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Biomass steam in both plans, PV on the factory roof only 
User, 17 Oct 2026: "only put solar on the factory, prepare the other
buildings for solar, option a and b should operate on biomass".

- Steam: two 500 kg/h biomass modules (Getabec class, 6M to 10M THB) plus
  a fuel store and handling block (1M to 2M, estimate) in both plans; the
  electric bank becomes the alternative. ~0.67M THB of fuel a year against
  ~4.9M for electric steam; grid demand ~264 kW instead of ~980 kW.
- Solar: ~520 kWp on the factory roof (the biomass-case optimum is ~500 to
  550 kWp, hourly sketch in sustainability.md "PV size with biomass
  steam"); office roof and parking canopies built PV-ready (~120 kWp
  later). ~87 % used on site, ~61 % of the plant's electricity.
- Calculator: biomass default, bFuel row, pvKWp 520, pvSelf 87, iso fills
  the factory roof first and shows the other roofs as PV-ready.
- Numbers: launch plant ~168M / 232M / 296M with contingency; Plan A
  ~182M (~2M above 180M: the Chinese-route lever priced only electric
  boilers; a Chinese biomass quote is the way back), Plan B ~217M (label
  ~215M), ~35M more. Calculator EBITDA A 2.17M, B 2.23M USD.
- CSV, total-investment, revenue-model, sustainability, scale, biomass,
  site-candidates, boi, steam-cooling, construction RFQ (canopies
  PV-ready), README, roadmap; business plan draft 0.3 rebuilt (A and B
  63 pages) with new renders.
2026-10-17 20:24:55 +07:00

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"""Part C: investment, revenue and operating model, timeline, phasing, team and ownership, risks, next steps.
Draft 0.3, October 2026: two versions built from this one file, Plan A (~180M THB, the launch plant with
six cost levers, three presses) and Plan B (~215M THB, the same launch plant and three presses with
everything in, none of the levers taken; re-defined by the user on 17 October 2026). In both the second
Duplex system is a growth step from revenue. Both are priced without contingency and with the ramp-up
reserve: docs/finance/total-investment.md "Two plans: A at ~180M THB and B at ~215M THB (October 2026)"
and docs/finance/revenue-model.md "Operating pictures of Plan A and Plan B (October 2026)".
plan_variant.pick() switches the text; it is called inside blocks() only (build_plan.py sets the plan
before it calls blocks()).
"""
from plan_lib import H1, H2, H3, P, B, N, T, KV, IMG, CALL, PB
from plan_variant import pick, is_a, is_b, label, name
# ------------------------------------------------------------ 8.1 blocks
def _block_rows():
"""This plan's blocks: the calculator rows of its preset, grouped (USD and THB, low to high)."""
a = is_a()
rows = [
["Phase 0: BOI consultant, legal and lease work, soil test, re-quotes", "40k to 80k", "1.3M to 2.6M",
"Estimate"],
["Newbilt Duplex system 1 (two HRP 12 presses, EX 50 main and EX 35 colour extruder, trimmer, label "
"oven, shrink wrapper, grinder, label punch)", "350k to 370k", "11.6M to 12.2M",
"Quoted: 2024 offer EUR 200,500 for the Single 2.1 plus the quoted second press and extruder "
"~USD 115k; expired, re-quote"],
]
rows += [
["Newbilt Classic, fully automatic press", "290k to 460k", "9.6M to 15.2M", "Placeholder (the old "
"automatic-press band per press); **no Newbilt price on file**"],
["Pheenix galvanics line (PASU, PPPU, one PDPU, PMPB)", "324k to 445k", "10.7M to 14.7M",
"**OMS's reference plus 20 %**: OMS's 4-cell wet room with the EUR 10k know-how transfer, EUR 234k "
"to 321k (letter of 9 October 2026), × 1.2 = EUR 280.8k to 385.2k; **no Pheenix price on file**"],
["Galvanics water: zero-discharge (ZLD) evaporator and DI water", "97k to 258k", "3.2M to 8.5M",
"Researched: utilities rows, launch scope"],
["Water-treatment building next to galvanics (~12 × 10 m, proposed)", "52k to 87k", "1.7M to 2.9M",
"Estimate at the building rate below"],
["Sibert stamper prep: VSF back-finisher, VSP punch, VSC coiner", "250k", "8.3M", "Sibert's budget "
"confirmation, 5 October 2026; its time, spares, shipping and travel sit in the freight and "
"working-capital lines"],
["Cutting room: Sillitoe SDMS lathe, spare cutterhead and support, mastering console and chain, "
"monitoring, room build-out", "200k to 350k", "6.6M to 11.6M", "SDMS list price USD 125k (ex tax "
"and shipping); the rest estimate"],
pick(["Metrology and QC, launch tier: XRF, inline vision on the presses, audio station", "170k to 460k",
"5.6M to 15.2M", "Estimate; the laser confocal and the wide-area profiler (USD 180k to 350k) are "
"bought from revenue (lever 2, section 8.2)"],
["Metrology and QC, full stack: XRF, laser confocal, wide-area profiler, inline vision, audio "
"station", "350k to 810k", "11.6M to 26.7M", "Estimate; all of it at launch (Plan A buys the laser "
"confocal and the wide-area profiler from revenue)"]),
["PVC lab, day-one tier", "55k to 150k", "1.8M to 5.0M", "Estimate"],
["Steam: two 500 kg/h biomass boiler modules (B-1, B-2; Getabec class), installed with fuel feed, "
"grate and dust control", "182k to 303k", "6.0M to 10.0M", "Researched: utilities rows, the biomass "
"package for ~1 t/h (engineering estimate); both plans run on biomass (decided 17 October 2026); the "
"electric bank (Thai 4.5M to 7.0M, Chinese route 2.8M to 5.5M) is the alternative, not the plan"],
["Biomass fuel store and handling: covered fuel store, chip bay, ash bins, a compact loader",
"30k to 61k", "1.0M to 2.0M", "Estimate, utilities rows: 42 m² store drawn (~6 to 7 weeks of fresh "
"chips), ~80 m² for a 3-month monsoon stock"],
pick(["Cooling and compressed air: cooling backbone for four modules (plate heat exchanger, tanks, "
"pumps, mains), two 250 kW chiller modules (CH-1, CH-2), screw compressor, dryer and receiver",
"153k to 248k", "5.05M to 8.2M", "Researched: utilities rows; the compressor through the Chinese "
"route (lever 6), from a Chinese brand's Thai office"],
["Cooling and compressed air: cooling backbone for four modules (plate heat exchanger, tanks, "
"pumps, mains), two 250 kW chiller modules (CH-1, CH-2), screw compressor, dryer and receiver",
"159k to 258k", "5.25M to 8.5M", "Researched: utilities rows; the compressor from a Thai supplier, "
"with local service"]),
["Whole-factory HVAC, clean-room adder for galvanics and the cutting room, softener, loop treatment, "
"racking", "297k to 627k", "9.8M to 20.7M", "Researched: utilities rows"],
]
if not a:
rows.append(["Solar PV (EPC) on the factory roof, ~520 kWp, and the 271 kWh Gobel battery, owned (the "
"office roof and the canopies PV-ready, panels later)",
"376k to 516k", "12.4M to 17.0M",
"Researched: utilities rows; PV at 20 to 26 THB/W installed, inverters included (10.4M to "
"13.5M), battery 2.0M to 3.5M; ~87 % of the yield used on site under zero export (estimate); "
"owned, so the plant keeps the whole bill saving (no BOI promotion for solar installations "
"since 1 July 2025, section 8.4)"])
rows += [
["Building ~1,500 m² plus civil and site works", "650k to 1,100k", "21.4M to 36.3M", "Estimate at "
"12,000 to 20,000 THB/m² plus ~20 % site works; soil is the main variable; includes making the office "
"roof and the canopies PV-ready (structure, conduit; small, estimate)"],
pick(["Crane rented for the installations (mobile crane); frame, runway and machine door stay "
"crane-ready", "39k to 91k", "1.3M to 3.0M", "Estimate: 40 % of the crane block (lever 5)"],
["Overhead crane, runway, frame premium, machine door", "97k to 227k", "3.2M to 7.5M", "Estimate"]),
["Maintenance workshop and machine bay fit-out", "30k to 76k", "1.0M to 2.5M", "Estimate"],
]
if not a:
rows.append(["Visitor corridor and accessible entrance", "67k to 148k", "2.2M to 4.9M", "Estimate"])
rows += [
["Utility yard built for four boiler and four chiller modules", "73k to 122k", "2.4M to 4.0M",
"Estimate"],
["Factory software, ERPNext, artist platform public side", "115k to 310k", "3.8M to 10.2M",
"Estimate: factory software 60k to 170k, ERPNext implementation 15k to 50k, artist platform "
"40k to 90k"],
]
if not a:
rows.append(["Cassette duplication and CD-R duplication", "55k to 190k", "1.8M to 6.3M", "Estimate, "
"sections 4.8 and 4.9: cassette 40k to 150k, CD-R 15k to 40k"])
rows += [
["Freight, installation, commissioning, training (Pheenix, Sibert, Sillitoe, Newbilt beyond its "
"quoted 5 days)", "150k to 300k", "5.0M to 9.9M", "Estimate"],
["Working capital, PVC stock, spares, lease deposit, first-year rent", "137k to 293k",
"4.5M to 9.7M", "Estimate; land is leased, so no land purchase"],
]
if a:
rows.append(["Not bought at launch (levers, section 8.2): solar PV on the factory roof (~520 kWp) "
"and the battery (solar PPA), visitor corridor, cassette and CD-R duplication", "none", "none", "The PPA installer owns and "
"finances the array; the rest are growth steps from revenue"])
rows += [
pick(["**Subtotal, plan investment**", "**~3.68M to 6.44M**", "**~121.6M to 212.6M**",
"**Midpoint ~167.1M THB (~5.06M USD)**"],
["**Subtotal, plan investment**", "**~4.42M to 7.79M**", "**~146.0M to 257.1M**",
"**Midpoint ~201.6M THB (~6.11M USD)**"]),
["Ramp-up reserve: staff hired before first revenue, overheads until volume covers them",
"~0.30M to 0.61M", "10M to 20M", "Estimate; cash the investor puts in, so it is in the plan price"],
pick(["**Plan A price**", "**~3.99M to 7.05M**", "**~132M to 233M**",
"**Midpoint ~182M THB (~5.52M USD): ~180M THB, ~2M above 180M**"],
["**Plan B price**", "**~4.73M to 8.40M**", "**~156M to 277M**",
"**Midpoint ~217M THB (~6.56M USD): ~215M THB**"]),
["Contingency: not in the plan price", "", "", pick(
"For information: at 15 %, ~25M THB at the midpoint",
"For information: at 15 %, ~30M THB at the midpoint")],
]
return rows
def _levers_table():
"""Plan A: the six levers from the launch plant with every block, midpoints, no contingency."""
return T(["Step", "Saves", "Subtotal after it", "What it gives up"], [
["Launch plant, every block, no contingency", "", "~201.6M THB (~6.11M USD)", ""],
["1. Solar on the factory roof (~520 kWp) and the battery through a solar PPA (the installer owns "
"and finances the array; the plant buys the power)", "~14.7M", "~186.9M", "Owned solar and its whole "
"bill saving: adds the PPA power price to the energy bill, ~0.06M USD (~1.9M THB) a year in the "
"calculator for ~633 MWh used on site at 3.0 THB/kWh (estimate, to quote)"],
["2. Metrology launch tier: XRF, inline vision and audio station at launch; laser confocal and "
"wide-area profiler (USD 180k to 350k) bought from revenue", "~8.8M", "~178.1M", "Every stamper and "
"record is still measured (XRF, inline vision on the presses, audio station); the confocal and the "
"profiler come later"],
["3. Visitor corridor built later", "~3.6M", "~174.5M", "No public tours at first: the tour route and "
"the Payap programmes around it start later"],
["4. Cassette and CD-R duplication later", "~4.0M", "~170.5M", "No cassette or CD-R at launch; a growth "
"step"],
["5. Crane rented for the installations (mobile crane)", "~3.2M", "~167.3M", "No overhead crane at "
"first; frame, runway and machine door stay crane-ready, so it can be bought later if needed"],
["6. Compressor through the Chinese route (a Chinese brand's Thai office)", "~0.25M",
"**~167.1M (~5.06M USD)**", "A Chinese brand's screw compressor (Kaishan or Denair, both with Thai "
"offices) instead of a Thai supplier's. The route priced only electric boilers; Chinese biomass "
"boilers (ZOZEN, Sitong, Taiguo, Yongxing) are not priced yet, and a quote ~2M THB or more below the "
"Thai biomass package would put Plan A back under 180M"],
["Ramp-up reserve", "", "+10M to 20M", ""],
["**Plan A**", "", "**~182M THB (~5.52M USD)**", "**~2M above 180M at the midpoint** (177M to 187M "
"with the reserve's 10M to 20M); ~132M to 233M from "
"the low to the high end of every block"],
], widths_mm=[56, 16, 32, 66], font_pt=8.5,
caption="Midpoint values without contingency, estimates; docs/finance/total-investment.md 'Two plans'. "
"The levers keep every machine of the launch plant.")
