Pai Sure 06FEB Final

Taxi Co.
, Ltd

Business Plan

Dated: February 7, 2012

Copy # 1 of 1 printed

Taxi Co., Ltd.
COMMERCIAL IN CONFIDENCE 2

EXECUTIVE SUMMARY
Pai Sure Taxi was initiated from the idea that people living in Bangkok prefer to get better
service from its public transportation. Hence, group of founders finally came up with this new
business which mainly focuses on providing new taxi service. The key business concept is the
company will serve every customer request with a superior service and well-trained taxi drivers.
Besides, new technology including Global Positioning System (GPS) and radio communications will
equip with all of the vehicles in order to ensure the security of each individual passengers.
The target customers normally will be the people who particularly concern about their
belongings and/or punctuality with middle to high income including women, businessmen, foreigners
and tourists. Those people will gain benefits through companys superior services. Another advantage
of the company is that passengers can also make an advance booking for using its services via call
center and online booking.
Pai Sure Taxis strategy plan is to start operating its service in Bangkok with the numbers of
fleet around 300 (Toyota Camry). Trusted drivers of each exclusive taxi are very competent, well-
trained driver committed to giving you a most comfortable ride. After five years of operation,
company will expand this quality and service into major cities in Thailand such as Chiang Mai,
Phuket, and Nakorn Ratchasrima. Therefore, company has to build more service centers along with
those cities in order to increase the network with the corporate culture to satisfy its customer demand.
With an experienced management team, Pai Sure Taxi can guarantee to its stakeholders that it
will sustain its growth and prosperity along with a strong corporate social responsibility.
The management team consists of five MBA graduates. Panithan Akarasriprapai, the CEO of
the company, has academic background in economics and extensive work experience in banking industry
with Krung Thai bank as an investment banker. Nipaphan Nicrodhanon, CFO, has academic background in
statistics and finance. She has four-year work experience as financial and risk management officer for Siam Cement
Group (SCG) that provides a wealth of experience in new venture business structuring and planning, particularly in
financial issues. Tanyatip Kharuhayothin, CMO, earned her Bachelor Degree in Communication Management and
extensive work experience in Public Relations at Hill & Knowlton Thailand. Kantika Angsutornrangsi, R&D
Taxi Co., Ltd.
Director, has background in finance of various industries as she worked as a consultant at Deloitte Touche. Suchai
Noichaya, COO, has academic background in liberal arts and has 5-year work experience in customer service.
Pai Sure Taxis revenue is anticipated to begin in 2012 and projected to grow to 127 million
in the next five years based on conservative assumptions about the market environment. This business
plan will yield a Net Present Value (NPV) of 137 million at a discount rate of 15%, and will have a
projected Internal Rate of Return (IRR) of 61.277%. The payback period is about three years and
nine month.
Pai Sure Taxi is seeking an equity funding of 15 million in 2012. In return for this investment,
the investor would receive an equity stake of 50% and two seats on the Board of Directors. This
investment fund will be recovered within three years and four months for the dividend stream and
yield an NPV of 106 million at the discount rate of 15%. The IRR for the investor will be 62.93%.
Pai Sure Taxi is an exciting and potentially very lucrative investment opportunity and the
management team looks forward to discussions with the investor.

Taxi Co., Ltd.
TABLE OF CONTENTS

THE COMPANY AND THE PRODUCT .................................................................................5
Company History ...............................................................................................................5
The Product ..................................................................... Error! Bookmark not defined.
Resource-Based Analysis ................................................. Error! Bookmark not defined.
MARKETING PLAN.................................................................................................................7
Market size and growth .....................................................................................................7
Underlying Trends .............................................................................................................8
Current Rivals ....................................................................................................................8
Potential Rivals and Substitutes ........................................................................................8
Our Strategic Advantages ......................................................................................................8
Strategic Options and Alternative Chosen .............................................................................9
Target Market .........................................................................................................................9
Marketing Strategy ...............................................................................................................10
OPERATIONAL PLAN...........................................................................................................12
Company Structure and Organization Chart ........................................................................12
Key Personnel ......................................................................................................................12
Production and Operations ...................................................................................................13
Research and Development ..................................................................................................14
Risk Reduction Strategies ....................................................................................................15
Exit and Harvest Strategies ..................................................................................................15
FINANCIAL PLAN .................................................................................................................15
Underlying Assumptions......................................................................................................15
Pro-Forma Financial Statements (Expected Case) ...............................................................16
Income Statements ...........................................................................................................16
Cash Flow Statements .....................................................................................................17
Balance Sheets .................................................................................................................18
Summary Financial Results .................................................................................................19
Sources and Uses of Funds ..............................................................................................19
Sensitivity Analysis ..........................................................................................................19
Worst Case Scenario .......................................................................................................19
Proposal to Investor ..................................................................................................................20
APPENDICES ..........................................................................................................................21
Exhibit 1: Background analysis (TERMS) .......................................................................21
Exhibit 2: Market Survey .................................................................................................21
Exhibit 3: Summary of Environmental Analysis ..............................................................21
Exhibit 4: Porters Five-Forces Model (For taxi service industry) ...............................22
Exhibit 5: Characterizing the Business Model of Pai Sure Taxi .....................................22
Appendix A: Management Resume ..................................................................................23
Appendix B: Pro-forma Income Statement (Worst Case Scenario) ................................28
Appendix C: Pro-forma Cashflow Statement (Worst Case Scenario) ............................29
Appendix D: Pro-forma Balance Sheet (Worst Case Scenario) .....................................30

Taxi Co., Ltd.
THE COMPANY AND THE PRODUCT
Company History
Taxi passengers are facing serious problems: taxi drivers refuse to drop them to any particular places
especially in raining and/or rush hour. Besides, this problem arises from the fear of both passengers and taxi drivers,
due to increase in crime rate. Consequently, his firm is founded in order to address these problems.
Pai Sure Taxis first goal had been to provide quality transportation services non-existent in Bangkok at
the time and also to maintain such a high standard of quality and service over the years. Itwill become the
pioneering taxi company to implement the strict use of taximeters, Global Positioning System (GPS) system, in-car
camera and radio communications on air-conditioned vehicles. Safety glass will be attached between the drivers
and passengers in order to guarantee the security for both sides. Also, several service stations will set up in Bangkok
to support daily operations of such vehicles. Moreover, the company plans to expand its operation into other big
cities in Thailand including Pattaya, HuaHin, Chiang Mai, Phuket and Nakorn Ratchasima.
Pai Sure Taxis mission is to achieve customer satisfaction and to build and defend the first position as
market leader in taxi service by providing reliable as well as superior service with efficient use of resource and
teamwork basis.
The Product

