
activity -295000 -295000

- - 1,135,59
Net increase / decrease in cash 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 100,851 8

2,605,31 2,751,27 2,659,05 2,773,45 2,907,34 3,039,71 3,165,04 3,299,87 3,435,48 3,572,93 3,683,86 3,841,76 2,605,31
Beginning cash 6 5 5 7 3 6 6 9 8 2 6 5 6
-
2,751,27 2,659,05 2,773,45 2,907,34 3,039,71 3,165,04 3,299,87 3,435,48 3,572,93 3,683,86 3,841,76 3,740,91 1,469,71
Ending cash 5 5 7 3 6 6 9 8 2 6 5 4 8
216

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid

Cash paid for cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Cash paid for operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 230,034 1,815,335

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 20,000 20,000

Total cash paid 220000 220000


Net cash flow from financing
activity -220000 -220000

-
Net increase / decrease in cash 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 10,034 1,595,335

Beginning cash 3,740,914 3,921,332 3,858,327 4,000,692 4,166,536 4,330,466 4,487,336 4,654,181 4,822,275 4,992,336 5,131,741 5,326,215 3,740,914
-
Ending cash 3,921,332 3,858,327 4,000,692 4,166,536 4,330,466 4,487,336 4,654,181 4,822,275 4,992,336 5,131,741 5,326,215 5,336,249 2,145,580

Payback Period = 1.21

NPV= 0 2,742,291.54
217

Interest increase 4 % (12 %)

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
Net cash flow from opreating - -
activity 3,563 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 160,545 747,971

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating 83,106 83,106
Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid
Cash paid for principle
borrowing 0 250000 250000

Cash paid for interest - - - - - - - - - - - 144,000 144,000

Total cash paid 0 394000 394000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -394000 806000

- -
Net increase / decrease in cash 677,592 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 233,455 1,035,126

Beginning cash 0 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 0

Ending cash 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,035,126 1,035,126
218

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
Net cash flow from opreating -
activity 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 162,422 1,031,369

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 114,000 114,000

Total cash paid 364000 364000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -364000 -364000

- -
Net increase / decrease in cash 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 201,578 667,369

Beginning cash 1,035,126 1,144,661 1,020,838 1,105,869 1,206,278 1,305,469 1,397,768 1,498,891 1,600,645 1,703,895 1,784,755 1,904,073 1,035,126

-
Ending cash 1,144,661 1,020,838 1,105,869 1,206,278 1,305,469 1,397,768 1,498,891 1,600,645 1,703,895 1,784,755 1,904,073 1,702,495 367,758
219

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 172,965 1,179,821

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 84,000 84,000

Total cash paid 334000 334000


Net cash flow from financing
activity -334000 -334000

- -
Net increase / decrease in cash 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 161,035 845,821

Beginning cash 1,702,495 1,825,737 1,713,016 1,809,021 1,922,040 2,033,739 2,138,534 2,252,422 2,367,149 2,483,304 2,575,530 2,709,351 1,702,495
-
Ending cash 1,825,737 1,713,016 1,809,021 1,922,040 2,033,739 2,138,534 2,252,422 2,367,149 2,483,304 2,575,530 2,709,351 2,548,316 856,674
220

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 3,466,436

Cash paid

Cash paid for cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Cash paid for operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 2,035,838
Net cash flow from opreating -
activity 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 194,149 1,430,598

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 54,000 54,000

Total cash paid 304000 304000


Net cash flow from financing
activity -304000 -304000

- -
Net increase / decrease in cash 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 109,851 1,126,598

Beginning cash 2,548,316 2,694,275 2,602,055 2,716,457 2,850,343 2,982,716 3,108,046 3,242,879 3,378,488 3,515,932 3,626,866 3,784,765 2,548,316
-
Ending cash 2,694,275 2,602,055 2,716,457 2,850,343 2,982,716 3,108,046 3,242,879 3,378,488 3,515,932 3,626,866 3,784,765 3,674,914 1,421,718
221

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid

Cash paid for cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Cash paid for operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 230,034 1,815,335

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 24,000 24,000

Total cash paid 224000 224000


Net cash flow from financing
activity -224000 -224000

-
Net increase / decrease in cash 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 6,034 1,591,335

Beginning cash 3,674,914 3,855,332 3,792,327 3,934,692 4,100,536 4,264,466 4,421,336 4,588,181 4,756,275 4,926,336 5,065,741 5,260,215 3,674,914
-
Ending cash 3,855,332 3,792,327 3,934,692 4,100,536 4,264,466 4,421,336 4,588,181 4,756,275 4,926,336 5,065,741 5,260,215 5,266,249 2,083,580

Payback Period = 1.25

NPV = 0 2,477,220.5
222

Interest increase 6 % (14 %)

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
Net cash flow from opreating - -
activity 3,563 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 160,545 747,971

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating 83,106 83,106
Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid
Cash paid for principle
borrowing 0 250000 250000

Cash paid for interest - - - - - - - - - - - 168,000 168,000

Total cash paid 0 418000 418000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -418000 782000

- -
Net increase / decrease in cash 677,592 238,135 79,614 94,371 93,096 86,285 95,037 95,818 96,973 75,418 112,512 257,455 1,011,126

Beginning cash 0 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 0

Ending cash 677,592 439,457 519,071 613,442 706,538 792,823 887,860 983,678 1,080,652 1,156,069 1,268,582 1,011,126 1,011,126
223

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
Net cash flow from opreating -
activity 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 162,422 1,031,369

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating


Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 133,000 133,000

Total cash paid 383000 383000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -383000 -383000

- -
Net increase / decrease in cash 109,535 123,823 85,030 100,409 99,191 92,299 101,124 101,754 103,249 80,860 119,318 220,578 648,369

Beginning cash 1,011,126 1,120,661 996,838 1,081,869 1,182,278 1,281,469 1,373,768 1,474,891 1,576,645 1,679,895 1,760,755 1,880,073 1,011,126

-
Ending cash 1,120,661 996,838 1,081,869 1,182,278 1,281,469 1,373,768 1,474,891 1,576,645 1,679,895 1,760,755 1,880,073 1,659,495 362,758
224

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 172,965 1,179,821

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 98,000 98,000

Total cash paid 348000 348000


Net cash flow from financing
activity -348000 -348000

- -
Net increase / decrease in cash 123,242 112,721 96,005 113,018 111,699 104,795 113,888 114,727 116,155 92,226 133,821 175,035 831,821

Beginning cash 1,659,495 1,782,737 1,670,016 1,766,021 1,879,040 1,990,739 2,095,534 2,209,422 2,324,149 2,440,304 2,532,530 2,666,351 1,659,495
-
Ending cash 1,782,737 1,670,016 1,766,021 1,879,040 1,990,739 2,095,534 2,209,422 2,324,149 2,440,304 2,532,530 2,666,351 2,491,316 827,674
225

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 3,466,436

Cash paid

Cash paid for cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Cash paid for operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 2,035,838
Net cash flow from opreating -
activity 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 194,149 1,430,598

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 63,000 63,000

Total cash paid 313000 313000


Net cash flow from financing
activity -313000 -313000

- -
Net increase / decrease in cash 145,959 92,221 114,403 133,886 132,372 125,331 134,832 135,609 137,444 110,934 157,899 118,851 1,117,598

Beginning cash 2,491,316 2,637,275 2,545,055 2,659,457 2,793,343 2,925,716 3,051,046 3,185,879 3,321,488 3,458,932 3,569,866 3,727,765 2,491,316
-
Ending cash 2,637,275 2,545,055 2,659,457 2,793,343 2,925,716 3,051,046 3,185,879 3,321,488 3,458,932 3,569,866 3,727,765 3,608,914 1,373,718
226

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid

Cash paid for cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Cash paid for operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 230,034 1,815,335

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 28,000 28,000

Total cash paid 228000 228000


Net cash flow from financing
activity -228000 -228000

-
Net increase / decrease in cash 180,418 63,005 142,365 165,844 163,930 156,869 166,846 168,094 170,060 139,405 194,474 2,034 1,587,335

Beginning cash 3,608,914 3,789,332 3,726,327 3,868,692 4,034,536 4,198,466 4,355,336 4,522,181 4,690,275 4,860,336 4,999,741 5,194,215 3,608,914
-
Ending cash 3,789,332 3,726,327 3,868,692 4,034,536 4,198,466 4,355,336 4,522,181 4,690,275 4,860,336 4,999,741 5,194,215 5,196,249 2,021,580

Payback Period = 1.29

NPV = 0 2,233,426.94
227

Cash flow Sale Decrease


Sale decrease 5 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 87,374 175,622 200,040 201,040 201,040 203,056 204,070 205,091 180,795 230,413 255,861 2,144,401

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 93,021 181,269 205,687 206,687 206,687 208,703 209,717 210,738 186,442 236,060 261,508 2,212,165

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
- -
Net cash flow from opreating activity 3,563 242,734 70,371 83,842 82,515 75,704 84,350 85,078 86,179 65,902 100,385 147,078 635,108

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106

Cash paid investment on administrative 435,739 435,739

Total cash paid 518,845 518,845

Net cash flow from investment activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000

Net cash flow from financing activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 677,592 242,734 70,371 83,842 82,515 75,704 84,350 85,078 86,179 65,902 100,385 198,922 970,263

Beginning cash 0 677,592 434,858 505,229 589,072 671,587 747,291 831,641 916,718 1,002,897 1,068,800 1,169,185 0

Ending cash 677,592 434,858 505,229 589,072 671,587 747,291 831,641 916,718 1,002,897 1,068,800 1,169,185 970,263 970,263
228

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

Cash received on cash sale 208,997 183,486 184,404 210,042 211,092 211,092 213,209 214,274 215,346 189,835 241,934 268,654 2,552,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 214,644 189,133 190,051 215,689 216,739 216,739 218,856 219,921 220,993 195,482 247,581 274,301 2,620,128

Cash paid
Cash paid for cost of goods
sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788
Cash paid for operating
expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
Net cash flow from opreating -
activity 98,535 133,480 75,325 89,354 88,081 81,189 89,902 90,476 91,915 70,869 106,585 148,282 897,034

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

- -
Net increase / decrease in cash 98,535 133,480 75,325 89,354 88,081 81,189 89,902 90,476 91,915 70,869 106,585 177,718 571,034

Beginning cash 970,263 1,068,798 935,318 1,010,643 1,099,997 1,188,078 1,269,267 1,359,169 1,449,645 1,541,561 1,612,430 1,719,015 970,263