def _keeps_table():
"""Plan B: what it keeps that Plan A's six levers move off the launch budget, midpoints, no contingency."""
return T(["In at launch in Plan B", "What it gives the plant", "THB, midpoint (Plan A's lever)"], [
["Solar PV on the factory roof (~520 kWp; the office roof and the canopies PV-ready) and the 271 kWh "
"battery, owned (EPC and Gobel battery)",
"No PPA power bill: the whole saving on the ~633 MWh used on site (~2.3M to 2.5M THB a year) stays "
"with the plant instead of ~1.9M THB (~0.06M USD) a year going to a PPA installer; payback ~4.1 to "
"5.8 years (estimates)", "~14.7M"],
["Metrology, full stack: XRF, laser confocal, wide-area profiler, inline vision, audio station",
"Every stamper measured fully from the first release, the core of the traceability pitch", "~8.8M"],
["Visitor corridor and accessible entrance", "Public tours and the Payap programmes possible from the "
"start", "~3.6M"],
["Cassette and CD-R duplication", "Both formats sold from launch", "~4.0M"],
["5 t overhead crane, runway, frame premium, machine door, bought", "Its own crane over the press "
"hall; no mobile crane to rent for "
"the installations", "~3.2M"],
["Screw compressor from a Thai supplier", "Local service", "~0.25M"],
["**Together**", "", "**~34.5M (201.6M minus Plan A's 167.1M)**"],
["Launch plant, every block, no contingency: Plan B's subtotal", "", "~201.6M (~6.11M USD)"],
["Ramp-up reserve", "", "+10M to 20M"],
["**Plan B**", "", "**~217M THB (~6.56M USD)**; ~156M to 277M from the low to the high end"],
], widths_mm=[62, 70, 38], font_pt=8.5,
caption="Midpoint values without contingency, estimates; docs/finance/total-investment.md 'Two plans'. "
"Each figure is what the matching Plan A lever saves; rounded, the six add to ~34.6M, and the "
"two subtotals differ by ~34.5M. Steam is biomass in both plans, so the boilers are not a "
"difference between them.")
def _tranches():
return T(["Tranche", "Trigger", "Covers", "Approx. share, THB"], [
["0", "Now", "Phase 0 work (section 14.1)", "The Phase 0 block, ~1.3M to 2.6M (1 to 2 %)"],
["1", "BOI certificate issued; lease signed; zoning and soil confirmed; pricing validated",
"Deposits on every long-lead order: Pheenix galvanics line, Sillitoe lathe, Sibert line, Newbilt "
"Duplex system and Classic; building design and permit; the two biomass boiler modules and the first "
"two chiller modules",
pick("20 to 30 % (~33M to 50M)", "20 to 30 % (~40M to 60M)")],
["2", "Building permit; vendor build dates confirmed in writing",
"Construction, water-treatment building, utility yard, utilities, balance payments as machines are "
"built",
pick("35 to 45 % (~58M to 75M)", "35 to 45 % (~71M to 91M)")],
["3", "Building watertight; first machinery shipped",
pick("Fit-out, HVAC and clean zones, ZLD and DI water, the rented crane for the installations, the "
"metrology launch tier, factory software and ERPNext, the launch team",
"Fit-out, HVAC and clean zones, ZLD and DI water, solar PV on the factory roof and the "
"battery, crane, visitor corridor, the full metrology stack, factory software and ERPNext, cassette and CD-R lines, the "
"launch team"),
pick("15 to 20 % (~25M to 33M)", "15 to 20 % (~30M to 40M)")],
["4", "Cutting room and galvanics commissioned; first stampers made", "Working capital, PVC stock, "
"spares, first-year rent; the ramp-up reserve (10M to 20M THB, in the plan price) is drawn from here "
"on", pick("8 to 12 % (~13M to 20M), plus the reserve", "8 to 12 % (~16M to 24M), plus the reserve")],
], widths_mm=[14, 46, 78, 32], font_pt=8.5,
caption=pick("Shares of Plan A's investment before the reserve (~167.1M THB at the midpoint); the THB "
"figures are the shares applied to it (arithmetic, estimates).",
"Shares of Plan B's investment before the reserve (~201.6M THB at the midpoint); the THB "
"figures are the shares applied to it (arithmetic, estimates)."))
# ------------------------------------------------------- 9.4 operating picture
def _operating_table():
if is_a():
rows = [
["Records", "0.58M", "0.74M", "0.90M"],
["Blended price, 60 % specials", "3.76", "4.49", "5.27"],
["Direct cost", "2.70", "2.00", "1.35"],
["Contribution per record", "1.06", "2.49", "3.92"],
["Pressing contribution", "0.61M", "1.83M", "3.51M"],
["Title-services contribution", "0.07M", "0.23M", "0.48M"],
["**Total contribution**", "**0.68M**", "**2.06M**", "**3.99M**"],
["Cash overheads", "0.45M", "0.33M", "0.20M"],
["**EBITDA**", "**0.23M**", "**1.73M**", "**3.79M**"],
["Depreciation", "0.64M", "0.40M", "0.25M"],
["**Operating profit**", "**-0.41M**", "**1.33M**", "**3.54M**"],
["Revenue", "2.28M (~75M THB)", "3.65M (~120M THB)", "5.41M (~179M THB)"],
["Payback on the plan price (EBITDA, mature year)", "~31 yr", "~3.2 yr (2.3 to 4.1 on 3.99M to "
"7.05M)", "~1.1 yr"],
]
else:
rows = [
["Records", "0.58M", "0.74M", "0.90M"],
["Blended price, 60 % specials", "3.76", "4.49", "5.27"],
["Direct cost", "2.70", "2.00", "1.35"],
["Contribution per record", "1.06", "2.49", "3.92"],
["Pressing contribution", "0.61M", "1.83M", "3.51M"],
["Title-services contribution", "0.07M", "0.23M", "0.48M"],
["**Total contribution**", "**0.68M**", "**2.06M**", "**3.99M**"],
["Cash overheads", "0.45M", "0.33M", "0.20M"],
["**EBITDA**", "**0.23M**", "**1.73M**", "**3.79M**"],
["Depreciation", "0.78M", "0.49M", "0.29M"],
["**Operating profit**", "**-0.55M**", "**1.24M**", "**3.50M**"],
["Revenue", "2.28M (~75M THB)", "3.65M (~120M THB)", "5.41M (~179M THB)"],
["Payback on the plan price (EBITDA, mature year)", "~37 yr", "~3.8 yr (2.7 to 4.9 on 4.73M to "
"8.40M)", "~1.2 yr"],
]
return T(["USD per year, mature", "Adverse", "Central", "Favourable"], rows, widths_mm=[50, 36, 48, 36],
caption="Estimates, docs/finance/revenue-model.md 'Operating pictures of Plan A and Plan B (October "
"2026)'. Title services at 60 to 70 % contribution after lacquers, styli and nickel. "
"Contribution per record and total contribution are the table's own arithmetic.")
def _risk_rows():
a = is_a()
rows = [
["High", "Pricing power in the region is unproven", "The single biggest assumption in the revenue "
"model; a turnaround advantage nobody pays a premium for is a cost, not a moat", "Market "
"validation gate: regional label conversations, the artist platform's calculator as an interest "
"list, a second Thai data point; no large spending before it clears"],
]
rows += [
["High", "No contingency in the plan price", pick(
"Quotes landing high are not covered: at 15 % a contingency would be ~25M THB at the midpoint, "
"and the high end of every block comes to ~233M with the reserve",
"Quotes landing high are not covered: at 15 % a contingency would be ~30M THB at the midpoint, "
"and the high end of every block comes to ~277M with the reserve"),
"The requests that settle most of the band come before commitment (section 8.4); tranche release; "
"how overruns are funded (outside the plan price or by scope steps) agreed with the investor up "
"front"],
["High", "Utilisation and price", pick(
"The cost structure is mostly fixed; the adverse case loses money: it needs ~1.0M records to cover "
"depreciation and the three presses make 0.58M at that rate; at 60 % specials the Duplex rate and "
"the extra cost of specials decide volume and margin",
"The cost structure is mostly fixed; the adverse case loses money: it needs ~1.1M records to cover "
"depreciation and the three presses make 0.58M at that rate; at 60 % specials the Duplex rate and "
"the extra cost of specials decide volume and margin"),
pick("Central breaks even at ~0.2M records; commission in sequence; the second Duplex waits for "
"demand; treat the adverse column as the honest one",
"Central breaks even at ~0.24M records; commission in sequence; the second Duplex waits for "
"demand; treat the adverse column as the honest one")],
]
rows += [
["High", "Galvanics and cutting on the critical path", "No paying release until the cutting room "
"and galvanics make good stampers; a slow start there delays every press", "Commission the "
"metal path first and measure it; vendor training; Stamper Discs and SST as contacts for a "
"slipping commissioning, not a plan"],
["High", "Skills: galvanics process engineer, cutting engineer", "Galvanics is the hardest skill to "
"hire; both roles are now needed at launch", "Recruit or train abroad; BOI work permits; vendor "
"training (Pheenix, Sillitoe, OMS as a reference); Payap programmes as a longer-term pipeline"],
["High", "Prices not on file: the Classic and the Pheenix line",
"The Classic band is a placeholder borrowed from another vendor's automatic press; the Pheenix "
"line is priced at OMS's reference plus 20 %, without a Pheenix figure",
"Newbilt re-quote and Pheenix quote in phase 0; OMS's dedicated offer as the galvanics benchmark"],
["High", "Vendor build times unknown", "The press build carries ~40 % of the schedule; 15 to 18 "
"months would push launch to mid-2029; Pheenix, Sillitoe and Sibert lead times also unquoted",
"Required field in every re-quote, now"],
["High", "Zoning of the chosen plot unverified", "A site reset costs ~6 months; the Payap point "
"already fails zoning; Mueang Chi is unverified", "Verify on the land-use map and with counsel "
"before the BOI filing; industrial estate as "
"fallback"],
]
if a:
rows.append(["Medium", "Solar PPA price", "The PPA gives up owning the bill saving and adds a power "
"price, ~0.06M USD (~1.9M THB) a year in the calculator at 3.0 THB/kWh, an estimate to "
"quote. No BOI benefit is lost: the BOI dropped solar installations from its promotion on "
"1 July 2025 (Announcement 3/2568); a PPA developer may itself be promoted (activity 7.1.2, "
"an 8-year corporate income tax exemption), which may or may not show in its price",
"PPA offers next to the purchase quote in phase 0, the developer's BOI promotion raised in "
"the price negotiation; buying the array, as Plan B does, stays the alternative"])
else:
rows.append(["Medium", "The extra ~35M THB earns little in the model", "Plan B's operating picture is "
"Plan A's (same presses, records, revenue and EBITDA; the calculator puts it ~0.06M USD a "
"year ahead, the PPA bill its owned array avoids): the ~35M THB more at launch adds "
"depreciation, so central operating profit is 1.24M against 1.33M USD, payback ~3.8 against "
"~3.2 years and the adverse corner deeper; its case rests on that bill and on what the "
"table leaves out (cassette and CD-R sales, tours and the Payap programmes, full stamper "
"metrology for the traceability pitch)", "Phase 0 prices each item against its lever (PPA "
"offer next to the purchase quote, cassette and CD-R quotes); most items can also come "
"later from revenue, as in Plan A, while the corridor is cheaper to have from the start"])
rows += [
["Medium", "Lease terms and building ownership", "A weak lease makes the building hard to finance "
"and exposes it at expiry", "Registered 30 to 50 year lease with renewal, explicit building "
"ownership and assignment rights; Thai counsel in phase 0"],
["Medium", "Soil conditions", "Piling could add several hundred to 1,000+ THB/m² across building, "
"paving and fill", "Soil boring test in phase 0 (THB 30k to 50k)"],
["Medium", "Galvanics permitting", "Effluent and hazardous-substance permitting are the most likely "
"regulatory friction, now in the first factory licence", "Zero-discharge design and the "
"water-treatment building from the "
"start; industrial estate option; "
"lessor's consent on Payap land"],
["Medium", "Biomass steam: fuel, permits and the burning season", "Fuel price and supply set the "