Pai Sure Taxi fulfills every customers requirement in Bangkok and suburban areas, with channels
spreading throughout major hotels and airports. Among the privileges that can be enjoyed by Pai Sure Taxi,
customers are experienced drivers trained to give a safe, comfortable, easy and personalized service, full automotive
insurance, and replacement vehicles ready at your beck and call. Besides that, the passengers can also book the taxi
in advance via its call center or on-line website, which will help save their time and cost. Therefore, the passengers
can enjoy customized services through the voyage.
Pai Sure Taxi will operate with the existing taxi fleet of around 50 and carries several coveted features
including spacious interior and ample legroom. For safety purpose, Pai Sure Taxi has equipped the taxi with glass
partition door between taxi driver and passenger seat. For further safety and tracking purpose, the taxi is also
equipped with DriveCam and GPS technology systems where call center and headquarter office could track where
Taxi Co., Ltd.
the taxi is, the distance to each destination and the duration for getting to the destination. Moreover, the DriveCam
is installed to monitor the driver and passenger in case if any unethical act or crime happened in the taxi and for
companys quality control of the taxi drivers. These technologies incorporated in the taxi also helpful for tracking
Lost and Found service if passengers forget their belongings in the taxi later on. Due to variety term of payments
available for customers who do not want to carry too much cash with them, the company also offers credit card
payment apart from normal cash payment to its customers.
Pai Sure Taxi provides its customers with reliable, more safety, availability, on-time, and superior taxi
service. Since there is an issue regarding the increased in taxi crime rate, taxi drivers and passengers are scared at
each other, and sometimes taxi drivers refuse to go to certain destinations, this product is designed for customers
who concerns about safety and availability for taxi service. The service also covers booking service through call
center, internet, and mobile application booking. Also, noted that this booking service will be running for 24 hours.
To create brand identity of the product, Pai Sure Taxi is designed to be unique in its appearance such that
there will be Pai Surelogo with sign built on top of the taxi. To protect this technical resource,
which is considered the companys VRHN, the company plans to register design used for the logo. The analysis of
value innovations for such taxi service using TERMS are summarized in the exhibit 1.
Resource-Based Analysis
Resource-Based Analysis
Physical Resources Pai SureTaxi is equipped with GPS to find and track the route, glass partition to separate driver and
passenger, communication tool to contact with the service center and EDC to accept payment besides the
cash. Also, the company will provide the unique appearance including logo at the top of taxis name so the
customers can easily recognize the companys taxi.
Reputational
Resources
To build and keep the reputation, Pai Sure Taxi not only takes advantage of being the first mover in the new
taxi service with safety concern for customers, but also continues to train its employees to control the service
quality. Therefore, customers will regard drivers who are Pai SureTaxis employee as honest and service
minded persons. Also, the company will seek to endorse the safety of the taxi service from accepted
organization or government to strengthen the reputation. This system will support Pai Sure Taxis to charge
with premium, get the profit, and thus contribute to the firms financial soundness.
Organizational
Resources
Pai Sure Taxi operates the new taxi service systematically. To ensure the quality service and safety for the
customer, the company employs the well-trained taxi drivers as permanent employees and has the main
service center. The well-trained taxi driver will be the person, who has service minded and honest, and the
main service center will have the system to track the route and support the passenger and driver to have a
safety trip. The company develops a strong corporate culture such as teamwork, equality performance-based
evaluation and reward the person, who is well perform. Pai Sure Taxi also manages its taxi in adequate
number for each area.
Financial resources To begin the operation and service, Pai Sure Taxi aims to have Debt to Equity ratio at 1:1 so the company
will get funding from 2 parts, which are 50% from shareholder equity, and other 50% from long-term
commercial bank loan. If funds are not enough, the company plans to raise the new capital by funding
additional strategic shareholder to invest in Pai Sure Taxi. Moreover, providing safety service with the
operational excellent and being first mover, the company has an ability to generate the amount of cash flow to
cover its expenses.
Intellectual & Pai Sure Taxi has the well-trained employees (e.g. taxi drivers and call centers, etc.) and motivates all
Taxi Co., Ltd.
Human Resources employees to work as a team and have service mind and honest that will contribute to the entrepreneur culture
and quality of organizational resources.
Technical Resources Pai Sure Taxi integrates the existing technology such as computer network (communication and information
system), EDC and GPS to provide the superior and safety service.
MARKETING PLAN
Market Size and Growth
The market for Pai Sure Taxi consists of 3 main groups of stakeholder which are taxi owner who already
owned taxi vehicles and provided taxi service to customers, taxi driver who already registered as a taxi driver and is
leasing taxi to drive, and passenger who is normal commuters that uses taxi service. Pai Sureplans to use both push
marketing to taxi owner and taxi driver as well as pull marketing to passenger.
Taxi Owner Market
Currently, there are approximately about 91 taxi companies in Thailand. Of these, 21 are licensed taxi
service companies
1
around Bangkok and suburban areas. Those licensed taxi companies are our primary targets to
partner with when introducing our premium-safety taxi service.
Moreover, the number of registered vehicle for urban taxi in Bangkok as of December 2010, according to
Department of Land Transport, is 96,255 units
2
. Hence, at the moment, all taxi companies should supply taxi
vehicles around 97,000 units in the market.
Taxi Driver Market
Well-trained taxi driver is the key success in implementing Pai Sure Taxi service. According to
Department of Land Transport, total number of driving license for public automobile as of January 2012 is 219,588
issues
2
. Of these, around 100,000 issues belong to taxi drivers in Bangkok area. Pai Sure will use push marketing
to recruit those drivers to attend training session for safety purposes.
Passenger Market
The number of passengers who use taxi as main transportation is estimated to be 100,000 people and
expected to grow positively correlated with GDP at the rate of 4 percent.

Table 1: Statistical Population of Bangkok
3

5,701,394 Population of Bangkok
2,991,826 Female in Bangkok
2,425,348 Foreigners in Bangkok (tourists and expats)
1
http://www.smiletaxi.com/v157/index.php?option=com_content&view=article&id=57&Itemid=66
2
http://apps.dlt.go.th/statistics_web/statistics.html
3
http://www.agriinfo.doae.go.th/year54/general/population/pop53.pdf
Taxi Co., Ltd.
Underlying Trends
People are using more public transportation due to the following factors:
1. Oil price has been increasing. It is believed that using public transportation is a more economical way of
transportation. Consequently the number of people using their own private car has also been decreasing.
2. The extent of sky-train and metro rail line massively increases the number of commuters. Moreover, taxi is a
way to connect passengers from the stations to the desired destinations.
3. With the increasing trend in sedan purchase, the number of parking spaces has been decreased and was
perceived as insufficient. Ironically, many people tend to park their cars at home or big parking spot provided
at the sky-train or metro station and use public transportation.
4. The standard of living has improved. As income increases, the number of people using taxi, among people
who previously preferred cheaper means of public transportation has increased.
For further investigation on trend of firms business environment, please refer to exhibit 3 and 4 for
SEEDTIP and Five-Force Analysis.
Current Rivals, Potential Rivals and Substitutes
Current Rivals Potential Rivals and Substitutes
1. Normal taxi: corporate and private taxi
2. 1661 Taxi: taxi corporation with dial and radio service calls
3. Limousine: customized service with advanced booking basis
1. BTS/MRT/Airport Link
2. School bus
3. Bus and other kinds of public transportation
4. Personal vehicles

Our Strategic Advantages
Initial Competitive Advantages Sustainable Competitive Advantages
First mover in developing high quality
and safety taxi service
Developing HR and information technology system to ensure the consistent service quality
and safety services
The taxi is equipped with GPS, fence,
communication tool and EDC.
Continuing to improve the quality service level by employees and system development.
Accreditation by the renown
organizations or government as safety
and surety taxi

Retaining and motivating the employee by performance-based evaluation and reward to
the person, who is well perform to stimulate worker productivity and keep valued human
resource within the company
Building team-based entrepreneurial culture to provide service excellence
Building the brand image of being the first in the innovative safety taxi service
Keeping and maintaining the reputation by consistently deliver high quality service level.
Ensuring the reputation by ongoing employee development to have service mind and
honesty
1,995,487 Earning 15,000 THB or more per month
Taxi Co., Ltd.
Strategic Options and Alternative Chosen
Alternative Business Models
Business Model Chosen
Pai Sure Taxi aims to provide safe and reliable taxi service in Bangkok with future expansion into other
major cities in Thailand. The company decides to operate by joint venture with established taxi corporation. To
deliver excellent service, Pai Sure Taxi employs in-house training and accreditation. This will ensure our superior
customer service through intensive training course and sustain our core competency. According to Morris model,
the six core components of business model for Pai Sure Taxi have been summarized in exhibit 5.
Target Market
While targeting at 3 distinct groups of people, Pai Sure Taxi believes that the most efficient market to
target for service launch is taxi ownerswhich Pai Surecan partnered with them and launch the new service. The
targeted taxi owners are those 21 licensed taxi companies who want to improve their services while they can enjoy
and reap in more profit from premium price charged from the leveraged safety accreditation.
Taxi driverswho want to improve their quality in safety driving in order to earn more as well as protected
themselves from passengers dangers are our secondary target. They will be encouraged by licensed taxi owners to
sign up for training. Certificates will be given to those who pass the training session. Such drivers might be those
who are experienced and older than average taxi drivers, 50-60 years old, who want secure their driving job.
Women taxi drivers who need safety in their careers are also our target.
Passengerswho live in Bangkok and suburban areas who want a better experience in using taxi service
are our third target. The company focuses on the target group who are particularly concerned about their safety,
Strategic Options Advantages Disadvantages
1.Acquire established
taxi corporation
Quick market entry
Relatively low capital investment
Better knowledge about the industry
Immediate acquisition of previously owned license
Required some capital for business
development
Harder to modify with intended equipment
2. Joint venture with
established taxi
corporation
Quick market entry
Moderate capital investment
Better knowledge about the industry
Strengthen competitive advantage of each firm
Required some capital for business
development
Conflict of interest among TMT
Partial control of finance and policy
3.Lease new car Easy to modify with intended equipment
Fully control of finance and policy
Require high capital investment
High financial risk
Management ignorance
Taxi Co., Ltd.
belonging and/or punctuality. The company targets passenger with middle to high income (social economic status
B to A). The secondary target is families with kids, businessmen, foreigners and tourists.
Marketing Strategy
Product Design Strategy
As previously discussed, Pai Sureprovides safety taxi service to taxi owners who want to improve service
and charge more from safety accreditation, taxi drivers who want better driving experiences from training, and
customers who want to travel with safe and reliable taxi.
Pricing Strategy
Due to the superior service offered to customers by Pai Sure, the company selects to use differentiation
strategy for its market positioning. Thus, the company will command price premium based on additional quality of
services it provides. The startup taxi-meter price will be 60 baht and will increase relative to the distance to
destination as follows;
Distance in kilometers Price in Thai baht (THB) Introductory Price in Thai baht (THB)
1 km 60 50
2-12 km 13.5 per each km 8 per each km
12-20 km 15 per each km 12 per each km
60 km onwards 20 per each km 20 per each km