-
Ending cash 1,068,798 935,318 1,010,643 1,099,997 1,188,078 1,269,267 1,359,169 1,449,645 1,541,561 1,612,430 1,719,015 1,541,297 399,229
229

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 229,896 201,834 202,843 231,046 232,201 232,201 234,529 235,702 236,881 208,818 266,126 295,519 2,807,596

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 235,543 207,481 208,490 236,693 237,848 237,848 240,176 241,349 242,528 214,465 271,773 301,166 2,875,360

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 111,142 123,344 85,329 100,858 99,478 92,574 101,544 102,322 103,688 81,235 119,814 157,411 1,032,053

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from financing
activity -306000 -306000

- -
Net increase / decrease in cash 111,142 123,344 85,329 100,858 99,478 92,574 101,544 102,322 103,688 81,235 119,814 148,589 726,053

Beginning cash 1,541,297 1,652,439 1,529,095 1,614,425 1,715,283 1,814,760 1,907,335 2,008,879 2,111,201 2,214,889 2,296,124 2,415,938 1,541,297
-
Ending cash 1,652,439 1,529,095 1,614,425 1,715,283 1,814,760 1,907,335 2,008,879 2,111,201 2,214,889 2,296,124 2,415,938 2,267,350 815,244
230

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

3,228,73
Cash received on cash sale 264,381 232,110 233,270 265,703 267,032 267,032 269,709 271,057 272,413 240,141 306,045 339,847 8

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

3,296,50
Total cash received 270,028 237,757 238,917 271,350 272,679 272,679 275,356 276,704 278,060 245,788 311,692 345,494 2

Cash paid
Cash paid for cost of goods
sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949
Cash paid for operating
expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

2,035,83
Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 8

Net cash flow from opreating - 1,260,66


activity 132,044 104,437 102,125 119,902 118,318 111,276 120,637 121,343 123,107 98,295 141,792 176,262 5

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from financing
activity -286000 -286000

- -
Net increase / decrease in cash 132,044 104,437 102,125 119,902 118,318 111,276 120,637 121,343 123,107 98,295 141,792 109,738 974,665

2,267,35 2,399,39 2,294,95 2,397,08 2,516,98 2,635,30 2,746,57 2,867,21 2,988,55 3,111,66 3,209,96 3,351,75 2,267,35
Beginning cash 0 4 7 3 4 2 9 6 9 5 0 2 0
-
2,399,39 2,294,95 2,397,08 2,516,98 2,635,30 2,746,57 2,867,21 2,988,55 3,111,66 3,209,96 3,351,75 3,242,01 1,292,68
Ending cash 4 7 3 4 2 9 6 9 5 0 2 4 5
231

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

Cash received on cash sale 317,257 278,531 279,924 318,844 320,438 320,438 323,650 325,269 326,895 288,169 367,255 407,817 3,874,487

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 322,904 284,178 285,571 324,491 326,085 326,085 329,297 330,916 332,542 293,816 372,902 413,464 3,942,251

Cash paid
Cash paid for cost of goods
sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439
Cash paid for operating
expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 163,720 77,664 127,632 149,063 147,065 140,004 149,811 150,975 152,855 124,238 175,145 208,570 1,611,414

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from financing
activity -216000 -216000

- -
Net increase / decrease in cash 163,720 77,664 127,632 149,063 147,065 140,004 149,811 150,975 152,855 124,238 175,145 7,430 1,395,414

Beginning cash 3,242,014 3,405,735 3,328,070 3,455,702 3,604,765 3,751,830 3,891,834 4,041,645 4,192,620 4,345,475 4,469,714 4,644,859 3,242,014
-
Ending cash 3,405,735 3,328,070 3,455,702 3,604,765 3,751,830 3,891,834 4,041,645 4,192,620 4,345,475 4,469,714 4,644,859 4,637,429 1,846,600

Payback Period = 1.40

NPV = 0 2,430,428.59
232

Sale decrease 10 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 82,776 166,379 189,511 190,459 190,459 192,369 193,330 194,297 171,279 218,286 242,394 2,031,537

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 88,423 172,026 195,158 196,106 196,106 198,016 198,977 199,944 176,926 223,933 248,041 2,099,301

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
- -
Net cash flow from opreating activity 3,563 247,333 61,128 73,314 71,934 65,123 73,663 74,337 75,385 56,387 88,258 133,612 522,245

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106

Cash paid investment on administrative 435,739 435,739

Total cash paid 518,845 518,845

Net cash flow from investment activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000

Net cash flow from financing activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 677,592 247,333 61,128 73,314 71,934 65,123 73,663 74,337 75,385 56,387 88,258 212,388 857,400

Beginning cash 0 677,592 430,260 491,387 564,701 636,635 701,759 775,421 849,758 925,143 981,530 1,069,788 0

Ending cash 677,592 430,260 491,387 564,701 636,635 701,759 775,421 849,758 925,143 981,530 1,069,788 857,400 857,400
233

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 197,997 173,829 174,698 198,987 199,982 199,982 201,987 202,997 204,012 179,843 229,200 254,515 2,418,029

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 203,644 179,476 180,345 204,634 205,629 205,629 207,634 208,644 209,659 185,490 234,847 260,162 2,485,793

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 1,723,094
-
Net cash flow from opreating activity 87,535 143,137 65,619 78,299 76,971 70,079 78,681 79,199 80,581 60,877 93,852 134,143 762,699

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating


Cash paid investment on
administrative

Total cash paid

Net cash flow from investment activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000

Net cash flow from financing activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

- -
Net increase / decrease in cash 87,535 143,137 65,619 78,299 76,971 70,079 78,681 79,199 80,581 60,877 93,852 191,857 436,699

Beginning cash 857,400 944,935 801,798 867,417 945,717 1,022,688 1,092,766 1,171,447 1,250,646 1,331,227 1,392,105 1,485,956 857,400

-
Ending cash 944,935 801,798 867,417 945,717 1,022,688 1,092,766 1,171,447 1,250,646 1,331,227 1,392,105 1,485,956 1,294,099 420,701
234

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 217,796 191,211 192,167 218,885 219,980 219,980 222,186 223,296 224,413 197,827 252,120 279,966 2,659,828

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 223,443 196,858 197,814 224,532 225,627 225,627 227,833 228,943 230,060 203,474 257,767 285,613 2,727,592

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 99,042 133,967 74,653 88,698 87,257 80,353 89,200 89,917 91,220 70,245 105,808 141,858 884,285

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from financing
activity -306000 -306000

- -
Net increase / decrease in cash 99,042 133,967 74,653 88,698 87,257 80,353 89,200 89,917 91,220 70,245 105,808 164,142 578,285

Beginning cash 1,294,099 1,393,141 1,259,175 1,333,828 1,422,526 1,509,782 1,590,135 1,679,336 1,769,253 1,860,473 1,930,718 2,036,526 1,294,099
-
Ending cash 1,393,141 1,259,175 1,333,828 1,422,526 1,509,782 1,590,135 1,679,336 1,769,253 1,860,473 1,930,718 2,036,526 1,872,383 715,814
235

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

3,058,80
Cash received on cash sale 250,466 219,893 220,992 251,718 252,977 252,977 255,514 256,791 258,075 227,502 289,938 321,961 5

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

3,126,56
Total cash received 256,113 225,540 226,639 257,365 258,624 258,624 261,161 262,438 263,722 233,149 295,585 327,608 9

Cash paid
Cash paid for cost of goods
sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949
Cash paid for operating
expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

2,035,83
Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 8

Net cash flow from opreating - 1,090,73


activity 118,130 116,653 89,848 105,917 104,264 97,222 106,442 107,077 108,769 85,656 125,684 158,375 1

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from financing
activity -286000 -286000

- -
Net increase / decrease in cash 118,130 116,653 89,848 105,917 104,264 97,222 106,442 107,077 108,769 85,656 125,684 127,625 804,731

1,872,38 1,990,51 1,873,86 1,963,70 2,069,62 2,173,88 2,271,11 2,377,55 2,484,63 2,593,39 2,679,05 2,804,73 1,872,38
Beginning cash 3 3 0 8 5 9 1 3 0 9 5 9 3
-
1,990,51 1,873,86 1,963,70 2,069,62 2,173,88 2,271,11 2,377,55 2,484,63 2,593,39 2,679,05 2,804,73 2,677,11 1,067,65
Ending cash 3 0 8 5 9 1 3 0 9 5 9 5 2
236

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 300,560 263,872 265,191 302,063 303,573 303,573 306,616 308,149 309,690 273,002 347,926 386,353 3,670,566

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 306,207 269,519 270,838 307,710 309,220 309,220 312,263 313,796 315,337 278,649 353,573 392,000 3,738,330

Cash paid
Cash paid for cost of goods
sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439
Cash paid for operating
expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 147,022 92,324 112,899 132,282 130,199 123,139 132,777 133,855 135,650 109,072 155,816 187,106 1,407,494

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from financing
activity -216000 -216000

- -
Net increase / decrease in cash 147,022 92,324 112,899 132,282 130,199 123,139 132,777 133,855 135,650 109,072 155,816 28,894 1,191,494

Beginning cash 2,677,115 2,824,137 2,731,813 2,844,712 2,976,994 3,107,193 3,230,332 3,363,110 3,496,965 3,632,615 3,741,687 3,897,502 2,677,115
-
Ending cash 2,824,137 2,731,813 2,844,712 2,976,994 3,107,193 3,230,332 3,363,110 3,496,965 3,632,615 3,741,687 3,897,502 3,868,608 1,485,621

Payback Period = 1.78

NPV = 0 1,829,760.88
237

Sale decrease 15 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 78,177 157,135 178,983 179,878 179,878 181,682 182,589 183,502 161,764 206,159 228,928 1,918,674

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 83,824 162,782 184,630 185,525 185,525 187,329 188,236 189,149 167,411 211,806 234,575 1,986,438

Cash paid

Cash paid for cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Cash paid for operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,210 335,755 110,898 121,844 124,172 130,983 124,353 124,640 124,559 120,539 135,675 114,429 1,577,056
- -
Net cash flow from opreating activity 3,563 251,931 51,884 62,786 61,353 54,542 62,976 63,596 64,590 46,871 76,131 120,146 409,382

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106

Cash paid investment on administrative 435,739 435,739

Total cash paid 518,845 518,845

Net cash flow from investment activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000

Net cash flow from financing activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 677,592 251,931 51,884 62,786 61,353 54,542 62,976 63,596 64,590 46,871 76,131 225,854 744,537

Beginning cash 0 677,592 425,661 477,545 540,331 601,684 656,226 719,202 782,798 847,389 894,260 970,391 0