"steam cost (planning price 1.35 to 2 THB/kg delivered; ~460 t of fresh chips a year at ~850k "
"records, ~0.67M THB, estimate); boiler registration and the air-emission limits for a solid-fuel "
"boiler come into the permit work (to confirm); the stack is a visible point source in Chiang Mai's "
"burning season", "Fuel contracts and a 3-month monsoon stock (~80 m² of covered store); the team's "
"60 rai of own fuelwood later, after the land-title check; the dust collector and the 14 m stack "
"drawn from the start, dust control part of the plant's story; a certified boiler attendant from "
"the maintenance team; electric modules stay the fallback" + pick(
"; a Chinese biomass boiler quote ~2M THB or more below the Thai package would bring Plan A back "
"under 180M", "")],
["Medium", "Boiler registration and import rules (DIW)", "Every steam boiler is registered with the "
"Department of Industrial Works and run by a certified attendant; a boiler bought abroad must also "
"meet ASME, JIS, EN or equivalent and be verified by a DIW-registered certification body" + pick(
", which applies if Plan A takes a Chinese biomass boiler", ""),
"A Thai-fabricated biomass package (Getabec class) as the base; for an import, ASME Section I design "
"with the S stamp and the full dossier, the certification body engaged before the order"],
["Medium", "Single press vendor (Newbilt)", "All three presses, the extruders and the hydraulic "
"aggregates come from one small German manufacturer; build time and order book unknown",
"Spares and service terms in the re-quote; the Pheenix automatic press stays the comparison if the "
"Classic quote disappoints"],
["Medium", "Hydraulic ring-main contamination", "One shared oil system: a contamination event "
"reaches every press", "ISO 4406 target, flushing to ISO 23309, particle counts at acceptance "
"and after flushing, non-bypass branch filters, isolation per press, online particle counter, "
"kidney loop; central plant still to be quoted"],
["Medium", "Currency", "EUR on Newbilt and Pheenix, USD on Sibert and Sillitoe, THB costs, USD/EUR "
"revenue; a 10 % baht move is worth 0.09 to 0.17 USD per record on margin", "Currency and validity "
"in every quote; THB "
"pricing regionally; "
"hedging decision with "
"the investor"],
["Medium", "Vinyl demand is cyclical", "Global capacity has been added; the model assumes the plant "
"sells what it presses", pick("Mixed fleet suits boutique work that is less cyclical; cassette and "
"CD-R lines diversify once added; growth options wait for demand",
"Mixed fleet suits boutique work that is less cyclical; cassette and "
"CD-R lines diversify; further growth waits for demand")],
["Medium", "Reject rate in early production", "Early runs, and the first stampers from a new "
"galvanics room, will be worse than the 5 to 10 % allowance while the process settles", "Vendor "
"commissioning, stamper metrology, materials lab from day one, QC layers, conservative launch "
"promises; the ramp-up reserve"],
["Medium", "Competitive response", "The incumbent may add plating, or a second entrant may appear; "
"the domestic price ceiling may compress on our arrival", "Compete on capability (traceability, "
"QC, climate), export customers, and "
"the collaboration under discussion"],
pick(["Low", "Solar integration under the PPA", "Rack voltage vs inverter window, certifications and "
"warranty move to the installer, but the plant still depends on the array", "Engineering checks "
"of the installer's design in phase 0; large float"],
["Low", "Solar and battery integration", "Rack voltage vs inverter window; unpublished "
"certifications; mixed-vendor warranty; under PEA's zero export ~13 % of the ~520 kWp array's "
"yield is curtailed (estimate)", "Engineering checks and certificate requests in phase 0; PEA "
"interconnection approval (3 to 6 months) filed alongside procurement; large float"]),
["Low", "Cassette supply chain", pick("Blank tape and shells come from few suppliers, once the lines "
"are added", "Blank tape and shells come from few suppliers"),
"Hold stock; qualify two sources"],
["Low", "CD replication scope creep", "Adds USD 1.5M to 4.0M and a second commissioning programme",
"Decide before BOI filing; treat as a separate project if chosen"],
]
return rows
def blocks():
a = is_a()
return [
# ------------------------------------------------- 8 investment
H1("8. Investment"),
P(pick(
"This chapter prices **Plan A (~180M THB)**: the launch plant decided in October 2026, one Newbilt "
"Duplex system and one Classic with the whole chain from the cutting room to the shrink wrapper, "
"in one capital round and commissioned in sequence, brought down with six cost levers that keep "
"every machine. At the midpoint that is ~182M THB, **~2M above 180M** (section 8.2). ",
"This chapter prices **Plan B (~215M THB)**: the launch plant decided in October 2026, one Newbilt "
"Duplex system and one Classic with the whole chain from the cutting room to the shrink wrapper, "
"in one capital round and commissioned in sequence, with everything in: none of Plan A's six cost "
"levers taken. ") +
"In both plans the steam comes from biomass and PV sits on the factory roof only (~520 kWp; the "
"office roof and the canopies are built PV-ready), as decided on 17 October 2026. "
"The plan price carries the ramp-up reserve, because that is cash the investor puts in, and **no "
"contingency**. Blocks marked 'estimate' have no vendor confirmation; the rest trace to quotes, "
"published prices or researched ranges. Treat all figures as budgetary with a wide margin (plus or "
"minus 30 to 50 % on the estimates) until requests for quotation replace them. Exchange rates: "
"1 USD = 33 THB, 1 EUR = 1.155 USD, 1 GBP = 1.35 USD."),
P("The September 2026 draft of this plan priced a phased entry (one press, bridge stampers, outsourced "
"cutting) and a five-press full vision. Both are superseded, as is the launch-plant budget with a "
"15 % contingency of the previous draft; they are not repeated here, and the planning repository "
"keeps them for the record."),
H2(pick("8.1 Plan A, all blocks", "8.1 Plan B, all blocks")),
T(["Block", "USD", "THB", "Basis"], _block_rows(), widths_mm=[52, 30, 30, 58], font_pt=8.5,
caption=pick(
"Source: docs/finance/total-investment.md, 'Two plans', and the Plan A preset of the plant and "
"business plan calculator (docs/fleet-calculator.html), whose rows are grouped here; estimates. "
"The second Duplex system and further Classics are growth options with room reserved (hall "
"floor, utility module positions, ring-main tees), not part of this plan.",
"Source: docs/finance/total-investment.md, 'Two plans', and the Plan B preset of the plant and "
"business plan calculator (docs/fleet-calculator.html), whose rows are grouped here; estimates. "
"The second Duplex system and further Classics are growth options with room reserved (hall "
"floor, utility module positions, ring-main tees), not part of this plan.")),
P("**Not in the plan price:** a contingency (the blocks are budgetary, so the plan carries no buffer "
"for quotes landing high; at 15 % it would be " + pick("~25M", "~30M") + " THB at the midpoint); CD "
"replication (section 4.10); financing costs; currency moves; the mobile shelving for the father and "
"mother archive (to quote); and the central hydraulic plant around the Newbilt aggregates (standby "
"pump set, accumulator station, ring main), not costed yet, for a Thai hydraulic power unit builder "
"to quote. The blocks are vendor prices without Thai duty or import VAT, so they assume BOI "
"promotion: without it, ~5 % duty on ~2.3M USD of imported machinery (~0.11M USD, the launch "
"plant's estimate) comes on top, plus ~0.17M USD of import VAT paid at the border and reclaimed "
"later (estimates)" + pick(
". Plan A buys less metrology at launch; the estimate is not re-sized for it.",
". Plan B is the launch plant that estimate was made for.")),
H2("8.2 Two versions of this plan"),
P("The lead investor asked in October 2026 whether the plant can be built for **180M THB (~5.45M USD), "
"possibly up to 20 % more**. The answer is two versions of this plan, built from the same documents, "
"both priced without contingency and with the ramp-up reserve: **Plan A** keeps every machine of "
"the launch plant and brings it to ~180M THB with six cost levers, ~182M at the midpoint, which is "
"**~2M above 180M** (the low end of the reserve, 177M, fits); **Plan B** builds the same launch plant "
"with everything in, none of the levers taken, at ~215M THB: ~217M at the midpoint, ~0.6M above "
"180M plus 20 % (216M) and inside 225M. Both burn biomass for steam and carry PV on the factory roof "
"only. "
"This document is " + label() + ". How the two differ (estimates):"),
T(["Midpoints, estimates", "Plan A" + pick(" (this plan)", ""), "Plan B" + pick("", " (this plan)")], [
["Plan price: ramp-up reserve in, no contingency", "~182M THB (~5.52M USD): ~180M, ~2M above "
"180M at the midpoint",
"~217M THB (~6.56M USD): ~215M"],
["Low to high end of every block", "~132M to 233M THB", "~156M to 277M THB"],
["Presses", "3: Duplex system 1 (two HRP 12) and one Classic", "The same 3"],
["Steam and solar", "Biomass steam (two 500 kg/h modules); ~520 kWp on the factory roof through a "
"solar PPA", "Biomass steam, the same; the ~520 kWp array and the battery owned"],
["Records a year at 60 % specials", "~0.58 to 0.90M, central 0.74M (Duplex-limited)", "The same"],
["Revenue, central", "3.65M USD (~120M THB)", "The same (cassette and CD-R not modelled)"],
["EBITDA, central", "1.73M USD", "1.73M USD (calculator: 2.23M against Plan A's 2.17M, no PPA "
"power bill)"],
["Operating profit, adverse case", "-0.41M USD: loses money", "-0.55M USD: loses more (more "
"depreciation on the same EBITDA)"],
["Payback on the plan price, central (EBITDA, mature year)", "~3.2 yr (2.3 to 4.1)",
"~3.8 yr (2.7 to 4.9; calculator: 2.7 yr against Plan A's 2.3)"],
["What it gives up or takes on", "Six levers: solar through a PPA (a power bill of ~0.06M USD a "
"year), confocal and profiler from revenue, no tours at first, cassette and CD-R later, a "
"rented crane, a Chinese compressor; the second Duplex waits for revenue", "No levers: "
"buys at launch what Plan A leases or defers, ~35M THB (~19 %) more (owned solar and battery, "
"~520 kWp on the factory roof with no PPA bill, the full metrology stack, the visitor corridor, "
"cassette and CD-R, a bought crane, a Thai compressor); the second Duplex waits for revenue"],
], widths_mm=[46, 62, 62], font_pt=8.5,
caption="Estimates: docs/finance/total-investment.md 'Two plans' and docs/finance/revenue-model.md "
"'Operating pictures of Plan A and Plan B'. Section 9 has this plan's operating picture."),
*(
[P("**Plan A: six levers, every machine kept.** From the launch plant with every block, no "
"contingency, midpoint values:"),
_levers_table(),
P("Plan B takes none of these levers: it buys at launch what they lease or defer, ~34.5M THB more "
"at the midpoint, so ~201.6M THB before the reserve and ~217M (~215M THB) with it.")]
if a else
[P("**Plan B: the launch plant with everything in, no levers.** What Plan B keeps that Plan A's six "
"cost levers lease, defer or buy through the Chinese route, midpoint values:"),
_keeps_table(),
P("The plant itself is Plan A's: the same three presses, the same output and the same operating "
"picture (section 9). The second Duplex system is a growth step from revenue in both plans, on a "
"reserved floor bay with its utility module positions and ring-main tees.")]