The company expects to get margin of 33.33 percent from the price previously set. Moreover, this price
will be higher than normal taxi-meter price. However, since this service is relatively new which incurs customer
ignorance risk, the company decides to use introductory pricing for the first month which the price is 50 baht for the
first kilometer and then continue to increase.
The rationales behind using introductory pricing are as follows;
Potential passengers suffer from ignorance about the service quality of Pai Sure. Hence, they may refrain
from taking Pai Suretaxi due to their perceived quality risk in paying premium price. Lower introductory
price will invite the passengers to try to use Pai Suretaxi service.
Some passengers might face switching cost from using normal taxi to Pai Sure Taxi. This lower price-50
baht will induce them to purchase the service.
Taxi Co., Ltd.
Lower initial price will generate market base for repeat service purchase as well as referral (word-of-
mouth) sales.
Promotion Strategy
During the first year of launch, Pai Surewill focus its marketing activities to potential customers in
Bangkok and surrounding suburban areas. 5% of sales will be allocated to marketing budget which is used to
create awareness among potential customers. Additional profit will also come from special placement advertising at
the back of drivers seats. Marketing activities are listed below;
Promotional activity Details
Advertising Persuasive TV Commercial on prime time to persuade and induce customers for trial service
purchase. The claim will be How much your life or that of your loved ones worth when travelling
with unsafe taxi? Pai Sureprovides you with a reliable and safe riding experience.
Advertorial in men and women lifestyle magazine on Pai Sureservice of what it is, how to get the
service and what to look for Pai Surewill be provided in the content.
Word-of-mouth and
celebrity endorsements
Famous young women celebrity endorsement to ensure the quality claims of the reliable and safety
of the taxi. Word-of-mouth will be followed either from endorsement or from friends who have tried
this new service.
Stealth marketing Pai Sure Taxi cab will show up in famous local sit-com TV program.
Public Relations Free publicity by sending useful article regarding tips on self-defense when riding with perilous taxi
driver. Also, when get accredited, the company could get free publicity by having management team
interviewed regarding this new accredited service for articles on magazine, online, and newspaper.
Corporate Facebook and Youtube site on new safety service, how to get the service, and what to look
for Pai Sure(logo) will be established.
Warranty, Packaging, and other Marketing Strategies
There will be Lost and Found service where customers can come and pick up their belongings at Pai Sure
headquarter office in Bangkok. The customers belongings can also be tracked from DriveCam and GPS of the
route customers taking to verify the owner of the belongings. For packaging, there will be sign on the top of the taxi
to differentiate from other taxis.
Distribution Strategy
Customers can obtain Pai Sureservice from Pai Surecenter, on-line booking site, mobile application
booking, and on the road customers can call when see Pai Suresign. Besides that, Pai Sureplans to allocate
sufficient number (according to demand) of taxi to each major strategic spot- hotels and airports.

Taxi Co., Ltd.
Operational Plan
Company Structure and Ownership
Pai Sures Organizational Chart

The Board of Directors
The Board of Director comprises of four seats (two seats are reserved for venture capitalists) as follows:
1. Mr. Naris Sinthavathavorn (Private Taxi Owner) 2. Mr. Panithan Akarasriprapai
3. Venture Capitalist Representative 4. Venture Capitalist Representative
Key personnel
The Top Management Team
Panithan Akarasriprapai, Chief Executive Officer (CEO), is mainly responsible for planning and
implementing the companys strategies which are aimed at maximizing shareholder value. He has a technical
background with an economics degree from Chulalongkorn University as well as extensive work experience in
banking industry with Krung Thai bank as an investment banker. Therefore, he can fulfill investors demand since
he worked with various types of companies.
Nipaphan Nicrodhanon, Chief Financial Officer (CFO), is responsible for financial strategy, including
investment and cash flow management. To maximize shareholder value, she optimized Pai Sure Taxis finances
and liquidity by managing working capital and minimizing risks through utilization of loans in the term of long-
term loans. Nipaphan earned a Bachelor of Science Statistics (Insurance) degree from Chulalongkorn University
BOARD OF DIRECTORS
Panithan A.
CEO

Nipaphan N.
CFO

Tanyatip K.
CMO

Kantika A.
R&D
Suchai N.
COO
Taxi Co., Ltd.
and had professional work in financial and risk management for Siam Cement Group (SCG) that provides a wealth
of experience in new venture business structuring and planning, particularly in financial issues.
Tanyatip Kharuhayothin, Chief Marketing Officer (CMO), is mainly responsible for developing and
implementing marketing strategies of the company. She will interact with target groups - taxi owners, taxi drivers,
and customers to gain insights on their service preferences and adjust the service according to their demands.
Tanyatip earned her bachelor degree in Communication Management from Chulalongkorn University and had
extensive work experience in Public Relations at Hill & Knowlton Thailand.
Suchai Noichaya, Chief Operating Officer (COO), is responsible for production control, supply relations
and human resources. He monitors and enhances the quality of vehicles and human resources to meet the standard
of Pai Sure Taxi. He is also responsible for contacting and negotiating with suppliers. His academic background is
in liberal arts and his work experience is in customer service.
Kantika Angsutornrangsi, R&D Director, is primary responsible for conducting research, developing
existing and new products and establishing the products in potential geographical markets. Kantika earned her
bachelor degree in Business Administration from Asian University and had extensive background in various
industries as she worked as a consultant at Deloitte Touche.
Other Key Employees, Associates, and Relationships
Mr. Naris Sinthavathavorn (Private Taxi Owner)
Khun Boonsong Sedtho (Taxi Driver)
Production and Operations
Pai Sure Taxi is doing a joint venture business with various taxi owners including taxi
cooperation. The details are summarized as follows:
Nature of Strategic Alliances Taxi Owners Taxi Drivers
Name of Partner
Private Taxi Owners
&
Taxi Cooperation
Taxi Drivers of those Taxi Owners and Taxi
Cooperation
Type of Partnership Joint Venture Contract
Details of Partnership
Hold 50% of Pai Sure Taxi
Contracted to supply taxicabs and taxi
drivers
3-month probation
2-year contract (renewable)
Benefits to Pai Sure Taxi Continuous supply of taxicabs and taxi
drivers
Knowledge from experience of the taxi
owners and taxi cooperation
Control over quality of service
Knowledgeable and skilled taxi drivers who
can be developed as SCA of the company

Taxi Co., Ltd.
Production Plan
Pai Sure Taxi will begin installing equipment in taxi cabs in April 2012 and train the first set of taxi
drivers in June 2012. At the end of the training session, taxi drivers who pass the test will receive a certificate and
will be required to take 1-day brush-up course every year.
Other Aspects of the Production Plans
Location: Pai Sure Taxi head office will be located near On-Nuch area. The size of the office is
approximately 600 square meters. In addition to the office, there is also a garage area in which up to 40 vehicles can
be parked. It gives advantage to service near the airport. This parking area has proved to be sufficient as most of Pai
Sure Taxi cabs are still kept for maintenance at the taxi owners garage.
Labor: Pai Sure Taxi relies on the qualified taxi drivers. Effective training program is developed to
achieve the objective. 1,000 taxi drivers will be needed to cover 9-hour shift a day. The training includes 1-day
driving training and 1-day customer service training, with brush-up course once every year. Various benefits for
taxi drivers include food at stop areas, recreational field, New Year Party and health benefits.
Research and Development
Pai Sure Taxi emphasizes on research and development area to enhance the companys future growth.
The company plans to develop and introduce new products in several areas including executive taxi, limousine and
charter bus. Current product development activities include: development of appearance and feature of Pai Sure
Taxi, improvement of training program, taxi service testing in certain Bangkok areas and development of other
passenger transportation. The table below presents the product development plan of Pai Sure Taxi.
Product 2012 2013 2014 2015 2016
Pai Sure Taxi Develop training
program, test product
and launch
Improve training program and refine appearance and feature
of Pai Sure Taxi
Executive
Taxi
Focused R&D on executive taxi market Develop training
program and test
product
Launch Improve training
program and refine
product
Limousine Basic R&D on
limousine market
Focused R&D on limousine market Develop training
program and test
product
Launch
Charter Bus Preliminary R&D on
charter bus
Basic R&D on
charter bus
Focused R&D on charter bus market Develop training
program and test
product
Others Expand into other area of passenger transportation