Ending cash 677,592 425,661 477,545 540,331 601,684 656,226 719,202 782,798 847,389 894,260 970,391 744,537 744,537
238

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

2,283,69
Cash received on cash sale 186,997 164,172 164,993 187,932 188,872 188,872 190,766 191,719 192,678 169,852 216,467 240,375 4

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

2,351,45
Total cash received 192,644 169,819 170,640 193,579 194,519 194,519 196,413 197,366 198,325 175,499 222,114 246,022 8

Cash paid

Cash paid for cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Cash paid for operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

1,723,09
Total cash paid 116,109 322,613 114,726 126,335 128,658 135,550 128,953 129,445 129,078 124,613 140,996 126,019 4
-
Net cash flow from opreating activity 76,535 152,795 55,914 67,244 65,861 58,968 67,459 67,921 69,247 50,886 81,118 120,003 628,364

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating

Cash paid investment on administrative

Total cash paid

Net cash flow from investment activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000

Net cash flow from financing activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

- -
Net increase / decrease in cash 76,535 152,795 55,914 67,244 65,861 58,968 67,459 67,921 69,247 50,886 81,118 205,997 302,364

1,051,64 1,120,89 1,171,77 1,252,89


Beginning cash 744,537 821,072 668,278 724,192 791,436 857,297 916,265 983,725 6 3 9 8 744,537

1,051,64 1,120,89 1,171,77 1,252,89 1,046,90 -


Ending cash 821,072 668,278 724,192 791,436 857,297 916,265 983,725 6 3 9 8 1 442,173
239

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 205,697 180,588 181,491 206,725 207,759 207,759 209,842 210,891 211,946 186,837 238,113 264,412 2,512,059

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 211,344 186,235 187,138 212,372 213,406 213,406 215,489 216,538 217,593 192,484 243,760 270,059 2,579,823

Cash paid

Cash paid for cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Cash paid for operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 124,401 330,825 123,161 135,835 138,370 145,274 138,632 139,027 138,840 133,229 151,959 143,755 1,843,307
Net cash flow from opreating -
activity 86,942 144,589 63,977 76,537 75,036 68,132 76,857 77,511 78,753 59,254 91,801 126,304 736,516

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from financing
activity -306000 -306000

- -
Net increase / decrease in cash 86,942 144,589 63,977 76,537 75,036 68,132 76,857 77,511 78,753 59,254 91,801 179,696 430,516

Beginning cash 1,046,901 1,133,843 989,254 1,053,231 1,129,769 1,204,804 1,272,936 1,349,793 1,427,304 1,506,057 1,565,312 1,657,113 1,046,901
-
Ending cash 1,133,843 989,254 1,053,231 1,129,769 1,204,804 1,272,936 1,349,793 1,427,304 1,506,057 1,565,312 1,657,113 1,477,417 616,384
240

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 236,552 207,677 208,715 237,734 238,923 238,923 241,318 242,525 243,738 214,863 273,830 304,074 2,888,871

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 242,199 213,324 214,362 243,381 244,570 244,570 246,965 248,172 249,385 220,510 279,477 309,721 2,956,635

Cash paid

Cash paid for cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Cash paid for operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

Total cash paid 137,984 342,194 136,791 151,448 154,361 161,402 154,719 155,361 154,953 147,493 169,901 169,232 2,035,838
Net cash flow from opreating -
activity 104,215 128,869 77,570 91,933 90,210 83,168 92,247 92,811 94,432 73,017 109,576 140,489 920,797

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from financing
activity -286000 -286000

- -
Net increase / decrease in cash 104,215 128,869 77,570 91,933 90,210 83,168 92,247 92,811 94,432 73,017 109,576 145,511 634,797

Beginning cash 1,477,417 1,581,632 1,452,763 1,530,333 1,622,266 1,712,475 1,795,643 1,887,890 1,980,701 2,075,132 2,148,149 2,257,726 1,477,417
-
Ending cash 1,581,632 1,452,763 1,530,333 1,622,266 1,712,475 1,795,643 1,887,890 1,980,701 2,075,132 2,148,149 2,257,726 2,112,215 842,620
241

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 283,862 249,212 250,458 285,281 286,708 286,708 289,581 291,030 292,485 257,836 328,596 364,889 3,466,646

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 289,509 254,859 256,105 290,928 292,355 292,355 295,228 296,677 298,132 263,483 334,243 370,536 3,534,410

Cash paid

Cash paid for cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Cash paid for operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 159,184 361,843 157,939 175,428 179,020 186,081 179,485 179,941 179,687 169,578 197,757 204,894 2,330,836
Net cash flow from opreating -
activity 130,325 106,984 98,166 115,500 113,334 106,274 115,743 116,736 118,445 93,905 136,486 165,642 1,203,574

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from financing
activity -216000 -216000

- -
Net increase / decrease in cash 130,325 106,984 98,166 115,500 113,334 106,274 115,743 116,736 118,445 93,905 136,486 50,358 987,574

Beginning cash 2,112,215 2,242,539 2,135,556 2,233,722 2,349,222 2,462,557 2,568,831 2,684,574 2,801,310 2,919,755 3,013,660 3,150,146 2,112,215
-
Ending cash 2,242,539 2,135,556 2,233,722 2,349,222 2,462,557 2,568,831 2,684,574 2,801,310 2,919,755 3,013,660 3,150,146 3,099,788 1,124,641

Payback Period = 2.36

NPV = 0 1,229,093.16
242

Cash Flow Cost Increase


Cost increase 5 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 44,247 56,975 61,831 64,735 65,290 64,314 64,427 63,731 59,379 68,589 68,082 681,600

Cash paid for operating expense 13,533 417,715 25,900 25,897 26,011 35,673 25,748 25,585 25,677 35,508 25,498 25,282 708,028

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,585 357,484 114,575 125,753 128,224 135,522 128,373 128,657 128,548 124,789 139,886 118,606 1,640,002
Net cash flow from opreating - -
activity 3,938 259,865 75,937 90,462 89,044 81,746 91,017 91,801 92,984 71,168 108,301 156,368 685,026

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating 83,106 83,106
Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 677,217 259,865 75,937 90,462 89,044 81,746 91,017 91,801 92,984 71,168 108,301 189,632 1,020,181

Beginning cash 0 677,217 417,352 493,289 583,751 672,795 754,541 845,559 937,359 1,030,344 1,101,512 1,209,813 0

Ending cash 677,217 417,352 493,289 583,751 672,795 754,541 845,559 937,359 1,030,344 1,101,512 1,209,813 1,020,181 1,020,181
243

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid
Cash paid for cost of
goods sold 46,521 45,387 58,772 63,856 66,913 67,500 66,463 66,592 65,856 61,281 70,966 70,422 750,528
Cash paid for operating
expense 28,362 351,336 25,685 25,871 25,801 35,552 25,690 25,795 25,472 35,434 25,645 25,266 655,911
Cash paid for income -
tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 119,406 341,236 118,479 130,339 132,804 140,189 133,072 133,576 133,158 128,950 145,327 130,307 1,786,841
Net cash flow from -
opreating activity 106,238 142,446 81,277 96,405 95,045 87,660 97,005 97,623 99,169 76,523 114,987 158,134 967,622

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment
on operating
Cash paid investment
on administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000


Net cash flow from
financing activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

Net increase / decrease in - -


cash 106,238 142,446 81,277 96,405 95,045 87,660 97,005 97,623 99,169 76,523 114,987 167,866 641,622

Beginning cash 1,020,181 1,126,419 983,973 1,065,250 1,161,655 1,256,701 1,344,361 1,441,366 1,538,989 1,638,158 1,714,682 1,829,669 1,020,181

-
Ending cash 1,126,419 983,973 1,065,250 1,161,655 1,256,701 1,344,361 1,441,366 1,538,989 1,638,158 1,714,682 1,829,669 1,661,803 378,558
244

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid
Cash paid for cost of
goods sold 49,054 47,803 62,527 68,119 71,482 72,128 70,988 71,129 70,320 65,287 75,940 75,343 800,121
Cash paid for operating
expense 28,367 352,546 25,848 25,908 25,801 35,510 25,585 25,480 25,451 35,361 25,656 25,224 656,737
Cash paid for income -
tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 127,819 349,620 127,100 140,043 142,734 150,130 142,962 143,358 143,131 137,753 156,528 148,275 1,909,454
Net cash flow from -
opreating activity 119,824 131,516 92,066 108,810 107,335 99,939 109,558 110,396 111,864 87,702 129,252 168,445 1,113,674

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment
on operating
Cash paid investment
on administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from
financing activity -306000 -306000

Net increase / decrease in - -


cash 119,824 131,516 92,066 108,810 107,335 99,939 109,558 110,396 111,864 87,702 129,252 137,555 807,674

Beginning cash 1,661,803 1,781,627 1,650,111 1,742,177 1,850,986 1,958,322 2,058,260 2,167,818 2,278,214 2,390,078 2,477,779 2,607,031 1,661,803
-
Ending cash 1,781,627 1,650,111 1,742,177 1,850,986 1,958,322 2,058,260 2,167,818 2,278,214 2,390,078 2,477,779 2,607,031 2,469,476 854,129
245

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 3,466,436

Cash paid
Cash paid for cost of
goods sold 53,230 51,791 68,724 75,154 79,022 79,765 78,453 78,615 77,685 71,897 84,149 83,462 881,946
Cash paid for operating
expense 28,230 351,270 25,685 25,876 25,748 35,568 25,585 25,748 25,425 35,308 25,451 25,324 655,220
Cash paid for income -
tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

Total cash paid 141,594 361,118 141,018 155,990 159,081 166,625 159,404 160,062 159,594 152,329 174,851 174,143 2,105,809
Net cash flow from -
opreating activity 142,349 111,145 110,176 129,344 127,652 120,108 130,147 130,908 132,803 106,098 152,949 189,238 1,360,627

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment
on operating
Cash paid investment
on administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from
financing activity -286000 -286000

Net increase / decrease in - -


cash 142,349 111,145 110,176 129,344 127,652 120,108 130,147 130,908 132,803 106,098 152,949 96,762 1,074,627

Beginning cash 2,469,476 2,611,826 2,500,681 2,610,856 2,740,200 2,867,852 2,987,960 3,118,107 3,249,015 3,381,818 3,487,916 3,640,866 2,469,476
-
Ending cash 2,611,826 2,500,681 2,610,856 2,740,200 2,867,852 2,987,960 3,118,107 3,249,015 3,381,818 3,487,916 3,640,866 3,544,103 1,394,850
246