),
CALL("What decides between Plan A and Plan B", [
"**No longer demand.** Both plans are the same three presses making the same ~0.58 to 0.90 million "
"records a year (central 0.74 million); market validation (section 14.1, item 1) gates both alike.",
"**~35M THB more at launch, for what Plan A leases or buys from revenue.** Plan B owns its array "
"and keeps the whole bill saving (no PPA bill), measures every stamper fully from the first release "
"(the traceability pitch), opens tours and the Payap programmes from day one, sells cassette and "
"CD-R from the start, owns its crane and buys its compressor with local service. Steam is biomass "
"in both.",
"**On the modelled numbers the extra earns little.** The same EBITDA in the revenue model (the "
"calculator puts Plan B ~0.06M USD a year ahead, the PPA bill its owned array avoids), more "
"depreciation, a longer payback (~3.8 against ~3.2 years) and a deeper adverse corner: Plan A has the better modelled "
"return, Plan B the more complete plant. Most of Plan B's items can be added to Plan A later from "
"revenue; the corridor is cheaper to have from the start, and every year the array is leased "
"costs the PPA bill.",
"**The quotes.** The Newbilt re-quote for the Classic and the EX 35, the Pheenix quote against the "
"OMS reference, the building quote with the soil test, and, for Plan A, the solar PPA offer and a "
"Chinese biomass boiler quote: ~2M THB or more below the Thai package would put Plan A back under "
"180M.",
"**Neither price carries a contingency.** Quotes landing high are funded outside the plan price or "
"by scope steps (section 8.4).",
"**The second Duplex stays a growth step.** Its floor, utility module positions and ring-main "
"tees are reserved, so adding it from revenue is a step, not a rebuild.",
]),
P("Figure 11 is the budget check of the plant and business plan calculator with the " + label() +
" preset, contingency kept out of the total as in this plan."),
IMG(pick("renders/calculator/plan-a-budget.png", "renders/calculator/plan-b-budget.png"), 160,
"Figure 11. Budget card of the plant and business plan calculator, " + pick(
"Plan A preset: 167.1M THB at the midpoint without contingency, 177.1M to 187.1M with the "
"ramp-up reserve of 10M to 20M; against 180M it is 2.1M over at the midpoint, and it fits 225M "
"with 42.9M to spare",
"Plan B preset: 201.6M THB at the midpoint without contingency, 211.6M to 221.6M with the "
"ramp-up reserve of 10M to 20M, 8.4M to spare under the 225M mark (180M plus 25 %)") +
". Bars: the investment at the low end, the midpoint and the high end of every block, the reserve "
"hatched, against 180M and 225M THB. Calculator figures (docs/fleet-calculator.html), estimates."),
H2("8.3 Tranches"),
P("The plan is one capital round, but it is not one payment. Capital is released against milestones, "
"so each tranche is spent only once the previous gate has cleared. Because cutting and galvanics are "
"commissioned first and have their own build times, their orders sit in the first long-lead tranche "
"next to the presses. The shares below are estimates for planning the calls on capital, not a "
"payment schedule agreed with any vendor."),
_tranches(),
H2("8.4 What moves the number"),
B([
"**No contingency in the price.** " + pick(
"Plan A's ~182M THB is the midpoint of every block with the ramp-up reserve and no buffer, ~2M "
"above 180M: at 15 % a contingency would add ~25M THB, and the high end of every block comes to "
"~233M. ",
"Plan B's ~217M THB is the midpoint of every block with the ramp-up reserve and no buffer: at "
"15 % a contingency would add ~30M THB, and the high end of every block comes to ~277M. ") +
"Quotes landing above the midpoint are funded outside the plan price or by scope steps; how they are "
"funded is a decision for the investor before commitment (section 14.2).",
"**The quotes that decide it.** The Classic has no Newbilt price (its band is a placeholder "
"borrowed from another vendor's automatic press); the Pheenix line is priced at OMS's reference "
"plus 20 %, without a Pheenix figure; " + pick(
"the EX 35 is priced only as the expired 2024 quote's second-extruder option; the building "
"depends on the soil; and the solar PPA lever depends on an offer. The Newbilt re-quote, the "
"Pheenix quote, the building request with a soil test, the metrology distributor quotes and "
"the PPA offers settle most of the band; a Chinese biomass boiler quote decides whether Plan A "
"comes back under 180M.",
"the EX 35 is priced only as the expired 2024 quote's second-extruder option; and the building "
"depends on the soil. The Newbilt re-quote, the Pheenix quote, the building request with a soil "
"test, the metrology distributor quotes and the solar and battery purchase quotes settle most of "
"the band."),
"**BOI promotion.** The machinery duty and import VAT exemption applies across most of the "
"equipment blocks (~0.11M USD of duty and ~0.17M USD of import VAT cash flow on the launch plant, "
"estimates), and the automation and metrology spend converts into corporate income tax exemption "
"headroom (the Smart and Sustainable Industry upgrade measure). The application precedes every "
"purchase order. Solar is not part of it in either plan: since 1 July 2025 the BOI no longer "
"promotes solar installations, rooftop or farm (Announcement 3/2568, amending the alternative-energy "
"measure of Announcement 15/2565). What that measure keeps for energy is battery storage with its "
"inverters, the eligible investment for the corporate income tax exemption capped at 12M THB per MW "
"(our reading, to confirm with the BOI consultant). " + pick(
"In Plan A the battery comes with the PPA and belongs to the installer, so the plant claims "
"nothing for it; the installer may itself be promoted as a power producer (activity 7.1.2, an "
"8-year corporate income tax exemption), and whether that shows in the PPA price is for the "
"negotiation.",
"Plan B owns the 271 kWh battery (2.0M to 3.5M THB installed), so it may qualify; the case for "
"owning the array itself is the power bill (below)."),
"**The ground.** Soft paddy soil under the building, paving and fill platform is the single largest "
"cost variable in the building package, and the cheapest to resolve: a soil boring test costs "
"THB 30k to 50k.",
"**Biomass steam in both plans.** Steam comes from two 500 kg/h biomass modules (Getabec class, "
"6M to 10M THB installed with fuel feed, grate and dust control) and a fuel store with handling "
"(1.0M to 2.0M THB); the electric bank (Thai 4.5M to 7.0M, Chinese route 2.8M to 5.5M) is the "
"alternative, not the plan. At ~850k records the boilers burn ~460 t of fresh chips (or ~300 t of "
"air-dry wood) a year, ~0.67M THB at ~0.7 THB/kWh of heat, where electric steam would cost ~4.9M "
"THB in power and demand charge: **biomass saves ~4.2M THB (~0.13M USD) a year** (estimates; "
"biomass.md planning price 1.35 to 2 THB/kg delivered). Without electric boilers the grid demand "
"falls from ~980 kW to ~264 kW, so the transformer and the PEA deposit can be smaller (not "
"re-priced, an upside). It brings fuel contracts and a monsoon stock, ash handling, the 14 m flue "
"stack and dust collector, more maintenance and a certified boiler attendant (section 13). The "
"revenue model does not split energy by fuel; the calculator does (section 9.4).",
pick("**Chinese suppliers: the compressor now, a biomass boiler quote next.** Plan A buys the "
"compressor through a Chinese brand's Thai office (~0.25M THB at the midpoint). The Chinese "
"route priced only electric boiler modules; Chinese makers build biomass boilers too (ZOZEN "
"DZL, Sitong DZL/SZL, Taiguo, Yongxing), none priced yet. **A quote ~2M THB or more below the "
"Thai biomass package would put Plan A back under 180M**, so it is the first utilities request "
"(section 14.1, item 10). The Newbilt hydraulic aggregates stay Newbilt's. Chillers and HVAC, "
"the larger blocks, are not checked yet; that is the next Chinese lever to test.",
"**Chinese suppliers: small so far.** Plan B prices Thai-supplied utilities. The Chinese route "
"for the compressor would take ~0.25M THB off at the midpoint (Plan A takes it); Chinese "
"biomass boilers are not priced yet; chillers and HVAC, the larger blocks, are not checked "
"yet."),
pick("**Solar PPA.** The largest single lever (~14.7M THB at the midpoint) moves the array, ~520 kWp "
"on the factory roof, and the battery off the capital budget and adds a power price to the "
"energy line instead: ~633 MWh a year used on site at 3.0 THB/kWh, ~1.9M THB or ~0.06M USD a "
"year in the calculator, an estimate to quote (~21 % off the tariff; MEAei names 10 to 15 % as "
"usual, CapSolar 10 to 30 %). The plant's bill with biomass steam (~0.36M THB a month before "
"solar: ~1,036 MWh a year and ~264 kW of demand at the PEA tariff, our arithmetic, estimate) is "
"well above the 100,000 THB a month CapSolar asks of a PPA site.",
"**Solar bought, not leased.** Plan B owns the array, ~520 kWp on the factory roof, and the "
"271 kWh battery: 12.4M to 17.0M THB (PV at 20 to 26 THB/W installed, inverters included, 10.4M "
"to 13.5M; battery 2.0M to 3.5M). Factories on PEA's grid run zero export, so ~87 % of the ~730 "
"to 780 MWh a year is used on site (~633 MWh in the calculator) and the rest curtailed; that "
"covers ~61 % of the "
"launch plant's ~1,036 MWh a year of electricity, saves ~2.3M to 2.5M THB a year and pays back "
"in ~4.1 to 5.8 years (estimates). A solar PPA would take ~14.7M THB off the price at the "
"midpoint and add a power price to the energy line instead: owned, the ~633 MWh used on site "
"save the full ~3.7 THB/kWh; through a PPA at ~3.0 THB/kWh (estimate, to quote) only ~0.7 "
"THB/kWh, so the PPA bill is ~1.9M THB (~0.06M USD) a year."),
"**The array is sized to the load, not to the roof area.** With biomass steam the plant's running "
"load is ~230 kW; an hourly sketch (two shifts on 300 days, ~60 kW off-shift base, the 271 kWh battery, the "
"PEA time-of-use tariff with Ft, 23,000 THB/kWp, 25 years at 8 %) puts the best array at **~500 to "
"550 kWp**: above ~550 kWp more of the yield is curtailed under zero export and the extra panels "
"lose money. The factory roof on the Payap scenario plot the calculator draws carries ~520 kWp "
"(~523 kWp in the site model), so PV goes there only. The office roof (~65 kWp) and the car and "
"scooter canopies (~54 kWp) are built PV-ready (structure rated for the panels, conduit to the "
"main board, a spare way for a later inverter), and ~120 kWp go on them when the load rises with "
"the second Duplex system, for ~2.4M to 3.1M THB at 20 to 26 THB/W. On the Mueang Chi hall of "
"section 6.2 the factory roof takes ~247 kWp, its canopies PV-ready too. ~430 kVA of inverters "
"stays under the ERC's 1,000 kVA line (estimates).",
"**Every band narrows only with quotes.** The supplier map in the planning repository lists who to "
"ask, and the re-quotes are phase 0 work (section 14).",
]),
H2("8.5 Currency exposure"),
P("Revenue will be mostly USD and EUR from export customers; the cost base is mostly THB; the equipment "
"is priced in several currencies. Newbilt quotes in EUR, and the Pheenix line is expected in EUR "
"(European vendor, no quote yet; the currency is a stated field in the request; the plan prices it "
"at OMS's EUR reference plus 20 %, EUR 280.8k to 385.2k). Sibert's budget and Sillitoe's list price "
"are in USD (Sibert is a UK company, Sillitoe Australian). None of it is hedged, and the orders will "
"not be placed for roughly a year. In the September draft a 10 % move in EUR/THB was worth USD 25k "
"to 35k on the Duplex line alone; with the Classic and the galvanics line also in EUR, the three EUR "
"lines come to ~0.96M to 1.28M USD, so the same move is worth roughly USD 0.10M to 0.13M "
"(estimate)."),
P("Operationally, roughly two-thirds of direct cost (labour, energy, local cartons, maintenance) is "
"THB, so a 10 % baht appreciation takes **0.09 to 0.17 USD off the gross margin per record** without "
"any operational change, enough to push the adverse case further under water. "
"Three mitigations are planned: every re-quote states its currency and validity period; decide early "
"whether to quote regional customers in THB; and decide, once the BOI timeline is known, whether to "
"hedge the EUR orders. The hedging decision belongs to the investor."),
# ------------------------------------- 9 revenue and operating model
H1("9. Revenue and operating model"),
P("A first-pass economic model of " + pick("Plan A's three presses", "Plan B's three presses") + " in a "
"mature year. Most numbers are estimates from industry pricing norms and the project's own cost "
"research; the point is the shape of the economics and which levers matter, not precision. The price "
"assumption is deliberately held at the conservative Western export level even though the one set "
"of Thai market data (section 3.3) says domestic prices are several times higher: re-basing the "
"whole model on one supplier's price list in a market with one supplier would be worse than leaving "
"it low."),
H2("9.1 Pricing assumptions"),
B([
"**Blended pressing price: USD 3.76 to 5.27 per record** (THB 124 to 174) at the planned **60 % "
"specials** (splatter, marble and colour effects; the plant focuses on special prints, not mono "
"colours): standard USD 3.40 / 3.80 / 4.25 plus a specials premium of 0.60 / 1.15 / 1.70 on 60 % "
"of the records, covering pressing, labels, inner sleeve and assembly into the jacket; deluxe "
"packaging passed through at cost plus margin. At ~20 % specials the same prices blend to 3.50 to "
"4.60. Western plants charge roughly USD 2.90 to 5.80 for standard black at volume, with premiums "