Taxi Co., Ltd.
Future Geographic Markets
After Pai Sure Taxi has been well-established in Bangkok and suburban areas, the company expects to
expand its service into other major districts/cities in Thailand. The company focuses on the areas which projects
high demand of taxi service such as tourist and business district/cities, and highly populated cities. The target
district/cities are Pattaya, HuaHin, Chiang Mai, Phuket, and Nakorn Ratchasima. The market expansion can be
achieved by joint venture. The table below shows geographical expansion plans.
Districts/Cities 2014 2015 2016 2017 2018
Pattaya Seek partner Joint venture
HuaHin Seek partner Joint venture
Chiang Mai Seek partner Joint venture
Phuket Seek partner Joint venture
Nakorn Ratchasima Seek partner

Risk Reduction Strategy
Risks Perceived Pro-active Risks Strategies
1. Licensed taxi owners and taxi drivers must incur
switching cost from renovating their cabs to align with
the equipped safety technology DriveCam and glass
partition as well as training session cost in order to get
accredited by Pai Sureservice.
Engaging long term contracts at least 5 years with licensed taxi
owners and taxi drivers. Furthermore, Pai Sure is seeking the
possibility of a backward integration by taking over some of the
licensed taxi companies to gain full control of renovation and training.
On the other hand, Pai Surecan also position itself for takeover by
licensed taxi companies as their valuable resources in the future.
Moreover, continually keep improving service quality as well as strong
organizational reputation.
2. The emergence of competitors with similar services.

The emergence of competitors can be controlled by issuing intellectual
property protection such in which the logo and Pai Surename is in the
registration process.
3. There are other safety public transportations such as
public bus, BTS, and MRT.
Providing service in areas that are inaccessible from other public
transportations.
4. Disharmony among management Pai Sure and
licensed taxi companies and taxi drivers.
Management performance contracts can be tied to companys
performance indicators sales, return on equity, and net earnings.

Re-active Risks Strategies Exit and Harvest Strategies
1. If there are new similar safety accreditation taxi
service (me-too), Pai Suremust focus on improving
quality of the service and continuously build strong
organizational reputation and credibility over time.
1. Equity of shareholders will be valued and then put forward to other
shareholders who still remain which will be proportionally to their
existing holdings.
2. Initial Public Offering
FINANCIAL PLAN
The following assumptions and fact impact the financial statements:
All figures are in real Thai baht
Joint venture with the regular taxi corporation in equal ratio
Corporate Income Tax rate of 23% is effective in 2012 declared by Thai government
Market Penetration is calculated from the penetration rate of the regular taxi service
Dividend payment 50% of Net Income
Taxi Co., Ltd.

Pai Sure Taxi Income Statement (000s) (Most Likely Scenario )
Year 0 Year 1 Year 2 Year3 Year 4
Year of Operation 2012 2013 2014 2015 2016
July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Total Total Total Total Total
Price/unit (net of discounts) 12.00 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.13 avg. 17 17 17 17
Units Sold (000s) (see Sales Projections sheet) 351 351 351 351 351 351 351 351 351 351 351 351 4212 4739 5449 6397 7345
Sensitivity Analysis Sales Def lator (e.g. -15%) 0%
TOTAL SALES (THB000s) 4,212 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 67,919 82,095 94,409 110,828 127,246
Unit Direct Cost (see COGS sheet) 10.68 10.62 10.59 10.56 10.55 10.53 10.52 10.51 10.50 10.49 10.48 10.48 10.48 10 10 10 10
Sensitivity Analysis CGS Inf lator (e.g. +10%) 0%
COST OF GOODS SOLD 3,748 3,728 3,716 3,708 3,702 3,697 3,692 3,689 3,685 3,682 3,680 3,677 44,404 49,469 56,639 66,281 75,909
% of Total Sales 89% 64% 64% 64% 64% 64% 64% 64% 64% 64% 64% 63% 65% 60% 1 1 1
GROSS PROFIT 464 2,064 2,075 2,083 2,090 2,095 2,099 2,103 2,106 2,109 2,112 2,114 23,515 32,626 37,770 44,546 51,337
% Gross Margin 11% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 37% 35% 40% 0 0 0
OPERATING EXPENSES
Initial setup costs (expensed) 200 0 0 0 0 0 0 0 0 0 0 0 200
Sales and Marketing 444 523 523 523 523 523 523 523 523 523 523 523 6,198 2,945 3,215 3,392 3,619
General and Administrative 461 464 464 464 464 464 464 464 464 464 464 464 5,562 5,898 5,668 6,065 6,576
Depreciation of P&E 700 700 700 700 700 700 700 700 700 700 700 700 8,400 8,400 5,600 6,533 7,467
Depreciation of R&D & IPP 2 3 5 7 8 10 11 13 15 16 18 20 127 372 220 314 413
TOTAL OPERATING EXPENSES 1,807 1,690 1,692 1,693 1,695 1,697 1,698 1,700 1,701 1,703 1,705 1,706 20,487 17,615 14,703 16,304 18,075
% of Total Sales 43% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 30% 21% 0 0 0
INCOME BEFORE INTEREST & TAXES -1,343 374 384 390 395 398 401 403 405 406 407 408 3,028 15,011 23,067 28,242 33,262
Mnth Mnth
Interest income 0.1% 0.00 1.59 1.94 2.34 2.74 3.15 3.56 3.98 4.40 4.82 5.24 5.67 39 0.1% 119 145 173 232
Interest expense 0.6% 89.11 87.60 86.09 84.58 83.07 81.56 80.05 78.54 77.03 75.52 74.01 72.50 969.69 0.6% 752.19 517 299 82
NET INTEREST INCOME -89 -86 -84 -82 -80 -78 -76 -75 -73 -71 -69 -67 -930 -633 -371 -126 150
INCOME BEFORE TAXES -1,432 288 299 308 314 320 325 329 332 335 338 341 2,098 14,378 22,696 28,116 33,413
Taxes on income (Zero if negative Income - 23% 0 66 69 71 72 74 75 76 76 77 78 78 812 23% 3,307 5,220 6,467 7,685
Deduct accumulated losses if applicable)
NET INCOME -1,432 221 231 237 242 246 250 253 256 258 261 263 1,286 11,071 17,476 21,650 25,728
% of Total Sales -34% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 5% 2% 13% 0 0 0
GRANT INCOME RECEIVED 10 10 10 10 10 10 10 10 10 10 10 10 120 120 0 0 0
Retained Earnings (opening) -1,432 -1,422 -1,301 -1,176 -1,047 -916 -783 -648 -512 -374 -235 -94 -1,432 47 5,702 14,440 25,265
Available for Distribution -1,422 -1,190 -1,061 -929 -795 -660 -523 -385 -246 -106 36 178 178 6,169 16,796 28,144 41,515
Dividends Paid 0 111 115 119 121 123 125 127 128 129 130 131 1,359 5,535 8,738 10,825 12,864
RETAINED EARNINGS (CLOSING) -1422 -1301 -1176 -1047 -916 -783 -648 -512 -374 -235 -94 47 47 5702 14440 25265 38129
Taxi Co., Ltd.