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid
Cash paid for cost of
goods sold 59,632 57,906 78,225 85,942 90,582 91,474 89,900 90,095 88,978 82,033 96,735 95,910 1,007,411
Cash paid for operating
expense 28,582 352,641 25,806 25,887 25,879 35,578 25,738 25,459 25,425 35,550 25,656 25,172 657,373
Cash paid for income -
tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 163,116 381,124 162,624 180,484 184,297 191,862 184,723 185,174 184,866 174,908 203,316 210,391 2,406,885
Net cash flow from -
opreating activity 176,486 82,286 137,680 160,788 158,653 151,088 161,608 162,861 164,881 134,075 188,915 224,537 1,739,286

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment
on operating
Cash paid investment
on administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from
financing activity -216000 -216000

Net increase / decrease in -


cash 176,486 82,286 137,680 160,788 158,653 151,088 161,608 162,861 164,881 134,075 188,915 8,537 1,523,286

Beginning cash 3,544,103 3,720,589 3,638,304 3,775,984 3,936,771 4,095,424 4,246,512 4,408,120 4,570,981 4,735,862 4,869,937 5,058,852 3,544,103
-
Ending cash 3,720,589 3,638,304 3,775,984 3,936,771 4,095,424 4,246,512 4,408,120 4,570,981 4,735,862 4,869,937 5,058,852 5,067,389 2,020,817

Payback Period = 1.280257473

NPV = 22,762,462.39
247

Cost increase 10 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 46,354 59,688 64,775 67,818 68,399 67,377 67,495 66,766 62,207 71,855 71,324 714,057

Cash paid for operating expense 13,908 437,338 26,865 26,862 26,980 37,103 26,705 26,535 26,631 36,930 26,444 26,217 738,517

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 9,961 379,214 118,253 129,661 132,276 140,060 132,392 132,675 132,536 129,038 144,098 122,783 1,702,948
Net cash flow from opreating - -
activity 4,314 281,594 72,259 86,554 84,992 77,208 86,998 87,783 88,996 66,919 104,089 152,191 622,080

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106


Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 676,841 281,594 72,259 86,554 84,992 77,208 86,998 87,783 88,996 66,919 104,089 193,809 957,235

Beginning cash 0 676,841 395,247 467,506 554,060 639,051 716,259 803,257 891,040 980,036 1,046,954 1,151,044 0

Ending cash 676,841 395,247 467,506 554,060 639,051 716,259 803,257 891,040 980,036 1,046,954 1,151,044 957,235 957,235
248

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

194,10 2,686,69
Cash received on cash sale 219,997 193,143 9 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 9

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

199,75 2,754,46
Total cash received 225,644 198,790 6 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 3

Cash paid
Cash paid for cost of goods
sold 48,736 47,548 61,571 66,896 70,099 70,714 69,628 69,763 68,992 64,199 74,345 73,776 786,267
Cash paid for operating
expense 29,443 367,798 26,639 26,834 26,760 36,976 26,645 26,755 26,416 36,853 26,598 26,201 683,918
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

122,23 1,850,58
Total cash paid 122,703 359,858 1 134,343 136,950 144,827 137,192 137,706 137,238 133,286 149,659 134,594 7
Net cash flow from -
opreating activity 102,941 161,068 77,525 92,401 90,899 83,022 92,885 93,493 95,089 72,187 110,655 153,847 903,876

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

- -
Net increase / decrease in cash 102,941 161,068 77,525 92,401 90,899 83,022 92,885 93,493 95,089 72,187 110,655 172,153 577,876

1,060,17 899,10 1,069,03 1,159,93 1,242,95 1,335,84 1,429,33 1,524,42 1,596,60 1,707,26
Beginning cash 957,235 6 7 976,632 3 2 5 0 3 2 9 4 957,235

1,060,17 976,63 1,069,03 1,159,93 1,242,95 1,335,84 1,429,33 1,524,42 1,596,60 1,707,26 1,535,11 -
Ending cash 6 899,107 2 3 2 5 0 3 2 9 4 1 379,359
249

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid
Cash paid for cost of
goods sold 51,390 50,080 65,505 71,363 74,886 75,563 74,368 74,516 73,668 68,396 79,557 78,931 838,222
Cash paid for operating
expense 29,449 369,065 26,810 26,873 26,760 36,932 26,535 26,425 26,394 36,776 26,609 26,157 684,784
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 131,237 368,416 131,040 144,252 147,097 154,987 147,292 147,690 147,423 142,277 161,097 152,795 1,975,602
Net cash flow from -
opreating activity 116,406 150,312 88,126 104,601 102,972 95,082 105,228 106,064 107,572 83,178 124,683 163,925 1,047,526

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from
financing activity -306000 -306000

Net increase / decrease in - -


cash 116,406 150,312 88,126 104,601 102,972 95,082 105,228 106,064 107,572 83,178 124,683 142,075 741,526

Beginning cash 1,535,111 1,651,517 1,501,205 1,589,332 1,693,933 1,796,904 1,891,986 1,997,214 2,103,279 2,210,851 2,294,029 2,418,712 1,535,111
-
Ending cash 1,651,517 1,501,205 1,589,332 1,693,933 1,796,904 1,891,986 1,997,214 2,103,279 2,210,851 2,294,029 2,418,712 2,276,637 793,584
250

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

Cash received on cash 3,398,67


sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 2

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

3,466,43
Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 6

Cash paid
Cash paid for cost of
goods sold 55,764 54,257 71,996 78,733 82,785 83,563 82,189 82,359 81,384 75,321 88,156 87,436 923,943
Cash paid for operating
expense 29,306 367,729 26,639 26,840 26,705 36,993 26,535 26,705 26,367 36,721 26,394 26,261 683,194
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

2,175,78
Total cash paid 145,204 380,043 145,245 160,532 163,801 171,849 164,089 164,762 164,235 157,165 179,801 179,055 1

Net cash flow from - 1,290,65


opreating activity 138,739 130,070 105,949 124,802 122,932 114,884 125,462 126,208 128,162 101,262 147,999 184,326 5

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from
financing activity -286000 -286000

Net increase / decrease in - - 1,004,65


cash 138,739 130,070 105,949 124,802 122,932 114,884 125,462 126,208 128,162 101,262 147,999 101,674 5

2,276,63 2,415,37 2,285,30 2,391,25 2,516,05 2,638,98 2,753,87 2,879,33 3,005,54 3,133,70 3,234,96 3,382,96 2,276,63
Beginning cash 7 6 6 5 7 9 4 5 3 5 7 6 7
-
2,415,37 2,285,30 2,391,25 2,516,05 2,638,98 2,753,87 2,879,33 3,005,54 3,133,70 3,234,96 3,382,96 3,281,29 1,271,98
Ending cash 6 6 5 7 9 4 5 3 5 7 6 2 2
251

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received
Cash received on cash
sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 4,146,171

Cash paid
Cash paid for cost of
goods sold 62,471 60,663 81,949 90,034 94,896 95,830 94,181 94,385 93,215 85,940 101,341 100,477 1,055,382
Cash paid for operating
expense 29,674 369,164 26,766 26,851 26,843 37,004 26,694 26,403 26,367 36,974 26,609 26,102 685,449
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

Total cash paid 167,048 400,405 167,309 185,541 189,574 197,643 189,961 190,408 190,044 180,238 208,875 215,888 2,482,933
Net cash flow from -
opreating activity 172,554 101,567 132,995 155,731 153,376 145,307 156,370 157,627 159,703 128,745 183,356 219,040 1,663,238

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from
financing activity -216000 -216000

Net increase / decrease in -


cash 172,554 101,567 132,995 155,731 153,376 145,307 156,370 157,627 159,703 128,745 183,356 3,040 1,447,238

Beginning cash 3,281,292 3,453,846 3,352,280 3,485,275 3,641,006 3,794,382 3,939,689 4,096,060 4,253,686 4,413,389 4,542,134 4,725,489 3,281,292
-
Ending cash 3,453,846 3,352,280 3,485,275 3,641,006 3,794,382 3,939,689 4,096,060 4,253,686 4,413,389 4,542,134 4,725,489 4,728,530 1,834,054

Payback Period = 1.420099412

NPV = 22,493,828.47
252

Cost increase 15 %

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2011

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale - 91,973 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 5,647 97,620 190,512 216,215 217,268 217,268 219,390 220,458 221,532 195,957 248,187 274,974 2,325,028

Cash paid

Cash paid for cost of goods sold 48,461 62,401 67,720 70,900 71,508 70,440 70,563 69,801 65,034 75,121 74,566 746,514

Cash paid for operating expense 14,284 456,960 27,829 27,826 27,950 38,532 27,663 27,484 27,584 38,352 27,389 27,152 769,005

Cash paid for income tax


- -
Cash paid for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 25,242 250,375

Total cash paid 10,336 400,943 121,930 133,570 136,329 144,599 136,412 136,692 136,525 133,288 148,309 126,960 1,765,894
Net cash flow from opreating - -
activity 4,689 303,323 68,582 82,645 80,939 72,669 82,978 83,766 85,007 62,669 99,878 148,014 559,134

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating 83,106 83,106


Cash paid investment on
administrative 435,739 435,739

Total cash paid 518,845 518,845


Net cash flow from investment
activity -518845 0 0 0 0 0 0 0 0 0 0 -518845

Cash flow from financing activity

Cash received

Borrowing cash 1200000 1200000

Total cash received 1200000 1200000

Cash paid

Cash paid for principle borrowing 0 250000 250000

Cash paid for interest 0 96000 96000

Total cash paid 0 346000 346000


Net cash flow from financing
activity 1200000 0 0 0 0 0 0 0 0 0 0 -346000 854000

- -
Net increase / decrease in cash 676,466 303,323 68,582 82,645 80,939 72,669 82,978 83,766 85,007 62,669 99,878 197,986 894,289

Beginning cash 0 676,466 373,142 441,724 524,369 605,308 677,977 760,955 844,721 929,728 992,397 1,092,275 0

Ending cash 676,466 373,142 441,724 524,369 605,308 677,977 760,955 844,721 929,728 992,397 1,092,275 894,289 894,289
253

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2012

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 225,644 198,790 199,756 226,744 227,849 227,849 230,077 231,199 232,327 205,473 260,314 288,441 2,754,463

Cash paid

Cash paid for cost of goods sold 50,951 49,709 64,369 69,937 73,285 73,929 72,793 72,934 72,128 67,117 77,724 77,129 822,006