"of 0.60 to 1.70 for colour and splatter, 180 g and small runs. What specials cost extra "
"(coloured compound, colour-change purge, trim that only goes back into black) is not yet in the "
"direct cost, so the specials gain is an upper bound until the compound quotes arrive.",
"**Western benchmark, October 2026.** Record Industry (Haarlem) publishes its prices online: 300 "
"copies of a black 140 g LP with stampers, test pressings, printed labels, a paper inner sleeve, a "
"printed jacket and shrink wrap come to **1,721 EUR all-in (~219 THB a copy)**, ex VAT and freight. "
"Its per-title items (set-up, small-run charge, cutting, stampers, test pressings) total about 580 "
"to 600 EUR, the low end of this plan's title assumption; black pressing with printed labels and a "
"paper inner sleeve comes to about 2.43 USD a copy at 300, below the 2.90 to 5.80 range.",
"**Thai market.** The ResurRec invoices of August 2026 come to **650 to 950 THB a copy all-in at "
"300**, about 3 to 4.3 times Record Industry's ex-works price. The artist ordering demo's price "
"list comes to **~343 THB a copy at 300** with vinyl mastering: above the European ex-works price, "
"well below the Thai market. Both price levels stay open until market validation (roadmap item 1).",
"**Per-title services: USD 580 to 1,730 per title** (THB 19k to 57k) for mastering, cutting, "
"stampers and test pressings. The middle of the range is the **artist-demo per-title fee of 37,836 "
"THB**: mastering 10,000, lacquer 5,336, cutting 4,000, plating 14,000, press set-up 3,000 and "
"tests 1,500. " + pick("Plan A models 200 to 400 titles a year", "Plan B models 200 to 400 titles "
"a year") +
"; mastering is labour-bound, and the plan staffs one to two engineers, which caps this line.",
pick("**Cassettes and CD-Rs** come later in Plan A (a growth step, lever 4) and are not in the "
"operating picture. The September draft illustrated them at 20k to 60k cassettes a year at "
"USD 2.50 to 4.00 and 10k to 40k CD-Rs at USD 1.50 to 3.00; estimates with no market data "
"behind them yet.",
"**Cassettes and CD-Rs** are add-on lines in the plant from launch, not in the operating "
"picture. The September draft illustrated them at 20k to 60k cassettes a year at USD 2.50 to "
"4.00 and 10k to 40k CD-Rs at USD 1.50 to 3.00; estimates with no market data behind them "
"yet."),
"**Dropshipping fees** per parcel, **stamper supply to other plants**, and **automation services "
"and the open plant stack for other pressing plants** (section 5.6) are on top and not modelled.",
]),
H2(pick("9.2 Capacity and revenue of Plan A", "9.2 Capacity and revenue of Plan B")),
P(
"Three presses make **~0.58 to 0.90 million records a year on two shifts at 60 % specials** "
"(estimate). Specials run only on the Duplex system (the Classic has one built-in extruder), so its "
"two semi-automatic presses at 60 to 80 records an hour each set the pace, and the Classic (~128 an "
"hour, 28 s cycle, vendor flyer) presses the standard 40 % at about two thirds load; at 60 to 70 % "
"effectiveness, 16 hours a day and 300 days a year. At ~20 % specials the same presses made 0.71 to "
"0.97 million. The plant and business plan calculator, at the team's planning rates (3 records a "
"minute per Duplex system, 2 per Classic, 65 % effectiveness), stays balanced at ~0.94 million. "
"The central case takes the middle, 0.74 million."),
T(["USD per year", "Adverse", "Central", "Favourable"], [
["Records", "0.58M", "0.74M", "0.90M"],
["Blended price, 60 % specials", "3.76", "4.49", "5.27"],
["Pressing revenue", "~2.17M", "~3.31M", "~4.72M"],
["Titles × per-title fee", "200 × 580", "300 × 1,155", "400 × 1,730"],
["Title-services revenue", "~0.12M", "~0.35M", "~0.69M"],
["**Revenue**", "**2.28M (~75M THB)**", "**3.65M (~120M THB)**", "**5.41M (~179M THB)**"],
], widths_mm=[50, 40, 40, 40],
caption="Estimate. Pressing and title revenue are records × price and titles × fee; the totals are "
"those of docs/finance/revenue-model.md. A pure-volume plant runs at the low per-title "
"end; a boutique-heavy mix pushes titles up and volume down."),
H2("9.3 Direct cost per record"),
T(["Cost element", "USD/record", "THB/record", "Basis"], [
["PVC compound", "0.29 to 0.46", "9.6 to 15.2", "~150 to 160 g effective virgin at 1.75 to 2.90 "
"USD/kg; regrind loop covers scrap"],
["Labels", "0.03 to 0.09", "1.1 to 3.0", "Printed pairs, volume"],
["Inner sleeve", "0.09 to 0.17", "3.0 to 5.7", "Poly-lined"],
["Jacket (standard)", "0.40 to 0.92", "13.3 to 30.4", "Ploy Printing and local carton partners; "
"largely pass-through"],
["Shrink wrap", "0.02 to 0.03", "0.8 to 1.1", "Film"],
["Energy", "0.12 to 0.23", "3.8 to 7.6", "~1.5 to 2 kWh blended per record at grid/solar mix"],
pick(["Production labour, Plan A", "**0.13 to 0.28**", "4.2 to 9.3", "13 to 19 direct staff, "
"3.7M to 5.4M THB a year, over 0.58 to 0.90M records (0.08 to 0.16 on five presses)"],
["Production labour, Plan B", "**0.13 to 0.28**", "4.2 to 9.3", "13 to 19 direct staff, "
"3.7M to 5.4M THB a year, over 0.58 to 0.90M records, as in Plan A"]),
["Stamper amortisation", "0.03 to 0.12", "1.0 to 4.0", "In-house three-generation set at ~USD 60 "
"to 150 marginal over 1,000 to 2,000 "
"pressings"],
["Maintenance, spares, consumables", "0.12 to 0.23", "3.8 to 7.6", "Estimate"],
["Reject allowance", "0.12 to 0.17", "3.8 to 5.7", "5 to 10 % reject rate carried by good units"],
pick(["**Total direct cost, Plan A**", "**~1.35 to 2.70**", "**~45 to 89**", "Central 2.00; no "
"extra cost for specials yet"],
["**Total direct cost, Plan B**", "**~1.35 to 2.70**", "**~45 to 89**", "Central 2.00; no "
"extra cost for specials yet"]),
], widths_mm=[42, 26, 26, 76], font_pt=8.5,
caption="Estimates, docs/finance/revenue-model.md. THB at 33 per USD."),
P(pick(
"**Why labour per record is higher than in the September draft.** Two shifts need the full press, "
"finishing, galvanics, QC and maintenance crews whether the hall holds three presses or five, so "
"the direct payroll stays at 3.7M to 5.4M THB a year (113k to 163k USD) while the volume falls from "
"1.0 to 1.5 million records to 0.58 to 0.90 million. Labour per record rises to **0.13 / 0.19 / "
"0.28 USD** (favourable / central / adverse), and the direct cost to 1.35 / 2.00 / 2.70 USD. The "
"build-up, at northern Thai rates loaded ×1.3 for social security, overtime, bonus and PPE:",
"**Labour per record.** Two shifts need the full press, finishing, galvanics, QC and maintenance "
"crews whatever the press count, so the direct payroll stays at 3.7M to 5.4M THB a year (113k to "
"163k USD), and Plan B spreads it over the same 0.58 to 0.90 million records as Plan A: **0.13 / "
"0.19 / 0.28 USD** a record (favourable / central / adverse), and a direct cost of 1.35 / 2.00 / "
"2.70 USD. The build-up, at northern Thai rates loaded ×1.3 for social security, overtime, bonus "
"and PPE:")),
T(["Role", "Heads", "THB/month each, loaded"], [
["Press and finishing operators", "8 to 12", "~19,500"],
["Galvanics", "2 to 3", "~32,500"],
["QC", "1 to 2", "~26,000"],
["Maintenance", "2", "~32,500"],
["**Direct production payroll**", "**13 to 19**", "**~312,000 to 449,000 a month**"],
], widths_mm=[80, 30, 60]),
P("Mastering and cutting engineers are title-services labour, not per-record (a cutting engineer earns "
"about 50,000 THB a month base, team figure); admin, sales and logistics sit in overheads. Group "
"health insurance with a yearly check-up (~0.35M THB a year for ~20 staff) and unified workwear "
"(~0.3M THB a year) come on top of the ×1.3 and are not yet in the per-record figure."),
H2(pick("9.4 Operating picture of Plan A", "9.4 Operating picture of Plan B")),
P("Built from the components above. Three scenarios, each internally consistent: adverse pairs low "
"volume with the low price, the high cost, the high capital and the high overheads; favourable does "
"the opposite; central takes midpoints. Cash overheads (admin, sales, insurance, facility running, "
"IT, professional fees, marketing, the land lease) are estimated at USD 0.20M to 0.45M a year and "
"paired high-to-adverse. Depreciation is on this plan's blocks: " + pick(
"the high end (6.44M USD) over 10 years (adverse), the midpoint (5.06M USD) over 12.5 years "
"(central) and the low end (3.68M USD) over 15 years (favourable). Payback is counted on the "
"whole plan price including the ramp-up reserve (3.99M / 5.52M / 7.05M USD from the low to the "
"high end).",
"the high end (7.79M USD) over 10 years (adverse), the midpoint (6.11M USD) over 12.5 years "
"(central) and the low end (4.42M USD) over 15 years (favourable). Payback is counted on the "
"whole plan price including the ramp-up reserve (4.73M / 6.56M / 8.40M USD from the low to the "
"high end).")),
_operating_table(),
CALL("Reading this table honestly", pick([
"**The central case works on ~182M THB.** EBITDA ~1.7M USD (~57M THB) and operating profit ~1.3M "
"USD (~44M THB) a year once the plant runs at volume. It breaks even on operating profit at about "
"**0.2 million records a year, about a quarter of its central output**. Against the earlier ~20 % "
"specials share (0.84M records, EBITDA 1.63M) more specials earn a higher price on fewer records.",
"**The adverse case loses money.** It would need ~1.0 million records to cover depreciation, and "
"the three presses make 0.58 million at that rate. It stacks the low price, the high cost, the high "
"capital and the high overheads at once. At the central cost and volume the price that covers "
"depreciation is ~2.7 USD (~88 THB) a record (arithmetic on the table), below the low price "
"assumed: price realisation and utilisation decide solvency, not upside.",
"**The central margin is too good to trust yet.** A central EBITDA margin of ~47 % is far above "
"the 15 to 25 % pressing plants earn. The direct cost table counts only per-record consumables and "
"direct payroll and leaves out indirect labour (supervision, planning, warehouse), freight, scrap "
"above the reject allowance, sales commissions and the extra cost of specials. **Treat the adverse "
"column as the honest one until those lines exist.** The plan price carries no contingency either.",
"**This is a sensitivity, not a forecast.** The plant and business plan calculator's Plan A preset, "
"with its own cost build-up (it adds the biomass fuel for the steam, ~0.67M THB a year, the cutting "
"engineer, and the PPA power price of ~0.06M USD a year, which this table leaves out) and the "
"team's faster Duplex planning rate, at which the three presses are not Duplex-limited, gives at "
"850k records and 60 % specials: revenue ~4.14M, EBITDA 2.17M USD, payback 2.3 years on the "
"167.1M THB investment in a mature year; with a ramp of 35, 70 and 90 % in the first three years "
"and the reserve in year 0, cash payback in year ~3.8, ~26 % IRR and an NPV of ~5.4M USD over ten "
"years, pre-tax and pre-financing (estimates). Not modelled here: cassette and CD-R lines (later in Plan A), stamper "
"supply to other plants, automation services and the open plant stack for other pressing plants "
"(section 5.6), dropshipping fees, and the ramp year. BOI tax exemptions shield part of "
"early-year profits where there are any.",
], [
"**The central case works on ~217M THB.** EBITDA ~1.73M USD (~57M THB) and operating profit ~1.24M "
"USD (~41M THB) a year once the plant runs at volume. It breaks even on operating profit at about "
"**0.24 million records a year, about a third of its central output**. Against the earlier ~20 % "
"specials share (0.84M records, EBITDA 1.63M) more specials earn a higher price on fewer records.",
"**The adverse case loses money.** It would need ~1.1 million records to cover depreciation, and "
"the three presses make 0.58 million at that rate; the operating loss is ~18M THB a year. It stacks "
"the low price, the high cost, the high capital and the high overheads at once. At the central "
"cost and volume the price that covers depreciation is ~2.8 USD (~92 THB) a record (arithmetic on "
"the table), below the low price assumed: price realisation and utilisation decide solvency, not "
"upside.",
"**What the extra ~35M THB buys is not in this table.** Plan B is Plan A's plant with the six levers "
"not taken, so revenue, direct cost and EBITDA are Plan A's; only the depreciation (0.49M against "
"Plan A's 0.40M USD at the centre) and the payback (~3.8 against ~3.2 years) move. Not modelled: "
"cassette and CD-R revenue, tour and Payap revenue, stamper supply to other plants, automation "
"services and the open plant stack for other pressing plants (section 5.6), and the PPA power bill "
"the owned array avoids (~0.06M USD a year in the calculator).",
"**The central margin is too good to trust yet.** A central EBITDA margin of ~47 % is far above "
"the 15 to 25 % pressing plants earn. The direct cost table counts only per-record consumables and "
"direct payroll and leaves out indirect labour (supervision, planning, warehouse), freight, scrap "
"above the reject allowance, sales commissions and the extra cost of specials. **Treat the adverse "
"column as the honest one until those lines exist.** The plan price carries no contingency either.",
"**This is a sensitivity, not a forecast.** The plant and business plan calculator's Plan B preset, "
"with its own cost build-up (it adds the biomass fuel for the steam, ~0.67M THB a year, and the "
"cutting engineer, which this table leaves out) and the team's faster Duplex planning rate, at "
"which the three presses are not Duplex-limited, gives at 850k records and 60 % specials: revenue "
"~4.14M, EBITDA 2.23M USD, payback 2.7 years on the 201.6M THB investment in a mature year; with a "
"ramp of 35, 70 and 90 % in the first three years and the reserve in year 0, cash payback in year "