Pai Sure Taxi Cashflow Statement (000s) (Most Likely Scenario) Year 1 Year 2 Year3 Year 4
0 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Total Total Total Total Total
CASH INFLOW FROM OPERATIONS
Sales Revenue ($000s) 4212 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 67919 82095 94409 110828 127246
Plus: Accounts Receivable opening balance 0 176 241 241 241 241 241 241 241 241 241 241 0 241 285 1026 1197
Less: Accounts Receivable ending balance 4% 176 241 241 241 241 241 241 241 241 241 241 241 241 4% 285 1026 1197 1368
CASH INFLOW FROM OPERATIONS 4037 5726 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 67677 82051 93668 110657 127075
CASH OUTFLOW FROM OPERATIONS
SETUP COSTS 200 0 0 0 0 0 0 0 0 0 0 0 200 0 0 0 0
Cost of Goods Sold 3748 3728 3716 3708 3702 3697 3692 3689 3685 3682 3680 3677 44404 49469 56639 66281 75909
Plus: Accounts Payable opening balance 0 156 155 155 155 154 154 154 154 154 153 153 0 153 171 615 715
Less: Accounts Payable ending balance 4% 156 155 155 155 154 154 154 154 154 153 153 153 153 4% 171 615 715 816
CASH PURCHASES 3592 3729 3717 3709 3702 3697 3693 3689 3685 3682 3680 3677 44251 49451 56195 66181 75809
Sales & Marketing Expenses 444 523 523 523 523 523 523 523 523 523 523 523 6198 2945 3215 3392 3619
General & Administrative Exp 461 464 464 464 464 464 464 464 464 464 464 464 5562 5898 5668 6065 6576
Research & Development 97 98 98 98 98 98 98 98 98 98 98 98 1174 1258 1356 1436 1519
Intellectual Property Protection 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes payable 0 66 69 71 72 74 75 76 76 77 78 78 812 3307 5220 6467 7685
Net increase in Inventory 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net increase in Equipment 42000 0 0 0 0 0 0 0 0 0 0 0 42000 0 8400 8400 8400
CASH EXPENSE DISBURSEMENTS 43003 1151 1154 1155 1157 1158 1159 1160 1161 1162 1163 1163 55746 13407 23859 25760 27799
NET OPERATING CASH FLOWS -42758 846 921 928 932 936 940 943 945 947 949 951 -32519 19193 13613 18716 23467
CASH INFLOW FROM FINANCING
Interest earned 0 2 2 2 3 3 4 4 4 5 5 6 39 119 145 173 232
Grants Received 10 10 10 10 10 10 10 10 10 10 10 10 120 120 0 0 0
Equity funding 30,000 0 0 0 0 0 0 0 0 0 0 0 30000 0 0 0 0
Proceeds from Debt funding 15,000 0 0 0 0 0 0 0 0 0 0 0 15000 0 0 0 0
CASH INFLOW FROM FINANCING 45010 12 12 12 13 13 14 14 14 15 15 16 45159 239 145 173 232
CASH OUTFLOW FROM FINANCING
Interest payable 89 88 86 85 83 82 80 79 77 76 74 73 970 752 517 299 82
Debt retirement 250 250 250 250 250 250 250 250 250 250 250 250 3000 3000 3000 3000 3000
Equity Buy-back 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Dividends 50% 0 111 115 119 121 123 125 127 128 129 130 131 1359 5535 8738 10825 12864
CASH OUTFLOW FROM FINANCING 339 448 451 453 454 455 455 455 455 455 454 454 5329 9288 12254 14124 15945
NET FINANCING CASH FLOWS 44671 -437 -439 -441 -441 -442 -441 -441 -441 -440 -439 -438 39831 -9049 -12109 -13951 -15713
NET CASH FLOW 1913 409 482 487 491 495 498 501 505 507 510 513 7312 10144 1504 4765 7754
OPENING CASH BALANCES 0 1913 2323 2804 3291 3782 4277 4775 5277 5781 6289 6799 0 7312 17456 18960 23725
ENDING CASH BALANCES 1913 2323 2804 3291 3782 4277 4775 5277 5781 6289 6799 7312 7312 17456 18960 23725 31479
Taxi Co., Ltd.

Pai Sure Taxi Balance Sheet (000s) (Most Likely Scenario) Year 1 Year 2 Year3 Year 4
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES 1913 2323 2804 3291 3782 4277 4775 5277 5781 6289 6799 7312 7312 17456 18960 23725 31479
A/R Opening Balance 0 176 241 241 241 241 241 241 241 241 241 241 241 285 855 1026 1197
A/R Closing Balance 4% 176 241 241 241 241 241 241 241 241 241 241 241 241 285 1026 1197 1368
ACCOUNTS RECEIVABLES 176 241 241 241 241 241 241 241 241 241 241 241 241 285 1026 1197 1368
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL CURRENT ASSETS 2089 2564 3046 3533 4024 4518 5017 5518 6023 6530 7040 7553 7553 17741 19986 24923 32847
PLANT AND EQUIPMENT 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 50400 58800 67200
Less: (Accum. Depr) 700 1400 2100 2800 3500 4200 4900 5600 6300 7000 7700 8400 8400 16800 22400 28933 36400
NET PLANT AND EQUIPMENT 41300 40600 39900 39200 38500 37800 37100 36400 35700 35000 34300 33600 33600 25200 28000 29867 30800
R&D AND INTELLECT. PROP. 97 195 293 391 489 587 684 782 880 978 1076 1174 1174 2432 3788 5224 6743
Less: (Accum. Depr) 2 5 10 16 24 34 46 59 73 90 108 127 127 500 719 1033 1446
NET INTANGIBLE ASSETS 95 190 283 375 464 552 639 724 807 889 969 1047 1047 1932 3069 4191 5297
TOTAL ASSETS 43484 43354 43229 43107 42988 42871 42756 42642 42530 42419 42309 42200 42200 44874 51055 58980 68944
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Payable 4% 156 155 155 155 154 154 154 154 154 153 153 153 153 0 171 615 715 816
TOTAL CURRENT LIABILITIES 156 155 155 155 154 154 154 154 154 153 153 153 153 171 615 715 816
Shareholders Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long Term Debt 14750 14500 14250 14000 13750 13500 13250 13000 12750 12500 12250 12000 12000 0 9000 6000 3000 0
TOTAL LIABILITIES 14906 14655 14405 14155 13904 13654 13404 13154 12904 12653 12403 12153 12153 9171 6615 3715 816
OWNERS' EQUITY
Common Stock 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000
Retained Earnings -1422 -1301 -1176 -1047 -916 -783 -648 -512 -374 -235 -94 47 47 5702 14440 25265 38129
TOTAL OWNER'S EQUITY 28578 28699 28824 28953 29084 29217 29352 29488 29626 29765 29906 30047 30047 35702 44440 55265 68129
TOTAL LIABILITIES & EQUITY 43484 43354 43229 43107 42988 42871 42756 42642 42530 42419 42309 42200 42200 44874 51055 58980 68944
Taxi Co., Ltd.
Summary of Financial Results (Most Likely Case Scenario)
Unit 000s baht
2012 2013 2014 2015 2016
Sales 67,919 82,095 94,409 110,828 127,246
EBIT 3,028 15,011 23,067 28,242 33,262
Net Income 1,286 11,071 17,476 21,650 25,728
Cash Balance 7,312 17,456 18,960 23,725 31,479

The Internal Rate of Return (IRR), calculated from the forecasted free cash flow and the end of 2016 (year
5) valuation of the company (P/E =10) is 61.277%. The Net Present Value (NPV) discounted at 15% is 137 million
baht with the payback period of 3 years and 9 months.
Sources and Uses of Funds
Pai Sure Taxi has already raised 50 million baht and is seeking for additional 550 million baht from 2
parts, which are 50% from equity and the other 50% from long-term loan. These funds will be used for supporting
the investment in training, service facilities, marketing efforts, working capitals, and R&D of the service system.
Sensitivity Analysis
Year
Changed Aspects
Decrease in Revenue of 10%
Increase in Admin Costs
of 30%
Increase in Marketing Costs
of 25%
Increase in COGS of 10%
Retained Earnings as a result of changes in the above
2012 (4,244) (173) (313) (2,234)
2013 (1,766) 5,277 5,341 1,504
2014 3,323 13,942 14,078 8,043
2015 9,857 24,690 24,901 16,288
2016 17,790 37,473 37,763 26,191
Ending Cash Balances as a result of changes in the above
2012 3,048 7, 092 6,952 5,046
2013 10,023 17,031 17,095 13,276
2014 7,955 18,462 18,597 12,624
2015 8,452 23,150 23,361 14,820
2016 11,297 30,823 31,114 19,622
Worst Case Scenario
Most likely versus Worst Scenario Assumption
Additional assumption for two scenarios are chosen differently as shown in the below table.
Assumption Most likely Scenario Worst Case Scenario
Pai Sure Taxi Price
Able to increase the average price from
16.5 to 17.33 baht per kilometers
Not able to increase the average price from
16.5 to 17.33 baht per kilometers
Market Penetration Rate Equal to rate of comparable services Lower than comparable services