Cash paid for operating expense 30,525 384,259 27,594 27,797 27,720 38,400 27,599 27,714 27,360 38,271 27,550 27,135 711,925
-
Cash paid for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 34,618 380,402

Total cash paid 126,000 378,481 125,984 138,346 141,096 149,465 141,311 141,837 141,318 137,623 153,990 138,882 1,914,333
Net cash flow from opreating -
activity 99,644 179,691 73,772 88,398 86,753 78,384 88,766 89,362 91,009 67,850 106,324 149,559 840,130

Cash flow from investment activity

Cash received

Cash received from sale

Total cash received

Cash paid

Cash paid investment on operating


Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid

Cash paid for principle borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 76,000 76,000

Total cash paid 326000 326000


Net cash flow from financing
activity 0 0 0 0 0 0 0 0 0 0 0 -326000 -326000

- -
Net increase / decrease in cash 99,644 179,691 73,772 88,398 86,753 78,384 88,766 89,362 91,009 67,850 106,324 176,441 514,130

Beginning cash 894,289 993,933 814,242 888,014 976,411 1,063,164 1,141,548 1,230,314 1,319,676 1,410,686 1,478,536 1,584,859 894,289

-
Ending cash 993,933 814,242 888,014 976,411 1,063,164 1,141,548 1,230,314 1,319,676 1,410,686 1,478,536 1,584,859 1,408,418 380,159
254

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2013

jan feb mar apr may jun jul aug sep oct nov dec Total

Cash flow from operating activity

Cash received

Cash received on cash sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total cash received 247,643 218,104 219,166 248,853 250,069 250,069 252,520 253,754 254,995 225,455 285,780 316,720 3,023,128

Cash paid
Cash paid for cost of goods
sold 53,726 52,356 68,482 74,607 78,290 78,998 77,749 77,903 77,017 71,505 83,173 82,518 876,323
Cash paid for operating
expense 30,531 385,584 27,772 27,837 27,720 38,354 27,484 27,369 27,337 38,191 27,561 27,089 712,830
-
Cash paid for income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 47,708 452,596

Total cash paid 134,655 387,211 134,979 148,461 151,461 159,844 151,622 152,021 151,715 146,801 165,666 157,315 2,041,749
Net cash flow from opreating -
activity 112,988 169,107 84,187 100,392 98,608 90,225 100,898 101,733 103,280 78,654 120,114 159,405 981,379

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from investment
activity

Cash flow from financing activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 56,000 56,000

Total cash paid 306000 306000


Net cash flow from financing
activity -306000 -306000

- -
Net increase / decrease in cash 112,988 169,107 84,187 100,392 98,608 90,225 100,898 101,733 103,280 78,654 120,114 146,595 675,379

Beginning cash 1,408,418 1,521,407 1,352,300 1,436,487 1,536,879 1,635,487 1,725,712 1,826,611 1,928,343 2,031,624 2,110,278 2,230,392 1,408,418
-
Ending cash 1,521,407 1,352,300 1,436,487 1,536,879 1,635,487 1,725,712 1,826,611 1,928,343 2,031,624 2,110,278 2,230,392 2,083,797 733,039
255

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2014

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

3,398,67
Cash received on cash sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 2

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

3,466,43
Total cash received 283,943 249,973 251,194 285,334 286,733 286,733 289,551 290,970 292,397 258,427 327,800 363,381 6

Cash paid
Cash paid for cost of goods
sold 58,299 56,724 75,269 82,312 86,547 87,361 85,925 86,103 85,083 78,745 92,163 91,410 965,941
Cash paid for operating
expense 30,381 384,187 27,594 27,803 27,663 38,417 27,484 27,663 27,308 38,133 27,337 27,198 711,168
-
Cash paid for income tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 65,358 568,643

2,245,75
Total cash paid 148,814 398,967 149,472 165,074 168,521 177,072 168,775 169,463 168,876 162,001 184,751 183,966 2

Net cash flow from - 1,220,68


opreating activity 135,129 148,994 101,722 120,260 118,212 109,661 120,776 121,507 123,521 96,426 143,049 179,415 4

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 250000 250000

Cash paid for interest - - - - - - - - - - - 36,000 36,000

Total cash paid 286000 286000


Net cash flow from
financing activity -286000 -286000

- -
Net increase / decrease in cash 135,129 148,994 101,722 120,260 118,212 109,661 120,776 121,507 123,521 96,426 143,049 106,585 934,684

2,083,79 2,218,92 2,069,93 2,171,65 2,291,91 2,410,12 2,519,78 2,640,56 2,762,07 2,885,59 2,982,01 3,125,06 2,083,79
Beginning cash 7 6 2 4 4 6 7 4 0 1 7 6 7
-
2,218,92 2,069,93 2,171,65 2,291,91 2,410,12 2,519,78 2,640,56 2,762,07 2,885,59 2,982,01 3,125,06 3,018,48 1,149,11
Ending cash 6 2 4 4 6 7 4 0 1 7 6 1 4
256

Cherbet House Company Limited

Statement of Cash Flow

For the year ended December 31, 2015

jan feb mar apr may jun jul aug sep oct nov dec Total
Cash flow from operating
activity

Cash received

4,078,40
Cash received on cash sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 7

asjust depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

4,146,17
Total cash received 339,602 298,838 300,304 341,272 342,950 342,950 346,331 348,035 349,747 308,983 392,231 434,928 1

Cash paid

Cash paid for cost of goods 1,103,35


sold 65,311 63,420 85,674 94,126 99,209 100,186 98,462 98,675 97,452 89,846 105,947 105,044 4
Cash paid for operating
expense 30,766 385,688 27,726 27,814 27,806 38,429 27,651 27,346 27,308 38,398 27,561 27,031 713,526
-
Cash paid for income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 89,309 742,102

2,558,98
Total cash paid 170,979 419,686 171,994 190,597 194,851 203,424 195,198 195,642 195,223 185,569 214,435 221,384 2

Net cash flow from - 1,587,18


opreating activity 168,623 120,848 128,310 150,675 148,099 139,526 151,133 152,393 154,524 123,414 177,796 213,544 9

Cash flow from investment


activity

Cash received

Cash received from sale

Total cash received

Cash paid
Cash paid investment on
operating
Cash paid investment on
administrative

Total cash paid


Net cash flow from
investment activity

Cash flow from financing


activity

Cash received

Borrowing cash

Total cash received

Cash paid
Cash paid for principle
borrowing 200000 200000

Cash paid for interest - - - - - - - - - - - 16,000 16,000

Total cash paid 216000 216000


Net cash flow from
financing activity -216000 -216000

- - 1,371,18
Net increase / decrease in cash 168,623 120,848 128,310 150,675 148,099 139,526 151,133 152,393 154,524 123,414 177,796 2,456 9

3,018,48 3,187,10 3,066,25 3,194,56 3,345,24 3,493,34 3,632,86 3,783,99 3,936,39 4,090,91 4,214,33 4,392,12 3,018,48
Beginning cash 1 3 6 6 1 0 6 9 2 6 0 6 1
-
3,187,10 3,066,25 3,194,56 3,345,24 3,493,34 3,632,86 3,783,99 3,936,39 4,090,91 4,214,33 4,392,12 4,389,67 1,647,29
Ending cash 3 6 6 1 0 6 9 2 6 0 6 0 2

Payback Period = 1.594619074

NPV = 22,225,194.55
257

Income interest increase


Interest increase 2%

Cherbet House

Income Statement

For the year ending December 31, 2011

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale - 91,972.81 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.05 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Gross income 49,833 130,603 151,681 149,968 149,440 152,491 153,452 155,189 133,759 177,218 204,487 1,608,121

Operating expense -
2,241
Selling 7,510 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

-
- -
Income before interest and tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 180,140 930,582

Interest expense 10% - - - - - - - - - - - 120,000 120,000


- -
Income [Loss] before income tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 60,140 810,582
- -
Provision [benefit] for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 18,042 243,175
- -
Net income [Loss] for the year 9,210 243,782 73,967 88,724 87,449 80,638 89,390 90,171 91,326 69,771 106,865 42,098 567,407
- - - - -
Retained Earnings 9,210 252,992 179,025 90,301 2,852 77,786 167,176 257,347 348,674 418,444 525,310 567,407 567,407
258

Cherbet House

Income Statement

For the year ending December 31, 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Gross income 175,691 149,918 138,136 160,282 158,476 157,916 161,132 162,131 163,960 141,463 187,081 215,725 1,971,911

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904

-
-
Income before interest and tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 191,393 1,344,007

Interest expense 10% - - - - - - - - - - - 95,000 95,000


-
Income [Loss] before income tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 96,393 1,249,007
-
Provision [benefit] for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 28,918 374,702
-
Net income [Loss] for the year 103,888 129,470 79,383 94,762 93,544 86,652 95,477 96,107 97,602 75,213 113,671 67,475 874,305

Retained Earnings 671,295 541,825 621,209 715,971 809,515 896,167 991,643 1,087,750 1,185,353 1,260,566 1,374,237 1,441,712 1,441,712
259

Cherbet House

Income Statement

For the year ending December 31, 2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

2,955,36
Sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 4

Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

2,193,34
Gross income 195,278 166,930 153,969 178,330 176,344 175,728 179,266 180,365 182,377 157,630 207,809 239,318 4

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691

Income before interest and - 1,564,65


tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 215,026 3

Interest expense 10% - - - - - - - - - - - 70,000 70,000

Income [Loss] before income - 1,494,65


tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 145,026 3
Provision [benefit] for income -
tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 43,508 448,396

- 1,046,25
Net income [Loss] for the year 117,595 118,368 90,358 107,371 106,052 99,148 108,241 109,080 110,508 86,579 128,174 101,518 7

1,559,30 1,440,93 1,531,29 1,638,66 1,744,72 1,843,86 1,952,11 2,061,19 2,171,69 2,258,27 2,386,45 2,487,96 2,487,96
Retained Earnings 7 9 7 9 1 9 0 0 8 7 1 9 9
260

Cherbet House

Income Statement

For the year ending December 31, 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

3,398,67
Sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 2

Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

2,558,72
Gross income 227,601 195,001 180,096 208,111 205,827 205,120 209,187 210,451 212,765 184,306 242,011 278,247 3

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246

Income before interest and - 1,931,47


tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 253,860 7

Interest expense 10% - - - - - - - - - - - 45,000 45,000

Income [Loss] before income - 1,886,47


tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 208,860 7
Provision [benefit] for income -
tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 62,658 565,943

Net income [Loss] for the - 1,320,53


year 140,312 97,868 108,756 128,239 126,725 119,684 129,185 129,962 131,797 105,287 152,252 146,202 4