"~4.2, ~22 % IRR and an NPV of ~4.7M USD over ten years, pre-tax and pre-financing (estimates). Its "
"EBITDA is 0.06M above Plan A's 2.17M because the owned array carries no PPA power price. Not modelled here: cassette "
"and CD-R lines, stamper supply to other plants, automation services and the open plant stack for "
"other pressing plants (section 5.6), dropshipping fees, and the ramp year. BOI tax "
"exemptions shield part of early-year profits where there are any.",
])),
IMG(pick("renders/calculator/plan-a-cash.png", "renders/calculator/plan-b-cash.png"), 160,
"Figure 12. Ten years of cash in the plant and business plan calculator, " + pick(
"Plan A preset: cash payback in year ~3.8, IRR ~26 %, NPV ~5.4M USD at 10 %",
"Plan B preset: cash payback in year ~4.2, IRR ~22 %, NPV ~4.7M USD at 10 %") +
". Year 0 is the midpoint investment plus the ramp-up reserve; years 1 to 3 sell 35, 70 and 90 % of "
"the mature year's output. Pre-tax, pre-financing, no BOI tax holiday, no terminal value. The "
"calculator's own cost build-up and faster Duplex planning rate, not the table above "
"(docs/fleet-calculator.html); a sketch, not a forecast, estimates."),
H2("9.5 The ramp"),
P(pick(
"The table above is a mature year. Plan A does not start there. It is commissioned in sequence: "
"first the cutting room and galvanics (the presses need their stampers), then the Duplex system, "
"then the Classic. Early production runs slower and rejects more than any of these figures while "
"the process settles, and the crews of a two-shift plant are on the payroll before the volume is. "
"The **ramp-up reserve of ~10M to 20M THB** (estimate, inside the plan price) is there to carry "
"staff hired before first revenue and overheads until volume covers them. Fan-funded campaigns on "
"the artist platform open only after the first releases have shipped and lead times are measured.",
"The table above is a mature year. Plan B does not start there. It is commissioned in sequence: "
"first the cutting room and galvanics (the presses need their stampers), then the Duplex system, "
"then the Classic, with the cassette and CD-R lines alongside. Early production runs slower and "
"rejects more than any of these figures while the process settles, and the crews of a two-shift "
"plant are on the payroll before the volume is. The **ramp-up reserve of ~10M to 20M THB** "
"(estimate, inside the plan price, the same as in Plan A) is there to carry staff hired before first "
"revenue and overheads until volume covers them. Fan-funded campaigns on the artist platform open "
"only after the first releases have shipped and lead times are measured.")),
P("**A year-by-year cash model for the ramp is a next step, not a claim this plan makes.** It belongs "
"to the financing discussion and needs the vendor build times and the commissioning calendar "
"(section 10) first. The calculator's 35, 70 and 90 % ramp in section 9.4 is a planning assumption, "
"not that model."),
P(pick(
"**The growth option.** A second Duplex system (two more semi-automatic presses) lifts the plant to "
"~1.0 to 1.5 million records a year at 60 % specials, roughly **+0.4 to 0.6 million records**, for "
"**~USD 230k to 300k** for the press system (estimate: two presses at the quoted ~115k per press "
"and extruder set, plus hydraulic unit and EX 35, no EX 35 price on file). With its chiller module "
"(CH-3, USD 48k to 78k), freight and installation (24k to 48k) and the working capital for the "
"extra records it comes to ~15.4M THB at the midpoint (estimate). The hall, the module positions "
"in the boiler hall and chiller compound, and the ring-main tees are reserved for it, so it is a "
"revenue-funded step, not a rebuild.",
"**The growth option, the same as in Plan A.** A second Duplex system (two more semi-automatic "
"presses) adds roughly **+0.4 to 0.6 million records** a year at 60 % specials, for **~USD 230k to "
"300k** for the press system (estimate: two presses at the quoted ~115k per press and extruder set, "
"plus hydraulic unit and EX 35, no EX 35 price on file). With a third chiller module (USD 48k to "
"78k), freight and installation (24k to 48k) and the working capital for the extra records it "
"comes to ~15.4M THB at the midpoint (estimate). The floor bay, the module positions in the boiler "
"hall and chiller compound (built for four modules each; the launch plant fills two of each), and "
"the ring-main tees are reserved for it, so it is a revenue-funded step, not a rebuild. Beyond it, "
"the hall is laid out for five Duplex bays and four Classic positions, and growth adds Duplex "
"systems first, then Classics.")),
# ----------------------------------------------- 10 timeline
H1("10. Timeline: today to first paying release"),
P("Every duration is an estimate. The calendar in the planning repository was drawn in August 2026 and "
"has not yet been re-drawn for the launch plant; nothing in phase 0 has started, so it shifts day for day with the BOI consultant engagement. On "
"that calendar, **first paying release lands around Q4 2028 to mid-2029, roughly 27 to 33 months "
"from the start of phase 0.** This plan quotes that as the working figure, not as a re-based date "
"(the executive summary marks it open), and flags the new risk to it: the launch plant puts the "
"metal path on the critical path."),
CALL("The critical path", [
"**BOI certificate → long-lead orders → vendor builds → sea freight → commissioning of the cutting "
"room and galvanics → first stampers → press commissioning → test pressings → first paying "
"release.** Everything else, including the entire building, has float against that chain.",
"**Galvanics and cutting now come before the first paying release.** There are no bridge stampers "
"and no outsourced cutting in the launch plant, so the presses cannot press a paying title until "
"the cutting room cuts lacquers and the galvanics line grows fathers, mothers and stampers that "
"pass inspection. The August calendar did not contain this step; whether it fits inside the 2 to "
"3 months of installation and commissioning depends on build times nobody has quoted and on two "
"hires.",
"**The press build time is still assumed.** 9 to 12 months is an industry-typical figure for a "
"built-to-order system from a small German manufacturer, and it carries about 40 % of the "
"schedule. If the real figure is 15 to 18 months, launch moves to mid-2029.",
"**The other vendors are unquoted too.** The Sillitoe lathe is built to order, and the Pheenix line "
"and the Sibert machines have no lead time on file. Build time and order-book position are "
"required fields in every re-quote; it is one line in each email and the highest-value missing "
"fact in the project.",
]),
T(["#", "Step", "Duration", "Source"], [
["1", "Engage BOI consultant, prepare application", "4 to 5 months", "Estimate"],
["2", "BOI review to certificate", "4 to 6 months", "BOI: ~40 working days decision, 4 to 6 "
"months in practice"],
["3", "Company incorporation under the certificate", "1 to 2 months", "Roadmap"],
["4", "Press order to vendor-ready", "**9 to 12 months**", "**Assumed; not yet quoted.** Pheenix, "
"Sillitoe and Sibert build times also unquoted"],
["5", "Sea freight Europe to Thailand", "6 to 8 weeks", "Newbilt quote includes freight"],
["6", "Install, commission, train", "2 to 3 months", "Newbilt includes 5 days; rest at ~USD 97/h "
"plus travel"],
["6a", "Commission the cutting room and galvanics; first stampers pass inspection", "**Not yet "
"estimated**", "**New with the launch plant**; must finish before step 7"],
["7", "Test pressings, QC baseline, reject shakedown", "1.5 to 2 months", "Roadmap"],
["", "**Total**", "**~27 to 33 months**", "August 2026 calendar, before step 6a"],
], widths_mm=[10, 68, 34, 58]),
T(["Track (in parallel)", "Needed by", "Float", "Becomes critical if"], [
["Land lease, zoning, soil test", "Design start, ~Q1 2027", "~4 months", "Zoning fails and a new "
"site is needed (~6 months reset); the plot Payap first offered already fails zoning"],
["Construction, incl. the water-treatment building and utility yard", "Machinery arrival, "
"~Q3 2028", "~3 to 5 months", "Soft soil forces piling, or permits stall; the galvanics room, "
"clean zone and ZLD plant are now needed first, ahead of the press hall"],
["Factory licence (Ror.Ngor. 4) with galvanics in the first licence", "First production, Q4 2028",
"~4 months", "Galvanics effluent and hazardous-substance registration are now in the first "
"licence scope: the most likely regulatory friction point; ZLD design in the application from "
"the start; the biomass boiler's registration and its air-emission limits go into the same permit "
"work (to confirm)"],
pick(["Solar through the PPA (the installer builds and owns the array)", "Fit-out, ~Q2 2028",
"Large", "Not a risk; the PPA offer is phase 0 work; PEA interconnection approval takes 3 to "
"6 months, filed alongside procurement; battery lead time is 50 to 60 days"],
["Solar and battery (purchase)", "Fit-out, ~Q2 2028", "Large", "Not a risk; rooftop solar "
"outside industrial estates needs no factory licence since 28 December 2024; PEA "
"interconnection approval takes 3 to 6 months, filed alongside procurement; battery lead time "
"is 50 to 60 days"]),
pick(["Cassette and CD-R lines", "Later (growth step)", "Not on the launch calendar", "Not a risk; "
"short lead "
"times"],
["Cassette and CD-R lines", "Fit-out, ~Q2 2028", "Large", "Not a risk; short lead times"]),
["Hiring: galvanics process engineer and cutting engineer", "Before the metal path commissions",
"**None: now on the critical path**", "Galvanics is the hardest skill to hire; both people must "
"be hired and trained (at the vendors) before step 6a"],
["Hiring and training: the rest of the launch team", "Commissioning, ~Q3 2028", "~2 months",
"Two shifts are needed from the start of volume production"],
], widths_mm=[42, 36, 28, 64]),
P("**BOI windows are comfortable** on the August calendar: machinery clears customs ~Q3 2028 against a "
"30-month import window ending ~Q4 2029 (~15 months of margin), and first production ~Q4 2028 "
"against a ~36-month full-operation deadline (~18 months). The launch plant puts four vendors' "
"machines, not one, inside the import window. " +
"The margin is consumed by exactly one scenario: filing early to start the clock and then discovering "
"the site does not work. Verify zoning before filing."),
P("**The one lever worth six to nine months** is the BOI sequencing question in section 7: the duty "
"exemption attaches at importation, not at contract signature, so if an order and deposit can be "
"placed while the application is in review, the press build overlaps the BOI process. It is a "
"question for the BOI consultant, not a claim. The land lease cannot pull the launch forward on its "
"own: construction has float against the vendor chain, and only the orders move the end date."),
P("**What a delay costs.** A month lost engaging the BOI consultant costs a month of launch. A month "
"lost on land or construction costs nothing until the float is gone. A month lost getting the "
"vendor build times in writing, or hiring the galvanics and cutting engineers, costs nothing today "
"and may cost months of surprise later."),
# ------------------------------------ 11 phasing and commissioning sequence
H1("11. Phasing and commissioning sequence"),
P("The plant launches with the whole chain in one capital round. That replaces the September draft's "
"phased entry, in which galvanics, cutting and the automatic press followed from revenue. The "
"gates have not moved: no machinery order before the BOI certificate, no large spending before the "
"market validates the price, no coppice planning before the land-title check. What changed is "
"that the round, once released, buys " + pick(
"Plan A's plant, the launch plant with its six levers, and only growth and the items the levers "
"move later stay revenue-gated.",
"Plan B's plant, the launch plant with everything in, and only growth stays revenue-gated.")),
T(["Phase", "Content", "Gate"], [
["0. Validate and clear the gates (now)", "Market validation with regional labels and distributors"
"; BOI consultant, activity code, "
"application; lease terms, zoning, soil test; 60 rai title check; re-quotes and quotes from every "
"launch vendor (section 14.1)", "Runs in parallel; gates everything"],
["1. Quotes and site (during the BOI window)", "Firm quotes with build times; site selection "
"between the Mueang Chi lease, other Payap land and the industrial estate; resolve the 35 % vs "
"45 % humidity floor", "BOI filed"],
["2. Commit", "Incorporate under the certificate; sign the lease; order every long-lead item: "
"Pheenix galvanics line, Sillitoe lathe, Sibert line, Newbilt Duplex and Classic, the two "
"biomass boiler modules and the first two chiller modules", "BOI certificate and validated "
"pricing"],
["3. Build and commission (~6 to 12 months after commitment)", pick(
"Construction, water-treatment building, utilities (the biomass boilers and fuel store), HVAC, "
"clean zones, security, the crane-ready frame (a mobile crane for the installations); the "
"factory-roof solar array built by the PPA installer; machinery installation and vendor commissioning; traceability and ERPNext live "
"before the machines; hire and train",
"Construction, water-treatment building, utilities (the biomass boilers and fuel store), HVAC, "
"clean zones, factory-roof solar and battery, security, crane, visitor corridor; machinery installation and vendor commissioning; "
"traceability and ERPNext live before the machines; hire and train"),
"Building permit, vendor build dates confirmed"],
["4. Launch (the whole chain in-house)", "Commission in sequence (table below); test pressings, QC "