Taxi Co., Ltd.
Summary of Financial Results (Worst Case Scenario)
Unit 000s baht
2012 2013 2014 2015 2016
Sales 67,568 78,185 89,913 105,550 121,187
EBIT 2,695 11,108 18,595 22,995 27,245
Net Income 951 8,058 14,013 17,576 21,045
Cash Balance 6,978 15,631 15,441 18,180 23,603

The Internal Rate of Return (IRR) Calculated from the projected Free Cash Flow streams and the end of
2016 valuation of the company is 53.692%. The Net Present Value (NPV) discounted at 15% is 104 million and
payback period is 4 years and 4 months. (For more detail on Pro-forma Statements please see appendix B, C and
D)
Proposal to Investor
Pai Sure Taxi is seeking from investors: Investors will receive from Pai Sure Taxi
The total fund of equity capital; 50% equity
Familiarity with industry (preferable); and Two seats of the Board from the total seats of four
Harmonious relationship (personality fit) Dividend payment
Performance contract with management team
The future of management team will be decided by the Board if the
management contracts lapses because of failure to achieve the worst-
case scenario financials
NPV to the investor of dividend stream and exit values discounted rate at
15% is 106 million baht with IRR of 62.93% ( Assuming the exit
investment in 5 years or 2015)
The Equity Structure
To make Pai Sure Taxi has a solid financial position and is ready for future expansion and investments, the total
equity and long-term loan of 600 million baht are presented as follows:
Stock holder and loan Fund Contribution (THB) Equity structure (%)
Management Team 15 million 50
New Investor (Joint Venture) 15 million 50
Long-term commercial bank loan 15 million 0
Total 45 million 100
Summary
The management team believes that Pai Sure Taxi has profitable future in taxi service and hopes that you
are exited and interested in investment opportunity of this business plan. We look forwards to meeting you to
provide any additional information. Please be noted that the following spread sheet and appendixes contain specific
information to support the other issues raised in the new venture business plan.

Taxi Co., Ltd.
Appendices

Exhibit 1: Background analysis (TERMS)
Add Increase Decrease Delete
Time Save waiting time for
customers due to on time
service & saved time to
find another taxi
Increased customers
time to do their other
businesses
Time waiting for taxi to arrive
when ordered
Time to find another taxi
when get refused to go to
particular destinations in
rush hour
Emotional Pleasure from riding in a
unique & safe taxi
service

More comfortable ride
on a safe taxi and more
convenient for
customers who in hurry
Fear of taxi crime, taxi drivers,
passengers, and fear of refusing to
go to particular destination
Anger when get refused
from taxi driver to go to
desired destination
Risk Risk of customer
ignorance of the product
Risk of rivalry
introducing similar
service or substitutes to
customers
Risk of taxi crime rate & risk of
getting bad/ unpunctual drivers as
well as bad/unpunctual customers
Risk of taxi refused
customers to go to
particular destination.
Monetary Cost of superior service
and taxi cab
Increased cost of
service compared to
regular taxi service
Cheaper taxi service due to
differentiate customer service
Decrease opportunity
cost, which can translate
into monetary cost, such
as missing business
Situation Allow customers to get
to their destinations safe
and sound
Increase opportunity to
find forgotten
belongings through lost
and found service
Situation where drivers rob
passengers or passengers threaten
drivers
Inability to catch a taxi in
rush hour or get refused by
drivers
Exhibit 2: Market Survey
The majority of the answer has indicated that most people take taxi during 6 a.m.-12 p.m. and 6-9 p.m. Some group
of people, however, takes taxi during late night from 9 p.m. -6 a.m.
The top three reasons that the participants do not like to take taxi are: taxi refuse to go to passengers destination, taxi
is not available in that area, the passengers concern about their safety, belongings and criminal.
The top two reasons of traveling by taxi are: convenient/time-saving and no parking space at the destination.
The meter of safe and reliable taxi should start from 50 baht. However, some participants willing to pay the meter
which start from 60 baht.
The majority of participants indicated that general taxi service is safe. However, 38% of the participants indicated
that taxi service is dangerous. Approximately 72%, of those who indicated that taxi service is dangerous, is female.

* Market survey was conducted to qualitatively collect information from potential customers regarding their use and opinion
towards general taxi service. The 60 questionnaires were randomly distributed on the site of Chulalongkorn University. The 58
questionnaires has been retuned and analyzed
Exhibit 3: Summary of Environmental Analysis
SEEDTIP Analysis
Social: Increase in crime rates Technological

Quick pace of technological change
Better navigation technology
Internet access and speed e.g. online booking,
More variety of payment methods
Economic

Better standard of living and
more expensive cost of living
lead to increase in disposable
incomes.
International

The globalization in business
The increase in leisure trips
Ecological

A decrease in personal vehicle
usage due to global warming
Political: The government will increase the minimum
wage in April 2012.
Constant political unrests
New regulations regarding taxi service:
1,000 baht fine for refusing to use meter.
500 baht fine for turning down
passengers.
Demographic

There are changes in consumer
behavior. For example, with
increase in income, they prefer
more comfortable ways of life.
Taxi Co., Ltd.
Exhibit 4: Porters Five-Forces Model (For taxi service industry)

Exhibit 5: Characterizing the Business Model of Pai Sure Taxi
Foundation level Proprietary level Rules level
Factors related to
offering
Provide taxi services
Customize offering
Narrow breadth
Shallow line
Sell the service by itself
Internal service delivery
Direct distribution
Safety and reliable taxi service
Punctuality
Lost and found feature
Guarantee to go
Excellent customer service
Telephone/online booking/mobile
booking
Waiting time should not exceed
10 minutes

Market factors B2C
Local
Final consumer
Niche market
Relational
Managed to operate in the metropolitan
area given the demand and number of
taxi to be serviced especially during rush
hour and late night
Specific guideline for selecting
number of taxi to be serviced in
a given area and time
5 percent penetration of local
market
Internal capability
factors
Operating system
Innovative intellectual
Highly selective hiring of taxi driver
with an excellent qualification
Innovative operations approach
including monthly salary payment and
training program for taxi driver
Use of high technology equipment
including GPS system, DriveCam and
Radio Calling Service
Call center network
Specific guideline for qualified
taxi driver
Specific guideline for
requirement of taxi car design
and appearance

Competitive
strategy factors
Image of operational
excellence/consistency
/dependability
Service quality/
Availability
Differentiation is achieved by accredited
driver, safe and reliable taxi service,
premium taxi fare, and punctuality
Consistently maintain zero taxi
crime rate
Achieve 10 minutes minimal
waiting time
Economic factors Pricing and revenue
Medium volume
Medium margin

Quality of service including safety and
reliability with premium price and
internal efficiencies result in annual
profitability
Maintain cost per kilometer
below 12 baht
Growth/exit
factors
Growth model Expansion into other major cities in
Thailand
Emphasis on any growth opportunities
that are consistent with business model
Expand to other geographical
market
Manage rate of growth
New Entrant: Moderate Barrier to Entry
High cost for start-up business
The business model is not very hard to copy
unless Pai Sure has acquired its reputation as the
first-mover.
Substitute Product: High
Various types of other means of
transportation

Rivalry: High
Numerous
competitors

Buyers: Low Bargaining Power
Passengers act individually
rather than collectively.
Suppliers: Low Bargaining Power
There are many suppliers
of equipment such as GPS
and radio systems.
Taxi Co., Ltd.

Appendix A: Management Resume

Panithan Akarasriprapai
Address: 88/3 Klang Muang Village Sukhumvit 77 Road
Suanluang Suanluang
Bangkok 10400
Tel. (662) 184-8552, (668) 9-968-3161
E-mail: panithan118@gmail.com

EDUCATION
2011-2013 SASIN GRADUATE INSTITUE OF BUSINESS ADMINSTRATION
CHULALONGKORN UNIVERSITY BKK, Thailand
Master of Business Administration Graduate

2005-2006 CHULALONGKORN UNIVERSITY BKK, Thailand
Master of Arts Labour Economic and Human Resource Management

Bachelor of Economics, Quantitative Analysis

EXPERIENCE
2007-2011 Krung Thai Bank Public Co., Ltd. BKK, Thailand
Wealth Management Dept. Officer
Communicate with the consortium and issuer to execute the
debentures that respond the investors demand for both underwrite
and best efforts basis.
Coordinate with KTBs subsidiary and branches to do a survey in
order to make the deal highly successful.
Performs miscellaneous job-related duties as assigned

2006 Toyota Technical Center Asia-Pacific
(Thailand) Co., Ltd. BKK, Thailand
Human Resource Officer
Provides information and assistance to job applicants with respect to
the job search and application process; assists applicants with routine
questions about job vacancies and application status; refers requests
for in-depth job search assistance to recruitment specialists.
Performs miscellaneous job-related duties as assigned.