2,530,41 2,639,16 2,767,40 2,894,13 3,013,81 3,143,00 3,272,96 3,404,76 3,510,04 3,662,30 3,808,50 3,808,50
Retained Earnings 2,628,281 4 9 8 4 7 3 5 2 9 1 3 3
261

Cherbet House

Income Statement

For the year ending December 31, 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Gross income 277,163 238,043 220,157 253,776 251,034 250,185 255,065 256,583 259,359 225,209 294,456 337,938 3,118,968

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296

-
Income before interest -
and tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 313,696 2,489,672

Interest expense 10% - - - - - - - - - - - 20,000 20,000


Income [Loss] before -
income tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 293,696 2,469,672
Provision [benefit] for -
income tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 88,109 740,902
Net income [Loss] for the -
year 174,771 68,652 136,718 160,197 158,283 151,222 161,199 162,447 164,413 133,758 188,827 205,587 1,728,771

Retained Earnings 3,983,274 3,914,622 4,051,340 4,211,537 4,369,820 4,521,043 4,682,241 4,844,688 5,009,102 5,142,860 5,331,687 5,537,274 5,537,274
262

Interest increase 4%

Cherbet House

Income Statement

For the year ending December 31, 2011

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale - 91,972.81 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Gross income 49,833 130,603 151,681 149,968 149,440 152,491 153,452 155,189 133,759 177,218 204,487 1,608,121

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

-
- -
Income before interest and tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 180,140 930,582

Interest expense 12% - - - - - - - - - - - 144,000 144,000


- -
Income [Loss] before income tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 36,140 786,582
- -
Provision [benefit] for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 10,842 235,975
- -
Net income [Loss] for the year 9,210 243,782 73,967 88,724 87,449 80,638 89,390 90,171 91,326 69,771 106,865 25,298 550,607
- - - - -
Retained Earnings 9,210 252,992 179,025 90,301 2,852 77,786 167,176 257,347 348,674 418,444 525,310 550,607 550,607
263

Cherbet House

Income Statement

For the year ending December 31, 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Gross income 175,691 149,918 138,136 160,282 158,476 157,916 161,132 162,131 163,960 141,463 187,081 215,725 1,971,911

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904

-
-
Income before interest and tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 191,393 1,344,007

Interest expense 12% - - - - - - - - - - - 114,000 114,000


-
Income [Loss] before income tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 77,393 1,230,007
-
Provision [benefit] for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 23,218 369,002
-
Net income [Loss] for the year 103,888 129,470 79,383 94,762 93,544 86,652 95,477 96,107 97,602 75,213 113,671 54,175 861,005

Retained Earnings 654,495 525,025 604,409 699,171 792,715 879,367 974,843 1,070,950 1,168,553 1,243,766 1,357,437 1,411,612 1,411,612
264

Cherbet House

Income Statement

For the year ending December 31, 2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 2,955,364

Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

Gross income 195,278 166,930 153,969 178,330 176,344 175,728 179,266 180,365 182,377 157,630 207,809 239,318 2,193,344

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691

-
Income before interest and -
tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 215,026 1,564,653

Interest expense 12% - - - - - - - - - - - 84,000 84,000


Income [Loss] before -
income tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 131,026 1,480,653
Provision [benefit] for -
income tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 39,308 444,196
Net income [Loss] for the -
year 117,595 118,368 90,358 107,371 106,052 99,148 108,241 109,080 110,508 86,579 128,174 91,718 1,036,457

Retained Earnings 1,529,207 1,410,839 1,501,197 1,608,569 1,714,621 1,813,769 1,922,010 2,031,090 2,141,598 2,228,177 2,356,351 2,448,069 2,448,069
265

Cherbet House

Income Statement

For the year ending December 31, 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Gross income 227,601 195,001 180,096 208,111 205,827 205,120 209,187 210,451 212,765 184,306 242,011 278,247 2,558,723

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246

-
Income before interest and -
tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 253,860 1,931,477

Interest expense 12% - - - - - - - - - - - 54,000 54,000


Income [Loss] before -
income tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 199,860 1,877,477
Provision [benefit] for income -
tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 59,958 563,243
Net income [Loss] for the -
year 140,312 97,868 108,756 128,239 126,725 119,684 129,185 129,962 131,797 105,287 152,252 139,902 1,314,234

Retained Earnings 2,588,381 2,490,514 2,599,269 2,727,508 2,854,234 2,973,917 3,103,103 3,233,065 3,364,862 3,470,149 3,622,401 3,762,303 3,762,303
266

Cherbet House

Income Statement

For the year ending December 31, 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Gross income 277,163 238,043 220,157 253,776 251,034 250,185 255,065 256,583 259,359 225,209 294,456 337,938 3,118,968

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296

-
Income before interest and -
tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 313,696 2,489,672

Interest expense 12% - - - - - - - - - - - 24,000 24,000


Income [Loss] before income -
tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 289,696 2,465,672
Provision [benefit] for income -
tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 86,909 739,702
Net income [Loss] for the -
year 174,771 68,652 136,718 160,197 158,283 151,222 161,199 162,447 164,413 133,758 188,827 202,787 1,725,971

Retained Earnings 3,937,074 3,868,422 4,005,140 4,165,337 4,323,620 4,474,843 4,636,041 4,798,488 4,962,902 5,096,660 5,285,487 5,488,274 5,488,274
267

Interest increase 6%

Cherbet House

Income Statement

For the year ending December 31, 2011

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale - 91,972.81 184,865 210,568 211,621 211,621 213,743 214,811 215,885 190,310 242,540 269,327 2,257,264

Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143

Gross income 49,833 130,603 151,681 149,968 149,440 152,491 153,452 155,189 133,759 177,218 204,487 1,608,121

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539

-
- -
Income before interest and tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 180,140 930,582

Interest expense 14% - - - - - - - - - - - 168,000 168,000


- -
Income [Loss] before income tax 13,157 348,260 105,667 126,748 124,927 115,197 127,700 128,816 130,466 99,673 152,665 12,140 762,582
- -
Provision [benefit] for income tax 3,947 104,478 31,700 38,025 37,478 34,559 38,310 38,645 39,140 29,902 45,799 3,642 228,775
- -
Net income [Loss] for the year 9,210 243,782 73,967 88,724 87,449 80,638 89,390 90,171 91,326 69,771 106,865 8,498 533,807
- - - - -
Retained Earnings 9,210 252,992 179,025 90,301 2,852 77,786 167,176 257,347 348,674 418,444 525,310 533,807 533,807
268

Cherbet House

Income Statement

For the year ending December 31, 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 219,997 193,143 194,109 221,097 222,202 222,202 224,430 225,552 226,680 199,826 254,667 282,794 2,686,699

Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788

Gross income 175,691 149,918 138,136 160,282 158,476 157,916 161,132 162,131 163,960 141,463 187,081 215,725 1,971,911

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904

-
-
Income before interest and tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 191,393 1,344,007

Interest expense 14% - - - - - - - - - - - 133,000 133,000


-
Income [Loss] before income tax 148,411 184,957 113,405 135,374 133,635 123,788 136,396 137,295 139,432 107,447 162,388 58,393 1,211,007
-
Provision [benefit] for income tax 44,523 55,487 34,021 40,612 40,090 37,136 40,919 41,189 41,830 32,234 48,716 17,518 363,302
-
Net income [Loss] for the year 103,888 129,470 79,383 94,762 93,544 86,652 95,477 96,107 97,602 75,213 113,671 40,875 847,705

Retained Earnings 637,695 508,225 587,609 682,371 775,915 862,567 958,043 1,054,150 1,151,753 1,226,966 1,340,637 1,381,512 1,381,512
269

Cherbet House

Income Statement

For the year ending December 31,2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

2,955,36
Sale 241,996 212,457 213,519 243,206 244,422 244,422 246,873 248,107 249,348 219,808 280,133 311,073 4

Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020

2,193,34
Gross income 195,278 166,930 153,969 178,330 176,344 175,728 179,266 180,365 182,377 157,630 207,809 239,318 4

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691

- 1,564,65
Income before interest and tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 215,026 3

Interest expense 14% - - - - - - - - - - - 98,000 98,000

Income [Loss] before income - 1,466,65


tax 167,993 169,097 129,083 153,387 151,503 141,640 154,630 155,829 157,869 123,684 183,106 117,026 3
Provision [benefit] for income -
tax 50,398 50,729 38,725 46,016 45,451 42,492 46,389 46,749 47,361 37,105 54,932 35,108 439,996

- 1,026,65
Net income [Loss] for the year 117,595 118,368 90,358 107,371 106,052 99,148 108,241 109,080 110,508 86,579 128,174 81,918 7

1,499,10 1,380,73 1,471,09 1,578,46 1,684,52 1,783,66 1,891,91 2,000,99 2,111,49 2,198,07 2,326,25 2,408,16 2,408,16
Retained Earnings 7 9 7 9 1 9 0 0 8 7 1 9 9
270

Cherbet House

Income Statement

For the year ending December 31, 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 278,296 244,326 245,547 279,687 281,086 281,086 283,904 285,323 286,750 252,780 322,153 357,734 3,398,672

Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949

Gross income 227,601 195,001 180,096 208,111 205,827 205,120 209,187 210,451 212,765 184,306 242,011 278,247 2,558,723

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246

-
Income before interest and -
tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 253,860 1,931,477

Interest expense 14% - - - - - - - - - - - 63,000 63,000


Income [Loss] before income -
tax 200,446 139,811 155,365 183,198 181,036 170,977 184,551 185,660 188,282 150,410 217,503 190,860 1,868,477
Provision [benefit] for income -
tax 60,134 41,943 46,610 54,960 54,311 51,293 55,365 55,698 56,484 45,123 65,251 57,258 560,543
Net income [Loss] for the -
year 140,312 97,868 108,756 128,239 126,725 119,684 129,185 129,962 131,797 105,287 152,252 133,602 1,307,934

Retained Earnings 2,548,481 2,450,614 2,559,369 2,687,608 2,814,334 2,934,017 3,063,203 3,193,165 3,324,962 3,430,249 3,582,501 3,716,103 3,716,103
271

Cherbet House

Income Statement

For the year ending December 31, 2015

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Revenus

Sale 333,955 293,191 294,657 335,625 337,303 337,303 340,684 342,388 344,100 303,336 386,584 429,281 4,078,407

Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439

Gross income 277,163 238,043 220,157 253,776 251,034 250,185 255,065 256,583 259,359 225,209 294,456 337,938 3,118,968

Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595

Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296

-
Income before interest and -
tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 313,696 2,489,672