"baselines, reject shakedown; first paying releases; per-lot PVC gate live; qualify Thai "
"compound", "Commissioning complete"],
["5. Expand (revenue-gated)", pick(
"Second Duplex system; further Classics; the laser confocal and wide-area profiler; the visitor "
"corridor and public tours; cassette and CD-R duplication; an owned crane if needed; PV on "
"the PV-ready office roof and canopies when the load rises; the phase 2 building; CD "
"replication if chosen",
"Second Duplex system, then further Duplex systems and Classics (the hall is laid out for five "
"Duplex bays and four Classic positions); PV on the PV-ready office roof and canopies when the "
"load rises; the phase 2 building; CD replication if chosen"),
"Revenue and, for CD replication, a separate decision"],
], widths_mm=[42, 96, 32], font_pt=8.5),
H2("11.1 Commissioning sequence"),
T(["Step", "What is commissioned", "Why in this order"], [
["1", "Cutting room (Sillitoe SDMS) and galvanics (Pheenix line with ZLD and DI water), with the "
"Sibert stamper-prep line", "The presses need their stampers; no bridge stampers are planned. "
"First lacquers, fathers, mothers and stampers, and the metal archive "
"from the first title"],
["2", "Newbilt Duplex system (two HRP 12, EX 50 and EX 35), with the steam and cooling plant "
"(biomass boiler modules B-1, B-2 with the fuel store; chiller modules CH-1, CH-2)",
"The semi-automatic presses suit the colour, splatter and boutique runs that carry the premiums, "
"and they teach the crews the process"],
["3", "Newbilt Classic, fully automatic", "Volume runs once the metal path and the press process "
"are stable"],
*([] if a else [
["Alongside", "Cassette and CD-R duplication lines", "Independent of the metal path and the "
"presses; short lead times"]]),
], widths_mm=[12, 78, 80]),
P("If commissioning of the metal path slips, Stamper Discs (stampers) and SST in Frankfurt (lacquer "
"cutting, already Poy Records' cutter) stay contacts for overflow and for a slipping commissioning, "
"not a plan."),
H2("11.2 Why the whole chain at launch"),
P("This is the decision with the most consequences in the plan, and the investor should see both sides:"),
T(["For", "Against, and the risks it takes on"], [
["**No bridge stampers.** A plant that buys every stamper set abroad waits on two international "
"freight legs per job and on one small overseas supplier; that is the bottleneck this plant "
"exists to remove.", "**Supplier advice.** Sibert, which sells into the galvanics line, advised "
"after Haarlem, against its own interest, to get presses, boilers, operators "
"and live feedback loops right first and to earn some return before every "
"manufacturing step is in place."],
["**Title services and repress economics.** Cutting and plating in-house earn the per-title fees "
"(the middle price is 37,836 THB a title), and the archived father and mother of every side let "
"a repress, or a worn mother, be regrown without a recut.", "**Galvanics skill.** It is the "
"hardest skill to hire, and the "
"process engineer probably comes "
"from abroad or is trained abroad. "
"The first paying release now waits "
"for it."],
["**The Thai market gap is metalwork, not presses.** The incumbent turns away small runs and adds "
"weeks above 3,000 units, most plausibly because every stamper set is an import (section 3.3).",
"**Permitting.** Galvanics effluent and hazardous-substance registration move into the first "
"factory licence, the most likely regulatory friction point in the project; zero discharge from "
"the start, and on Payap land the lessor's consent as well."],
["**The cutting room is a smaller decision than it was.** The Sillitoe SDMS lists at USD 125k with "
"automation in the box, and the Payap programmes in mastering and lathe cutting need a working "
"room.", pick("**More capital up front.** ~132M to 233M THB in one round (~182M at the "
"midpoint), against ~57M to 95M THB for the superseded phased entry; more of it is "
"committed before the market has validated the price.",
"**More capital up front.** ~156M to 277M THB in one round (~217M at the midpoint), "
"against ~57M to 95M THB for the superseded phased entry; more of it is committed "
"before the market has validated the price.")],
pick(["**Six levers, no machine dropped.** The levers bring the whole chain to ~180M THB (~182M at "
"the midpoint, ~2M above 180M; a Chinese biomass boiler quote could close the gap), and the "
"second Duplex waits for demand and revenue on a reserved floor.",
"**What the levers give up.** Owned solar (a PPA bill of ~0.06M USD a year instead), public tours "
"at first, cassette and CD-R at launch, a bought crane, a Thai-serviced compressor. The adverse "
"case still loses money."],
["**Everything in at launch.** Owned solar on the factory roof (~520 kWp) with no PPA "
"bill, the full metrology stack "
"from the first release, tours and the Payap programmes from day one, cassette and CD-R, its "
"own crane and a locally serviced compressor; the second Duplex waits for demand and revenue on a "
"reserved floor.",
"**~35M THB more that the model does not repay.** The same EBITDA as Plan A with more "
"depreciation and a longer payback (~3.8 against ~3.2 years); the adverse case still loses "
"money."]),
], widths_mm=[85, 85], font_pt=8.5),
P("**How the plan answers the risks:** commission the metal path first and measure it before the "
"presses depend on it; hire the galvanics and cutting engineers early and train them at the "
"vendors; design zero discharge from the start; and release the round in tranches (section 8.3), "
"so that nothing is ordered before the BOI certificate and validated pricing."),
# --------------------------------------- 12 team, ownership, governance
H1("12. Team, ownership and governance"),
H2("12.1 The people"),
T(["Who", "Role"], [
["Simona Meesaiyati", "Project Lead: management and the audio side."],
["Alexander Grabowski", "Technical Consultant: the technical side (equipment selection and vendors, "
"utilities, the building model, the traceability and QC specification, the factory software)."],
["buildfor.life", "Supports the project in a consulting capacity."],
["Ploy Printing (Ploy Karnpim Limited Partnership, Chiang Mai)", "Packaging partner and intended "
"strategic co-investor: jackets, sleeves, inserts, J-cards and CD packaging on offset, digital, "
"risograph, UV and latex presses, with existing vinyl packaging production."],
["Payap University (Chiang Mai)", "Partnership under discussion (October 2026): joint student "
"programmes around the plant in mastering and lathe cutting, IT and business administration, "
"starting small (memorandum, internships, short certificate courses). Nothing is agreed yet; "
"scope, form and money are open. It is a hiring pipeline for the hardest roles, not a substitute "
"for hiring them: the teacher comes before the students."],
["To be hired, at launch", "**Galvanics process engineer** and **cutting engineer** (both on the "
"critical path, section 10; a cutting engineer earns about 50,000 THB a month base, team "
"figure); plant manager; galvanics operators; QC lead; maintenance; press and finishing operators "
"for two shifts; sales and customer service for labels, artists and the traceability portal."],
["External", "BOI-registered consultant; Thai counsel for the lease, company and shareholder "
"agreement; optional vinyl manufacturing consultancy for layout, installation and training "
"(GBP 10k to 20k packages); vendor commissioning and training (Newbilt, Pheenix, Sibert, "
"Sillitoe); property insurer."],
], widths_mm=[48, 122]),
P("Headcount: the plant runs the whole chain on two shifts, so it needs most of the mature crew from "
"the start: a direct production payroll of 13 to 19 (8 to 12 press and finishing operators, 2 to 3 "
"galvanics, 1 to 2 QC, 2 maintenance), 1 to 2 mastering and cutting engineers, and 3 to 5 in admin, "
"sales and logistics. The revenue model plans on about 20 people at the start (estimate), " + pick(
"and the cassette and CD-R lines add 1 to 2 when they come.",
"plus 1 to 2 for the cassette and CD-R lines from launch.") +
" A process engineer from abroad can be employed on a BOI work permit (section 7)."),
H2("12.2 Ownership and structure"),
P("Amounts and percentages are not yet agreed and are deliberately left open here. The intended "
"structure is:"),
B([
"**One Thai limited company** holds the plant, the lease, the equipment and the BOI promotion. BOI "
"promotion permits 100 % foreign ownership of the promoted manufacturing activity, so the "
"shareholding can be set on commercial terms rather than to satisfy the Foreign Business Act.",
"**Shareholders:** the lead investor; Ploy Printing as strategic co-investor; and the founders. "
"Ploy Printing's participation, whether in cash, in kind (print capacity, premises, working "
"capital in packaging) or both, is to be discussed; its strategic value is a packaging partner "
"whose incentives are aligned with the plant's schedule and quality, within the same province.",
"**Debt-to-equity no higher than 3:1**, maintained for the life of the BOI privileges, which sets "
"the floor on equity in the financing mix: at least a quarter of the funding, " + pick(
"~46M THB of Plan A's ~182M", "~54M THB of Plan B's ~217M") +
" (arithmetic, before financing costs).",
"**A shareholders' agreement** covering board composition, reserved matters (capital calls and "
"tranche releases, the growth options such as a second Duplex, CD replication), pre-emption and transfer, information rights, and the founders' roles and "
"remuneration.",
"**Related-party discipline.** Ploy Printing will be both a shareholder and the plant's main "
"packaging supplier. The supply agreement is priced at arm's length, benchmarked periodically "
"against other printers, with quality and lead-time terms written down, and Ploy Printing abstains "
"from board decisions on its own contract. This protects both the lead investor and Ploy Printing, "
"and it is what a BOI or bank reviewer will look for.",
"**Any label, content or retail activity (Poy Records as a brand) sits in a separate entity**, so "
"the manufacturing company's BOI application stays clean.",
]),
# ------------------------------------------------------ 13 risks
H1("13. Risks and open questions"),
P("Every plan has risks; the point of listing them is to say which are being retired, by what, and "
"when. The first column is the plan's own honest severity. The September draft's bridge-stamper "
"risk is gone with the bridge stampers; the launch plant brings its own in its place" + pick(
", and Plan A's levers and its price without contingency add theirs.",
", and Plan B's extra launch capital and its price without contingency add theirs.")),
T(["Severity", "Risk", "What it would do", "Mitigation and status"], _risk_rows(),
widths_mm=[16, 40, 52, 62], font_pt=8),
P("**Open questions with owners** are in the next section. Two standing caveats on the evidence base: "
"the Thai market data is one buyer, one plant and one afternoon, and the underlying invoices and "
"tour notes should be archived with this plan before it goes in front of a bank; and the industry "
"interest in traceability at Making Vinyl Europe 2026 is supplier-side evidence, not buyer price "
"validation."),
# ------------------------------------------------- 14 next steps
H1("14. Next steps and the ask"),
H2("14.1 Phase 0: the next three to six months"),
T(["#", "Action", "Owner", "Cost", "Retires"], [
["1", "Market validation with regional labels and distributors: the 3.76 to 5.27 USD blended "
"price at 60 % specials, run sizes, and whether faster turnaround earns a premium; publish the "
"artist platform's calculator early with indicative prices and an interest list", "Simona, "
"Alexander", "Travel", "Pricing risk"],
["2", "Engage a BOI-registered consultant: activity sub-code; the order-before-certificate question "
"first; galvanics, cassette and CD-R in the application; CD replication decision; " + pick(
"whether the battery would qualify for BOI as battery storage (12M THB per MW cap, Announcement "
"3/2568) if bought instead of leased with the PPA; ",
"whether the battery qualifies for BOI as battery storage (12M THB per MW cap, Announcement "
"3/2568); ") +
"Payap R&D", "Simona", "USD 5k to 15k",
"Sequencing, scope"],
["3", "Thai counsel: lease heads of terms (term, renewal, building ownership, assignment) and zoning "
"of the chosen plot for pressing, a biomass steam boiler (with its air-emission limits) and "
"electroplating; company and shareholder "
"structure including Ploy Printing", "Simona, counsel", "USD 5k to 15k", "Zoning, lease, "
"ownership"],
["4", "Soil boring test on the chosen plot", "Alexander", "THB 30k to 50k", "Ground risk"],
["5", "Newbilt re-quote: Duplex (EX 50 and EX 35) and Classic, with build time, order-book position, PLC data access, central hydraulic supply "
"and written hydraulic requirements, currency and validity", "Alexander", "Free",
"Classic and EX 35 price, schedule"],
["6", "Pheenix quote for the galvanics line (PASU, PPPU, PDPU, PMPB) with lead time and training; "
"OMS dedicated offer as the reference; ZLD and DI water vendor", "Alexander", "Free",
"Galvanics priced on a reference only"],
["7", "Sillitoe quote and build time (SDMS, spare cutterhead, support terms, DMM question)",
"Alexander", "Free", "Cutting room, schedule"],
["8", "Sibert itemised quotation and order terms against the USD 250k budget: lead time, "
"installation time, spares, shipping, travel", "Alexander", "Free", "Stamper prep, schedule"],
["9", "Building request for quotation to two or three Thai pre-engineered building contractors, "