CERTIFICATION
Financial Advisor License
Bond Traders License
Investor Contact License

Taxi Co., Ltd.

Tanyatip Kharuhayothin
Address: 198/170 Therdthai Road
Pak-klong, PhasriJaroen
Bangkok 10160
Tel. (662) 457-2243, (668) 9-261-4837
E-mail: praew_tanya@hotmail.com

EDUCATION

KELLOGG GRADUATE SCHOOL OF MANAGEMENT
NORTWESTERN UNIVERSITY IL, USA
Foreign Exchange Student, Spring 2012

Bachelor of Arts, Communication Management (1st class honor)

EXPERIENCE
2009-2011 Hill & Knowlton Thailand BKK, Thailand
Associate
Develop press kits for PR news to media
Supervise and coordinate with clients and media at press conference
and product launch events
Consult with clients regarding communication issues
Develop strategic PR planning
Clients responsible include Intel, LOreal, and Nescafe Red Cup

2008-2009 Francom Asia Ltd. BKK, Thailand
Junior Account Executive
Monitor PR news
Develop press releases for media
Coordinate with media at press conferences and events
Develop PR planning
Clients responsible include CNN, Wall Street Institute, and Raimon
Landplc., and Eucerin

2007 European UnionDelegation of the
European Commission to Thailand BKK, Thailand
Internship at Political, Press, and Information section
Monitor EU-Asian relations news
Translate EU-Asian relations news from Thai to English
Develop communication campaign to create awareness of EU
among Thai youths
Coordinate with officers and media at press conferences and event

Taxi Co., Ltd.
Nipaphan Nicrodhanon
Address: 12/1 Ramkamhaeng 24 Yaek 2
Huamark, Bangkapi,
Bangkok 10240
Tel. (662) 718-5357, (668) 9-443-5981
E-mail: peace_nipaphan@hotmail.com

EDUCATION

Bachelor of Science, Statistic (Insurance) (1st class honor)

EXPERIENCE
2007-2011 The Siam Cement PLC BKK, Thailand
Assistance Manager
Handle all insurance policies and loan agreements
Manage in-house captive insurance company, Cementhai Captive
Insurance Pte Ltd (CCI)
Plan strategy for renewal insurance policy
Negotiate with local and international broker

2007 MSIG Insurance (Thailand) Co., Ltd BKK, Thailand
Graduated Trainee
Negotiate with broker companies
Take care and quote insurance premium rates to private and
corporate accounts

Taxi Co., Ltd.
Kantika Angsutornrangsi
Address: 60/122 Krisadanakorn 21
Bangna-Trad, Pravais, Dokmai
Bangkok 10260
Tel. (662) 751-6830, (668) 6-790-5124
E-mail: kantika_a@hotmail.com

EDUCATION

KELLOGG GRADUATE SCHOOL OF MANAGEMENT NORTWESTERN
UNIVERSITY IL, USA

2003-2007 ASIAN UNIVERSITY Chonburi, Thailand
Bachelor of Business Administration, Major in Finance (1st class honor)

EXPERIENCE
2007-2010 Deloitte Touche Tohmatsu Jaiyos Advisory BKK, Thailand
Transfer Pricing Analyst
Conduct functional analysis interview with clients and write report
according to the interview
Perform research on companies and industry information,
Review and analyze financial data of the clients and comparable
companies
Calculate financial ratio using Transfer Pricing Architect (TPA)
Prepare transfer pricing reports according to requirements of Thai
Revenue Department

2007 The Stock Exchange of Thailand (SET) BKK, Thailand
Graduated Trainee
Monitor and report status of stock market
Analyze stock market data
Assist supervisor conducting research

2006 Bank of Thailand: FIDF Department BKK, Thailand
Internship trainee
Monitor and report status of stock market
Analyze financial statement and calculate financial ratios

Taxi Co., Ltd.
Suchai Noichaya
Address: 18 Somkid Gardens 11B,
SoiSomkid, Pleonchit, Pathumwan
Bangkok 10330
Tel. (662) 254-2228, (668) 9-688-4116
E-mail: noichaya.s@gmail.com

EDUCATION

SAMUEL CURITS JOHNSON GRADUATE SCHOOL OF MANAGEMENT
CORNELL UNIVERSITY NY, USA

Bachelor of Arts, Spanish Major(1st class honor)

EXPERIENCE
2007-2011 Thai Airways International BKK, Thailand
Cabin Crew

2006-2007 Exotissimo Travel Thailand BKK, Thailand
Tour Operator for Spanish-Speaking Countries
Elaborate travel itinerary
Organize services and accommodate tourists

2005 Ministry of Foreign Affairs, BKK, Thailand
Internship at Latin America Department
Develop and update database of 20 countries in Latin America
Initiate and organize Football Clinic Project with Argentine
Footballers and Thai schools

Taxi Co., Ltd.
Appendix B: Pro-forma Income Statement (Worst Case Scenario)

Pai Sure Taxi Income Statement (000s) (Worst Case Scenario )
Year 1 Year 2 Year 3 Year 4
Year of Operation Year 0 2012 2013 2014 2015 2016
Price/unit (net of discounts) 11.00 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.04 avg. 17 17 17 17
Units Sold (000s) (see Sales Projections sheet) 351 351 351 351 351 351 351 351 351 351 351 351 4212 4739 5449 6397 7345
Sensitivity Analysis Sales Def lator (e.g. -15%) 0%
TOTAL SALES (THB000s) 3,861 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 5,792 67,568 78,185 89,913 105,550 121,187
Unit Direct Cost (see COGS sheet) 10.68 10.62 10.59 10.56 10.55 10.53 10.52 10.51 10.50 10.49 10.48 10.48 10.48 10 10 10 10
Sensitivity Analysis CGS Inf lator (e.g. +10%) 0%
COST OF GOODS SOLD 3,748 3,728 3,716 3,708 3,702 3,697 3,692 3,689 3,685 3,682 3,680 3,677 44,404 49,469 56,639 66,281 75,909
% of Total Sales 97% 64% 64% 64% 64% 64% 64% 64% 64% 64% 64% 63% 66% 63% 1 1 1
GROSS PROFIT 113 2,064 2,075 2,083 2,090 2,095 2,099 2,103 2,106 2,109 2,112 2,114 23,164 28,717 33,274 39,269 45,278
% Gross Margin 3% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 37% 34% 37% 0 0 0
OPERATING EXPENSES
Initial setup costs (expensed) 200 0 0 0 0 0 0 0 0 0 0 0 200
Sales and Marketing 427 523 523 523 523 523 523 523 523 523 523 523 6,180 2,945 3,215 3,392 3,619
General and Administrative 461 464 464 464 464 464 464 464 464 464 464 464 5,561 5,892 5,645 6,036 6,535
Depreciation of P&E 700 700 700 700 700 700 700 700 700 700 700 700 8,400 8,400 5,600 6,533 7,467
Depreciation of R&D & IPP 2 3 5 7 8 10 11 13 15 16 18 20 127 372 220 313 412
TOTAL OPERATING EXPENSES 1,789 1,690 1,692 1,693 1,695 1,697 1,698 1,700 1,701 1,703 1,705 1,706 20,469 17,608 14,679 16,274 18,033
% of Total Sales 46% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 30% 23% 0 0 0
INCOME BEFORE INTEREST & TAXES -1,676 374 384 390 395 398 401 403 405 406 407 408 2,695 11,108 18,595 22,995 27,245
Mnth Mnth
Interest income 0.1% 0.00 1.33 1.66 2.06 2.47 2.87 3.29 3.70 4.12 4.54 4.96 5.39 36 0.1% 109 121 131 168
Interest expense 0.6% 89.11 87.60 86.09 84.58 83.07 81.56 80.05 78.54 77.03 75.52 74.01 72.50 969.69 0.6% 752.19 517 299 82
NET INTEREST INCOME -89 -86 -84 -83 -81 -79 -77 -75 -73 -71 -69 -67 -933 -643 -396 -168 87
INCOME BEFORE TAXES -1,765 287 299 308 314 320 324 328 332 335 338 341 1,762 10,465 18,199 22,826 27,331
Taxes on income (Zero if negative Income - 23% 0 66 69 71 72 74 75 76 76 77 78 78 811 23% 2,407 4,186 5,250 6,286
Deduct accumulated losses if applicable)
NET INCOME -1,765 221 230 237 242 246 250 253 256 258 260 263 951 8,058 14,013 17,576 21,045
% of Total Sales -46% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 5% 1% 10% 0 0 0
GRANT INCOME RECEIVED 10 10 10 10 10 10 10 10 10 10 10 10 120 120 0 0 0
Retained Earnings (opening) -1,765 -1,755 -1,634 -1,509 -1,381 -1,250 -1,117 -982 -845 -708 -569 -428 -1,765 -287 3,862 10,869 19,657
Available for Distribution -1,755 -1,524 -1,394 -1,262 -1,129 -994 -857 -719 -580 -440 -298 -156 -156 4,203 12,772 22,007 32,961
Dividends Paid 0 111 115 118 121 123 125 126 128 129 130 131 1,358 4,029 7,007 8,788 10,522
RETAINED EARNINGS (CLOSING) -1755 -1634 -1509 -1381 -1250 -1117 -982 -845 -708 -569 -428 -287 -287 3862 10869 19657 30179
Taxi Co., Ltd.
Appendix C: Pro-forma Cashflow Statement (Worst Case Scenario)