Interest expense 14% - - - - - - - - - - - 28,000 28,000


Income [Loss] before -
income tax 249,673 98,074 195,311 228,853 226,118 216,032 230,284 232,067 234,876 191,083 269,753 285,696 2,461,672
Provision [benefit] for income -
tax 74,902 29,422 58,593 68,656 67,835 64,810 69,085 69,620 70,463 57,325 80,926 85,709 738,502
Net income [Loss] for the -
year 174,771 68,652 136,718 160,197 158,283 151,222 161,199 162,447 164,413 133,758 188,827 199,987 1,723,171

Retained Earnings 3,890,874 3,822,222 3,958,940 4,119,137 4,277,420 4,428,643 4,589,841 4,752,288 4,916,702 5,050,460 5,239,287 5,439,274 5,439,274
272

Income Sale decrease


Sale decrease 5 %

Cherbet House

Income Statement

For the year ending December 31, 2011

Sale decrease -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 5% 87,374 175,622 200,040 201,040 201,040 203,056 204,070 205,091 180,795 230,413 255,861 2,144,401
Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143
-

Gross income 45,234 121,360 141,153 139,387 138,859 141,804 142,711 144,395 124,243 165,091 191,020 1,495,258
-
Operating expense -
4,482
Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539
-
Income before interest and - -
tax 13,157 352,859 96,424 116,220 114,346 104,616 117,013 118,075 119,672 90,157 140,538 166,673 817,719

Interest expense 8% - - - - - - - - - - - 96,000 96,000


Income [Loss] before income - -
tax 13,157 352,859 96,424 116,220 114,346 104,616 117,013 118,075 119,672 90,157 140,538 70,673 721,719
Provision [benefit] for income - -
tax 3,947 105,858 28,927 34,866 34,304 31,385 35,104 35,423 35,901 27,047 42,161 21,202 216,516
Net income [Loss] for the - -
year 9,210 247,001 67,497 81,354 80,042 73,231 81,909 82,653 83,770 63,110 98,376 49,471 505,203
- - - - -
Retained Earnings 9,210 256,211 188,714 107,360 27,318 45,914 127,823 210,475 294,246 357,356 455,732 505,203 505,203
273

Cherbet House

Income Statement

For the year ending December 31, 2012

Sale decrease -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 5% 208,997 183,486 184,404 210,042 211,092 211,092 213,209 214,274 215,346 189,835 241,934 268,654 2,552,364
Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788
-

Gross income 164,692 140,261 128,430 149,227 147,366 146,806 149,910 150,854 152,626 131,472 174,347 201,585 1,837,576
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Income before interest and -
tax 137,412 194,614 103,699 124,319 122,525 112,678 125,174 126,018 128,098 97,456 149,654 177,253 1,209,672

Interest expense 8% - - - - - - - - - - - 76,000 76,000


Income [Loss] before income -
tax 137,412 194,614 103,699 124,319 122,525 112,678 125,174 126,018 128,098 97,456 149,654 101,253 1,133,672
Provision [benefit] for income -
tax 41,223 58,384 31,110 37,296 36,757 33,803 37,552 37,805 38,429 29,237 44,896 30,376 340,102
Net income [Loss] for the -
year 96,188 136,230 72,590 87,023 85,767 78,875 87,622 88,212 89,669 68,219 104,758 70,877 793,570

Retained Earnings 601,391 465,161 537,751 624,774 710,541 789,416 877,038 965,250 1,054,919 1,123,138 1,227,896 1,298,774 1,298,774
274

Cherbet House

Income Statement

For the year ending December 31, 2013

Sale decrease -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 5% 229,896 201,834 202,843 231,046 232,201 232,201 234,529 235,702 236,881 208,818 266,126 295,519 2,807,596
Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020
-

Gross income 183,178 156,307 143,293 166,170 164,123 163,507 166,922 167,960 169,910 146,639 193,802 223,764 2,045,576
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Income before interest and -
tax 155,893 179,720 118,407 141,227 139,282 129,419 142,286 143,424 145,402 112,693 169,099 199,472 1,416,885

Interest expense 8% - - - - - - - - - - - 56,000 56,000


Income [Loss] before income -
tax 155,893 179,720 118,407 141,227 139,282 129,419 142,286 143,424 145,402 112,693 169,099 143,472 1,360,885
Provision [benefit] for income -
tax 46,768 53,916 35,522 42,368 41,785 38,826 42,686 43,027 43,620 33,808 50,730 43,042 408,265
Net income [Loss] for the -
year 109,125 125,804 82,885 98,859 97,497 90,594 99,600 100,397 101,781 78,885 118,369 100,431 952,619

Retained Earnings 1,407,898 1,282,095 1,364,980 1,463,839 1,561,336 1,651,929 1,751,530 1,851,926 1,953,707 2,032,593 2,150,962 2,251,393 2,251,393
275

Cherbet House

Income Statement

For the year ending December 31, 2014

Sale decrease -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 5% 264,381 232,110 233,270 265,703 267,032 267,032 269,709 271,057 272,413 240,141 306,045 339,847 3,228,738
Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949
-

Gross income 213,686 182,785 167,819 194,127 191,773 191,065 194,991 196,185 198,427 171,667 225,904 260,360 2,388,790
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Income before interest and -
tax 186,531 152,027 143,088 169,214 166,982 156,922 170,355 171,394 173,944 137,771 201,396 235,973 1,761,544

Interest expense 8% - - - - - - - - - - - 36,000 36,000


Income [Loss] before income -
tax 186,531 152,027 143,088 169,214 166,982 156,922 170,355 171,394 173,944 137,771 201,396 199,973 1,725,544
Provision [benefit] for income -
tax 55,959 45,608 42,926 50,764 50,095 47,077 51,107 51,418 52,183 41,331 60,419 59,992 517,663
Net income [Loss] for the -
year 130,572 106,419 100,161 118,450 116,887 109,846 119,249 119,976 121,761 96,440 140,977 139,981 1,207,881

Retained Earnings 2,381,965 2,275,546 2,375,707 2,494,157 2,611,044 2,720,890 2,840,139 2,960,114 3,081,875 3,178,315 3,319,292 3,459,273 3,459,273
276

Cherbet House

Income Statement

For the year ending December 31, 2015

Sale decrease -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5% -5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 5% 317,257 278,531 279,924 318,844 320,438 320,438 323,650 325,269 326,895 288,169 367,255 407,817 3,874,487
Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439
-

Gross income 260,465 223,383 205,425 236,995 234,169 233,320 238,031 239,464 242,154 210,042 275,127 316,474 2,915,048
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Income before interest and -
tax 232,975 112,734 180,579 212,072 209,253 199,167 213,250 214,948 217,671 175,916 250,424 292,232 2,285,752

Interest expense 8% - - - - - - - - - - - 16,000 16,000


Income [Loss] before income -
tax 232,975 112,734 180,579 212,072 209,253 199,167 213,250 214,948 217,671 175,916 250,424 276,232 2,269,752
Provision [benefit] for income -
tax 69,893 33,820 54,174 63,621 62,776 59,750 63,975 64,484 65,301 52,775 75,127 82,870 680,926
Net income [Loss] for the -
year 163,083 78,914 126,405 148,450 146,477 139,417 149,275 150,464 152,370 123,141 175,297 193,362 1,588,826

Retained Earnings 3,622,356 3,543,442 3,669,847 3,818,298 3,964,775 4,104,191 4,253,466 4,403,930 4,556,300 4,679,441 4,854,737 5,048,100 5,048,100
277

Sale decrease 10 %
Cherbet House

Income Statement

For the year ending December 31, 2011

Sale decrease -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 10% 82,776 166,379 189,511 190,459 190,459 192,369 193,330 194,297 171,279 218,286 242,394 2,031,537
Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143
-

Gross income 40,635 112,117 130,625 128,806 128,278 131,117 131,971 133,600 114,728 152,964 177,554 1,382,395
-
Operating expense -
4,482
Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539
-
Income before interest and - -
tax 13,157 357,458 87,181 105,692 103,765 94,035 106,326 107,335 108,877 80,642 128,411 153,207 704,856

Interest expense 8% - - - - - - - - - - - 96,000 96,000


Income [Loss] before income - -
tax 13,157 357,458 87,181 105,692 103,765 94,035 106,326 107,335 108,877 80,642 128,411 57,207 608,856
Provision [benefit] for income - -
tax 3,947 107,237 26,154 31,707 31,130 28,211 31,898 32,200 32,663 24,192 38,523 17,162 182,657
Net income [Loss] for the - -
year 9,210 250,220 61,027 73,984 72,636 65,825 74,428 75,134 76,214 56,449 89,887 40,045 426,199
- - - - -
Retained Earnings 9,210 259,430 198,404 124,419 51,784 14,041 88,469 163,603 239,817 296,267 386,154 426,199 426,199
278

Cherbet House

Income Statement

For the year ending December 31, 2012

Sale decrease -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 10% 197,997 173,829 174,698 198,987 199,982 199,982 201,987 202,997 204,012 179,843 229,200 254,515 2,418,029
Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788
-

Gross income 153,692 130,603 118,725 138,172 136,255 135,696 138,689 139,576 141,292 121,481 161,614 187,446 1,703,241
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Income before interest and -
tax 126,412 204,272 93,994 113,264 111,414 101,568 113,953 114,740 116,764 87,465 136,921 163,114 1,075,337

Interest expense 8% - - - - - - - - - - - 76,000 76,000


Income [Loss] before income -
tax 126,412 204,272 93,994 113,264 111,414 101,568 113,953 114,740 116,764 87,465 136,921 87,114 999,337
Provision [benefit] for income -
tax 37,924 61,281 28,198 33,979 33,424 30,470 34,186 34,422 35,029 26,239 41,076 26,134 299,801
Net income [Loss] for the -
year 88,488 142,990 65,796 79,285 77,990 71,098 79,767 80,318 81,735 61,225 95,845 60,979 699,536

Retained Earnings 514,687 371,697 437,493 516,778 594,768 665,866 745,632 825,951 907,685 968,911 1,064,755 1,125,735 1,125,735
279

Cherbet House

Income Statement

For the year ending December 31, 2013

Sale decrease -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 10% 217,796 191,211 192,167 218,885 219,980 219,980 222,186 223,296 224,413 197,827 252,120 279,966 2,659,828
Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020
-