"with the soil result and the office roof and canopies PV-ready", "Alexander", "Free",
"Building estimate"],
["10", pick(
"Utility requests: biomass boiler packages from Getabec and from Chinese makers (ZOZEN, Sitong, "
"Taiguo, Yongxing; ASME S stamp, with a Thai installer), the Chinese quote first, because ~2M "
"THB or more below the Thai package puts Plan A back under 180M; electric modules as the "
"fallback quote; fuel supply offers (chips and wood, delivered price, a monsoon stock); "
"compressors from Kaishan and Denair's Thai offices; Thai suppliers for the rest; chillers and "
"HVAC, Chinese makers included; the 35 % vs 45 % humidity floor; a Thai hydraulic builder for "
"the central plant",
"Utility requests: biomass boiler packages from Getabec and, for comparison, Chinese makers "
"(ZOZEN, Sitong, Taiguo, Yongxing); electric modules as the fallback quote; fuel supply offers "
"(chips and wood, delivered price, a monsoon stock); Thai suppliers for the rest, compressors "
"from Kaishan and Denair's Thai offices for comparison; chillers and HVAC, Chinese makers "
"included; the 35 % vs 45 % humidity floor; a Thai hydraulic builder for the central plant"),
"Alexander", "Free", "Utilities band, fuel supply"],
["11", pick("Metrology distributor quotes (XRF, inline vision, audio station; confocal and profiler "
"for later)", "Metrology distributor quotes (XRF, confocal, profiler, inline vision, "
"audio station)"), "Alexander", "Free", "Metrology band"],
["12", pick("Solar PPA offers for the ~520 kWp factory roof (the plan's lever) next to a purchase "
"quote; the installer's battery and inverter design checked", "Solar and battery purchase "
"quotes for the ~520 kWp factory roof, with a PPA offer for comparison; battery and "
"inverter engineering checks"), "Alexander", "Free",
pick("Solar lever, PPA price", "Solar block")],
["13", pick("Cassette and CD-R equipment quotes from two vendors each, for the growth step; tape and "
"shell supply", "Cassette and CD-R equipment quotes from two vendors each; tape and "
"shell supply"), "Alexander", "Free", "New-scope estimates"],
["14", "Search for the galvanics process engineer and the cutting engineer; next meeting with Payap "
"on the programmes", "Simona, Alexander", "None yet", "Skills risk"],
["15", "60 rai title check for own fuelwood (the coppice plan)", "Simona", "Small",
"Own fuel later, an upside"],
["16", "Optional: vinyl manufacturing consultancy for a layout and installation review",
"Alexander", "GBP 10k to 20k", "Layout risk"],
["17", "Archive the Thai invoices and tour notes with this plan", "Simona", "None", "Evidence base"],
], widths_mm=[8, 84, 26, 24, 28], font_pt=8),
H2("14.2 What the investor is asked for"),
KV([
["Now", "Approval of Phase 0 spending of ~USD 40k to 80k (~1.3M to 2.6M THB, part of the plan "
"price), so the quotes, the soil test, the BOI consultant and counsel can start."],
["On the gates clearing", pick(
"A commitment in principle to **Plan A at ~180M THB** (~182M at the midpoint, the ramp-up "
"reserve of 10M to 20M included, no contingency), released in the tranches of section 8.3, "
"with the financing mix set to hold debt-to-equity at or below 3:1 (equity of at least ~46M "
"THB). Told plainly: at the midpoint the plan is **~2M above 180M** (177M to 187M with the "
"reserve's 10M to 20M); the price carries no contingency (at 15 % it would be ~25M THB more at "
"the midpoint), and from the low to the high end of every block the plan comes to ~132M to "
"233M THB. The Newbilt re-quote, the Pheenix quote, the building quote with the soil test, "
"the metrology quotes, the solar PPA offer and a Chinese biomass boiler quote decide where in "
"that range it lands and whether it comes back under 180M.",
"A commitment in principle to **Plan B at ~215M THB** (~217M at the midpoint, the ramp-up "
"reserve of 10M to 20M included, no contingency), released in the tranches of section 8.3, "
"with the financing mix set to hold debt-to-equity at or below 3:1 (equity of at least ~54M "
"THB). Told plainly: the price carries no contingency (at 15 % it would be ~30M THB more at "
"the midpoint), and from the low to the high end of every block the plan comes to ~156M to "
"277M THB. The Newbilt re-quote, the Pheenix quote, the building quote with the soil test, "
"the metrology quotes and the solar and battery purchase quotes decide where in that range it "
"lands.")],
["Decisions", pick(
"The equity and debt mix, and how quotes landing above the plan price are funded; the six "
"levers, the solar PPA first (~14.7M THB off the price for a power bill of ~0.06M USD a year); "
"whether to buy a Chinese biomass boiler if its quote brings the plan under 180M; CD "
"replication, yes or no, before the BOI application is finalised; the biomass fuel contracts; "
"the shareholder structure with Ploy Printing and the founders; hedging of the EUR orders.",
"The equity and debt mix, and how quotes landing above the plan price are funded; the ~35M "
"THB of items Plan A leases or defers (owned solar on the factory roof with no PPA bill, the "
"full metrology stack, the visitor corridor, cassette and CD-R, the bought crane, the Thai "
"compressor), each weighed against its lever; CD replication, yes or no, before the BOI "
"application is finalised; the biomass fuel contracts; the shareholder structure "
"with Ploy Printing and the founders; hedging of the EUR orders.")],
["Later", pick(
"Revenue-funded growth: the second Duplex system (~USD 230k to 300k for the press system; "
"~15.4M THB at the midpoint with its chiller module, freight and working capital, estimate), "
"the laser confocal and wide-area profiler (USD 180k to 350k), the visitor "
"corridor, cassette and CD-R, an owned crane if needed, further Classics, PV on the PV-ready "
"office roof and canopies (~120 kWp, ~2.4M to 3.1M THB, estimate), and the phase 2 building.",
"Revenue-funded growth: the second Duplex system (~USD 230k to 300k for the press system; "
"~15.4M THB at the midpoint with its chiller module, freight and working capital, estimate), "
"then further Duplex systems and Classics in the hall laid out for five Duplex bays and four "
"Classic positions; PV on the PV-ready office roof and canopies (~120 kWp, ~2.4M to 3.1M THB, "
"estimate); and the phase 2 building.")],
], widths_mm=[38, 132]),
P("The next version of this plan should carry: the Newbilt, Pheenix, Sillitoe and Sibert quotes with "
"their build times in place of the placeholder and estimated blocks; the building quote with the "
"soil result; " + pick("the solar PPA offer, with whether the installer's own BOI promotion shows in "
"its price; ",
"the BOI consultant's reading on the battery (battery storage, capped at 12M THB "
"per MW); ") +
"the negotiated lease; a buyer-side price data point; the investor's CD decision; the biomass boiler "
"quotes (Getabec and a Chinese maker) and fuel supply offers; how "
"overruns are funded, since the price carries no contingency; a calendar re-drawn for the launch "
"plant with the metal-path commissioning in it; a year-by-year cash model for the ramp; and the "
"shareholder terms. Each of those is a phase 0 output."),
# --------------------------------------------------- 15 appendix
H1("15. Appendix: sources and planning documents"),
P("This plan is compiled from the project's planning repository (cnx_vinyl, on the project's Gitea "
"server git.b4l.co.th), which is the source of truth and holds the detail behind every section. "
"Paths are relative to docs/:"),
T(["Document", "Content"], [
["roadmap.md", "Next steps in dependency order, from the gates through the launch plant's "
"commissioning sequence to the revenue-gated growth options"],
["project-timeline.md", "Calendar to first paying release, critical path and float (August 2026 "
"calendar, to be re-drawn for the launch plant)"],
["scale.md", "Project sizing on one page: capacity per fleet, building zones, electrical, solar, "
"steam and cooling, utility phasing, people"],
["finance/total-investment.md", "The launch-plant roll-up (October 2026) with the basis of every "
"block; 'Two plans': Plan A at ~180M and Plan B at ~215M THB, "
"the six levers and what is not in either price; the superseded "
"investor answer, full vision and phased entry"],
["finance/revenue-model.md", "Pricing, the Thai market data and factory tour, the Record Industry "
"benchmark, direct cost, the launch-plant operating picture and the "
"operating pictures of Plan A and Plan B"],
["finance/utilities-investment.csv", "Thai supplier candidates and budgetary ranges for steam "
"(the biomass package and the fuel store; the electric bank "
"as the alternative), cooling, air, water, HVAC, solar and "
"battery"],
["finance/phase1-construction-rfq.md", "Contractor price request with quantities from the "
"parametric model"],
["fleet-calculator.html", "Plant and business plan calculator: target output and specials share to "
"the Duplex/Classic mix, people, utilities, investment and the operating "
"picture, with the Plan A and Plan B presets and the isometric plant "
"view (Figures 8 to 12)"],
["equipment/pressing-line.md and equipment/newbilt/", "Press fleet strategy, hydraulic ring mains; "
"Newbilt offer, site requirements, service "
"rates, 2026 product flyers"],
["equipment/galvanics.md (with pheenix-alpha/, sibert/, oms/)", "Pheenix electroforming line, "
"Sibert stamper prep, OMS reference "
"prices (the Pheenix price basis), "
"cycle times, the metal archive"],
["suppliers/vendor-landscape.md, equipment-suppliers.md", "Per-vendor narrative (lathes, cutting "
"services) and the full needs list with "
"contacts"],
["suppliers/making-vinyl-europe-2026-exhibitors.md", "Making Vinyl Europe 2026 briefing and what "
"came after the show"],
["suppliers/china-utilities.md", "Chinese boilers (electric priced; biomass makers named, not "
"priced), compressed air and hydraulics; Thai rules for imported "
"boilers; what the Chinese route saves"],
["digital-factory.md (demos plant-operation.html, factory-console.html)", "Data platform: ERPNext "
"as the only system of record, machine data, the factory application, the "
"NixOS fleet; the plant overview and factory console demos (Figures 2 to 4)"],
["digital-factory.md, 'Open source throughout, and working with other plants'", "Open source and "
"services to other plants: every server on NixOS, declared in one clan repository; ERPNext on "
"Frappe and the open machine-data stack; our own code published as open source; the closed "
"exceptions (firmware and HMIs inside the machines and instruments); and, later, automation "
"services and an open plant stack for other pressing plants (section 5.6; not in this plan's "
"revenue)"],
["artist-platform.md (demos artist-order.html, make-a-record.html)", "Upload and itemised price "
"calculator, fan-funded "
"campaigns, the record "
"passport (Figures 5 to 7)"],
["process-flow.md, production-timeline.md", "The chain and its checks; order turnaround stage by "
"stage, lead times and the repress path"],
["traceability.md, quality-automation.md", "The traceability specification; metrology, layered "
"record QC, the materials lab"],
["sustainability.md, steam-cooling.html", "Solar, heat recovery, water, zero discharge, the grid "
"tariff; the steam and cooling plant"],
["biomass.md", "Biomass steam for both plans: what the boilers burn (~300 t of air-dry wood or ~460 t "
"of fresh chips a year at ~850k records), the fuel prices (1.35 to 2 THB/kg delivered, "
"0.5 to 0.9 THB/kWh of heat; sources in finance/biomass/), the northern fuel market, "
"the 60 rai of own fuelwood and its title check, logistics on site (fuel store, ash)"],
["sustainability.md ('PV size with biomass steam', the hourly PV sizing sketch), "
"finance/utilities-investment.csv "
"(solar rows), boi.md", "PV on the factory roof (~520 kWp; the office roof and the canopies "
"PV-ready) and its sources: the hourly sizing sketch (two shifts, 300 days, the 271 kWh battery, "
"PEA time-of-use with Ft, 23,000 THB/kWp over 25 years at 8 %: best array ~500 to 550 kWp, "
"estimate); the installed price of "
"20 to 26 THB/W (DEDE's Thailand PV Status survey, CapSolar 2026, Saimai Solar's 2026 list); zero "
"export for factories on PEA's grid (CapSolar, rooftop solar regulations, 2026; Sahawatthanakit, "
"2026); the permits (Ministerial Regulation No. 3 B.E. 2567, in force 28 December 2024; ERC's "
"1,000 kVA line; PEA interconnection; CapSolar, factory solar and the RG.4 permit, 2026); the BOI: "
"no promotion for solar installations since 1 July 2025, battery storage kept at a 12M THB per MW "
"cap (Announcement 3/2568; B Global Law, 18 January 2026; Smarter Energy Solution, 2026), and a PPA "
"developer's own promotion under activity 7.1.2 (CapSolar, BOI solar incentives, 2026)"],
["facility-security.md, worker-safety.md", "Climate control, security, fire and life safety, the "
"archive room; training, clean rooms, PPE"],
["crane-workshop-tours.md", "Overhead crane, maintenance workshop, visitor corridor"],
["site-candidates.md and land-listings/", "Mueang Chi, the industrial estate and Payap land; the "
"checks before choosing; zoning records"],
["payap-partnership.md", "Joint student programmes with Payap University"],
["boi.md", "BOI promotion strategy, requirements, process, open items"],
["cnx_vinyl_parametric.FCStd, cnx_vinyl_parametric_payap.FCStd and renders/", "Parametric building "
"and site models on "
"the candidate "
"plots (draft 0.2's "
"figures; this draft "
"uses the "
"calculator's view)"],
], widths_mm=[62, 108], font_pt=8.5),
P("Vendor PDFs and spreadsheets are primary sources and reflect the state of negotiations at their file "
"dates. Treat prices and lead times as snapshots, not commitments."),
]
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