Pai Sure Taxi Cashflow Statement (000s) (Worst Case Scenario) Year 1 Year 2 Year 3 Year 4
Year of Operation Year 0 2013 2014 2015 2016
CASH INFLOW FROM OPERATIONS
Sales Revenue ($000s) 3861 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 67568 78185 89913 105550 121187
Plus: Accounts Receivable opening balance 0 161 241 241 241 241 241 241 241 241 241 241 0 241 271 977 1140
Less: Accounts Receivable ending balance 4% 161 241 241 241 241 241 241 241 241 241 241 241 241 4% 271 977 1140 1303
CASH INFLOW FROM OPERATIONS 3700 5711 5792 5792 5792 5792 5792 5792 5792 5792 5792 5792 67326 78155 89207 105387 121024
CASH OUTFLOW FROM OPERATIONS
SETUP COSTS 200 0 0 0 0 0 0 0 0 0 0 0 200 0 0 0 0
Cost of Goods Sold 3748 3728 3716 3708 3702 3697 3692 3689 3685 3682 3680 3677 44404 49469 56639 66281 75909
Plus: Accounts Payable opening balance 0 156 155 155 155 154 154 154 154 154 153 153 0 153 171 615 715
Less: Accounts Payable ending balance 4% 156 155 155 155 154 154 154 154 154 153 153 153 153 4% 171 615 715 816
CASH PURCHASES 3592 3729 3717 3709 3702 3697 3693 3689 3685 3682 3680 3677 44251 49451 56195 66181 75809
Sales &Marketing Expenses 427 523 523 523 523 523 523 523 523 523 523 523 6180 2945 3215 3392 3619
General &Administrative Exp 461 464 464 464 464 464 464 464 464 464 464 464 5561 5892 5645 6036 6535
Research &Development 97 98 98 98 98 98 98 98 98 98 98 98 1174 1256 1354 1433 1516
Intellectual Property Protection 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxes payable 0 66 69 71 72 74 75 76 76 77 78 78 811 2407 4186 5250 6286
Net increase in Inventory 0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net increase in Equipment 42000 0 0 0 0 0 0 0 0 0 0 0 42000 0 8400 8400 8400
CASH EXPENSE DISBURSEMENTS 42984 1151 1153 1155 1157 1158 1159 1160 1161 1162 1162 1163 55727 12499 22800 24511 26356
NET OPERATINGCASH FLOWS -43076 832 921 928 932 936 940 943 945 947 949 951 -32851 16206 10212 14696 18859
CASH INFLOW FROM FINANCING
Interest earned 0 1 2 2 2 3 3 4 4 5 5 5 36 109 121 131 168
Grants Received 10 10 10 10 10 10 10 10 10 10 10 10 120 120 0 0 0
Equity funding 30,000 0 0 0 0 0 0 0 0 0 0 0 30000 0 0 0 0
Proceeds from Debt funding 15,000 0 0 0 0 0 0 0 0 0 0 0 15000 0 0 0 0
CASH INFLOW FROM FINANCING 45010 11 12 12 12 13 13 14 14 15 15 15 45156 229 121 131 168
CASH OUTFLOW FROM FINANCING
Interest payable 89 88 86 85 83 82 80 79 77 76 74 73 970 752 517 299 82
Debt retirement 250 250 250 250 250 250 250 250 250 250 250 250 3000 3000 3000 3000 3000
Equity Buy-back 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Dividends 50% 0 111 115 118 121 123 125 126 128 129 130 131 1358 4029 7007 8788 10522
CASH OUTFLOW FROM FINANCING 339 448 451 453 454 455 455 455 455 455 454 454 5327 7781 10523 12087 13604
NET FINANCINGCASH FLOWS 44671 -437 -440 -441 -442 -442 -442 -441 -441 -440 -439 -438 39829 -7552 -10402 -11957 -13436
NET CASH FLOW 1595 395 482 487 491 495 498 501 504 507 510 513 6978 8653 -190 2739 5423
OPENINGCASH BALANCES 0 1595 1990 2472 2958 3449 3944 4442 4943 5448 5955 6465 0 6978 15631 15441 18180
ENDINGCASH BALANCES 1595 1990 2472 2958 3449 3944 4442 4943 5448 5955 6465 6978 6978 15631 15441 18180 23603
Taxi Co., Ltd.
Appendix D: Pro-forma Balance Sheet (Worst Case Scenario)

Pai Sure Taxi Balance Sheet (000s) (Worst Case Scenario) Year 1 Year 2 Year 3 Year 4
Year of Operation Year 0 2013 2014 2015 2016
ASSETS
CURRENT ASSETS
CASH & MARKETABLE SECURITIES 1595 1990 2472 2958 3449 3944 4442 4943 5448 5955 6465 6978 6978 15631 15441 18180 23603
A/R Opening Balance 0 161 241 241 241 241 241 241 241 241 241 241 241 271 814 977 1140
A/R Closing Balance 4% 161 241 241 241 241 241 241 241 241 241 241 241 241 271 977 1140 1303
ACCOUNTS RECEIVABLES 161 241 241 241 241 241 241 241 241 241 241 241 241 271 977 1140 1303
INVENTORY (% of Cost of Goods Sold) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL CURRENT ASSETS 1756 2231 2713 3200 3690 4185 4683 5185 5689 6196 6707 7219 7219 15903 16418 19320 24906
PLANT AND EQUIPMENT 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 42000 50400 58800 67200
Less: (Accum. Depr) 700 1400 2100 2800 3500 4200 4900 5600 6300 7000 7700 8400 8400 16800 22400 28933 36400
NET PLANT AND EQUIPMENT 41300 40600 39900 39200 38500 37800 37100 36400 35700 35000 34300 33600 33600 25200 28000 29867 30800
R&D AND INTELLECT. PROP. 97 195 293 391 489 586 684 782 880 978 1076 1174 1174 2430 3784 5217 6733
Less: (Accum. Depr) 2 5 10 16 24 34 46 59 73 90 108 127 127 499 719 1032 1444
NET INTANGIBLE ASSETS 95 190 283 374 464 552 639 724 807 888 968 1047 1047 1930 3065 4185 5289
TOTAL ASSETS 43151 43021 42896 42774 42655 42537 42422 42308 42196 42085 41975 41866 41866 43033 47483 53372 60995
LIABILITIES
CURRENT LIABILITIES
Short term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Payable 4% 156 155 155 155 154 154 154 154 154 153 153 153 153 0 171 615 715 816
TOTAL CURRENT LIABILITIES 156 155 155 155 154 154 154 154 154 153 153 153 153 171 615 715 816
Shareholders Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long Term Debt 14750 14500 14250 14000 13750 13500 13250 13000 12750 12500 12250 12000 12000 0 9000 6000 3000 0
TOTAL LIABILITIES 14906 14655 14405 14155 13904 13654 13404 13154 12904 12653 12403 12153 12153 9171 6615 3715 816
OWNERS' EQUITY
Common Stock 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000
Retained Earnings -1755 -1634 -1509 -1381 -1250 -1117 -982 -845 -708 -569 -428 -287 -287 3862 10869 19657 30179
TOTAL OWNER'S EQUITY 28245 28366 28491 28619 28750 28883 29018 29155 29292 29431 29572 29713 29713 33862 40869 49657 60179
TOTAL LIABILITIES & EQUITY 43151 43021 42896 42774 42655 42537 42422 42308 42196 42085 41975 41866 41866 43033 47483 53372 60995

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