Gross income 171,078 145,684 132,617 154,010 151,902 151,286 154,578 155,554 157,442 135,649 179,796 208,211 1,897,807
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,128 328,139 14,383 14,440 14,338 23,585 14,133 14,033 14,005 23,443 14,200 14,163 502,990
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,285 336,027 24,886 24,943 24,841 34,088 24,636 24,536 24,508 33,946 24,703 24,292 628,691
-
Income before interest and -
tax 143,793 190,343 107,731 129,067 127,061 117,198 129,942 131,018 132,934 101,703 155,093 183,919 1,269,116

Interest expense 8% - - - - - - - - - - - 56,000 56,000


Income [Loss] before income -
tax 143,793 190,343 107,731 129,067 127,061 117,198 129,942 131,018 132,934 101,703 155,093 127,919 1,213,116
Provision [benefit] for income -
tax 43,138 57,103 32,319 38,720 38,118 35,159 38,983 39,306 39,880 30,511 46,528 38,376 363,935
Net income [Loss] for the -
year 100,655 133,240 75,412 90,347 88,942 82,039 90,960 91,713 93,054 71,192 108,565 89,543 849,181

Retained Earnings 1,226,390 1,093,150 1,168,562 1,258,909 1,347,851 1,429,890 1,520,850 1,612,562 1,705,616 1,776,808 1,885,373 1,974,916 1,974,916
280

Cherbet House

Income Statement

For the year ending December 31, 2014

Sale decrease -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 10% 250,466 219,893 220,992 251,718 252,977 252,977 255,514 256,791 258,075 227,502 289,938 321,961 3,058,805
Cost of goods sold -

Beginning of Inventory 375 - 1,542 338 1,094 885 - 740 225 322 1,094 - 6,616

Materials 30,111 30,659 44,039 52,124 54,841 54,873 55,249 54,149 53,874 49,038 58,839 59,654 597,450

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,542 338 1,094 885 - 740 225 322 1,094 - 375 6,616

total cost of goods sold 50,695 49,325 65,451 71,576 75,259 75,966 74,717 74,872 73,985 68,474 80,142 79,487 839,949
-

Gross income 199,772 170,569 155,541 180,143 177,719 177,011 180,796 181,919 184,090 159,028 209,796 242,473 2,218,856
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 13,998 326,924 14,228 14,410 14,288 23,640 14,133 14,288 13,980 23,393 14,005 14,258 501,545
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,155 334,812 24,731 24,913 24,791 34,143 24,636 24,791 24,483 33,896 24,508 24,387 627,246
-
Income before interest and -
tax 172,617 164,243 130,810 155,230 152,928 142,868 156,160 157,128 159,607 125,132 185,288 218,086 1,591,610

Interest expense 8% - - - - - - - - - - - 36,000 36,000


Income [Loss] before income -
tax 172,617 164,243 130,810 155,230 152,928 142,868 156,160 157,128 159,607 125,132 185,288 182,086 1,555,610
Provision [benefit] for income -
tax 51,785 49,273 39,243 46,569 45,878 42,860 46,848 47,138 47,882 37,540 55,586 54,626 466,683
Net income [Loss] for the -
year 120,832 114,970 91,567 108,661 107,049 100,008 109,312 109,989 111,725 87,593 129,702 127,461 1,088,927

Retained Earnings 2,095,748 1,980,777 2,072,345 2,181,005 2,288,055 2,388,062 2,497,375 2,607,364 2,719,089 2,806,681 2,936,383 3,063,843 3,063,843
281

Cherbet House

Income Statement

For the year ending December 31, 2015

Sale decrease -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10% -10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 10% 300,560 263,872 265,191 302,063 303,573 303,573 306,616 308,149 309,690 273,002 347,926 386,353 3,670,566
Cost of goods sold -

Beginning of Inventory 451 - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 7,939

Materials 36,134 36,790 52,846 62,548 65,810 65,848 66,299 64,979 64,649 58,846 70,607 71,585 716,940

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,850 405 1,313 1,062 - 888 270 386 1,313 - 451 7,939

total cost of goods sold 56,792 55,148 74,500 81,849 86,269 87,118 85,619 85,805 84,741 78,127 92,128 91,343 959,439
-

Gross income 243,767 208,724 190,692 220,213 217,304 216,455 220,996 222,345 224,949 194,876 255,797 295,010 2,711,128
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,333 328,229 14,343 14,420 14,413 23,650 14,278 14,013 13,980 23,623 14,200 14,113 503,595
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,490 336,117 24,846 24,923 24,916 34,153 24,781 24,516 24,483 34,126 24,703 24,242 629,296
-
Income before interest and -
tax 216,277 127,393 165,846 195,290 192,388 182,302 196,215 197,829 200,466 160,750 231,094 270,768 2,081,832

Interest expense 8% - - - - - - - - - - - 16,000 16,000


Income [Loss] before income -
tax 216,277 127,393 165,846 195,290 192,388 182,302 196,215 197,829 200,466 160,750 231,094 254,768 2,065,832
Provision [benefit] for income -
tax 64,883 38,218 49,754 58,587 57,716 54,691 58,865 59,349 60,140 48,225 69,328 76,430 619,750
Net income [Loss] for the -
year 151,394 89,175 116,092 136,703 134,672 127,611 137,351 138,480 140,326 112,525 161,766 178,338 1,446,082

Retained Earnings 3,215,238 3,126,062 3,242,154 3,378,858 3,513,529 3,641,140 3,778,491 3,916,971 4,057,297 4,169,822 4,331,588 4,509,926 4,509,926
282

Sale decrease 15 %
Cherbet House

Income Statement

For the year ending December 31, 2011

Sale decrease -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 15% 78,177 157,135 178,983 179,878 179,878 181,682 182,589 183,502 161,764 206,159 228,928 1,918,674
Cost of goods sold -

Beginning of Inventory - 1,150 252 816 660 - 552 168 240 816 - 4,654

Materials 23082 33155.4 39242.4 41288.4 41312.4 41595.6 40767 40560 36919.2 44298.24 44912.048 427,133

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 195,855

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 26,435

Ending of inventory 1,150 252 816 660 - 552 168 240 816 - 280 4,934

total cost of goods sold 42,140 54,262 58,887 61,653 62,181 61,252 61,359 60,696 56,551 65,322 64,840 649,143
-

Gross income 36,037 102,874 120,096 118,225 117,697 120,430 121,230 122,806 105,212 140,837 164,088 1,269,531
-
Operating expense -
4,482
Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 57,937

General and Administrative 0 390,205 14,433 14,430 14,538 23,740 14,288 14,133 14,220 23,583 14,050 14,218 551,838
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 13,157 398,093 24,936 24,933 25,041 34,243 24,791 24,636 24,723 34,086 24,553 24,347 677,539
-
Income before interest and - -
tax 13,157 362,056 77,938 95,163 93,184 83,454 95,639 96,594 98,083 71,126 116,284 139,741 591,992

Interest expense 8% - - - - - - - - - - - 96,000 96,000


Income [Loss] before income - -
tax 13,157 362,056 77,938 95,163 93,184 83,454 95,639 96,594 98,083 71,126 116,284 43,741 495,992
Provision [benefit] for income - -
tax 3,947 108,617 23,381 28,549 27,955 25,036 28,692 28,978 29,425 21,338 34,885 13,122 148,798
Net income [Loss] for the - -
year 9,210 253,439 54,556 66,614 65,229 58,418 66,947 67,616 68,658 49,788 81,398 30,618 347,195
- - - - - -
Retained Earnings 9,210 262,649 208,093 141,479 76,250 17,832 49,115 116,731 185,389 235,178 316,576 347,195 347,195
283

Cherbet House

Income Statement

For the year ending December 31, 2012

Sale decrease -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 15% 186,997 164,172 164,993 187,932 188,872 188,872 190,766 191,719 192,678 169,852 216,467 240,375 2,283,694
Cost of goods sold -

Beginning of Inventory 294 - 1,219 267 865 700 - 585 178 254 865 - 5,227

Materials 23,803 24,236 34,813 41,205 43,353 43,378 43,675 42,805 42,588 38,765 46,513 47,158 472,293

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,219 267 865 700 - 585 178 254 865 - 297 5,230

total cost of goods sold 44,306 43,225 55,973 60,815 63,726 64,286 63,298 63,421 62,720 58,363 67,586 67,069 714,788
-

Gross income 142,692 120,946 109,019 127,118 125,145 124,586 127,467 128,299 129,958 111,489 148,881 173,306 1,568,906
-
Operating expense -

Selling 7,510 2,241 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,856 4,482 57,937

General and Administrative 14,123 326,987 14,228 14,405 14,338 23,625 14,233 14,333 14,025 23,513 14,190 14,203 502,203
Other operating expense - - - - - - - - - - - - -

Depreciation 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 5,647 67,764

Total operating expense 27,280 334,875 24,731 24,908 24,841 34,128 24,736 24,836 24,528 34,016 24,693 24,332 627,904
-
Income before interest and -
tax 115,412 213,929 84,288 102,210 100,304 90,458 102,731 103,463 105,430 77,473 124,188 148,974 941,002

Interest expense 8% - - - - - - - - - - - 76,000 76,000


Income [Loss] before income -
tax 115,412 213,929 84,288 102,210 100,304 90,458 102,731 103,463 105,430 77,473 124,188 72,974 865,002
Provision [benefit] for income -
tax 34,624 64,179 25,287 30,663 30,091 27,137 30,819 31,039 31,629 23,242 37,256 21,892 259,501
Net income [Loss] for the -
year 80,788 149,750 59,002 71,547 70,213 63,321 71,912 72,424 73,801 54,231 86,931 51,082 605,501

Retained Earnings 427,983 278,233 337,235 408,782 478,995 542,315 614,227 686,651 760,452 814,683 901,614 952,696 952,696
284

Cherbet House

Income Statement

For the year ending December 31, 2013

Sale decrease -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15% -15%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Revenus

Sale decrase 15% 205,697 180,588 181,491 206,725 207,759 207,759 209,842 210,891 211,946 186,837 238,113 264,412 2,512,059
Cost of goods sold -

Beginning of Inventory 326 - 1,341 294 951 770 - 644 196 280 951 - 5,753

Materials 26,184 26,660 38,294 45,325 47,688 47,716 48,043 47,086 46,847 42,642 51,164 51,873 519,522

Labol cost 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 17,805 213,660

Other cost of goods sold 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 2,403 28,838

Ending of inventory - 1,341 294 951 770 - 644 196 280 951 - 326 5,753

total cost of goods sold 46,718 45,527 59,550 64,876 68,078 68,694 67,607 67,742 66,971 62,178 72,324 71,755 762,020
-

Gross income 158,978 135,061 121,941 141,850 139,681 139,065 142,235 143,149 144,975 124,659 165,789 192,657 1,750,039
-
Operating expense